What Every Graduate Psychology Student Should Know About Private Practice
Most psychology grad students don’t think or do much about private practice until they complete their internship or have matriculated. Unfortunately, they miss a critical period.
It is during their education they could be defining and honing their niche. By taking certain courses, doing independent study, researching and writing papers, and even possibly orienting their internship around their niche, when they graduate they will hit the ground running and will be essentially an “expert” in their area. An important question to ponder is whether you can monetize your niche—if earning a large income is important.
Another tip to consider is to do your graduate work, at least your internship, in the city in which you intend to position your private practice. During your training you can learn about your city (like which area is underserved) and make connections with fellow students and other individuals that can play a role in the development of your practice. Joining your local and state psychological associations can also provide valuable information, opportunities and contacts.
The future of private practice, especially solo practice, looks a bit scary. Increased competition, reduced reimbursement from insurance companies, and the unsettled status and the direction of our healthcare system will certainly present challenges. Only 20% of new small businesses last three years. If you are to be successful in private sector in the near future, you will have to think like an MBA, operate your practice as a business—not a hobby—and learn how to effectively and efficiently market and promote your practice. Developing alternative, passive sources of income will also likely be important.
Larry F. Waldman, Ph.D., ABPP is a licensed psychologist who practised in Phoenix for 45 years. He worked with children, adolescents, parents, adults, and couples. He also provided forensic consultations in the areas of family law, personal injury, and estate planning. He speaks professionally on marriage, parenting, private practice development, psychotherapy, and wellness to laypersons, educators, corporations, attorneys, chiropractors, and fellow mental health professionals. To learn more about Larry, click on his image above.
MORE POSTS
Mental Health’s Negative View of Marketing
Six Keys to Effective and Efficient Private Practice Marketing
The Business of Private Practice
Taking Only Cash May Improve Your Therapeutic Efficacy
Discard the Percent of Billings/Receivables in the Owner/Contractor Relationship
Larry is a qualified Psychologist (Clinical), based in Scottsdale, United States.
With a commitment to mental health, Dr Waldman provides services in English, including Coaching (Business).
Dr Waldman has expertise in Anxiety Disorders, Attention Deficit Disorders, Child Behaviour, Depression, Grandparenting Issues, Parenting Issues and Post-Traumatic Stress Disorder.
Click here to schedule a session with Dr Waldman.
Important:
TherapyRoute does not provide medical advice. All content is for informational purposes and cannot replace consulting a healthcare professional. If you face an emergency, please contact a local emergency service. For immediate emotional support, consider contacting a local helpline.
Find a Therapist
Find skilled psychologists, psychiatrists, and counsellors near you.
