Considering your practice setting and private practice is on the list? The decision to provide mental or behavioral health services in a self-employed capacity is understandably not easy. Thinking about private practice involves considering many factors such as your experience, legal and ethical requirements, demand for services in your area, financial stability and more. Here’s a quick pros and cons list to add to your research resources as you consider private practice as a mental health practitioner.
Pros:
1. Independence - You have the freedom to make all the decisions regarding your practice, from the hours of operation and services provided, to the types of clients you take on and the fees you charge.
2. Financial Benefits - You can set your own rates and fees, and you will keep all of the profits generated by your practice.
3. Professional Autonomy - You can choose the types of approaches, therapies, and treatments you use.
4. Flexibility - You can create a practice that fits your lifestyle and goals.
5. Personal Satisfaction - You can make a difference in the lives of the people you serve.
Cons:
1. Financial Risk - You are responsible for all the expenses associated with running a practice, and you may have difficulty paying those expenses if the business does not generate enough income.
2. Work-Life Balance - Owning a practice requires a large time commitment, and you may not have enough time to devote to other activities.
3. Regulatory Compliance - You must meet all licensing, insurance, and legal requirements.
4. Professional Liability - You are personally liable for any malpractice or negligence committed by you or your staff.
As you work towards identifying your ideal work setting, consider seeking advice and guidance from experienced professionals in the field. This feedback can be invaluable in making an informed decision about starting a private practice.