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Financial success in mental health practice: Essential tools and strategies for practitioners.

DOI: 10.1037/11851-000

Publisher: American Psychological Association - American Psychological Association

Aug 10, 2009

1 - 10 of 12 Chapters

LitStream

The mindset of the psychotherapist: Being a caring professional and earning a living are not mutually exclusive.

Walfish, Steven; Barnett, Jeffrey E.

Pages: 3 –10

In this introductory chapter, the authors state that the overarching goal of this volume is to help aspiring private practitioners develop the knowledge, skills, attitudes, and mindset needed for success in independent practice. The authors strongly believe that private practitioners who are...
LitStream

You are a small-business owner: Think like an entrepreneur.

Walfish, Steven; Barnett, Jeffrey E.

Pages: 11 –27

In this chapter we pointed out that the private practitioner is the owner and operator of his or her own small business. Therefore, the Mental Health Practitioner is responsible for the success or failure of that small business. Avoiding the pitfalls associated with having a small business and...
LitStream

Customer service and competence: The keys to financial success in independent practice.

Walfish, Steven; Barnett, Jeffrey E.

Pages: 29 –50

In this chapter the authors explain why those clinicians with the best customer-service practices will likely be the most successful in private practice. (PsycInfo Database Record (c) 2022 APA, all rights reserved)
LitStream

Models of independent practice.

Walfish, Steven; Barnett, Jeffrey E.

Pages: 53 –79

Thousands of mental health professionals (MHPs) are in independent practice. Some see one client per week in the back room of a physician's office, whereas others employ 30 psychotherapists in a multitude of satellite offices. Some are owners of their own solo practice (SP), some are partners in...
LitStream

Office overhead and practice expenses: You have to spend money to make money.

Walfish, Steven; Barnett, Jeffrey E.

Pages: 81 –111

Very few small businesses have no overhead associated with their operation. However, mental health practices differ in what and how much overhead they have. The equation depends on the type of setting in which one wishes to practice, how much work one wants to do on one's own and how much one...
LitStream

Loss prevention: Increasing the likelihood you get paid by clients and insurance carriers.

Walfish, Steven; Barnett, Jeffrey E.

Pages: 113 –151

The likelihood that mental health professionals (MHPs) in independent practice will collect 100% of the fees they charge to clients is close to zero. Each time a client walks out of a clinician's office without paying the entire fee, there is a chance that this money, hard earned by the clinician...
LitStream

Understanding basic accounting and taxes.

Walfish, Steven; Barnett, Jeffrey E.

Pages: 153 –164

As operators of small businesses, mental health professionals (MHPs) have to learn how to "keep the books." In this chapter we detail what all practitioners need to know, what they can do for themselves, and when they will need the help of an accounting professional. We highlight the types of...
LitStream

Understanding the insurance needs and options of the independent practitioner.

Walfish, Steven; Barnett, Jeffrey E.

Pages: 165 –180

When mental health professionals (MHPs) are employed by a corporation, university, or government agency, their insurance needs are typically met by that institution. In other words, benefits of many employed positions include health insurance, life insurance, disability insurance, and malpractice...
LitStream

To managed care or not to managed care: That is the question.

Walfish, Steven; Barnett, Jeffrey E.

Pages: 183 –195

In this chapter the authors discusses the impact of managed care organizations (MCOs) on the clinical practices of private-practice mental health professionals. There is an inducement to be a provider for an insurance company or a MCO because they are gatekeepers for a large percentage of...
LitStream

How independent practitioners earn money.

Walfish, Steven; Barnett, Jeffrey E.

Pages: 197 –209

Private practitioners are not restricted in how they can earn money. The only caveat is they are bound to adhere to their professional ethics code, including not practicing outside their areas of competence. Mental Health Professionals' (MHP)s' activities include not only assessment and...

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