In Graduate School, I Learned What I Need to Know About Running a Successful Practice

Abstract

Although most mental health professionals receive excellent education and training that helps them to become competent and highly effective clinicians, graduate school tends not to provide training in the business side of practice that is needed for success in private practice. Many trainees and early-career clinicians may think they learned in graduate school all they need to know to be successful in the business of practice. Unfortunately, this is generally not true and many of those who enter private practice are poorly prepared for planning, establishing, and running a successful private practice. This chapter addresses the key issues every mental health clinician should know about when contemplating opening a private practice. Business and financial issues are addressed, including developing a business plan and utilizing various consultants. This chapter addresses the myth that excellent clinical skills are sufficient for success in the business of private mental health practice.