This piece will examine the costs and approaches to meeting the expenses that are involved in starting a private practice. Readers may be surprised in realizing what should be considered in calculating the cost of doing business when opening and running a private practice. Likewise, they may be surprised with the options available to them for paying off these expenses as well.
Learn more at http://DrChrisStout.com
Tax saving reimbursements, the way India Inc perceives it.
Services:
Tax Saving Reimbursements
Fuel reimbursement
Rewards & Recognition
Petrol allowance
Contact for More Details...!! +91 8066905995
Mail: support@zeta.in
Website: www.zeta.in
Innovative Employee Solutions
9665 Granite Ridge Drive, #420
San Diego, CA 92123
http://www.innovativeemployeesolutions.com/
Innovative Employee Solutions specializes in payrolling and outsourced HR administrative services as the employer of record for various industries including technology, engineering, medical, insurance, clerical, research companies and many more.
Tax saving reimbursements, the way India Inc perceives it.
Services:
Tax Saving Reimbursements
Fuel reimbursement
Rewards & Recognition
Petrol allowance
Contact for More Details...!! +91 8066905995
Mail: support@zeta.in
Website: www.zeta.in
Innovative Employee Solutions
9665 Granite Ridge Drive, #420
San Diego, CA 92123
http://www.innovativeemployeesolutions.com/
Innovative Employee Solutions specializes in payrolling and outsourced HR administrative services as the employer of record for various industries including technology, engineering, medical, insurance, clerical, research companies and many more.
SpineSearch who's got your back Nurse Practitioner & Physician AssistantsNicola Hawkinson
How Do NP’s and PA’s Facilitate Effective Contract Negotiation, Performance Based Incentive Programs and Foster Career Growth. Five Steps To a Successful Spine Career
Read Contract
Negotiate a Contract
How To Stand Out in Your Profession
Knowing Your Worth
Lifestyle Compatibility
External and Internal Environmental AnalysisBy- Josalyn Dietrich.docxmecklenburgstrelitzh
External and Internal Environmental Analysis
By- Josalyn Dietrich
External and Internal Environmental Analysis
Complete
the external environmental scan for your organization.
Perform
an internal competitive environmental scan for your organization.
Write
a summary of no more than 1,400 words that does the following:
Identifies and analyzes the most important external environmental factor in the remote, industry, and external operating environments
The remote external environment is the “economic, social, political, technological, and ecological factors that originate beyond … any single firm’s operating situation,” (
Pearce & Robinson, 2013).The most important factors for this business is the social and technological aspects of the business. The social implications to be considered here include the privacy that most people value when it comes to their finances. Many people have expressed that they are uncomfortable with the idea of letting other people have access to their financial information. This can be a huge factor because in order to be a bookkeeper, there is no degree that is required. Hiring an accountant or a professional tax preparer, there are certain levels of certification that are needed to hold these titles, so it gives the client a sense of security. It would be in the owner of a bookkeeping business’ best interest to attain a variety of certifications or other ways to gain credibility with the potential client base.
The technological aspect of the remote environment is mostly concerned with the software the business will be using to keep track of the finances for the company, and how the financial information will physically get to the bookkeeper. Luckily, there is one main software system that most small business are willing to use or are already attempting to use. For this situation, the bookkeeping business will need to become an expert in this software and be able to have access to each different section of this program, whether it is on a hard drive or cloud based. The second factor that will need to be addressed is the fact that the bookkeeper will need to either attain the supplemental documentation (receipts, check carbon copies, etc.) physically or electronically. Many people that are running a small business on their own do not have an electronic way of tracking receipts and checks because there has not been a need for it in the past because of the small scale on which they have been doing business. This has created a sort of resistance to moving to electronically attaining the financial documentation because the business owners just have a bag of receipts. This can potentially limit the target market to owners that are physically located in the same city as the bookkeeping business.
The industry environment refers to the “general conditions for competition that influence all businesses that provide similar products and services,” (Pearce & Robinson, 2013). The most important factor within the industry .
Hello reader, in the slide above you'll get great insights on hot to set freelance rates and how it is crucial for several reasons that are listed bellow.
1. Fair compensation: Determining your freelance rates ensures that you receive fair compensation for your work. It allows you to factor in your skills, expertise, experience, and the value you bring to your clients. By setting the right rates, you can avoid undervaluing your services and ensure that your income reflects the effort you put into your work.
2. Sustainability: Setting appropriate rates is vital for the sustainability of your freelance business. Freelancers must cover their living expenses, business overheads, and save for the future. Calculating rates that provide a sustainable income allows you to maintain a healthy work-life balance, invest in professional development, and grow your business.
3. Market competitiveness: Understanding industry standards and market rates helps you position yourself competitively. Researching what other freelancers charge for similar services in your niche can give you insights into pricing trends and help you determine a competitive rate. Setting rates that align with the market allows you to attract clients and stand out among competitors.
4. Value perception: Your rates communicate the value you provide to clients. If you set your rates too low, potential clients may question the quality of your work. On the other hand, setting rates too high might deter clients who have budget constraints. Striking a balance between affordability and perceived value is important to attract clients who appreciate your expertise and are willing to pay for it.
5. Project profitability: Freelance rates play a significant role in determining project profitability. By accurately estimating the time and effort required for a project and factoring in your desired earnings, you can set rates that ensure your projects are financially viable. This helps you avoid overcommitting or undercharging, which can lead to burnout or financial strain.
6. Flexibility and scalability: Setting your freelance rates allows you to have control over your income and adjust it as needed. You can account for different project types, complexities, and client requirements. Moreover, as your skills and experience grow, you can incrementally raise your rates to reflect your increased expertise, ensuring that your income keeps pace with your professional growth.
Student discussion must be 200 original words and supported by aca.docxemelyvalg9
Student discussion must be 200 original words and supported by academic, peer-reviewed references (at least 1). Whenever possible, please try to relate the course content to real-world applications from your work experience. I expect your message to reflect critical thought and an integration of the key themes and concepts from the readings.
Baker, J. J., & Baker, R. W. (2014). Health care finance: Basic tools for nonfinancial managers (4th ed.). Sudbury, MA: Jones & Bartlett Publishers.
1. Introduction
Financial statements are accounting reports prepared by the health care organization that represent a historical record of finances over a specified time period. These reports are used by investors as the basis for investment. The statements are prepared internally and checked by the company's auditors, the outside accountants used by the organization.
What is a balance sheet? Pretend that you go to the bank asking to borrow money; the loan officer insists that you provide a list of your current finances. You write down everything of value, such as your checking and savings accounts, investments, house, and cars. You also write down your current debt, such as mortgage, car payments, and student loans. Next, subtract everything you owe from what you own. Now you have a figure called net worth. At the end of this process, you have created a balance sheet. Health care entities do the same thing to evaluate their credit worthiness. Companies typically create a balance sheet for a specific time period at the end of a year. The balance sheet shows the value of the items the company owns, the amount of debt, how much inventory is on hand, and how much money the company has to work with on a short-term basis. The income statement is a financial summary that shows the operating results of a company over a specified period of time, usually one year. The statement shows a company’s revenues, costs and expenses, and profits, which are obtained by subtracting all costs, expenses, and taxes from revenues. The statement of cash flow details the exchange of cash between an organization and the outside world. The cash flow statement has to reconcile the net effect of these flows with the difference in its cash holdings at the beginning and end dates of the reporting period.
In health care, most revenue is earned from services rendered to patients. The organization receives payment after services are delivered. The payments come from various sources, including governmental sources such as Medicare and Medicaid or managed care sources. In managing a health care organization’s finances, the financial manager also must manage the organization’s expenses. Many expenses derive from salaries, payroll taxes, utilities, and so forth. The statement of revenue and expenses is the financial report that summarizes the revenue and expense transactions. The government programs are one source of revenue in health care organizations. These use a prospective payment system, i.
Week Two Health Care Financial Terms WorksheetHCS405 Version .docxalanfhall8953
Week Two Health Care Financial Terms Worksheet
HCS/405 Version 6
1Week Two Health Care Financial Terms Worksheet
Understanding health care financial terms is a prerequisite for both academic and professional success. This assignment is intended to ensure you understand some of the basic terms used in this course.
Complete the worksheet below according to the following guidelines:
· In the space provided, write each term’s definition as used in health care management. You must define the term in your own words.
· In the space provided after each term’s definition, summarize a health care management scenario that illustrates the importance of the skill, concept, procedure, or tool to which the term refers. In the scenario, you may wish to consider the following:
Why the skill, concept, procedure, or tool is necessary for accurate record keeping, operational efficiency, excellent patient services, employee management, regulatory compliance, reducing costs, forecasting, and so forth
Successes enabled by an adequate understanding or appropriate application of the skill, concept, procedure, or tool
Risks or failures associated with an inadequate understanding or inappropriate application of the skill, concept, procedure, or tool
· Note that all written assignments in this course must meet the university's published requirements for attribution (citations and references). Additional information on these requirements can be located in the Student Code of Academic Integrity. Although sources may be implied by the assignment criteria your final assignment must still contain appropriate citations and references.
Save the completed worksheet as a Microsoft® Word document with your name in the file name.
Submit the file to your instructor.
Worksheet
Submitted By:
[Type your name here.]
Term
Definition
Scenario
Balance sheet
Statement of revenue and expense
Revenue cycle
Payer mix
Revenue
Student discussion must be 200 original words and supported by academic, peer-reviewed references (at least 1). Whenever possible, please try to relate the course content to real-world applications from your work experience. I expect your message to reflect critical thought and an integration of the key themes and concepts from the readings.
