Hello and welcome to the Business of Psychology Summer School edition.
Over the six weeks of the English school holidays, we are doing things a little bit differently around here. If you're looking to start up an independent practice in September, then this is the place to be as each week I'm dropping in with a quick lesson and tasks that can be completed in 30 minutes or less from your sun lounger.
By the end of the six weeks, you will feel ready to step into your practice in September, confident that you can find clients and have a safe and viable business foundation.
Each week, the lessons will go out on this podcast feed, but if you want the weekly tasks, workbooks, private community, and a live session with me at the end of the summer to hold you accountable and make sure nothing stands in your way, you will need to sign up here: PBS Summer School
I would love to see you in the community.
Full show notes of this episode are available at The Business of Psychology
Links & References:
Rosie on Instagram:
Welcome to Lesson 6 of Summer School, our final lesson! Today I'm going to be talking to you about third parties and insurance companies, because often when we start out in private practice, it can be helpful to supplement our own referrals with some from third parties, the most common being associate work for a larger, well established practice, referrals directly from insurance companies, or referrals from case managers representing medico legal firms.
Associate work can be great to help you get your confidence and practice processes up and running at the beginning of your practice. In fact, many people choose to stay working as an associate rather than creating their own referrals.
The upside is you get the benefit of steady referrals and the best associate practices offer training and supervision opportunities or other benefits like free room rental when you see their clients. They also tend to handle the admin for you, so it can be very welcome in the scary early days.
The downside of associate work is less money, but less costs as well, so that might actually be fine. Just check that you don't go below your minimum fee that we worked out a couple of lessons ago, and also possible limitations on your own business growth. You need to check an associate contract very carefully for non compete clauses. These are clauses that state that you can't poach clients from the associate practice, which is very much fair enough. But, some of them do have some quite drastic terms in them. The chunkiest I've ever read was, 'You can never work with any mental health client within a 50 mile radius of the associate practice for one year after you finish with your last patient with us’. And I won't get into the pros and cons of that type of clause here, but just be aware, and if you see one that you think might limit your potential business growth in the future, then walk...