382: Uncomfortable Truths About Private Practice Finances

Private practice is often seen as the golden goose that brings everything clinicians hope for. However, there are many nuances to consider, as well as factors that can add significant stress to your life. This stress can lead to overwhelm, burnout, and questions about why you chose this route in the first place. Join us for today’s conversation!

Our Featured Guest

James Childress

James Childress is a CPA whose practice primarily focuses on working with therapists, giving him a unique perspective on today’s topic. In this episode, we cover the top three uncomfortable aspects of private practice that can lead to imbalance and big problems. James shares insights that help us better understand business ownership, financial stability, and the seasonal nature of private practice.

James' Website

You’ll Learn:

• Common factors that lead clinicians into private practice and entrepreneurship
• Key considerations before launching into private practice
• The importance of trusting your gut and paying attention to the data

Uncomfortable Truths About Private Practice Finances:

1. There is a size of private practice that is inherently unstable. (This is a normal phase to pass through.)
2. Assessing your supervisor/admin load is critical to maintaining balance.
3. Therapists often strive to succeed in every area and “want it all.”

Additional Insights:

• The need for balanced growth and attracting more people into the field
• Ensuring the external environment aligns with the internal environment
• Achieving product-market fit for long-term sustainability

Resources:

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