Al Way

How private practice psychologists can survive whole community telehealth bulk billing

UPDATE: Effective 6 April 2020, psychologists can return to their usual co-payment billing practices except for clients who meet the mandatory bulk billing criteria. Read more about that here, and access a list of the updated MBS factsheets here. After much speculation about what psychologists might expect in relation to Whole of Community Telehealth, today we have a clearer understanding of what that looks like. The MBS fact sheet, effective today, details these important changes and I imagine many of you have woken this morning…

What’s your private practice critical response plan?

Due to the fast-paced updates and changes to policies regarding COVID-19, this article may include some outdated information. For more recent information, please visit our COVID-19 support and resources page. Alright, so it’s possible the title of this article is a little on the dramatic side. But let’s face it, the COVID-19 pandemic has left us all in a situation where we need to work out a critical response plan. Whether you are planning to continue operating your practice in a face-to-face environment (still an…

What private practice owners need to know about cash flow

So, you have just completed your cash flow review and you’re wondering what to do next. First, we suggest you avoid the temptation to fix yourself a strong drink (although we can also understand that you might well feel an overwhelming urge to do so). We are going to briefly explore here what to do with your cash flow once you have completed it. But before we work out how to use it, we should discuss exactly what a cash flow statement is and how…

How much is your business worth? 5 methods to value your private practice

If you’ve ever wondered how much money your private practice is worth, you’re not alone. The reason for the question varies of course. Some private practice owners may be considering selling, while others want to determine the value as part of their overall asset valuing exercise. Whatever the reason for determining the value of your practice, this can be a complex exercise. Hopefully this blog will help give you some ideas of the most popular methods for valuing a business. So, let’s dive on in…

Making tough decisions in your private practice

There’s an old story that in pursuit of a pen that would work for keeping notes during space missions, the Americans spent millions of dollars to invent just such an item. It worked and was a brilliantly created pen that served its purpose. The Russians, on the other hand, came up with a different solution. If you follow this article through to the end, you’ll find out what that was. Making tough decisions in private practice is essentially the same as making them in any…

How to create measurable goals for your allied health private practice

Creating measurable goals for any business is a fundamental component of building for success. There are some goal categories that most people would see as universally applied to all business. For example, a goal relating to profit or a goal that relates to debt to equity ratios. However, in an allied health business there are some goals that apply in a more specific way. That is to say that allied health businesses have a mix of generic goals and allied health specific goals. Before we explore…

Why you need a one, three and five-year business plan for your private practice

Business planning is essential for the business to survive and prosper, despite a growing movement in some sections of the business community to move away from business plans. It’s no different for private practices. If you’re a private practice owner who dreads or even skips business planning, here are some reasons why business planning is important.   Historical performance It is hard to argue that historical performance should not play a part in the planning process. Of course it must be considered. Past performance, while…

What is a private practice business health check? 4 essential components

When running a business, it is important to regularly assess all components of the business to ensure things are going smoothly and without any major issues – i.e. healthy. Private practices are no different. There are four essential components of a business health check for private practices. Related: Private practice financial health check   #1. Relationships “Relationships” covers all people interactions your private practice engages with. Your service providers, referrers, clients, lenders, creditors and of course your team. Regularly checking in with each of the…

6 steps to saving a struggling private practice

Many business owners find themselves in a state of crisis at some point in their journey where they have to contemplate whether or not their business can be saved. One of the hardest aspects of saving a struggling business is being able to remove yourself from the emotional process in order to see the reality of things with a clear focus. If you’ve found yourself and your private practice in this situation, here are six steps to help you come out the other side.  …

How to set realistic goals for your private practice that align your team

With all the material that is so readily available about the importance of setting realistic goals, most business owners would have had at least some exposure to the process. Perhaps the most famous approach, if only because it really, really works is the process of setting “SMART” goals. Where SMART stands for Specific, Measurable, Attainable, Relevant and Time-based. If you are not yet completely on board with the SMART goal revolution here is an easy to follow example.   SMART Goal: In order to increase my monthly revenue,…

5 critical steps to organisational growth

In any organisation, large or small, there are some key pillars for your business to live by. These pillars enable and help you to prepare for and ensure the safe delivery of organisational growth readiness. This article is going to explore 5 of these key pillars and how they make up the essential ingredients for the growth of your private practice.   #1. Benchmark Benchmarking is an activity of measuring your businesses processes, procedures and products or services against the industry standard and industry leaders….

has been added to the cart. View Cart