Business Strategies

Business strategies and techniques to continue building and growing your practice.

Putting Business into Practice — by Corporate Relations/Business Strategy and Communications Staff

The business of practice is growing increasingly complicated. Developing a business mindset can help psychologists thrive in today's marketplace.

Streamlining Your Office Operations — by Corporate Relations/Business Strategy and Communications Staff

Organize your time and office space to work smarter, not harder. Learn how to get more done in your office in less time.

Get Ready Now to Sell Your Practice — by Corporate Relations and Business Strategy Staff

When psychologists retire, relocate or shift their focus to a new professional activity, few consider selling their practices. By simply "closing down shop," they miss valuable opportunities that can benefit their clients, the community and the next generation of professional psychologists.

Are You Protected? Insuring Your Office Practice — by Corporate Relations and Business Strategy Staff

May 31, 2006 — An adequate insurance program that covers potentially large losses is an essential component of a financially sound psychology practice.

Hiring Administrative Staff: A Basic Overview — By Corporate Relations and Business Strategy Staff

November 1, 2005 — Whether your administrative support needs involve a part-time billing clerk or a full-time office assistant, taking some simple steps to organize your hiring efforts can help you get the right person for the job.

Making the Best Use of Your CV — By Corporate Relations and Business Strategy Staff

October 11, 2005 — Keeping your curriculum vitae (CV) current helps you monitor your career development and evaluate your progress toward professional goals. This article outlines how to develop an effective CV over the course of your career and tailor it to specific professional opportunities.

Making Business Decisions Following a Disaster — by Corporate Relations and Business Strategy Staff

September 20, 2005 — Following a disaster such as Hurricane Katrina, psychologists in affected areas may struggle not only to rebuild their homes and communities and support those in need of services, but also to make difficult business decisions about their practices in an environment often marked by uncertainty. This article highlights important business considerations related to rebuilding a practice in the aftermath of disaster.

Strategies for Finding Professional Opportunities — by Corporate Relations and Business Strategy Staff

August 19, 2005 — Whether entering the marketplace, making a career transition, or looking for a way to diversify your professional activities by taking another part-time position, finding the right job opportunity is an important part of your career development.

A Framework for Evaluating New Practice Opportunities — by Corporate Relations and Business Strategy Staff

April 12, 2005 — Are you thinking about diversifying your practice or offering new services to meet emerging needs? Using a systematic approach to evaluate a potential practice opportunity can help you consider important issues related to launching a new service, facilitate effective decision making and increase the likelihood of success in the new venture.

Put it in Writing: Your Office Policies and Procedures — by Corporate Relations and Business Strategy Staff

March 29, 2005 — Having clear, well-documented office policies and procedures is essential to running a successful psychology practice. Your policies and procedures are a tool for managing the risk inherent in running a business.

Practitioners Tap into the Self-pay Market — by Communications Staff

March 15, 2005 — Frustrated with managed care and seeking to diversify their revenue, practicing psychologists are finding ways to incorporate non-insurance-based services into their practices. Meet three practitioners who have successfully tapped into the self-pay market.

Checklist for Closing Your Practice — by Corporate Relations and Business Strategy Staff

March 15, 2005 — Whether you are relocating, making a career change, taking a new position, or winding down and retiring, closing a practice brings with it a variety of clinical, ethical, legal, and business obligations. Advance planning can help make this a smooth process and minimize the likelihood of unforeseen difficulties.

Six Tips for Handling Insurance Claim Denials — by Communications and Corporate Relations & Business Strategy Staff

March 1, 2005 — Even practitioners who take precautions to avoid insurance payment pitfalls sometimes face insurance claims denials. This article offers basic tips for dealing with denied insurance claims.

Insurance Claims 101: Avoiding Common Payment Pitfalls — by Communications and Corporate Relations & Business Strategy Staff

February 1, 2005 — Beyond outlining how the claims process is supposed to work, this article provides tips for avoiding errors and delays and for handling actions taken by payers that can plague the claims process.

Teaming Up: Pointers on Successful Collaboration with Physicians — by Communications and Corporate Relations & Business Strategy Staff

February 1, 2005 — There are growing opportunities for psychologists to collaborate with primary care and other physicians. Experienced practitioners offer their insights about how to build effective professional relationships with medical doctors.

Things I wish I'd learned in grad school — by Tori DeAngelis

January 1, 2005 — Experts advise new psychologists on finances, office politics and professional growth.

Learn to Speak the Language of Business — by Corporate Relations and Business Strategy Staff

November 23, 2004 — There are many benefits for practitioners who understand and communicate effectively about business issues such as billing, contracts and marketing. Learn some basic ways to build your knowledge base in this area.

Paid in Full: Tapping into the Self-pay Market — by Corporate Relations and Business Strategy Staff

November 9, 2004 — Faced with marketplace and other factors, some psychologists are looking to incorporate more self-pay services into their practice. Learn who pays out-of-pocket and how to tap into the self-pay market.

Avoiding Administrative Overload: Four Strategies — by Corporate Relations and Business Strategy Staff

October 12, 2004 — Learn approaches to managing the administrative demands of your practice that can save you time and money.

Renting vs. Buying Office Space: Pros, Cons and Tips — by Corporate Relations & Business Strategy and Communications Staff

September 28, 2004 — If your lease is up soon, the size of your practice has recently changed or you’re just starting a practice, you may be looking for new office space.

Important Issues in Supervision — by Corporate Relations and Business Strategy Staff

September 14, 2004 — This article identifies legal, ethical and administrative considerations to help you approach supervision of psychologists-in-training in an organized manner.

10 Tips for Selling Your Practice — by Corporate Relations and Business Strategy and Communications Staff

August 16, 2004 — Selling a psychology practice can be a difficult process. But by approaching it with diligence, attention to detail and willingness to compromise, you’re likely to find the rewards are worth the work.

Is Your Practice Client-friendly? — by Corporate Relations and Business Strategy Staff

June 8, 2004 — In a competitive health care marketplace, it helps to stand out from the crowd. You can gain an advantage by having a “client-friendly” practice, in addition to providing quality services.

Using Practice Consultants to Your Best Advantage — by Corporate Relations and Business Strategy Staff

March 11, 2004 — Many practitioners have the occasion to use a consultant - whether for an ongoing practice management function such as accounting, or for a one-time project. It’s worth the effort to determine carefully how to select and make optimal use of a consultant.

Your Business Plan: Steps to Success — by Corporate Relations and Business Strategy Staff

February 13, 2004 — For many practitioners, creating a business plan is the necessary first step in charting a path to successful practice. A plan can help you establish and achieve professional goals, among other uses.

Evaluating Your Insurance Claims Procedures — by APA Practice Directorate

Updated in December, 2003 — The health insurance claims filing and payment process has a significant impact on the financial health of a psychology practice. Following are some pointers for reviewing how you handle health insurance claims procedures and determining whether any changes may be in order.

How to expand a psychosocial program — by Melissa Dittmann, Monitor Staff

March, 2003 — Col. Larry James, PhD, chief of the department of psychology at Walter Reed Army Medical Center, has developed and installed psychosocial programs for treating obesity and eating disorders throughout the military.

Avoiding contractual pitfalls — by Lisa Rabasca, Monitor Staff

February, 2000 — An increasing number of psychologists are entering into contractual agreements and need to be cautious.

Shutting down a practice — by Jennifer Daw Holloway, Monitor Staff

February, 2003 — Psychologists face legal, ethical and emotional issues when they close their practice doors.