Baker, J. J., & Baker, R. W. (2014). Health care finance: Basic tools for nonfinancial managers (4th ed.). Sudbury, MA: Jones & Bartlett Publishers.
1. Introduction
Financial statements are accounting reports prepared by the health care organization that represent a historical record of finances over a specified time period. These reports are used by investors as the basis for investment. The statements are prepared internally and checked by the company's auditors, the outside accountants used by the organization.
What is a balance sheet? Pretend that you go to the bank asking to borrow money; the loan officer insists that you provide a list of your current finances. You write down everything of value, such as your c.
Meetings are Serious Business: How to Minimize Costs, Maximize Value and Mast...T Harris
Poorly run meetings create more problems than just wasted time and money; they undermine a team’s basic ability to work together toward a shared goal.
In today’s world, we strive to achieve unprecedented levels of productivity with nite resources. This book explores the impact of meetings on your company’s capacity to achieve, and provides tips to help you evaluate and improve those meetings.
16 APA PRACTICE ORGANIZATIONPutting Your Business Plan to KiyokoSlagleis
16 APA PRACTICE ORGANIZATION
Putting Your Business Plan to Work
Creating or refining a plan is a necessary step in charting a path to
successful practice.
I
n today’s
competitive and
evolving health
care marketplace,
psychologists
must clearly
address the
business side
of practice. In
order to survive
and thrive,
independent
psychology
practices and
behavioral health
organizations of all sizes
should have a business plan.
Your roadmap for the future, a
business plan is equally important
for solo and small group practices as is it for
larger organizations.
Just as a good treatment plan keeps the patient on track to
reach goals and maintain health, a business plan will help
psychologists set business goals and maintain a successful
practice. Going through the exercise of developing a
business plan – including stating your mission, describing
your marketing plan and anticipating finances for the next
few years – helps you focus on important aspects of growth.
If you are considering participating in or implementing
an alternative practice model such as an independent
practice association (IPA) or medical services organization
(MSO), a more comprehensive business plan must be fully
developed, especially if you need outside funding.
Many resources, including those listed in the sidebar on page
13, may help you create your business plan. For example,
the Small Business Administration provides templates at
no cost which can be found online at www.sba.gov/writing-
business-plan. The APA Practice Organization provides
further information
on the Practice
Central website
for practitioners
on elements to
include in your
plan.
This article
will briefly
outline steps
in developing a
business plan for
your practice and
how to begin putting
your plan to good use.
Look at the present and
envision the future
To build a business plan, you need to assess
your current practice and articulate goals related to future
directions.
For example, do you have a specialty practice? Are
you primarily a consultant, child psychologist, group
psychologist, an expert in a particular treatment area such
as dialectical behavioral therapy or hypnotherapy, or
perhaps all of the above? What portion of your practice is
private pay? Considering such questions helps you identify
your starting point. As you begin the business plan exercise,
you may find that you wish to modify certain aspects of
your practice or head in a different future direction.
If you have already formed or are participating in a mental
health provider group, the personal and professional
characteristics of all group members who would potentially
be part of any new venture should be considered. In
addition to determining individuals’ professional areas
of competence and expertise, you should consider factors
relating to the structure and characteristics of the group
as a whole. For example: Who are the group leaders and
ALT ...
16 APA PRACTICE ORGANIZATIONPutting Your Business Plan to AnastaciaShadelb
16 APA PRACTICE ORGANIZATION
Putting Your Business Plan to Work
Creating or refining a plan is a necessary step in charting a path to
successful practice.
I
n today’s
competitive and
evolving health
care marketplace,
psychologists
must clearly
address the
business side
of practice. In
order to survive
and thrive,
independent
psychology
practices and
behavioral health
organizations of all sizes
should have a business plan.
Your roadmap for the future, a
business plan is equally important
for solo and small group practices as is it for
larger organizations.
Just as a good treatment plan keeps the patient on track to
reach goals and maintain health, a business plan will help
psychologists set business goals and maintain a successful
practice. Going through the exercise of developing a
business plan – including stating your mission, describing
your marketing plan and anticipating finances for the next
few years – helps you focus on important aspects of growth.
If you are considering participating in or implementing
an alternative practice model such as an independent
practice association (IPA) or medical services organization
(MSO), a more comprehensive business plan must be fully
developed, especially if you need outside funding.
Many resources, including those listed in the sidebar on page
13, may help you create your business plan. For example,
the Small Business Administration provides templates at
no cost which can be found online at www.sba.gov/writing-
business-plan. The APA Practice Organization provides
further information
on the Practice
Central website
for practitioners
on elements to
include in your
plan.
This article
will briefly
outline steps
in developing a
business plan for
your practice and
how to begin putting
your plan to good use.
Look at the present and
envision the future
To build a business plan, you need to assess
your current practice and articulate goals related to future
directions.
For example, do you have a specialty practice? Are
you primarily a consultant, child psychologist, group
psychologist, an expert in a particular treatment area such
as dialectical behavioral therapy or hypnotherapy, or
perhaps all of the above? What portion of your practice is
private pay? Considering such questions helps you identify
your starting point. As you begin the business plan exercise,
you may find that you wish to modify certain aspects of
your practice or head in a different future direction.
If you have already formed or are participating in a mental
health provider group, the personal and professional
characteristics of all group members who would potentially
be part of any new venture should be considered. In
addition to determining individuals’ professional areas
of competence and expertise, you should consider factors
relating to the structure and characteristics of the group
as a whole. For example: Who are the group leaders and
ALT ...
Means and Methods of Humanitarian InterventionDr. Chris Stout
It has long been the ethos, if not the ethic, of psychology to work via its various iterations and specialties to the betterment of individuals, groups and areas. Professional service is an important aspect of a psychologist’s identity. It is one of the “big three” (teaching, research, service) that are integral to the activities of colleagues, and is emphasized as a core value in founding documents such as the American Psychological Association’s mission (“to advance the creation, communication and application of psychological knowledge to benefit society and improve people’s lives”), vision (e.g., “…a global partner… to facilitate the resolution of personal, societal and global challenges in diverse, multicultural and international contexts”), and ethical standards (e.g., for “Justice,” “Respect for People’s Rights and Dignities,” and “giving psychology away/pro bono”).
This presentation will demonstrate how to translate service into concrete international action. Beginning with examples of specific international service needs and opportunities, at home and abroad, the presentation will highlight people, programs, and places where the vibrant potential for global service is very real and present. For current and future psychologists as well as colleagues in different areas interested in “making a difference in the world,” this talk offers a very pragmatic how-to in developing skills, identifying partners, and managing the logistics and practicalities of international service within a psychology career.
Methods of Humanitarian Intervention - APA 2019Dr. Chris Stout
Narrative version with reference links is available on LinkedIn at: “State of Philanthropy: Finding Hope Among the 'Disaster' of Humanitarian Aid” https://www.linkedin.com/pulse/state-philanthropy-finding-hope-among-disaster-aid-dr-chris-stout/
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How Do NP’s and PA’s Facilitate Effective Contract Negotiation, Performance Based Incentive Programs and Foster Career Growth. Five Steps To a Successful Spine Career
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Lifestyle Compatibility
External and Internal Environmental AnalysisBy- Josalyn Dietrich.docxmecklenburgstrelitzh
External and Internal Environmental Analysis
By- Josalyn Dietrich
External and Internal Environmental Analysis
Complete
the external environmental scan for your organization.
Perform
an internal competitive environmental scan for your organization.
Write
a summary of no more than 1,400 words that does the following:
Identifies and analyzes the most important external environmental factor in the remote, industry, and external operating environments
The remote external environment is the “economic, social, political, technological, and ecological factors that originate beyond … any single firm’s operating situation,” (
Pearce & Robinson, 2013).The most important factors for this business is the social and technological aspects of the business. The social implications to be considered here include the privacy that most people value when it comes to their finances. Many people have expressed that they are uncomfortable with the idea of letting other people have access to their financial information. This can be a huge factor because in order to be a bookkeeper, there is no degree that is required. Hiring an accountant or a professional tax preparer, there are certain levels of certification that are needed to hold these titles, so it gives the client a sense of security. It would be in the owner of a bookkeeping business’ best interest to attain a variety of certifications or other ways to gain credibility with the potential client base.
The technological aspect of the remote environment is mostly concerned with the software the business will be using to keep track of the finances for the company, and how the financial information will physically get to the bookkeeper. Luckily, there is one main software system that most small business are willing to use or are already attempting to use. For this situation, the bookkeeping business will need to become an expert in this software and be able to have access to each different section of this program, whether it is on a hard drive or cloud based. The second factor that will need to be addressed is the fact that the bookkeeper will need to either attain the supplemental documentation (receipts, check carbon copies, etc.) physically or electronically. Many people that are running a small business on their own do not have an electronic way of tracking receipts and checks because there has not been a need for it in the past because of the small scale on which they have been doing business. This has created a sort of resistance to moving to electronically attaining the financial documentation because the business owners just have a bag of receipts. This can potentially limit the target market to owners that are physically located in the same city as the bookkeeping business.
The industry environment refers to the “general conditions for competition that influence all businesses that provide similar products and services,” (Pearce & Robinson, 2013). The most important factor within the industry .
Hello reader, in the slide above you'll get great insights on hot to set freelance rates and how it is crucial for several reasons that are listed bellow.
