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The Changing Economics of Mental Health Private Practice by Ken Clark

Trigger warning for bad news, pessimism, etc. 
 
 
Background on this post: 
 
Someone had started another thread about what they fear are the long-term implications of the NSA. What follows are my opinions and could definitely be wrong, but also reflect my prior career as a Wall Street professional who analyzed industry directions as part of what I did. It also reflects my experience writing an insurance licensing textbook prior to grad school and the insight I've gathered running a 200+ clinician practice (which makes me privy to some higher level discussions with payers, industry analysts, etc). Let me preface all this by saying, what lies ahead for outpatient mental health has already happened in other healthcare sectors, so none of this is too surprising. It's simply the economic reality of the exploding demand for mental health, as well as the relative lack of regulations around how much services are accessed and how outcomes are measured.
 
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What's In Ken's Wallet? (My Top Picks for Practice Owner Credit Cards)

Uncategorized Dec 15, 2020

If you're like me, this is the time of year that I do a lot of strategic thinking about the year behind and the year ahead. 

One of the things I spend some deliberate time reviewing is the credit cards I use to pay for my practice expenses.

By being smart about which credit cards my practice uses and which expenses actually go on which cards, I can reduce a large portion of my costs by 1-2%. 

Here's what I use, the rationale for each, and links to their websites.*

 

Chase Ink Business Cash Card:

Biggest Perks: 5% cash back on internet, cable, phone and office supplies and $750 sign up bonus (minimum spend required). 

The Chase Ink Business Cash card was the original card my practice used and it's retained its value as we've grown. 

The biggest perk is the 5% we earn at office supply stores like Staples and OfficeMax, as well as on all our internet, cable and phone bills. They limit this benefit to $25,000 in spending annually on those...

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Weekend Reads (Working Moms, Sleep Deprivation, .99 Cent Trick and Booze) Progress

Uncategorized Nov 14, 2020

It's the weekend!!

Time to curl up with some coffee and do some big picture thinking about your practice. 

Here's some of my top picks for relevant news content from this week, as well as a couple of time-saving resources that I can't get enough of right now.

If you're not already in our Facebook group, head on over to the Semi-Private Practice FB page to hear what other practice owners are thinking about these and other topics. 

 

Recommended Resources:

Too many books, not enough time? Check out Blinkist, which provides the best 5-minute book summaries I've found on all the top business, leadership, and personal development books.  

Trying to cut expenses? Founder's Card saves my practice a few thousand dollars per year on services from AT&T, Ring Central, Zoom, Square, while also earning me automatic status / upgrades on hotels and flights. 

 

Suggested Reads / Re-Useable Content:

Entrepreneurs need...

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Weekend Reads (Biden and Small Business, PPP, United Healthcare, and Niche Marketing)

Uncategorized Nov 08, 2020

It's the weekend!! Time to curl up with some coffee and do some big picture thinking about your practice. 

Here's some of my top picks for relevant news content from this week, as well as a couple of time-saving resources that I can't get enough of right now.

If you're not already in the group, head on over to the Semi-Private Practice FB page to hear what other practice owners are thinking about these and other topics. 

Recommended Resources:

Got HIPAA? Awesome 2-hour annual HIPAA training to help you meet Federal guidelines (should be at least once every 1-2 years, even if in solo practice). Quantity discounts available with cost ranging from $15 - $30.

IntakeQ - Ken's favorite way to collect all kinds of client data from intake forms to updated credit cards to secure electronic referrals from doctors offices and other  

Suggested reads:

Impact of the Biden presidency on small business. Includes some thoughts on the QBID pass-through deduction, Medicare...

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The Future of Private Practice - Ken Clark - CEO of Chenal Family Therapy - 2020 Arkansas Counseling Association Conference

Huge thanks to Michael Jones at RenewedVisionTraining.com for hosting me at the Arkansas Counseling Association's 2020 Conference. I've got a lot of great (and some contentious) feedback on this presentation, so I thought it was worth a share. 

Be sure to sign up for our newsletter to get more updates, tools, and resources from Ken and the other coaches at SemiPrivatePractice.com.

 

 

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