Multiple Income Streams Success Story #1: Supervision

In the past, I've written about increasing revenue using multiple forms of income (income not related to direct client hours). I offered five key questions to find areas where you might be able to enjoy adding some extra income to your private practice. In this series, I want to share the successes of private practitioners who have used these concepts to find areas that not only increase their income, but help reach their ideal clients and also fuel their passions. Amy Tatsumi, MA, LPC, found that she could garner additional income and give back to the psychotherapy community by providing supervision to others training in her field. Amy estimates that 25-30% of her income comes from supervision and consultation services.

“I believe that supervision and consultation are the biggest ways that I can give back as a therapist. Supporting clinicians in their journey to become sound, connected, and grounded psychotherapists has a powerful ripple effect. The supervisee, as well as all of their future clients, are impacted by the supervision process in their growth and development. In my private practice, I offer both individual and group clinical supervision and consultation for post graduate candidates and post license and seasoned practitioners in art therapy, counseling, and psychotherapy.”

To learn more about Amy and her services, visit amytatsumi.com 

You might find that the fee you can charge for supervision is similar to your hourly clinical rate. I recommend researching what the standard rates are for supervisors in your area. Be sure that you are meeting all the qualifications for supervising a particular discipline as requirements differ depending on the field (social work, professional counseling, psychology, marriage & family therapy) and on in which state you practice. It is common that supervisors meet requirements for a minimum number of years of licensure or have specialized training as a supervisor. It's also important to research and understand which groups of trainees you should or should not supervise.

Income from supervision can be accomplished in a few ways. I have found in my own practice that hiring interns to meet with clients has been a successful way of creating additional income for the practice. It allows your practice to see more clients than only having one provider. You can also provide direct supervision to clinicians from other agencies. There are many times when clinicians may not have access to the type  of supervisor necessary to meet the licensing requirements. They must then seek someone who can provide that. You can also provide supervision for other agencies themselves. Agencies may find that they have a need for someone to supervise employees for similar reasons that clinicians may seed outside supervision. Creating a relationship with an agency for supervision could be a consistent income stream. Consider all your options, then implement the style that works best for you.

If supervision isn't the income source you're looking for, don't worry; I'll be sharing other success stories and ideas for multiple avenues for revenue. I'd love to hear from you about areas where you have found the opportunity to generate income and, hopefully, some excitement for you.

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A Day in the Life: Meet Psychologist Laura Louis, Ph.D.

Dr. Laura Louis has worked in the field of psychology for over ten years. Her specialities includes multicultural counseling and helping couples rebuild trust and intimacy after infidelity. Using her professional expertise and experience, she authored a book entitled Marital Peace: 10 Things You Can Do To Divorce Proof Your Marriage. Beyond her clinical career, Louis has provided consultation to different organizations and agencies to improve their productivity and efficiency through increased communication skills. She has worked in a variety of settings, including schools, court systems, domestic violence shelters, and psychiatric hospitals.

Peek into a day in her life as a psychologist here:

A Day in the Life

December 8, 2014

7:30AM -8AM

Woke up, got dressed, and checked my email.

8AM -10AM

Went to Stone Mountain for my weekly hike. This is what gets my creative juices flowing.

10AM-11AM

Prepped for my speaking engagement on helping couples heal from past infidelity. My 3 city tour is coming up next week, and I can't wait. YAY! I love to travel and meet new people.

11AM-12PM 

Put the finishing touches on my upcoming webinar about infidelity. I'm excited about reaching a broader audience, but also a bit nervous. Hope it goes well.

12PM-1PM

Wrote psychological reports while eating lunch (Thought- I need to hire a psychometrist; time to build that team).

2PM-7PM

Saw 5 clients (one each hour). That's my limit. Anymore, and I start to question my effectiveness.

7pm

Headed home. Listened to a few business podcasts on the way from my private practice.

7:45PM

Made it home and kissed husband. Aww, I missed him.

8PM-10PM

Ate dinner. Since my husband works from home, he made dinner. Yay:) Cuddled together while watching Law and Order. Checked email.

10PM- 11PM

Read Bible and took a shower.