1. Fair compensation: Determining your freelance rates ensures that you receive fair compensation for your work. It allows you to factor in your skills, expertise, experience, and the value you bring to your clients. By setting the right rates, you can avoid undervaluing your services and ensure that your income reflects the effort you put into your work.
2. Sustainability: Setting appropriate rates is vital for the sustainability of your freelance business. Freelancers must cover their living expenses, business overheads, and save for the future. Calculating rates that provide a sustainable income allows you to maintain a healthy work-life balance, invest in professional development, and grow your business.
3. Market competitiveness: Understanding industry standards and market rates helps you position yourself competitively. Researching what other freelancers charge for similar services in your niche can give you insights into pricing trends and help you determine a competitive rate. Setting rates that align with the market allows you to attract clients and stand out among competitors.
4. Value perception: Your rates communicate the value you provide to clients. If you set your rates too low, potential clients may question the quality of your work. On the other hand, setting rates too high might deter clients who have budget constraints. Striking a balance between affordability and perceived value is important to attract clients who appreciate your expertise and are willing to pay for it.
5. Project profitability: Freelance rates play a significant role in determining project profitability. By accurately estimating the time and effort required for a project and factoring in your desired earnings, you can set rates that ensure your projects are financially viable. This helps you avoid overcommitting or undercharging, which can lead to burnout or financial strain.
6. Flexibility and scalability: Setting your freelance rates allows you to have control over your income and adjust it as needed. You can account for different project types, complexities, and client requirements. Moreover, as your skills and experience grow, you can incrementally raise your rates to reflect your increased expertise, ensuring that your income keeps pace with your professional growth.
Student discussion must be 200 original words and supported by aca.docxemelyvalg9
Student discussion must be 200 original words and supported by academic, peer-reviewed references (at least 1). Whenever possible, please try to relate the course content to real-world applications from your work experience. I expect your message to reflect critical thought and an integration of the key themes and concepts from the readings.
Baker, J. J., & Baker, R. W. (2014). Health care finance: Basic tools for nonfinancial managers (4th ed.). Sudbury, MA: Jones & Bartlett Publishers.
1. Introduction
Financial statements are accounting reports prepared by the health care organization that represent a historical record of finances over a specified time period. These reports are used by investors as the basis for investment. The statements are prepared internally and checked by the company's auditors, the outside accountants used by the organization.
What is a balance sheet? Pretend that you go to the bank asking to borrow money; the loan officer insists that you provide a list of your current finances. You write down everything of value, such as your checking and savings accounts, investments, house, and cars. You also write down your current debt, such as mortgage, car payments, and student loans. Next, subtract everything you owe from what you own. Now you have a figure called net worth. At the end of this process, you have created a balance sheet. Health care entities do the same thing to evaluate their credit worthiness. Companies typically create a balance sheet for a specific time period at the end of a year. The balance sheet shows the value of the items the company owns, the amount of debt, how much inventory is on hand, and how much money the company has to work with on a short-term basis. The income statement is a financial summary that shows the operating results of a company over a specified period of time, usually one year. The statement shows a company’s revenues, costs and expenses, and profits, which are obtained by subtracting all costs, expenses, and taxes from revenues. The statement of cash flow details the exchange of cash between an organization and the outside world. The cash flow statement has to reconcile the net effect of these flows with the difference in its cash holdings at the beginning and end dates of the reporting period.
In health care, most revenue is earned from services rendered to patients. The organization receives payment after services are delivered. The payments come from various sources, including governmental sources such as Medicare and Medicaid or managed care sources. In managing a health care organization’s finances, the financial manager also must manage the organization’s expenses. Many expenses derive from salaries, payroll taxes, utilities, and so forth. The statement of revenue and expenses is the financial report that summarizes the revenue and expense transactions. The government programs are one source of revenue in health care organizations. These use a prospective payment system, i.
Week Two Health Care Financial Terms WorksheetHCS405 Version .docxalanfhall8953
Week Two Health Care Financial Terms Worksheet
HCS/405 Version 6
1Week Two Health Care Financial Terms Worksheet
Understanding health care financial terms is a prerequisite for both academic and professional success. This assignment is intended to ensure you understand some of the basic terms used in this course.
Complete the worksheet below according to the following guidelines:
· In the space provided, write each term’s definition as used in health care management. You must define the term in your own words.
· In the space provided after each term’s definition, summarize a health care management scenario that illustrates the importance of the skill, concept, procedure, or tool to which the term refers. In the scenario, you may wish to consider the following:
Why the skill, concept, procedure, or tool is necessary for accurate record keeping, operational efficiency, excellent patient services, employee management, regulatory compliance, reducing costs, forecasting, and so forth
Successes enabled by an adequate understanding or appropriate application of the skill, concept, procedure, or tool
Risks or failures associated with an inadequate understanding or inappropriate application of the skill, concept, procedure, or tool
· Note that all written assignments in this course must meet the university's published requirements for attribution (citations and references). Additional information on these requirements can be located in the Student Code of Academic Integrity. Although sources may be implied by the assignment criteria your final assignment must still contain appropriate citations and references.
Save the completed worksheet as a Microsoft® Word document with your name in the file name.
Submit the file to your instructor.
Worksheet
Submitted By:
[Type your name here.]
Term
Definition
Scenario
Balance sheet
Statement of revenue and expense
Revenue cycle
Payer mix
Revenue
Student discussion must be 200 original words and supported by academic, peer-reviewed references (at least 1). Whenever possible, please try to relate the course content to real-world applications from your work experience. I expect your message to reflect critical thought and an integration of the key themes and concepts from the readings.
Baker, J. J., & Baker, R. W. (2014). Health care finance: Basic tools for nonfinancial managers (4th ed.). Sudbury, MA: Jones & Bartlett Publishers.
1. Introduction
Financial statements are accounting reports prepared by the health care organization that represent a historical record of finances over a specified time period. These reports are used by investors as the basis for investment. The statements are prepared internally and checked by the company's auditors, the outside accountants used by the organization.
What is a balance sheet? Pretend that you go to the bank asking to borrow money; the loan officer insists that you provide a list of your current finances. You write down everything of value, such as your c.
Meetings are Serious Business: How to Minimize Costs, Maximize Value and Mast...T Harris
Poorly run meetings create more problems than just wasted time and money; they undermine a team’s basic ability to work together toward a shared goal.
In today’s world, we strive to achieve unprecedented levels of productivity with nite resources. This book explores the impact of meetings on your company’s capacity to achieve, and provides tips to help you evaluate and improve those meetings.
16 APA PRACTICE ORGANIZATIONPutting Your Business Plan to KiyokoSlagleis
16 APA PRACTICE ORGANIZATION
Putting Your Business Plan to Work
Creating or refining a plan is a necessary step in charting a path to
successful practice.
I
n today’s
competitive and
evolving health
care marketplace,
psychologists
must clearly
address the
business side
of practice. In
order to survive
and thrive,
independent
psychology
practices and
behavioral health
organizations of all sizes
should have a business plan.
Your roadmap for the future, a
business plan is equally important
for solo and small group practices as is it for
larger organizations.
Just as a good treatment plan keeps the patient on track to
reach goals and maintain health, a business plan will help
psychologists set business goals and maintain a successful
practice. Going through the exercise of developing a
business plan – including stating your mission, describing
your marketing plan and anticipating finances for the next
few years – helps you focus on important aspects of growth.
If you are considering participating in or implementing
an alternative practice model such as an independent
practice association (IPA) or medical services organization
(MSO), a more comprehensive business plan must be fully
developed, especially if you need outside funding.
Many resources, including those listed in the sidebar on page
13, may help you create your business plan. For example,
the Small Business Administration provides templates at
no cost which can be found online at www.sba.gov/writing-
business-plan. The APA Practice Organization provides
further information
on the Practice
Central website
for practitioners
on elements to
include in your
plan.
This article
will briefly
outline steps
in developing a
business plan for
your practice and
how to begin putting
your plan to good use.
Look at the present and
envision the future
To build a business plan, you need to assess
your current practice and articulate goals related to future
directions.
For example, do you have a specialty practice? Are
you primarily a consultant, child psychologist, group
psychologist, an expert in a particular treatment area such
as dialectical behavioral therapy or hypnotherapy, or
perhaps all of the above? What portion of your practice is
private pay? Considering such questions helps you identify
your starting point. As you begin the business plan exercise,
you may find that you wish to modify certain aspects of
your practice or head in a different future direction.
If you have already formed or are participating in a mental
health provider group, the personal and professional
characteristics of all group members who would potentially
be part of any new venture should be considered. In
addition to determining individuals’ professional areas
of competence and expertise, you should consider factors
relating to the structure and characteristics of the group
as a whole. For example: Who are the group leaders and
ALT ...
16 APA PRACTICE ORGANIZATIONPutting Your Business Plan to AnastaciaShadelb
16 APA PRACTICE ORGANIZATION
Putting Your Business Plan to Work
Creating or refining a plan is a necessary step in charting a path to
successful practice.
I
n today’s
competitive and
evolving health
care marketplace,
psychologists
must clearly
address the
business side
of practice. In
order to survive
and thrive,
independent
psychology
practices and
behavioral health
organizations of all sizes
should have a business plan.
Your roadmap for the future, a
business plan is equally important
for solo and small group practices as is it for
larger organizations.
