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What are the current private practice trends? How are you managing your finances in 2023? What can you do to overcome the tough hiring environment at the moment?
In this reverse podcast episode, LaToya Smith speaks about 5 private practice trends in 2023 with Joe Sanok.
Podcast Sponsor: Level Up
March 20th – 23rd is Level Up Week, and we are offering over 20 webinars focused on helping you Level Up totally for FREE.
We have guests like Valerie Harris, talking about how to grow your practice with insurance. We have speakers from the Speaker Lab. We’re going to talk with you about the new public speaking gigs, as well as Experts on how to get a TEDx talk as well as every single phase of practice.
We’re talking about five simple marketing techniques you’d have to master and how to add virtual assistants to your practice. We have Profit First professionals coming in to teach you how to grow your money.
Whether you’re starting a practice, growing a group practice, or expanding to do multiple streams of income, Level Up week is for you. Mark your calendars, March 20th-23rd
See all of the webinars that you can register for over at practiceofthepractice.com/levelup
Meet LaToya Smith
LaToya is a consultant with Practice of the Practice and the owner of LCS Counseling and Consulting Agency in Fortworth Texas. She firmly believes that people don’t have to remain stuck in their pain or the place they became wounded. In addition to this, LaToya encourages her clients to be active in their treatment and work towards their desired outcomes.
She has also launched Strong Witness which is a platform designed to connect, transform, and heal communities through the power of storytelling.
Visit LaToya’s website. Connect with her on Facebook, Instagram, Strong Witness Instagram, and Twitter.
Email her at latoya@practiceofthepractice.com
In This Podcast
- Asking and answering the important money questions
- An increase in marketing investment
- There’s a tough hiring environment
- Awareness and evaluation of lifestyle
- How to level up beyond standard practice
Asking and answering the important money questions
Some money questions that most therapists are asking and need to answer include:
- Whether you have an emergency fund for your practice?
- How much do you pay yourself in your private practice journey?
- What is the best amount to invest in marketing?
People are sensing that there’s a shift happening … we don’t know if there’s going to be a recession or … if there’s going to be a major downturn in the economy, but we’ve had several years that were thriving.
Joe Sanok
In general, most therapists have questions and queries about getting a handle on their numbers, what they mean, and how to work well with them.
An increase in marketing investment
Therapists and practice owners are currently putting more money into marketing efforts than they have in the past.
We’re finding that a lot of the practices that are thriving right now, in an uncertain financial environment, are the ones that are saying, “We’re going to intentionally put some money and some staff time into leveling up faster”.
Joe Sanok
What is a step outside of the box of what the average counselors are doing that you can take to set yourself apart in the best way possible?
There’s a tough hiring environment
The average job posting for a therapist used to garner multiple requests. Nowadays, it’s much fewer.
This could be because fewer therapists are looking for work, and it could be because many practices are settled in the number of clinicians that they already have.
[Recognize] that it’s a difficult hiring environment [right now] so think about what you can differentiate within your group practice that’s beyond pay. Joe Sanok
What are the unique selling points that potential employees can enjoy through working for you, and within your business?
How can you make yourself stand out and attract your best-fit employees, beyond just offering more money?
The little things go a long way when it comes to retaining staff.
Awareness and evaluation of lifestyle
Another remnant of the pandemic is that most people have become more attuned to how they currently live.
They think about how they want to improve themselves and create a better lifestyle for mental, emotional, and physical health.
Because of that, on a personal [aspect], that’s carried over into the business world where we’re seeing a lot of clinicians and group practice owners asking the questions … on burnout prevention.
Joe Sanok
People are more inspired nowadays to integrate healthier boundaries into their working lifestyle and schedules, both for themselves and for the benefit of their clinicians too.
How to level up beyond standard practice
Many clinicians are considering how they can develop their practice so that it is not wholly dependent on them, or solely on accumulated clinical hours in sessions, to earn an income.
A lot of group practice owners are saying, “I want to get my practice … [to a place] where it’s not dependent on me to be the primary income.”
Joe Sanok
How can practice owners slowly remove themselves from direct clinical hours and expand their role as the CEO, and level up themselves and their practice as a result?
Books mentioned in this episode:
Sponsors mentioned in this episode:
- See all of the webinars that you can register for over at practiceofthepractice.com/levelup – March 15th and March 16th, 2023 2pm EST membership Q&A and Open-Houses
Useful links mentioned in this episode:
- Find out more about Group Practice Launch
- Visit practiceofthepractice.com/apply and join our membership communities!
- Check out practiceofthepractice.com/invite to join Next Level Practice
Check out these additional resources:
- Launch a group private practice month: How to hire virtual part-time W2s with Dr. Wendy Marsh | POP 853
- Apply to work together
- Events – click on the event’s dropdown
- Sign up to join the free webinars and events here
- Podcast Launch School
- Practice of the Practice Podcast Network
- Free resources to help you start, grow, and scale
- Apply to work with us — a decision-making matrix for your next steps
Meet Joe Sanok
Joe Sanok helps counselors to create thriving practices that are the envy of other counselors. He has helped counselors to grow their businesses by 50-500% and is proud of all the private practice owners that are growing their income, influence, and impact on the world. Click here to explore consulting with Joe.
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