Starting a Private Practice

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Answer

It is critical that you obtain information about private practice prior to making the decision to enter that service delivery setting. Private practice has the lure of independence and the potential for significant income, but it also has a great many obvious and hidden pitfalls. You should consider some basic questions and your answers in at least two areas--personal and business as you make your decision about becoming a private practitioner.

Ask yourself:

• Do I enjoy working alone, or do I enjoy collaborative working environments?


• Do I have the knowledge and skills to work independently, or do I need some professional support and supervision?


• Do I have the skills to manage the stress of owning a private practice?


• Do I have an understanding of the people and the community in which I would operate a private practice?

• Do I know the need for private practice services in the community in which I would operate?


• What is the financial climate of the community in which I would operate a private practice? Are there small business support groups and advisors in the community to whom I could turn for advice?


• What are the financial requirements for starting and maintaining a private practice? What types of payments and reimbursement schedules could the practice support?


• What are my long-range financial needs, including retirement and benefits?