Just as a good treatment plan keeps the patient on track to
reach goals and maintain health, a business plan will help
psychologists set business goals and maintain a successful
practice. Going through the exercise of developing a
business plan – including stating your mission, describing
your marketing plan and anticipating finances for the next
few years – helps you focus on important aspects of growth.
If you are considering participating in or implementing
an alternative practice model such as an independent
practice association (IPA) or medical services organization
(MSO), a more comprehensive business plan must be fully
developed, especially if you need outside funding.
Many resources, including those listed in the sidebar on page
13, may help you create your business plan. For example,
the Small Business Administration provides templates at
no cost which can be found online at www.sba.gov/writing-
business-plan. The APA Practice Organization provides
further information
on the Practice
Central website
for practitioners
on elements to
include in your
plan.
This article
will briefly
outline steps
in developing a
business plan for
your practice and
how to begin putting
your plan to good use.
Look at the present and
envision the future
To build a business plan, you need to assess
your current practice and articulate goals related to future
directions.
For example, do you have a specialty practice? Are
you primarily a consultant, child psychologist, group
psychologist, an expert in a particular treatment area such
as dialectical behavioral therapy or hypnotherapy, or
perhaps all of the above? What portion of your practice is
private pay? Considering such questions helps you identify
your starting point. As you begin the business plan exercise,
you may find that you wish to modify certain aspects of
your practice or head in a different future direction.
If you have already formed or are participating in a mental
health provider group, the personal and professional
characteristics of all group members who would potentially
be part of any new venture should be considered. In
addition to determining individuals’ professional areas
of competence and expertise, you should consider factors
relating to the structure and characteristics of the group
as a whole. For example: Who are the group leaders and
ALT ...
Means and Methods of Humanitarian InterventionDr. Chris Stout
It has long been the ethos, if not the ethic, of psychology to work via its various iterations and specialties to the betterment of individuals, groups and areas. Professional service is an important aspect of a psychologist’s identity. It is one of the “big three” (teaching, research, service) that are integral to the activities of colleagues, and is emphasized as a core value in founding documents such as the American Psychological Association’s mission (“to advance the creation, communication and application of psychological knowledge to benefit society and improve people’s lives”), vision (e.g., “…a global partner… to facilitate the resolution of personal, societal and global challenges in diverse, multicultural and international contexts”), and ethical standards (e.g., for “Justice,” “Respect for People’s Rights and Dignities,” and “giving psychology away/pro bono”).
This presentation will demonstrate how to translate service into concrete international action. Beginning with examples of specific international service needs and opportunities, at home and abroad, the presentation will highlight people, programs, and places where the vibrant potential for global service is very real and present. For current and future psychologists as well as colleagues in different areas interested in “making a difference in the world,” this talk offers a very pragmatic how-to in developing skills, identifying partners, and managing the logistics and practicalities of international service within a psychology career.
Methods of Humanitarian Intervention - APA 2019Dr. Chris Stout
Narrative version with reference links is available on LinkedIn at: “State of Philanthropy: Finding Hope Among the 'Disaster' of Humanitarian Aid” https://www.linkedin.com/pulse/state-philanthropy-finding-hope-among-disaster-aid-dr-chris-stout/
Science, Technology and Ethics: Hacking Darwin with Jamie Metzl, PhDDr. Chris Stout
Could this be the most important book of our generation?
Jamie Metzl, PhD, JD, and polymath extraordinaire, writes “From this point onward, our species will take active control of our evolutionary process by genetically altering our future offspring into something different from what we are today. We are, in other words, beginning a process of hacking Darwin.” This is a quote from his latest book, Hacking Darwin: Genetic Engineering and the Future of Humanity.
Technologies, Organizations and Tools for Global Psychologists in Humanitaria...Dr. Chris Stout
Dr. Chris Stout will provide tools and discuss models that psychologists and other disciplines have used in global humanitarian work. The use of psychological principles in policy development and sustainability along with interventionism will also be discussed. He will share real-world stories from innovative non-profits that will open new perspectives, ideas and approaches for attendees to learn from and adapt to their interests and work.
Dr. Chris Stout is a licensed clinical psychologist and the Founding Director of the Center for Global Initiatives, a Top Ranked Healthcare Nonprofit. He is a former faculty member at Northwestern’s Feinberg School of Medicine and is currently an Advisory Board Member at the Center for Global Health at the University of Illinois at Chicago’s College of Medicine. He served as a NGO Special Representative to the United Nations via Division 9 of the APA, was a Federal Advocacy Coordinator for APA for 12 years, was co-chair of CIRP, is past-President of the Illinois Psychological Association, Fellow in three Divisions of APA and is a Distinguished Practitioner in the National Academies of Practice. He was a World Economic Forum Global Leader of Tomorrow and invited faculty at their Annual Meeting in Davos. He published the award–winning three volume set, The New Humanitarians, in addition to over 35 other books, having been translated into 8 languages. He has been interviewed on CNBC, Oprah, and by the Wall Street Journal, Chicago Tribune and others. He’s received numerous humanitarian awards, including APA’s International Humanitarian Award and four honorary doctorates.
Technologies, Organizations and Tools for Global Psychologists in Humanitaria...Dr. Chris Stout
You’re Invited:
I am proud to announce that I have been invited by APA’s Division 52 – International Psychology to do a Continuing Education Webinar entitled: “Technologies, Organizations and Tools for Global Psychologists in Humanitarian Intervention,” moderated by Falu Rami, Ph.D. and hosted by Karen Brown, Ph.D. on May 21, 2019, 12:00 PM EDT, 11:00 PM CDT, 9:00 AM PDT.
I hope you can join! - Chris
Invited Midwestern Psychological Association Presentation - 2019Dr. Chris Stout
The mission of the Center for Global Initiatives is to help in the creation of self-sustaining programs that improve access to healthcare in underserved communities throughout the world.
Learn more at: http://centerforglobalinitiatives.org/ and http://www.drchrisstout.com/
I hope you find this issue to be informative and helpful in your work. Please send me any information you’d like posted in upcoming issues.
The embedded links may not work in SlideShare, so please feel free to email me for a copy at DrChrisStout@gmail.com to be added to our email list.
You can join our Facebook Group and interact with over 5200 likeminded individuals at:
https://www.facebook.com/groups/CenterForGlobalInitiatives/
Any recommendations to improve this communique would be most appreciated!
And if you’d like to support the Center’s work with a tax deductible donation, that would be fantastic(!) and do a great deal: http://centerforglobalinitiatives.org/donateNow.cfm
Cheers, and thank you for your work,
Chris
Founding Director, http://CenterForGlobalInitiatives.org
Becoming a New Humanitarian: Examples and Tools Dr. Chris Stout
The mission of the Center for Global Initiatives is to help in the creation of self-sustaining programs that improve access to healthcare in underserved communities throughout the world.
Learn more at: http://centerforglobalinitiatives.org/ and http://www.drchrisstout.com/
Presented at Predictive Analytics Innovation Summit, Chicago 2017 #PAChicago
https://theinnovationenterprise.com/summits/predictive-analytics-innovation-summit-chicago-2017/speakers
This presentation centers on currently published findings focused on the use of predictive analytics in healthcare venues of sports medicine and orthopedic rehabilitative settings. Aspects of data access via national patient registries as well as nascent applications of machine learning will also be covered. An example of one approach of incorporating a model of assessment, evidence-based practice, treatment augmentation, and resultant outcome evaluation will be provided as well.
Please be in touch
http://DrChrisStout.com
I hope you find this issue to be informative and helpful in your work. Please send me any information you’d like posted in upcoming issues.
The embedded links may not work in SlideShare, so please feel free to email me for a copy at DrChrisStout@gmail.com to be added to our email list.
You can join our Facebook Group and interact with over 5200 likeminded individuals at:
https://www.facebook.com/groups/CenterForGlobalInitiatives/
Any recommendations to improve this communique would be most appreciated!
And if you’d like to support the Center’s work with a tax deductible donation, that would be fantastic(!) and do a great deal: http://centerforglobalinitiatives.org/donateNow.cfm
Cheers, and thank you for your work,
Chris
Founding Director, http://CenterForGlobalInitiatives.org
Setting Goals by Sarah Buerger & Dr Chris StoutDr. Chris Stout
There are lots of planners, systems, seminars, and books to help achieve goals, get organized, and plan. But Meaningful Productivity is the first comprehensive approach for one’s LIFE – not just work or home. It is based on an integrative philosophy of living that has evolved and been acid-tested in the real world by its originator. It is designed to be specifically tailored to your needs, goals, and ambitions.
Meaningful Productivity is designed to be simple and unencumbered. It is basically a hybrid of a scheduling system/planner with a to-do list. Its simplicity is its power. It is my goal to get Meaningful Productivity out to the masses, via amazon so it is as affordable as it is easy to use. I am not too concerned with my copyright, other than you recognize my authorship and perhaps may wish to use my consultative services or purchase other materials, via DrChrisStout.com.
My focus is on life significance. This significance is defined via achievement with satisfaction. Significance wins out over success. Meaning and individualized importance are drivers. Sure, sometimes these result in outward reward of status, celebrity, or wealth, but these are side-effects, not ends. This philosophy is best stated in one of my mottos: “Do important things.”
I feel the accomplished life is ongoing, not an endpoint. Accomplishment should occur across the life span. Life thus needs a design. Certainly randomness has its place, and entropy can make for an enjoyable calamity, but a life left to be “designed” by chance is too much at risk of being wasted.
