Thursday, April 7, 2011

Private Practice Strategies: How to Develop Multiple Streams of Psychology Income

Mental health professionals have a wealth of valuable, even crucial, information and expertise in which many people are in need.
One-on-one therapy is only one way we can deliver this expertise and help.
There are a number of possible ways therapists can create revenue streams while sharing their talents, expertise and skills with people in need.
Some of these ways are traditional and common, but others are rather innovative ways therapists are beginning to put their abilities to good use. In doing so, they are creating revenue streams.
Traditional Services
Although its time for therapists to think out of the box and develop new services that creatively meet the felt needs of niche markets, there is a place for the traditional therapeutic services.
These include psychotherapy for the DSM diagnoses, psychological testing and evaluation, marriage and family therapy and behavioral health care.
And, yes, people will forgo managed-care reimbursement and pay out of pocket for services that are of higher value because they are higher quality, offer real privacy and are truly customized for the individual needs.
One of the frustrations I hear from mental health care service consumers is that they can't find a specialized therapist in their managed-care insurance network.
It's as if managed care's philosophy is, "We'll help you obtain access to psychotherapy, but we don't care whether the therapist we connect you with is a specialist. A generalist is fine."
Set yourself apart and demonstrate your true value in the marketplace through specialization. Many people in the market for therapy value specialization.
Getting Published
A book is a powerful way to affect lives. It is also a good way to establish credibility, highlight your practice and services and position yourself in your niche.
And, it's easier than you think if you self-publish. It has become very affordable to do so, and it puts you in charge of the content, price and reprints.
It can actually be more profitable, too. You keep every dollar above your costs. If you went through a major publisher who sells a few thousand books, you would only receive the author's fee. You can make as much selling a few hundred copies of a self-published book yourself.
If your book is successful, you may even attract a large publisher to take over your book.
Writing a book opens doors to speaking engagements, media opportunities and a reputation in your niche market.
It also helps you to crystallize your thinking and enhances your effectiveness as a practitioner; it's a great exercise in that sense. You will learn a lot both in breadth and depth.
Take the opportunity now to brainstorm ideas for a book that's inside you.

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