Retirement

retirement Aug 11, 2020
 

Hi, this is Dave Kats with Therapist Consultants, and I have a tip for you.

When we think about retirement, therapists that are in private practice have to be extra careful. Because if you were working for an agency, you would probably participate in some kind of 401K or 403B, or some type of retirement program, tax-deferred retirement program, but right now, when you're in practice by yourself, you don't have that. Now, that creates a double whammy at the end of your practice career, and here's why.
Because right now, as a private practitioner, you're probably making more than if you were working for an agency. So you're used to living on a little bit more than the person working for the agency. When the people in the agency are working, they're putting money on a 401K. Now, when they retire, they'll have money on a 401K, so their income will stay up. You, by the same token, have had a higher income, but your income will go down if you're not involved in some kind of tax-deferred...

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Virtual Therapy & Covid-19

virtual Aug 04, 2020
 

Hi, this is Dave Kats, from Therapist Consultants and I have a tip for you.

Now that COVID-19 has hit us and is kind of past, it's forced us into a certain amount of virtual therapy, that you're doing therapy online in most cases. Well, I have a way that you can parlay that and use it to your advantage now that COVID-19 will soon be in the rearview mirror.
That is, what about doing group sessions using virtual therapy? Why don't you use a platform like Zoom, or some other platform that you're using right now and do group therapy, so that you would charge every person in that group just $50?
Now, you can make it so they know who else is on the group or so they don't know who else is on the group. It doesn't matter if you say we're going to have a group session today and only two show up, who cares? It's still a group session, and you can build. Here's what my tip for you is today. Why don't you try starting a group therapy session using virtual activity using video, and see if it...

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Optimizing Your Website for Best Results

website Jul 28, 2020
 

Hi, this is Dave Kats for Therapist Consultants and I have a tip for you.

So many times we hear that you have to not only have a website, but you have to have your website optimized. How do you optimize your website? Here are probably the four major ways to optimize your website.
Number one is, make sure that all your titles and subtitles have something substantive in them for the search engines. Let me give you an example. Years ago, I did websites just for some of our clients just for fun, and I did about 25 websites and a lot of times I'd put there on the homepage something warm and inviting like this, "Welcome to our website, I think you're going to like what you see."
That felt warm and inviting for a therapist's office, but to a search engine like Google, that told them absolutely nothing. It was a worthless first-page title. If I would have said, "Providing couples counseling to Denton, Texas for the last 12 years", then the search engine would have saw that I was a counselor,...

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Dealing with Covid-19

Uncategorized Jul 21, 2020
 

Hi, this is Dave Kats with Therapist Consultants, and I have a tip for you.

One of the things I see as we go through this COVID-19 era is that different practices are taking different directions. I have one therapist I talked to the day before yesterday, who said that she's going to stay totally online, and she has rebuilt her website. She's staying totally online, and is going to do both counseling and coaching. I have another person that said they tried the coaching and the counseling online, and they absolutely hate it. You have to decide what to do, what pace you're going to take as far as along the continuum of whether you're going to do all online, all in person, or somewhere in between. Now, let's think of the advantages of these things.
One of the advantages of doing things online is that you can do it from anywhere in the United States or anywhere in the world. Anywhere that the internet reaches, you can do your counseling with. It gives you an opportunity to travel. It...

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Raising Your Prices

income Jul 14, 2020
 

Hi, this is Dave Kats for Therapist Consultants and I have a tip for you.

You know, we're often asked, "How do you go about raising prices?" Well, we suggest that you raise prices more substantially when you do, but less often. The reason for that is because people don't complain about price raises, unless they've been through two or more price raises, then they wonder about you raising your prices. If every year you raise your price $5, it eventually takes a while to get your price up there, but people feel like they keep getting nickeled and dimed to death. Raise your prices less often, but more substantially when you do.
Let me give you an example. If you had 100, you surely want to go 125 or 135 right now. If you're 125, you want to go 150. 150, you want to go 175 or 185, and so you want to make significant jumps when you make those jumps. Here's how you do it. Where a patient was likely to see it like on your front desk, if you have a front desk, just take a three by five card...

