26. Building a Sustainable Private Practice: Adapting to Economic Shifts with Amanda Landry

In another episode of the Colleague Down the Hall podcast, Amanda Landry is joining me to share her expertise in preparing for an economic downturn when you are a therapist in a private practice. ​​We will delve into the topics about managing the financial aspects of a private practice, navigating seasonal fluctuations in client demand, preparing for economic downturns, adapting to changes in the market and client needs, diversifying services to address different populations, understanding the local and global economy's impact on mental health services, and offering practical advice for therapists to be financially and operationally prepared for uncertainties. We will also discuss the importance of tracking business metrics, building savings for business stability, and seeking out resources and mentors for guidance in the business aspect of private practice. Stay with us throughout our conversation and learn more about the practical and strategic considerations that therapists should keep in mind while operating a private practice.

 

“I would say like having a group practice now we have a savings account that can help float us for a period of time. If insurance payments stopped coming in, if calls stopped coming in, if a therapist or two quits like we have enough savings. And so it's really simple advice. But I know personally, that sometimes that feels daunting, when you are paying yourself, you're paying your expenses, you're paying taxes, you're doing trainings, you're doing marketing, maybe you have some admin support. If there's some money leftover, it might take you a long time to get to, you know, your savings. But I would say still do it. Starting small and incremental is better than not starting at all.”- Amanda Landry

• The natural ebbs and flows of client demand, particularly during certain times of the year and the need to plan for these fluctuations.

• The significance of diversifying your practice to manage risk and maintain financial stability. 

• The need for financial planning, including building up a savings fund to cover expenses during leaner periods. 

• The importance of adopting a business-oriented mindset as a private practice owner. This includes tracking finances, understanding the local and broader economic landscape, and making strategic decisions based on data and trends.

• Find a balance that works for you, considering factors such as working hours, preferred client populations, and personal responsibilities.

• The value of resources, mentors, and support networks for therapists entering private practice. These resources can provide guidance on financial management, business planning, and navigating challenges.

• The potential benefits of building a strong regional or local practice, even if it's a part of a group practice. Understanding the local culture, needs, and nuances can enhance the therapist-client relationship.

• While there's a trend of therapists getting licensed in multiple states, it's noted that this approach might not always be the most effective. 

• Over time, a well-established practice can benefit from word-of-mouth referrals and a positive reputation. Understanding the local community and building connections is important for sustainable growth.

 

About Amanda Landry 

 

Amanda Landry is a Licensed Mental Health Counselor, Certified Addictions Professional, National Certified Counselor and private practice consultant. She’s the owner of a group practice, Caring Therapists with several locations in Florida. Caring Therapists specializes in working with children through adults. They treat individuals, couples and families.

 

Amanda is the author of Guided Journal for Women with Anxiety on sale on Amazon and wherever books are sold.

 

Amanda is trained in Cognitive Behavioral Therapy, Emotionally Focused Couples Counseling, Trauma- Focused CBT and Eye Movement Desensitization and Reprocessing. Amanda specializes in treating anxiety and depression in teens and adults through a holistic and evidenced-based practice. 

 

Amanda is the founder of My Private Practice Collective, an online community for therapists in private practice. She is a private practice consultant who helps solo and group practices build smart practices. 

 

Connect with Amanda:

 

www.caringtherapistsofbroward.com

@amandaplmhc

www.myprivatepracticecollective.com

 

Connect with Jeanene:

 

Join a clinical consultation group: https://oasisfortherapists.thrivecart.com/enrollment

Learn more about clinical consultation groups: https://collaboasis.com/

Join my free therapist Facebook group: https://www.facebook.com/groups/oasispcgt

Connect on LInkedIn: www.linkedin.com/in/jeanene-wolfe-lcsw-64042220a/