11PM

Went to sleep.

To learn more about Dr. Laura, visit www.giftedcounseling.com.

If you'd like to submit a day in your life for this series, please contact me here.

3 Benefits of Building a Social Media Following

A sizable social media following demonstrates that you are a reliable and respected source.

Once you've set up your social media platforms of choice (Facebook, Twitter, Instagram, etc.), building a group of dedicated followers takes time. Though it may be discouraging to initially only have a few "likes" on your page, consistently creating and curating content and growing your following is a valuable strategy that can pay off. One of the objectives of expanding your readership (gaining more followers on social media) is raising your visibility in the community and attracting more clients. But beyond this, having a loyal audience can help bring you additional professional opportunities. Here's how:

Writing for reputable sites and outlets is one way to secure multiple income streams for yourself. In my own life and career, I am grateful for the opportunity to be a regular contributor for Psych Central and Answers and also to frequently write for other publications. And the reason that I'm able to have these kinds of additional professional experiences is because of my social media following!

Social Proof of Relevance

When I approach a site, I can better convince them to allow me to write for them if I can demonstrate that I have a substantial readership. For example, I point to my 11,500+ Twitter followers and 2,400 followers on Instagram as evidence that I have an audience that cares about the things I say. When I write for a well-known website, I then share that article to my own followers, which increases traffic for both the site and for myself. This symbiotic relationship is possible because I've first built my own social media audience.   

Demonstrates Your Expertise

In addition to showing the numbers, having a body of work you can draw from is critical when seeking to expand your professional opportunities. If you only have a few posts on your blog, you haven't yet established yourself as a credible writer. But by regularly creating and repurposing material, you have existing content to prove yourself as a trusted source. Also, your blog and other articles is what you are sharing via your social media platforms. The only way your followers will remain loyal readers is if you are consistently providing them with relevant material.

Attract Professional Opportunities

One unexpected result of building a social media following is that professional opportunities that I want are coming to me. Because I have a large body of online work, an engaged social media following, people who are seeking someone with my expertise can easily find me online. I've also heard several amazing stories of colleagues who have had publishers read out to them and offer a book contract because of their online presence and social media following.

Having a dedicated and engaged social media following is an excellent strategy to securing professional opportunities separate from clinical hours. Your online material can be "liked," re-shared, and re-pinned, and you can show the number of followers you have as evidence that you are a reliable source of information in your field.

What are YOU doing to build your social media following?

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7 Factors That Affect Private Practice Income

Maintaining a successful therapy private practice takes a lot of time, effort, and skill. There are countless aspects of your business that require painstaking attention in order for things to run smoothly. It can be difficult to work so hard and still sometimes experience economic uncertainty, so it's important to analyze the causes of financial inconsistencies. Here are 7 factors that affect private practice income: 1) Client Retention Rates     

The ability to keep a client engaged in meaningful and helpful therapy is a learned skill that greatly impacts your private practice income. It doesn't get as much attention as generating new referrals, but in my experience it is equally important. While it would inappropriate to continue seeing an individual who no longer needs or desires therapy, keeping clients committed to the therapy process and attending sessions regularly not only helps them adequately work through their struggles and meet their goals, it also helps practitioners maintain their business. Conversely, clients who prematurely discontinue therapy put both themselves and their mental health professionals at a disadvantage.  

2) The Number of New Referrals   

Acquiring new clients is of course an excellent way to increase income, but it can be hard to predict the ebbs and flows of exactly when new individuals will seek your services, so it's not a guaranteed strategy. I have found that it's helpful to begin tracking the number of new referrals and then chart them so you can anticipate and prepare for business lulls in coming years.

3) Economic Climate        

The general state of the economy can greatly impact whether clients will go to sessions as often or are willing to pay out of pocket. For some individuals, therapy is considered a necessity, while others may be view it as a luxury. Your income as a practitioner is in part dependent on the current economy of your community and state.

4) Season/Time of Year     

The time of year can affect when current and/or potential clients ramp up their therapy time, as well as when they often take breaks. In my experience, the last two weeks of December is when everyone (clients and providers) take time off for the holidays. Just as with new referrals, tracking the dips in client numbers can help you save for those times when you will not be getting paid.  