Some choose to simplify their lives. And this has become quite popular as of late. I support this philosophy with clarification: to simplify is to be unencumbered from the unnecessary, not to sacrifice needs and self-defined reasonable wants.
It is my philosophy to support high-achievement over over-achievement. Over-achievers tend to be more driven by obtaining external trappings resultant from achievement rather than inherent drive by the work itself. These are the individuals who risk burn out they are those who feel heavy work involvement is expected by a superior (not the result of an “internal” motivation); or feel a need to perform for others; or feel pride in external/material attainment over intrinsic satisfaction in the work itself; and then they reach a point in mid- to late-career that results in the “is this all there is?” phenomenon.
I hope you find this issue to be informative and helpful in your work. Please send me any information you’d like posted in upcoming issues.
The embedded links may not work in SlideShare, so please feel free to email me for a copy at DrChrisStout@gmail.com to be added to our email list.
You can join our Facebook Group and interact with over 5200 likeminded individuals at:
https://www.facebook.com/groups/CenterForGlobalInitiatives/
Any recommendations to improve this communique would be most appreciated!
And if you’d like to support the Center’s work with a tax deductible donation, that would be fantastic(!) and do a great deal: http://centerforglobalinitiatives.org/donateNow.cfm
Cheers, and thank you for your work,
Chris
Founding Director, http://CenterForGlobalInitiatives.org
Books inspire and create. They can provide pleasure or provocation—either can make you better. Every few months (or so, I’m a slow reader) you can see what I’m recommending for you in order to live A Life in Full.
To learn more and subscribe to our Quarterly eMagazine, please visit http://ALifeInFull.org
Cheers, and always happy to help…
Chris
http://ALifeInFulll.org
Global Health Film Club
The Film Club provides unique venue to view a film as a group and then follow with conversation and methods to address the issues. The film serves as vehicle to learn about a specific humanitarian issue.
Some of you may be familiar with the concept behind “The 100 Ton Club.” It’s basically lifting 100 tons, yes, 200,000 pounds, in a day’s time.
If you know some of my background, you may know that I like to take on various (odd) physical challenges—running marathons and ultras, racing cycling criteriums, summer biathlons, cross-country ski races, Warrior Dashes and other obstacle races, diving the Blue Hole, the Great Barrier Reef, and with sharks, climbing 3 of the World’s Seven Summits, etc. You may not know that I grew up poor, obese (particularly a bummer when you consider my last name), had orthopedic issues, etcetera—woe was me.
You also likely know that I run a non-profit Center for Global Initiatives and often pair some physical challenge as a fundraiser for our work in Tanzania.
So, by my 58th birthday (8 May) I hope to join-the-Club and lift 100 tons, but as somewhat of making this an endurance challenge as well, I hope to do it in 3 hours.
Gulp…
If you’d like to support this crazy challenge for our friends in Tanzania, please do: http://centerforglobalinitiatives.org/donateNow.cfm
Or, if you’re so inclined, you may want to take on your own challenge (maybe this one too?) and support the Center’s work.
Thanks for any help you can lend…!
Chris
I hope you find this issue to be informative and helpful in your work. Please send me any information you’d like posted in upcoming issues.
The embedded links may not work in SlideShare, so please feel free to email me for a copy at DrChrisStout@gmail.com to be added to our email list.
You can join our Facebook Group and interact with over 3900 likeminded individuals at:
https://www.facebook.com/groups/CenterForGlobalInitiatives/
Any recommendations to improve this communique would be most appreciated!
And if you’d like to support the Center’s work with a tax deductible donation, that would be fantastic(!) and do a great deal: http://centerforglobalinitiatives.org/donateNow.cfm
Cheers, and thank you for your work,
Chris
Founding Director, http://CenterForGlobalInitiatives.org
The emerging healthcare environment requires expanded patient access while delivering optimal outcomes and cost. As healthcare moves form a fee for service model to alternative delivery and payment models, there are opportunities for physical therapy to revolutionize the delivery of musculoskeletal medicine. Physical therapists are uniquely qualified to spearhead musculoskeletal care through direct access with the potential to improve patient satisfaction and outcomes while limiting unneeded medical care. While this model has been described in the military, there are few descriptions of this PT First approach in the private payer arena. This session will provide the attendee with a multifaceted perspective on the impact of physical therapy in emerging, collaborative healthcare models. Approaches to payers and employers with the business implications will be presented that influence these new models. Key strategies to implement a scalable, best practice model will be discussed including the logistical challenges and corollary solutions in the private arena. We will discus our experience implementing novel delivery models for management of neck, back, shoulder and knee pain. The session will deliver practical solutions to the challenges of implementing, assessing, and adapting a theoretical construct to a working viable program. Finally, the session will discuss how the use of a a large Patient Outcomes Registry and analysis of “big data” can drive best practice and inform development of the program.
LGBTQ+ Adults: Unique Opportunities and Inclusive Approaches to CareVITASAuthor
This webinar helps clinicians understand the unique healthcare needs of the LGBTQ+ community, primarily in relation to end-of-life care. Topics include social and cultural background and challenges, healthcare disparities, advanced care planning, and strategies for reaching the community and improving quality of care.
Deep Leg Vein Thrombosis (DVT): Meaning, Causes, Symptoms, Treatment, and Mor...The Lifesciences Magazine
Deep Leg Vein Thrombosis occurs when a blood clot forms in one or more of the deep veins in the legs. These clots can impede blood flow, leading to severe complications.
Navigating Challenges: Mental Health, Legislation, and the Prison System in B...Guillermo Rivera
This conference will delve into the intricate intersections between mental health, legal frameworks, and the prison system in Bolivia. It aims to provide a comprehensive overview of the current challenges faced by mental health professionals working within the legislative and correctional landscapes. Topics of discussion will include the prevalence and impact of mental health issues among the incarcerated population, the effectiveness of existing mental health policies and legislation, and potential reforms to enhance the mental health support system within prisons.
Stem Cell Solutions: Dr. David Greene's Path to Non-Surgical Cardiac CareDr. David Greene Arizona
Explore the groundbreaking work of Dr. David Greene, a pioneer in regenerative medicine, who is revolutionizing the field of cardiology through stem cell therapy in Arizona. This ppt delves into how Dr. Greene's innovative approach is providing non-surgical, effective treatments for heart disease, using the body's own cells to repair heart damage and improve patient outcomes. Learn about the science behind stem cell therapy, its benefits over traditional cardiac surgeries, and the promising future it holds for modern medicine. Join us as we uncover how Dr. Greene's commitment to stem cell research and therapy is setting new standards in healthcare and offering new hope to cardiac patients.
CHAPTER 1 SEMESTER V PREVENTIVE-PEDIATRICS.pdfSachin Sharma
This content provides an overview of preventive pediatrics. It defines preventive pediatrics as preventing disease and promoting children's physical, mental, and social well-being to achieve positive health. It discusses antenatal, postnatal, and social preventive pediatrics. It also covers various child health programs like immunization, breastfeeding, ICDS, and the roles of organizations like WHO, UNICEF, and nurses in preventive pediatrics.
Letter to MREC - application to conduct studyAzreen Aj
Application to conduct study on research title 'Awareness and knowledge of oral cancer and precancer among dental outpatient in Klinik Pergigian Merlimau, Melaka'
DECODING THE RISKS - ALCOHOL, TOBACCO & DRUGS.pdfDr Rachana Gujar
Introduction: Substance use education is crucial due to its prevalence and societal impact.
Alcohol Use: Immediate and long-term risks include impaired judgment, health issues, and social consequences.
Tobacco Use: Immediate effects include increased heart rate, while long-term risks encompass cancer and heart disease.
Drug Use: Risks vary depending on the drug type, including health and psychological implications.
Prevention Strategies: Education, healthy coping mechanisms, community support, and policies are vital in preventing substance use.
Harm Reduction Strategies: Safe use practices, medication-assisted treatment, and naloxone availability aim to reduce harm.
Seeking Help for Addiction: Recognizing signs, available treatments, support systems, and resources are essential for recovery.
Personal Stories: Real stories of recovery emphasize hope and resilience.
Interactive Q&A: Engage the audience and encourage discussion.
Conclusion: Recap key points and emphasize the importance of awareness, prevention, and seeking help.
Resources: Provide contact information and links for further support.
Rate Controlled Drug Delivery Systems, Activation Modulated Drug Delivery Systems, Mechanically activated, pH activated, Enzyme activated, Osmotic activated Drug Delivery Systems, Feedback regulated Drug Delivery Systems systems are discussed here.
KEY Points of Leicester travel clinic In London doc.docxNX Healthcare
In order to protect visitors' safety and wellbeing, Travel Clinic Leicester offers a wide range of travel-related health treatments, including individualized counseling and vaccines. Our team of medical experts specializes in getting people ready for international travel, with a particular emphasis on vaccines and health consultations to prevent travel-related illnesses. We provide a range of travel-related services, such as health concerns unique to a trip, prevention of malaria, and travel-related medical supplies. Our clinic is dedicated to providing top-notch care, keeping abreast of the most recent recommendations for vaccinations and travel health precautions. The goal of Travel Clinic Leicester is to keep you safe and well-rested no matter what kind of travel you choose—business, pleasure, or adventure.
