Author: Al Way

Tips for Recruiting Psychologists to Your Private Practice

At K&W we spend a large amount of our time helping psychologists to grow their private practice – growing their revenue, their teams and their overall profitability and efficiency. A topic that is often discussed is how difficult psychology practice owners find it to recruit additional practitioners. I think it is fair to say that around once a week we hear a psychology practice owner say some variation of “recruitment is so hard” or “it’s so difficult to find a contractor”. I imagine if you…

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Due to the fast-paced updates and changes to policies regarding COVID-19, this article may include some outdated information.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

Every business has a dollar value and a question we often get from our clients is “how do I work out what my business is worth?” 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…

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 Practice

Creating measurable goals for any business is a fundamental component of building for success.  Of course, we all know this by now because not a single day passes without seeing something about goal setting on LinkedIn, Instagram, Facebook or any number of other social media platforms. 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…

Why You Need a One, Three and Five-Year Business Plan

Everyone in business whether large, medium or small loves to talk about planning. “Oh, it’s coming up to end of financial year so we’re busy planning for the next period.” Or “It’s business planning time of year again so let’s get stuck into our strategy sessions for the next 12 months”. The problem for most businesses is that business planning in and of itself is actually not a lot of fun. If you are preparing with a traditional approach then you will begin by looking at…

What is a Business Health Check? 4 Essential Components

I’m often asked by people how often they should conduct a health check on their business, but once in a while I am also asked a question we sometimes overlook which is – What is a business health check? More accurately, what are the essential components of a business health check? I believe there are four primary “boxes” that need to be assessed in any business health check.   #1. Relationships Relationships covers all people interactions your business engages with. Your suppliers, distributors, customers, lenders,…

7 Steps to Saving a Struggling Business

Many small or medium 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 have found yourself in this situation, here are seven steps to help you come out the other side.  …

How to Set Realistic Goals that Align Your Team

With all the material that is so readily available about the importance of setting realistic goals, I would think that most business owners and leaders 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…

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. So, without waffling on further, let’s jump straight in.   #1. Benchmark. Benchmarking is an activity of measuring your businesses processes, procedures and products or services against the industry standard and industry leaders. The ultimate aim of a benchmarking exercise is to arrive at a place of “best practice”. It…

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