Question was from a late 20’s therapist re going into private practice now

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

Please share your experience/response to this Post. I'd sure like to know, and it could be useful to someone else. You can click the Post's title to view the entire post, and Comment below, if you like. The "Name Field" will accept any name, so you can be Anonymous [Anon] if you prefer. You must enter your Email to post a comment, but your Email address will not appear publicly. Thanks, Dr Bob
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