The dimensions of healthcare quality refer to various attributes or aspects that define the standard of healthcare services. These dimensions are used to evaluate, measure, and improve the quality of care provided to patients. A comprehensive understanding of these dimensions ensures that healthcare systems can address various aspects of patient care effectively and holistically. Dimensions of Healthcare Quality and Performance of care include the following; Appropriateness, Availability, Competence, Continuity, Effectiveness, Efficiency, Efficacy, Prevention, Respect and Care, Safety as well as Timeliness.
How to afford your private practice ways to fund starting up and how to keep it going strong
1. 1
How to Afford Your Private Practice:
Ways to Fund Starting Up and How to Keep It Going Strong
By Dr. Chris E. Stout and Grace Wang
Introduction
This chapter will examine the costs and approaches to meeting the expenses that are
involved in starting a private practice. Readers may be surprised in realizing what should be
considered in calculating the cost of doing business when opening and running a private practice.
Likewise, they may be surprised with the options available to them for paying off these expenses as
well.
Welcome to being an entrepreneur!
Many clinicians may not consider themselves entrepreneurs or small (or large) business
owners, but they are. Many healthcare providers may not have academic training or any prior
experience in business operations, management, budgeting, marketing, contracting, or the other
myriad of associated aspects of running a practice. But regardless of this, in order to be successful
and sustainable in their work of helping others, they will need to. And arguably, the most critical
aspect of establishing and running a practice is the financial.
Maintaining a practice is predicated on being able to earn as much as it costs to provide the
service(s), and maintaining a livelihood predicated on being able to make a profit. If a clinician
cannot breakeven vis-à-vis costs of operation and fees collected, he or she will go out of business at
2. 2
best, and bankrupt at worst. If a clinician cannot make a profit, then he or she will need another
form of income for financial support (via a spouse/partner, a trust-fund, a “day-job,” etc.).
What is it going to cost?
Herein the authors will assume that you have already passed your licensing exam to
practice. We strongly encourage readers to consider including any student loan indebtedness as
part of the expense-of-doing business in calculating your monthly costs. What follows is a list of
items to consider (Stout, 1996; Stout and Grand, 2004). Please note that the list is not necessarily
comprehensive and you should add additional items idiosyncratic to your practice’s need. List your
monthly costs as follows.
OFFICE SETUP
Rent (consider security deposit as additional costs at startup, but just list monthly): $__________
Utilities: $__________
Furnishings (divide startup cost by 12 months to calculate monthly amount,
maintain on ledger until paid in full): $__________
Telephone service and equipment: $__________
Answering service/system: $__________
Business stationery (divide by 12 months to calculate monthly amount): $__________
Office supplies (monthly average): $__________
Marketing costs: (estimate and divide by 12 months to calculate monthly amount): $__________
TECH
Computer (divide startup cost by 12 months to calculate monthly amount,
maintain on ledger until paid in full): $__________
Software (divide startup cost by 12 months to calculate monthly amount, maintain
on ledger until paid in full): $__________
Internet /Wi-Fi: $__________
Wireless phone: $__________
Website domain (divide startup cost by 12 months to calculate monthly amount): $__________
Web site design (divide startup cost by 12 months to calculate monthly amount,
maintain on ledger until paid in full): $__________
Web site hosting and maintenance: $__________
INSURANCES
Liability insurance (divide by 12 months to calculate monthly amount): $__________
Other insurance(s) (General liability, Fire, Disability, Health, Life, Renters, etc.,
divide by 12 months to calculate monthly amount):
OUTSIDE FEES
$__________
Attorney fees (divide startup cost by 12 months to calculate monthly amount,
maintain on ledger until paid in full): $__________
Annual incorporation fees (divide by 12 months to calculate monthly amount): $__________
Consultant fees (divide by 12 months to calculate monthly amount): $__________
3. 3
Accountant fees: (divide by 12 months to calculate monthly amount): $__________
Office expenses (e.g., photocopier lease, cleaning service, etc.): $__________
Secretarial services: $__________
Billing services: $__________
FEES OF THE PROFESSION
Professional dues (add all and divide by 12 months to calculate monthly amount): $__________
Books (estimate all and divide by 12 months to calculate monthly amount): $__________
License renewal costs (divide by 24 if you pay this every other year): $__________
Subscriptions (add all and divide by 12 months to calculate monthly amount): $__________
Continuing education (include parking, tuition/fees, travel expenses): $__________
Networking and business entertainment costs (estimate): $__________
Student Loan(s): $__________
DEDUCTIONS
State taxes (divide by 12 months to calculate monthly amount): $__________
Local taxes (divide by 12 months to calculate monthly amount): $__________
Federal (divide by 12 months to calculate monthly amount): $__________
Retirement funds (SEP, Roth IRA, etc.): (estimate and divide by 12 months to
calculate monthly amount): $__________
MISCELLANEOUS
Supervision: $__________
Commuting costs (Train, Parking, Tolls, Gas, Car payment, servicing, insurance): $__________
TOTAL: $__________
Note: This list does not include any expenses for political contributions, clinical materials (such a test kits,
forms, etc.), wireless phone handset cost, business application fees (such as “Doing Business As” (DBA) notice,
service marks, incorporation costs, etc.), or any other specialty equipment/materials (e.g., neuropsychological
test equipment, biofeedback equipment, etc.).
How do I compare…?
The authors thought it may be of interest for readers to see how your expenses compare to
a small, unscientific poll of practitioners from around the United States. We sent out a quick
survey to the List Serves of the American Psychological Association’s Division 42 (Independent
Practice), the Illinois Psychological Association, and some practitioners one of the authors (CES)
knew. Twenty individuals responded.
We found that expenses varied dramatically from practice to practice. For instance, a
suburban home practice or an urban practice that shares a building with other businesses can
significantly cut down on rent costs. On the other hand, a practitioner in the city may choose to
pay more for rent, so long as amenities like quality library access, internet access, secretarial
services, mail service, a faculty lounge, or office machinery are included in the cost. Some
4. 4
practitioners strike up creative rent agreements – for instance, one respondent pays $15/hour for
rent, only pays for the sessions she has, and agrees to pay $50/month if no sessions are scheduled.
In addition, over half of the respondents said that utilities like heat, electric, and water are
included in rent.
Phone costs also varied considerably. Some practitioners use their personal cell phones and
attribute half of its cost to the business. Others use a free Google voice number and have calls
forwarded to their personal cell phone. More costly options include a combination of separate
phone lines, multiple landlines (up to four or five), private voicemail, and answering services.
While over half of respondents do not have employees or contractors to factor into their
budget, some practitioners choose to hire bookkeepers, technicians, secretaries, or additional
clinicians. The cost of these workers could be as low as $2400/year or as high as $30,000/year.
Other costs include software, office supplies, marketing, parking or transit, training, testing
materials, subscriptions, website maintenance, and donations.
Any surprises? Those responding were primarily from the Midwest and in suburban and/or
urban locations, so rents and the like will certainly co-vary as a function of that. The average
number of years in private practice was about 19, ranging from less than one year to 35 years. The
mean length of time in practice of this group was 15.5 years, ranging from one year to about 35
years. More on this group’s experiences below, but let’s return to your costs of practice.
Do the Math: Is Your Business Viable?
Next, calculate the sum of the above applicable items. This total will be your Practice Costs,
or PC. Use these formulas to calculate your Hourly Cost. Note, this is the COST of doing
business, not what your fee or cost to your patients is.
(X clinical service hours) x (Y number of weeks worked annually) = Total Annual Hours
Worked
For example, (30 hours worked per week) x (48 weeks) = 1440
Next, (Total Annual Hours Worked) x (80% [based on -20% for bad debt, missed sessions,
etc.]) = Total Billable Annual Hours
For example, 1440 x 80% = 1152
So, (Practice Costs)/(Total Billable Annual Hours) = Hourly Cost
Hypothetically, if PC = $95,000, then $95,000/1152 = $82.47/hour. Thus, in this case, it
costs $82.47/hour to deliver that hour of therapy. In other words, assuming you have annual
practice costs of $ 95,000 and you plan to work 30 clinical hours per week for 48 weeks per year
(figuring four total weeks of vacation). In this hypothetical that would be 1440 billable hours
worked, minus 20% for bad debt, missed sessions, etc., equals 1152 revenue generating hours
annually. This suggests that roughly to cover your annual costs, you need to generate at least
$82.47/hour. If you add a modest 5% profit margin it becomes $86.59/hour, or $90.74/hour for
a 10% profit margin.
5. 5
Of course, adding more hours worked (either more hours per week or more weeks per year)
can reduce the Hourly Cost figure, or could perhaps allow for a greater margin of profit. In better
understanding the relationship of cost and productivity, one can more clearly understand how
those with busy practices, low practice costs, and sufficient fees can do very well, versus those with
high overhead costs, few service hours, or anemic payments.
So how do you finance your startup practice?
There are a number of options available, but perhaps not all are a good fit and, frankly, not
all may be available, as one colleague noted regarding her experience in the early 1990s:
“I tried to get a small business loan but was told that I didn’t have established credit as a business,
although… had an LLC, a license, a registered name, colleagues that I shared an office with who
could vouch for me, and established income. My understanding at the time was that I couldn’t get the
loan because I was a ‘woman’ just starting out in practice. That’s what the loan officer told me.”
From our sample of respondents, we learned that they initially financed their practice’s startup by:
Personal savings 78 %
Combination of personal savings and credit card 11 %
Equity from a whole life insurance policy that had been given to me when I got
married, that I repaid within a year.
