Specialty Practice Providing specific services or treating specific populations under an area of competence is known as a “specialty practice”. Niche Practice Specializing even further by identifying specific unmet needs and marketing accordingly.
CONSIDERATIONS Demand Population Market research Marketing/Advertising Skill set
Couples dealing with infertility Parents of children with ADHD Helping executives increase productivity Assisting post-secondary students to get better grades Custody and access/Parenting evaluations Psychoeducational Assessments Medical-Legal Assessments Telepsychology Sports Psychology
Competitive advantage Doing what you love Helps referral sources find you Easier to become respected expert which assures referrals
Burnout Autopilot Lack of peer support Demand Timing Affordability for target populations
Looked at areas of need Wanted to offer one-stop shopping Developed multidisciplinary rosters Developed menu of services Targeted marketing Fees
RETIREMENT OPTIONS Close practice Sell practice Transition through partnership(s)
Plan for appropriate termination of treatment Notice of termination Transferring patient care (get informed consent) Consider: A patients’ need for, and interest in, continued psychotherapy The specific nature of a patient’s problems, including his or her diagnosis (issues with abandonment or loss) Availability of appropriate treatment resources Patient’s ability to access resources
Notifying referral sources, colleagues and supervisees Rental/Lease agreements Timing issues Professional liability insurance College registration Business name/Master Business Licence Professional corporations
9.4 Retention of Records Unless otherwise required by law: (1) The individual client record shall be retained for at least: a) ten years following the client's last contact; or b) if the client was less than eighteen years of age at the time of his/her last contact, ten years following the day the client became or would have become eighteen. (2) The corporate client record shall be retained for at least ten years following the corporate client's last contact. If the corporate client has been receiving service for more than ten years, information that is more than ten years old may be destroyed if the information is not relevant to services currently being provided to the client.
9.8.1 In Private Practice Settings (1) A member who plans to or ceases to provide psychological services shall: a) take ongoing responsibility for the maintenance and security of client records or make arrangements, preferably with another member, for the security and maintenance of client records; b) ensure that former clients have access to the client record for the prescribed retention period; and, c) inform the College of these arrangements prior to ceasing to provide psychological services or at the earliest reasonable opportunity.
9.8.2 In Employment Settings (1) A member who plans to or ceases to provide psychological services shall: a) take reasonable steps to ensure the maintenance and security of client records; b) take reasonable steps to ensure that former clients have access to the client record for the prescribed retention period.
Relatively new option Physicians sell practices for patient list/equipment Psychologists sell “goodwill” Don’t sell after slowing down Professional appraisal Tax consequences
Ensure Will and Business Power of Attorney are up to date Excitement of starting new chapter More time for hobbies, families and friends Loss of your career identity Replace support networks you had through work
Spending more time than ever before with your spouse Finding new and engaging ways to stay active Not unusual to feel anxiety, depression and loss Retirement is a process that should be started well before the doors are closed
The Section provides a forum for psychologists who are currently retired from their professional employment in the field of psychology and/ or those who are interested in the area of retirement as a life stage, to discuss the impact of retirement on post-work quality of life and the opportunities it affords those who are open to change.