618 – Creating a Group Practice
Key Strategies for Generating Passive Income
You may be one of the many private practitioners who’s learned how to create a full and successful solo practice. But do you sometimes feel as if the income you’re generating isn’t quite enough to allow you to create the lifestyle you really want, save for retirement, pay for your kids’ college, and take the occasional grand vacation? It’s possible a group practice could be the answer. Led by the head of a practice that employs 26 therapists in three locations, and last year generated $2 million in revenue, this practical workshop will cover all the key elements of creating a successful group practice. You’ll discover:
- The benefits and risks of group practices, such as fewer hours and more money, along with an increase in liability
- How to design an initial business plan that includes marketing, branding, staffing, admin, and a company culture for your group practice
- How to find and hire the right associates
- The best way to determine pay structure for your associates
Note: Check with your board to verify it accepts CE credit for professional development.
Joe Bavonese, PhD, is the director of the Relationship Institute of Michigan, and of Uncommon Practices, which helps psychotherapists build successful practices.