5.5 %
Loan from family member 5.5 %
We also asked if there were any expenses that were a surprise. We found that a few
unexpected costs were licensing and credentialing (if you hire a company to do it for you),
continuing education, computers and software, toys and books, lack of corresponding revenue
increases due to managed care, accounting services and tax preparation, commercial enterprise
pricing (as opposed to residential pricing), and furniture costs, which can be as much as $2000.
The group also individually identified their greatest difficulty in getting their practice
started. Interestingly, the majority of respondents noted that getting clients and a steady referral
base was their most difficult hurdle in getting started, but others said that it was finding office
space, creating a business plan/infrastructure, charging clients and collecting fees, dealing with the
anxiety of leaving what’s familiar to start something new, and even patience (and boredom!) when
dealing with the growing process.
Our last question was to learn, if they could go back in time to when they first started their
private practice, what would they do differently? Several said that they would invest in marketing
by developing a niche, advertising in Psychology Today, being involved in the community, and
creating a website immediately. Others focused on networking and recommended collaborating
with other professionals, finding quality partners with good business sense and an entrepreneurial
spirit, or asking a friend for guidance through the process. Still others emphasized the business
aspect of the practice and said that they would hire a manager, learn about accounting or when to
6. 6
pay themselves, spend less time trying to get referrals from physicians, and adjust as the industry
adjusts. More advice focused on cost-savings, and the respondents said they would have liked to
have known that cell phone bills are tax-deductible, to join a cost-sharing group, to buy more
affordable furniture, or to opt for a smaller office where rent is cheaper.
Where to get money to start your practice
There are many sources of capital available, from banks, to life insurance
companies to even crowdfunding. Each source has its advantages and some are better
suited to specific financing needs than others. You should assess your options to choose
the most appropriate financing source that you can qualify for and feel most comfortable
with. What follows are some avenues to consider.
Loans (Debt Financing)
There are several types of institutions that provide debt financing (i.e., they loan you
money and you are obliged to repay it, with interest). These include:
1. Commercial banks
2. Leasing companies
3. Thrift institutions
4. Life insurance companies
5. Commercial finance companies
6. Other sources (loans from relatives, SBA, crowdfunding, etc.)
1. Commercial Banks. Short-term credit from commercial banks is an extremely popular source of
financing for all types of businesses, including mental health practices. In recent years, some banks
have set up professional divisions with personal bankers who are experienced in meeting the needs
of healthcare providers.
Bank borrowing may be the least expensive source of debt financing for secured and
unsecured working capital loans, equipment loans, and real estate loans. A practice may develop a
relationship with a local commercial bank that assists in the practice's financial planning process.
Larger, group practices may fare better with qualifying for such a loan.
Short-term loans offered by commercial banks have several unique characteristics.
• They are usually extended for a period of 90 days or less and may be secured or unsecured,
depending on the amount of risk the bank faces.
• When a bank loan is secured, the lender normally executes a security agreement in which
the practice pledges a certain business asset as collateral.
• A practice may pledge is its accounts receivable (billings to clients and third-party payers for
services rendered but not yet collected) as an asset. The amount in accounts receivable is an
asset that represents money owed to the practice.
• A commercial bank may also require your personal guarantee based on your personal assets.
• If the practice does not pledge any collateral against the loan, the bank may extend the loan
on the practice's full faith and credit.
7. 7
2. Leasing Companies. Leasing has become an increasingly popular source of debt financing.
Almost any type of property can be leased:
• Computer systems
• Equipment
• Furniture
• Office space
As an alternative to normal debt financing, leasing offers you greater flexibility and
convenience because the lessor (the institution, usually the bank, holding the lease) takes on some
of the responsibilities of ownership, including maintenance and disposal. If you are reluctant to
borrow, leasing can be an attractive alternative. The interest rate on the lease will most likely be
somewhat higher than a loan extended by a commercial bank because the lessor assumes greater
responsibility. Commercial banks and financial services companies are among the institutions that
offer lease arrangements.
3. Thrift Institutions. Thrift institutions include savings and loan associations, mutual savings
banks, and credit unions. These institutions have traditionally been a source of debt financing for
borrowers purchasing homes or durable goods. These organizations were deregulated in 1982 and
have become an alternative way to finance professional practices, office buildings and equipment.
Practices seeking debt financing from thrift institutions can expect an environment and terms
similar to those of commercial banks.
Thrift institutions offer a wide range of services, such as:
• Leasing
• Credit cards
• Electronic funds transfer
• Commercial lending
4. Life Insurance Companies. Life insurance companies offer limited financing to healthcare
practices in the form of secured real estate loans. Some healthcare buildings are financed by
mortgage loans granted by insurance companies. Low-cost loans are also available from life insurers
based on the cash value of a provider's life insurance policies.
5. Commercial Finance Companies. These are an alternative source for borrowers with high-risk
credit ratings. These companies generally finance credit sales as well as provide funds for short-
term purposes. They borrow large sums from investors and bankers and then lend them directly to
businesses. As a result, their interest rates will almost always be higher than banks, thrift
institutions, and life insurance companies; and the terms of the loan reflect the borrower's risky
credit rating. Examples of these terms would be:
• Minimum cash balance requirements
• Collateral requirements, including personal assets
• Remedies for the finance company in the event of default
Commercial finance companies also provide other services, such as financing and factoring
accounts receivable. Because your accounts receivable can be fairly accurately valued and are
8. 8
usually easily converted to cash, they are suitable assets to pledge. As accounts receivable are
collected, the indebtedness is reduced. When the full value of the receivable is not pledged,
collections made in excess of the borrowed amount are returned to the practice.
Receivables may actually be sold to a financial institution. Commercial finance institutions
prefer the sale be made "with recourse," meaning the risk of the account remains with the practice.
If the accounts receivable are purchased from the practice without recourse, the process is called
factoring. When a lending institution factors receivables, it assumes the credit risk and the service
is more expensive to the practice. Usually, a factor charges a performance commission on invoice
amounts and interest at a 3% to 4% increase over the prime lending rate.
The advantages of receivables financing are obtaining funds quickly and having a more
rapid cash flow. Factoring shifts the risk and inconvenience of credit collection to the factor, but
both these practices are costly and may make the practice appear to be financially unsound and
risky. Selling receivables is not advised unless you are making a large one-time repayment such as
an IRS bill or working out a plan to recover from a not-too-fun catastrophic event such as a natural
disaster. Providers who sell their receivables to cover monthly operating expenses are borrowing
against their own future. It is like borrowing against next month's paycheck to pay this month's
bills.
Once you have selected a bank, consider consolidating all accounts, including personal,
business, savings, and pension accounts. By increasing the volume of business you offer the bank,
you will increase in importance from the bank's perspective. This may result in preferential
treatment for services or more favorable loan terms. Establishing a strong relationship and staying
with a bank that provides superior service may be a valuable resource for you and your practice.
6. Other sources
Credit cards
Some of those in our survey noted running up a tab on their credit cards. This high risk
and high interest cost, and is not recommended.
Family/Friends Loan
This can also be risk-laden and may run the risk of damaging important relationships if
payments are late, or unexpected difficulties arise. If this route is chosen, it may be a wise idea to
have a clearly articulated contract drawn up and certainty that both parties very clearly understand
and agree to the terms before executing it.
Small Business Administration Loan
An often overlooked route for finding a loan is to go through the U.S. Small Business
Administration (SBA). The SBA offers a variety of loans, including a general loan and an
equipment/real estate loan, both of which are available to medical facilities like hospitals and
clinics.
9. 9
For example, Dr. Steven Solomon of La Jolla, CA, provides intimacy therapy services to
couples. He applied for an SBA 7(a) loan and was approved for $100,000.00. He used the funds
for computers, equipment, and training (U.S. Department of Commerce, n.d.).
Crowdfunding
Some mental health providers who want to start their own private practice have turned to
more modern routes to obtain financial assistance. Within the past decade, crowdfunding has
increased in popularity. While a private practice is the typical crowdfunding benefactor, we found
that individual providers have raised as much as $4,000 using crowdsourcing websites. It seems
mental health providers tend to use gofundme.com as their crowdfunding website as opposed to
others, such as indiegogo.com or kickstarter.com.
For example, a Marriage and Family Therapist in California with a goal of raising $6,842,
has raised $950 in six months to go toward her private practice that would aim to serve veterans
and their families. She specifies that donations would go to rent, a computer and a printer, and
telephone service for six months. A mental health therapist in Bellevue, WA, has raised $1,299 of
$7,000 in 14 months. She wants to help members of the LGBTQ community and she indicates
that donations will go to licensing costs, business cards, office space, professional organization fees,
a website, insurance, and a business license. She wants to raise enough funds to cover expenses for
six months as she builds her client base.
A professional counselor in Brainerd, MN raised $1,230 of $2,700 in 16 months. Her goal
is to start a private practice to help people experiencing anger, anxiety, and depression, among
other things. She also offered counseling sessions to donors as a “perk” or a “thank-you” for their
assistance. A psychotherapist in Portland, OR who had already begun her private practice, raised
$675 of $2,000 in 14 months. Her goal was to pay off expenses like overhead costs and student
loans as she continues to build a client base. Finally, a counselor in Guaynabo, Puerto Rico raised
$4,300 of $5,000 in eight months. Her goal was twofold: to help people recover from trauma and
to mentor students, graduates, and professionals in order to raise the standards in that geographic
area for the profession.
