1. Reaching More: Forming a group practice allows you to serve more clients who are calling. You are only able to take on so many people. Why should you refer out clients who you are paid for the marketing to bring them in? From a business standpoint, you are referring your $ out.
2. More Balance: As a therapist who loves seeing clients, I knew I couldn’t envision seeing 30-40 clients a week for the rest of life. I needed more balance. Forming a group practice allowed me to balance out my different roles in private practice. I now have time to market, attend meetings, concentrate on my business procedures, etc. This has also allowed me to battle the dreaded therapist burnout.
3. Battle Isolation: Working in private practice can be isolating as much of your time is spent in session. After all, that is the only way you are going to make money. Spending your days talking to people about their problems, can be draining and dare I say it, unhealthy! Having colleagues with whom you can bounce ideas off of, support one another, and have a team environment adds to the value of a private group practice. One of my favorite things about having a group practice is the ability to consult about different cases and see great work being done by highly trained therapists.
4. More vacation time: Having a group practice allows you the freedom to take more vacation time. Since you will not be reliant on direct client hours as your main source of income, you will be able to take a vacation while you are earning money! What is better than that!?
5. More Money: This is probably one of the MOST important part of being a private group practice owner, making more money! Some people feel funny talking about this, but it must be talked about. You will be bringing in money to pay your overhead expenses and money added to your business, which means you have more money to pay yourself. So, after you do all this hard work of getting your fabulous group practice off the ground, take a vacation, relax, and know you reaching more people, while making the money you deserve.