Is It Worth It? Analyzing return on investment for your therapy practice

Is It Worth It? Analyzing return on investment for your therapy practice

Curt and Katie chat about different types of return on investment (ROI) for a therapist in private practice. We look at what therapists often get wrong when deciding how to invest their time, money, or energy. We also give some ideas of what can be more effective in getting the highest ROI (of all types) for your therapy business and career.

Transcripts for this episode will be available at mtsgpodcast.com!

In this podcast episode we talk return on investment

In response to last week’s episode on managing your money, we had additional ideas on the concept of a return on investment.

What are the different types of return on investment that therapists have in their practice?

·      The financial ROI of money in versus money out

·      How much time spent versus the benefit to your practice and yourself

·      The amount of energy spent (or saved) or the type of energy you have available at different types of day

·      Connections made while networking and how they can be valuable to a therapist (e.g., referral sources, friends, support system, business collaboration)

·      Learning and expertise, continuing education

·      Enjoyment and fun

·      Supporting mission, vision, and/or values, legacy

What do therapists typically invest time, money, or energy in, that don’t have a good ROI?

·      Saying yes to everyone and every opportunity

·      Going to networking with only financial ROI (getting referrals for your therapy practice) as a goal

·      Insufficient marketing (i.e., not staying consistent through enough touch points before someone refers or signs up as a client)

·      Not assessing return on investment for the different types of activities you perform for your practice

·      Getting additional certifications without a clear ROI for your practice

Stay in Touch with Curt, Katie, and the whole Therapy Reimagined #TherapyMovement:

Our Linktree: https://linktr.ee/therapyreimagined

Modern Therapist’s Survival Guide Creative Credits:

Voice Over by DW McCann https://www.facebook.com/McCannDW/

Music by Crystal Grooms Mangano https://groomsymusic.com/