How lenders evaluate borrowers
Lenders make decisions about loans based on their knowledge of the borrower and the
business. You will make a positive impression on the lending officer with a well-prepared and
complete set of informational documents. The principal document used to indicate your
creditworthiness is the business plan. (Websites such as BizHumm offer free templates:
http://bizhumm.com/dashboard/library/ )
Another key factor in the loan process is the lender’s impression of your credibility. The
lender gains this perception from face-to-face contact with you (and your associates if you have
them) and with the information provided to support the loan request. If you are borrowing funds
for the first time, you can expect to provide more information to the loan officer than if you have a
credit history with the bank.
10. 10
Once you have established credibility, you must work to maintain it. You must continue to
produce results that are consistent with your business plan objectives and financial projections. If
you repeatedly return to the lender for expenses that were not properly considered in the business
plan, you will decrease your chances of getting favorable terms.
When this author (GW) investigated Bank of America’s small business healthcare loans,
doctoral-level psychologists, licensed clinical social workers, and licensed clinical professional
counselors are not eligible for this loan—only MDs. Furthermore, CitiBank also has a loan for
healthcare professionals starting their own practice, but it is currently geared toward physicians. Of
course, if you are a MD, this would not be a problem. If you are not, a strategic approach may be
to partner with a MD. But such an approach must be considered in a context of other practice
aspects, not solely for access to debt financing.
Key information for loan applications
Lenders consider three essential items when deciding whether to lend money:
1. How will the funds be used?
2. How much money is needed?
3. How will the money be repaid?
The data needed to answer those questions will depend on several things:
1. Your previous relationship with the bank
2. The purpose of the loan
3. The amount of the loan
4. The percentage of total expenditure being sought (for example, a practice borrowing $5,000
to purchase office furniture valued at $15,000 is borrowing only 33% of the total
expenditure, which will be more favorably considered than a loan request of $12,000 for
the same purpose).
Different banks require different levels of detail. For example, if a sole practitioner or a
group with less than three providers applies for a loan at a local bank, the lender may rely more on
personal financial information than on the practice's operating information. On the other hand, if
a large practice is financing real estate or a series of capital projects, the institution may require a
projected or pro forma* financial statement showing the capability of the practice's operations and
ability to repay the debt. Therefore, it is important to have as much information as possible going
into the process.
1. How the funds will be used. You may want to borrow funds to finance start-up or expansion.
When you are starting or expanding a practice, you may need money for working capital, to
purchase equipment, and to pay for improvements to the office. The lender needs to know how
the funds will be used so the bank can obtain a security interest if property and equipment are
being acquired. If the funds are to be used for working capital, the bank will require some other
form of payment assurance. Knowing how the funds will be used also helps determine the interest
rate and term of the loan. For example, the term of a loan to purchase a computer system would
probably equal the useful life of the equipment.
11. 11
2. How much money is needed. The size of the loan depends on several factors.
a. Determine the total planned expenditures and the amount that will be financed. This
relates to the planning process as discussed earlier. You may invest some of your own funds
and borrow only a portion of the total.
b. Include the expenditures in the business plan developed to support the loan application.
This pro forma business plan shows your future needs as well as the level of debt you can
repay.
c. The bank must understand how the loan relates to your strategic plan. For example, if
you are adding providers and need $100,000 to expand, will that amount be used for
working capital and improvements? Will another loan be required for related issues? You
may find it easier to repay excess funds than to obtain additional funding if the size of the
first loan is insufficient.
3. How the loan will be repaid. You will be expected to demonstrate to the bank your ability to
repay the loan. The main evidence is your business plan, which illustrates the ability to repay the
debt from projected income in excess of expenses. You may also need a contingency plan showing
what steps you would take if the financial projections proved incorrect. The contingency plan may
indicate a source of repayment other than practice income, such as a guarantee based on your
personal assets. (Portions of the last section of this chapter have been adapted from Stout &
Grand (2004), with permission from the publisher, Wiley & Sons).
Conclusion
Healthcare providers who want to start a private practice are not just clinicians. They are
entrepreneurs. As such, they must consider the details of business management. They can no
longer merely be occupied with the question, “Will my patient recover?” Rather, they must also
consider, “Will my business succeed so that my patient can recover?”As you mull over the
beginnings of your private practice, calculate your expenses, and explore your options for paying
them off, remember that this chapter is only the beginning of the resources available to you.
References
Stout, C. E. (1996). What Should Psychotherapy Cost? Illinois Psychologist, Spring, 24 - 26.
Stout, C.E. and Grand, L. (2004). Getting started in private practice. New York: John Wiley &
Sons.
U.S. Department of Commerce. Small Business Administration. (n.d.). SBA loan keeps couples
together (n.d.). Retrieved from https://www.sba.gov/offices/district/ca/san-diego/success-
stories/sba-loan-keeps-couples-together
12. 12
How Does It Work?
I have a model that I have found over the years works pretty
well and efficiently. You may already know that I was invited by the
President of the American Psychological Association to serve on the
APA Task Force on Future Roles of Psychologists and published a
number of articles on the topic and that this area was a major focus
when I served as President of the Illinois Psychological Association.
You may already be familiar with my
books, Getting Started in Private Practice
(Wiley, 2006),
http://www.amazon.com/Getting-Started-Private-Practice-
Complete/dp/0471426237/ref=la_B003MROVZ8_1_1?s=bo
oks&ie=UTF8&qid=1387499433&sr=1-1
and Getting Better at Private Practice
(Wiley, 2012) http://www.amazon.com/Getting-
Better-Private-Practice-
Started/dp/0470903988/ref=la_B003MROVZ8_1_4_tit
le_1_pap?s=books&ie=UTF8&qid=1387566503&sr=1-4
along with a number of books on practice
and related issues:
http://www.amazon.com/Chris-E.-
Stout/e/B003MROVZ8
And I have a number of PPTs up on practice matters
as I present a fair amount, too. Here is a sample, but do feel
free to drill around as well:
http://www.slideshare.net/drchrisstout1/dr-chris-stout-
getting-better-at-private-practice
13. 13
Curated Library
Wouldn’t it be great if…
…there was a way to not have to be on a million ListServs getting 2 million
emails, most of which are not helpful…but still be able to stay on top of
what’s going on and important to you?
…not worrying about missing something important while away on vacation from email or just
during busy times?
If you are interested in gaining access to the Curated Library you will find an
overwhelming, and growing “hand-selected” collection of materials (PDFs, books, PowerPoints,
etc.). If you join A Life in Full as Subscriber, you benefit from my almost daily review of over two
dozen newsfeeds and publications where I collect the best content I come across that is relevant to
the Library and to you. Then two to four times a month I upload this content into a special
DropBox account that I link to you. You can then read it when it convenient for you. It’s
searchable too! You can rest assured you will never miss anything of importance to your work or
development.
The result is that you can have access to an ever-updating-obsolete-proof online library. It doesn’t
get much easier than that! It includes:
Social media tools
Start-up help
Tips on productivity, goal attainment and success
Career tips
Entrepreneur tips
Health, exercise, and wellness methods
Leadership tools
Writing and speaking tools
Some very cool life-hacks
Some very cool travel-hacks
Website tools
Marketing approaches
Clinical practice tools (for clinicians only)
A one year All-Access Pass Subscription is $75, or a One-Time Life-Time Subscription is $150.
Just send an email with your request to DrChrisStout@gmail.com and you’ll receive the PayPal
instructions and your “Library Card” for immediate access. You have a 30 day, money back
guarantee if you are not satisfied with your Subscription for any reason.
Membership
14. 14
I am now offering a new option that may be of interest. For a single, onetime charge of
$650 you can have one 60-minute 1:1 consultation, and up to 12 email exchanges over the course
of a year’s time as a Professional Member.
In addition you will have a
one-year subscription to access the
Curated Library’s materials, 24/7,
that will provide you with all the tools
and information to advance your
knowledge, practice, and career—at no
additional cost. Members will also get
access to free links for:
Business Plan Templates and
Checklists
Marketing Plan Templates and
Checklists
Social Media Training &
Software
Essential SEO Tools
Financial Projections
Template
Essentials for Cloud-based
Services
1:1 Consultation
I have a limited number of slots available at any given point in time for individualized
consultation. Generally I meet with someone 3 - 8 times depending on your needs and goals, on a
once-every-2-or-3-week schedule. The meetings can be via the phone or at my Bolingbrook office.
All meetings are 60 minutes long. I tend to be very directive, network connecting, content heavy,
and task oriented (but not at the cost of being supportive, and if I can, a dash of humor when I
can muster it). Frequently, I will work in between our meetings compiling tools, readings and
resources relevant to your needs that I will email to you.
Charges are $425 for the first meeting and $375 for the subsequent ones. A single
payment for 6 sessions is discounted 10% for $2400. Please directly be in touch via
DrChrisStout@gmail.com
15. 15
My Clients also have the opportunity to gain an introduction to doing
their own consulting through Maven and GLG
How would you like to
Expand Your Consulting
Opportunities?
Earn consulting fees of $150
and more, generally via
telephone consultations?
Educate business and
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Participate at your
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I can make a personal referral to GLG
which provides:
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authored by Council
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Be confident of privacy and
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And I can also recommend you to
Maven
16. 16
Join the list of organizations and individuals I have worked with…
17. 17
Free content is always available at
SlideShare
http://www.slideshare.net/drchrisstout1
and LinkedIn
https://www.linkedin.com/today/posts/drc
hrisstout
Courses
Coming soon…!
And finally…
https://youtu.be/jITlVpJUaN0