Strategy

A definitive guide to starting your own thriving allied health practice – 18 essential steps

Starting an allied health private practice business requires careful planning and a bit of time investment. Think of it this way: imagine a marathon runner who dedicates months to training, stretching, and understanding the race route. Such a runner is more likely to excel and avoid injuries compared to another runner who shows up unprepared, simply hoping for the best. Similarly, when it comes to launching a business, the principles of preparation and thoughtful consideration play a crucial role. However, it's vital to acknowledge that...

Exploring the different types of allied health private practices

The world of allied health is vast, covering all sorts of disciplines dedicated to helping people improve their well-being. Private practices in this field come in all shapes and sizes, designed to meet the unique needs of both healthcare professionals and their clients. Knowing about the different types of private practices can help you choose where you'd like to work as a contractor or shape your own practice to align with personal preferences as an owner. In this blog, we'll dive into various private allied...

Finding the ideal team member for your private practice: A guide to the MoSCoW method

In the world of private practice, making the right hire can be a game-changer. It’s not just about filling a role; it’s about finding the perfect fit to enhance your practice’s success. Enter the MoSCoW method, a valuable tool that private practice owners can wield to determine precisely what they’re looking for in a new practitioner. Related: Tips for recruiting psychologists to your private practice   What is the MoSCoW method? In business, The MoSCoW method comprises four essential steps for determining which project requirements yield…

Oops, I have to charge you a gap fee again: How to manage the co-payment reversal

It has been announced that co-payment billing practices for psychologists is returning starting today, Monday 6 April. This is following the news made just last week that psychologists across Australia were required to bulk bill all telehealth sessions effective 30 March April. Unsurprisingly, this wasn’t well received by the psychologist community. And in just a week, this decision has been reverted, allowing psychologists to return to their usual billing practices, except for the clients who meet the mandatory bulk billing criteria: a person who is…

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…

Managing your private practice through the coronavirus crisis

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. With the coronavirus (COVID-19) being declared a pandemic since the 11th of March 2020, concerns and even panic around the virus are sweeping across the world. In addition to the health consequences, the virus and the responses surrounding it are affecting small and big businesses all over the country and world, following recommendations of social…

6 simple reception mistakes that hurt your private practice

When running a private practice there are countless business processes that you can measure, tweak and manage in order to improve your productivity and bottom line. But when putting our business hat on to focus on performance and efficiency, it can often make us forget about an important aspect of private practice that could make or break your client service quality: the reception. As part of the client journey, reception and intake is the first main point of contact your clients make with you, and…

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…

9 common misconceptions about private practice

Over the years I have worked with countless private practice owners, as part of The Practice Lab as well as Kong & Way. These private practice owners ranged from start-ups, well-established practice owners, and those considering the private practice journey. Whatever stage of the journey they are on, there is one consistent comment that keeps coming up – “Private practice is not how I expected it to be.” Sometimes they were amazing and rewarding surprises and other times they’ve been downright motivation-crushing experiences. These misconceptions…

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