DR Bob Dick • This is a slightly expanded version of my answer on that list serve for therapists . I want not to be a wet blanket , and I can support starting a full time private practice only if 1] you have a Strong niche in a market that would truly ! supply lots of referrals ; &/or 2] an extensive referral network from your career so far ; &/or 3] you’re willing and able to be on insurance panels & work for very limited fees , &/or 4] you’re willing & Able to manage the huge administrivia of business & development [ or hire it done well ] . The current economic climate doesn’t seem to me likely to favor new providers of luxury goods , however competent one might be .
I helped develop a private Group practice , & we did very well for 40-some years . At age 68 , I wanted to slow down and work only 3 days a week , having already dropped-off all insurance panels for about 5 years . I learned the practice had evolved into a corporate form with no exceptions or flexibility in the structure of Overhead percentage for old part-timers . I’d left the Board of Directors many years before because I don’t like & am not good at administrivia , nor at herding cats .
Not being in the loop , I lost awareness of , & influence/ a vote on company policies . The mostly early- to middle-career clinicians on the Board naturally gave little or no thought to everyones’ eventual progress through simi-retirement to retirement . I hope the Board is now processinga more comfortable, progressive overhead-reduction for retirement sequence , especially for one other old fart who’s been a crucial organizing & managing force for that practice for many years .
I transitioned into a solo/ shared expenses practice w/ 3 good friends who’d left that practice years ago . It’s worked out even better than I expected , at least partly because I meet conditions 1 , 2 & 4 above .
I wish you clear thinking & success ! DrBobDick.com