5) Fee Collection

You may have a steady stream of clients, but your income can be significantly lowered if a number of them have outstanding financial balances. How much money do people owe you? Are you good at collecting your fees? If you work with insurance companies, are you able to get reimbursed in a timely manner? All of these play a major role in the financial stability of your private practice (click here for how to set high expectations and create firm financial policies).

6) Moving Office Location        

Relocation will almost certainly affect your private practice income. Depending on how far you move, it can take time to develop relationships, create a strong web presence, and acquire referral sources for therapy. Even if you are moving to another location in the same city, you may find that this may temporarily impact your client hours.

7) Leave of Absence/Taking a Vacation       

One of the biggest complaints I hear from private practitioners is that if they are sick and have to miss a few weeks, they are left without an income. Taking some time off from seeing clients means we are not getting paid; understandably, this can create financial concerns.  

These and other factors (some within your control, others not) can greatly affect how financially stable your practice will be. And as one of my goals is to help therapists experience income stability, I again strongly encourage you to pursue multiple income streams as a way of advancing professionally, serving your community, and also providing for your own needs.

Click here to access my webinar about how to develop multiple income streams.

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Extra! Extra! Using a Newsletter to Build Your Private Practice

If there is anything you've taken from reading posts on Private Practice Toolbox, it likely has to do with the importance of having a strong online presence to educate and serve your community. There's a lot to consider: social media, blogging, podcasting, SEO, etc. But there's another aspect of building your practice that we haven't quite covered yet: newsletters.

Newsletters are a tool you may consider implementing for your practice. A newsletter is a letter you send out to your clients and readers updating them on what's happening with your practice (it's a good idea to send them out monthly; you don't want to overwhelm your audience with too much from you, but you also don't want them to forget about you). They can be an effective way to connect with your readers and offer some insight on topics related to your specialty, inform them of any upcoming events or seminars, and just overall keep in touch.

Newsletter or Blog Post?

If you're continually producing fresh content, there's often a question of where to place it. Does it work better for a newsletter or for a blog post? While there will be some overlap between the two, there are significant differences between what type of content is best for what medium. Anyone can read your blog or site, but your newsletter is much more tailored and specific, and only people who have subscribed will receive it. These are local users who have shown that they have a specific interest in what you have to say. So while your blog is perhaps more for the purpose of acquiring new clients, a newsletter is best fitted for engaging with current clients.

Another thing to keep in mind is that when you have information to share that you feel would be valuable for both potential and existing clients, sometimes a slight adjustment in wording or format between mediums can make your content fit both a blog post and a newsletter.

Building Your List

Email marketing is one of the most effective ways to attract and engage with clients and is the means through which you'll facilitate your newsletter. This is where you create a list of contacts to communicate with via email. But acquiring a list takes time and effort. Some therapists choose to gather emails at speaking events and conferences. Others may ask for permission to leave a sign-up sheet at physicians' offices or other public settings. Also, providing an opt-in on your website or blog is another way to generate contacts for your list. If you are taking the time to create content for newsletters, you want enough readers to make it worth your while, and building your email list is key.

Programs for Email Newsletters:

Although some do choose to send hard copies of their newsletters, most opt to use emails (hard copies quickly get expensive, and dealing with home addresses can be very inconvenient). But in order to be more efficient and professional, you'll want to use another email program than simply Gmail or Yahoo. Some well-known systems for email lists include Mailchimp and Constant Contact. These both have free trial periods and then have varying prices depending on your number of subscribers and the volume of emails you send out. Thankfully, email marketing programs for your newsletters are not very costly investments; Mailchimp allows users to send unlimited emails to 500 subscribers for only $10 per month. Take time to experiment with the different features and automations of these programs, and they can be an invaluable part of your newsletter campaign.

Newsletters are yet another way to reach out to your community and get the word out about your private practice. Consider the time investment necessary, the potential results (acquiring new clients, having more individuals come to your events, gaining more blog readers, etc.), and the costs, and then decide whether they would be a useful tool for your therapy practice.

What are YOUR experiences with newsletters?

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