A Fee-for-Service Practice Cannot Survive

2019 ◽  
pp. 47-51
Author(s):  
Jeffrey E. Barnett ◽  
Jeffrey Zimmerman
Keyword(s):  
Mental Health ◽  
Managed Care ◽  
Private Practice ◽  
Clinical Skills ◽  
Disposable Income ◽  
Fee For Service ◽  
Health Practice ◽  
Mental Health Practice ◽  
Community Needs ◽  
Goods And Services

During fiscally challenging times and given the prevalence of managed care, it is easy to think that a fee-for-service private mental health practice is no longer possible. This chapter clearly demonstrates how wrong this myth is. Many individuals use their disposable income to purchase goods and services that are of value to them. How to develop and maintain a financially successful fee-for-service private practice is explained. Specific strategies are provided to determine community needs, to develop clinical skills that meet these needs, and to demonstrate the value of these services to prospective clients. Recommendations are made for structuring one’s practice so that clients will be more likely to pay for needed services out-of-pocket and for developing a successful fee-for-service private mental health practice.

If You Build It They Will Come

2019 ◽  
Author(s):  
Jeffrey E. Barnett ◽  
Jeffrey Zimmerman
Keyword(s):  
Mental Health ◽  
Private Practice ◽  
Clinical Effectiveness ◽  
Accurate Information ◽  
Health Practice ◽  
Ethical Practice ◽  
Mental Health Practice ◽  
Record Keeping ◽  
Financial Consequences ◽  
Key Resources

The private practice of mental health is a vibrant, thriving, and financially rewarding career path. Yet, many individuals who are considering entering private practice may have heard, or believe, a number of “myths” about private mental health practice. Believing these myths may result in not going into private practice and missing out on a wonderful career, or for those who enter private practice, it may result in a number of costly mistakes. These mistakes may have clinical, ethical, legal, and financial consequences. The authors of this book share practical advice based on their decades of clinical experience to address common myths about private practice in an easily accessible manner. Myths addressed fall into the broad areas of preparing for private practice, building your practice, managing your practice, documentation and record keeping, and ethical practice. Each chapter addresses a specific myth that may be believed, describes the myth, explains why the myth exists, and then offers specific guidance for moving beyond the myth. Accurate information is provided to help the reader avoid common pitfalls, and practice ethically, legally, and with clinical effectiveness. In addition to the specific recommendations and strategies provided in each chapter, each section offers a list of key resources available for additional guidance and support. This book is easy to read. It’s as if you are sitting with the authors and getting an in-person and practical consultation that is specific to your practice.

There Is No Need to Save for Retirement

2019 ◽  
pp. 107-114
Author(s):  
Jeffrey E. Barnett ◽  
Jeffrey Zimmerman
Keyword(s):  
Mental Health ◽  
Real Estate ◽  
Private Practice ◽  
Rare Event ◽  
Health Practice ◽  
Mental Health Practice ◽  
Good Will

Perhaps it is every mental health private practitioner’s dream to one day sell his or her practice and to use the proceeds of the sale to fund his or her retirement. This chapter addresses the reasons for this actually being a rare event. Challenges in selling a private practice, including valuing it and creating a business that survives without the involvement of the practitioner who built the practice are addressed. Relevant issues such as contracts and products, outstanding income, debts, good will, and real estate holdings are each discussed as one considers how to value a private mental health practice. How to estimate one’s financial needs in retirement and how to plan effectively for and fund one’s retirement years are described, with specific recommendations for achieving one’s financial goals.

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