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Facebook

facebook Jul 07, 2020
 

Hi, this Dave Kats with therapist consultants and I have a tip for you.

One of the things that's hot right now is Facebook. We all know that Facebook is hot and everything has his day in the limelight, if you know what I mean. In fact 10 or 15 years ago when we started teaching this information, we said you have to have a website and more than 50% of the therapists 10 years ago did not have a website.
Now basically everybody has a website. Then about 8 to 10 years ago we said you have to have your website optimized and we taught them how to optimize their website. Now it's still important to have a website, it's still very important to have your website optimized, but then new things come on the block. There's a new kid on the block and so Google was the hot thing and is the hot thing right now and is a very good thing to do to spend advertising on Google but now, of course, thank time marches on and now Facebook and Instagram are both a pretty hot commodity as far as...

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Spruce Up Your Office

office Jun 30, 2020
 

Hi, this is Dave Kats from Therapist Consultants, and I have a tip for you.

One of the things I notice about therapist offices is sometimes they get a little old looking without the therapist noticing it. I was at a therapist's office several years ago now, and I walked in and the hallway was dimly lit. About half of the fluorescent bulbs are out. There were dust bunnies in the corner. There was an orange shag carpet. It was a terracotta type wall on the outside and it just was dingy. You know what? He charged $40 for his therapy sessions, just $40.
I went to another therapist that same week, had a really nice looking office, had stone stacked front on their desk, had a granite top where you check in, granite top where you checked out, had music playing in the background, had free coffee, had a TV running with information on it. Really nice place, a lot of nice music in the neutral areas of the clinic. She charged $150 and I'll submit to you that they both were charging about the...

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Using Your Business Associate Agreements

business Jun 23, 2020
 

Hi, this is Dave Kats, therapist, consultants and I have a tip for you.

We're often asked how you use a business associate agreement. Let's back up and start this way. First, you have to be HIPAA compliant. One of the many things you have to do to be HIPAA compliant is have a business associate agreement. A business associate agreement is an agreement that you give to anybody that you do business with in your practice that has the opportunity to see your patient records in any way, shape or form.
If you have, for instance, a software company that could look in your computer and see your information on your patients, they have to sign a business associate agreement. Now, the business associate agreement a few years ago, it was only a page long, but in the final rule, they made it a lot longer agreement and now it's about five pages long and the value of having a business associate agreement is this. If the business associate that comes into your office, see something in your office...

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What to do about Associate Pay

associate Jun 16, 2020
 

Hi, this is Dave Kats with Therapist Consultants, and I have a tip for you.

We are often asked how much you should pay an associate therapist. The price varies widely, but it depends if you're an insurance practice or if you're a self-pay practice. If you're an insurance practice, most common split is a 60/40 split, where the therapist gets 60% and you, the owner, gets 40%.

However, if you're an insurance practice, that could go up easily to 50/50, where the therapist gets 50% of the income they generate and you keep 50% of the income you generate, but I will tell you that anything that you pay more than a 60/40 split, you're probably going to find that you're not making any money by hiring an associate into your practice. Make sure that you get at least your 40% and possibly more than that so you can profit on the work that you do in helping this associate.

This is Dave Kats. Thanks for listening.

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Niche Practice

office Jun 09, 2020
 

Hi, this is Dave Kats for Therapist consultants and I have a tip for you.

Most therapists eventually find a niche. When you're first in practice you're eager to get every new patient that walks. If there's a new patient that comes in, you want to take them as long as you feel like you can do a good job with whatever their situation may be. As you get more involved in your practice, we find that the practices that really grow and the therapists that have the most fun are those practices and those therapists who have a niche, who have found a niche.
Now, I don't care what your niche is. I talked to one person recently whose niche was PTSD with Vietnam era veterans. That's a fairly small niche but she was in a base where she could take advantage of that as a good niche to have. Maybe your niche is adoption, maybe your niche is marriage counseling, maybe your niche is affairs. I don't care what your niche is, but you'll find that you have more fun and attract more patients if you...

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