[TBB #51]People and Profits
Updated: Mar 7
Missed the previous issue? Read it here.
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Project Hope
Today is a bloody anniversary.
It's been a year since the Russian military invaded Ukraine. So instead of sharing a marketing tip, I'd like to dedicate this issue to the people who're suffering because of this war.
According to WHO global estimates, almost 10 million Ukrainians are suffering from severe to moderate mental health conditions like anxiety and depression. The overwhelming mental health needs among children who've suffered from the trauma of war as well as grownups are difficult to meet.
Besides integrative healthcare and mental health apps, initiatives like Project Hope provides mental health services to internally displaced children and adults. For more information about the mental health resources for the Crisis in Ukraine, click here.
Selling your practice
Joe Bavonese, a group practice owner, had gone through the process of selling his practice to a private equity firm and backing out twice.
Private equity firms are companies seeking to buy profitable businesses as an investment to sell in the future. Right now they see major financial opportunities in large mental health practices.
Dr. Bavonese believes that these firms are less concerned with patient care and staff. In an in-depth interview, he explains the benefits and pitfalls of selling your group practice.
Financial Therapy, it's a thing
Money problems are not always related to specific numbers. Often, it's related to our feelings, beliefs, and attitude toward money.
Financial therapy can help people resolve their debt issues, marital problems due to finances, and other related issues.
Web searches for "financial therapy" have gone up by 60% making this new field evolve fast.
The cost of depression
Apropos finances. Did you know that untreated depression can cost employers $9,450 annually?
According to Kaiser Permanente insights, mental health accounts for 62% of missed days at work. Moreover, mental health is the primary cause for worker disability.
Working towards improving employee mental health can significantly impact the bottom line of a business.
Ironically, Kaiser
After a six-month strike (the longest in the industry) on Tuesday, Kaiser Permanente therapists headed back to work.
The long contract negotiations amounted to these concessions:
3% wage increase in 2023 and 2024 and 2% in 2025
Retirement safeguards for new hires
An extra $1.50 for bilingual therapists to help non-English speaking patients
Understandably, employees have mixed feelings about heading back to their offices.
The Takeaway
This issue was dedicated to people and profits.
While many therapists' philosophical beliefs are people above profits, I think that both elements are equally important in the therapy business.
Without profit and sustainability, you and the people in your business will not be able to continue extending support to your clients.
And similarly, focusing on profits only will reduce the quality of care and may lead to burnout.