Does being a solo provider or group practitioner suit your career and lifestyle goals? Let's explore the benefits and drawbacks of running a solo vs. group practice.

Join me in this episode as we look into their key differences based on my personal, business, and clinical experience. You'll know what to consider in various areas from entity structure, payroll, client reach, and the responsibilities you need to take as a private practice owner.

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Timestamps:

• Expenses and level of responsibility (01:27)
• Entity structure and payroll (06:22)
• Level of impact and client reach (10:03)
• How to register to the free 60-Day Prosperous Private Practice Bootcamp (15:53)

  

Standout Quotes:

• "If you choose to hire associates, you have to understand that part of your time—your hours that are allocated in your business—will need to be dedicated to supervision and training… If they are licensed, you still want to carve out time in a group practice for consultation; maybe you want to carve out time just to get to know one another. In the beginning phases of group practice, maybe you want to pay attention to what they do and don't know..." (03:49)
• "With impact, your capacity will max out. You may only be able to—if you're part-time—work 5 up to 15 hours in your solo practice, and that may also depend on the type of clients that you choose to see... On the flip side as a group practice, you don't have to see all of those clients. You may also choose to... see adults with this particular diagnosis... and hire licensed or unlicensed/pre-licensed therapists to see those other groups of people..." (11:09)
• "One myth that I just want to kill right now is that a group practice is not passive income... because in the beginning phases, you will have to onboard team members, find an HR specialist, potentially do consultations while training those clinicians to do the consultations. It won't truly become passive until you get to the point where you have a full team that can run your consultations, that can actually train and/or supervise the staff... True passive, business owner activities/CEO activities, would be you showing up for the things that you love to do." (13:39)

 Resources Mentioned:

• Register to the 60-Day Prosperous Private Practice Bootcamp for free at https://www.doctortk.com/bootcamp/  
• Listen to

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