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.

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