1. PHILIP R. BUDD, PSY.D. JILL TSIAKILOS, J.D. Creating and Maintaining a Counseling Practice

2. DO YOU NEED STRATEGIES TO MOVE FROM WHERE YOU ARE TO THE FREEDOM OF A PRIVATE PRACTICE? Are you tired of working hard in your profession for an agency who does not seem to value you?

3. Objectives Evaluate if private practice is a work venue for you First steps to get started Legal considerations and legal structure Marketing your practice

4. Is Private Practice for you? Why do you want private practice?  Freedom with time?  Financial benefit?  More control over the kind of patients you treat?  Do I have want to create something? Considerations:  Can I tolerate not having fixed income?  Can I discipline myself to save for retirement?  Do I have an entrepreneurial spirit?  Am I comfortable marketing myself?

5. So, I want to start a practice, now what? Legal structure is critical Contracts Business plan and budget Resources to start Marketing plan Insurance plans and billing Evaluating your niche Malpractice insurance Forms Electronic Medical Records Finding an accountant: Bookeeping Check resources at ACA.org

6. Legal Structure

7. Contracts

8. Budgeting How much income can I expect?  Depends on number of appointments and fee collected  Insurance reimbursement is $70-$90/session  35 sessions/week @ $80/session over 48 weeks = $134,400/yr 1. Expenses Advertising and marketing 7% = $9,408 Billing 6% = $8,064 Rent: $500/month = $6,000 Supplies: $3,000 License: $500 Malpractice Insurance: $500 Renter’s Insurance: $300 Self Employment tax: 14% of net income ($106,628 x.14 = $14928). Other: Credit Card fees

9. Tax Benefits Write off of professional expenses Depending on the legal structure, you can reduce the SE expense Favorable strategies for retirement planning

10. Business Plan See sba.gov A road map for planning your business: Business plan executive summary Market analysis Company description Organization and management Marketing and sales management Service or product line Financial projections

11. Resources Joining an existing practice Starting your own…  Office space… How much, how long of lease?  Include storage space  Kitchen or break area  Bathroom space  Copier  Furniture  Fax  Paper goods  Brochures, business cards, etc.

12. Marketing Plan Who can I network with? Churches, schools, other counselors, physicians, attorneys What is my niche? Any special populations? What insurances plans? Doing presentations: Schools, Businesses, Churches 10% of your time in marketing Follow up Web presence Professional organizations Psychology Today Referral networks

13. Insurance Plans Plus and minus of doing insurance billing Cash only practice; use of superbill Which insurance plans are represented for businesses near you? What do the plans reimburse? What requirements exist for certification of continued care? (Hassle factor)

14. Evaluating your niche What kind of practice do you want? Populations Specialty areas Evaluating need, interest and demand

15. Malpractice Insurance Protect your assets Often cheapest through professional organization you are a part of Minimum: $1,000,000/$3,000,000

16. Forms Informed consent HIPPA Financial agreement Patient information Symptom Checklist Post on your website!

17. Electronic Medical Records Software installed on your computer: purchase and maintenance agreements Web based: Monthly fee Can do medical billing Training from the company

18. Bookeeping/Accounting Necessary to keep books to work with tax reporting Separate from billing, though may be integrated Quicken/Quickbooks Tax preparation