If you have been managing your own solo private practice for awhile and it has been going well, you may be wondering if it is time to expand. We have covered some reasons why people may want to expand to group practice in the past, however, you also need to know if you are not only ready for it, but if it is truly the right decision for you. Some people are happier in solo practice, regardless of the benefits expansion brings and other people are looking for more. Which are you?
1 – Do you really want to manage people?
It is one thing to be a great therapist—it is another to lead a team. Expansion means stepping into a leadership role, navigating personalities, providing clinical and emotional support, and handling conflict. Do you want to mentor and manage others, or would you rather only be responsible for yourself? Be honest about what you want your day-to-day to look like and the level of responsibility you are comfortable with.
Being a leader can be an incredibly rewarding experience both professionally and personally. It provides opportunities to expand your impact, grow as a person, provide a deeper sense of purpose, build relationships, and leave a legacy, however, it does come with additional responsibility. Not only are you now in a position to pay your team and fill their caseloads, but you are also the go to for issues and concerns and the one responsible for maintaining compliance and managing risk. In order to manage the challenges that come with leadership it is helpful to be clear on your purpose.
2 – Are your systems built for 2 or 10?
Before hiring, evaluate your infrastructure. Scheduling, documentation, billing, communication—are these systems streamlined and able to support a growing team? What works for a solo practice often breaks under the weight of expansion. If your systems are not scalable, the stress will grow faster than your team.
Scaling your systems can feel daunting. This is an area where working with a consultant can be especially helpful. If you cannot afford a consultant, consider reaching out to colleagues in the field who are in a similar position and ask for advice. They will not be able to guide you the same way a consultant can, but it may help to get input from others. You could also purchase a program like Master Your CEO Mindset that includes everything you need to expand successfully or a paperwork packet if you would rather do it yourself.
3 – Do you know your numbers?
Expansion is not just about having a full caseload—it is about profitability and sustainability. Do you know your cost per session? Clinician payout percentages? Overhead? Growth means more expenses, and if you do not have a clear handle on your numbers, you could grow your practice… and shrink your paycheck. Data-driven decisions are key. Using a cost per clinician spreadsheet can help determine the minimum number of sessions a clinician must see per week in order to be profitable and what compensation rate is fair and reasonable.
If you are unsure where to start, take one question at a time. Ensure that your solo practice is profitable, your systems are scalable, and your marketing is optimized. Be clear on your income and expenses. Project the cost of expansion. Talk to other group practice owners in your area about their experience. You do not have to do everything all at once!
Consider Us
Compassionate Consulting Company has consultants that are prepared to help you at any stage of your business journey-whether you are just starting out, expanding your team, or looking to diversify or develop leadership skills. Here are testimonials from clients that have worked with us. Schedule a free consult so we can learn more about your business goals and share how we can help. Here are the steps of working with a consultant, what to look for in a consultant, and ways a consultant can help you achieve your business goals. We are here to help you avoid these mistakes in order to ensure your practice is impactful, profitable, and sustainable!
