Category: Strategy

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Due to the fast-paced updates and changes to policies regarding COVID-19, this article may include some outdated information.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Due to the fast-paced updates and changes to policies regarding COVID-19, this article may include some outdated information.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. Most private practice owners start this at the advertising/marketing level, ensuring that they have incoming business. And most private practice owners also … stop there, too.   Reception is the first main point of contact for clients The reality is, once you have new enquiries and potential clients coming to your practice, there is a whole other side of…

6 Signs You Need to Change Your Private Practice Business Attitude

For most private practice owners that work in their practice, the divide between the clinical and business work can be extremely difficult to balance. In our experience, about a third of the private practice owners that we’ve worked with consider the clinical part of their role to be their “main job”, while the business side is just a necessary responsibility.

Everything You Need to Prepare Your Private Practice for the New Financial Year

It’s already mid-June, and that means business planning time! This time of the year is an exciting time for private practice owners: You get to evaluate the financial year gone past and plan for the great year ahead! And if you’re not one of those people that love to plan and review? Well, this is your lucky day because we do!

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…

9 Common Misconceptions about Private Practice

Over the last few years, Al and I (Kong & Way) have worked with countless private practice owners (mainly psychologists), ranging from startups, 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 about private practice can have several consequences:…

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…

Are Your Clients Going to Your Competitors? Don’t Panic Just Yet!

Clients come and go. That’s the reality of running a private practice and you accept that it’s just a part of the journey. But there are some patterns in your clients’ departure that can cause you all sorts of panic and concern: When existing clients leave you to go to your competitors, and When potential clients don’t find you because they’ve gone to your competitors!   How do you know when clients have gone to your competitors? There is no concrete way to know that…

Why Don’t Clients Come Back? 9 Mistakes You Could be Making in Your Private Practice

As a private practice owner, you know all too well that client retention is important. Specifically, high client retention is critical to the success of your practice. Related: What is client retention and how do you calculate it?   While there are a number of ways to measure client retention in your practice in a way that’s most suitable for your specific needs, the general rule is this: The more sessions your clients have on average, the better. Better for revenue, completion of the care…

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