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 !

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