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[TBB #62] How sustainable is your practice?

therapy practice

Missed the previous issue? Read it here.

Thank you to TBB Sponsors and Partners:

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Get $20/month off the first year on a new website if you sign up before July 7th. (a total savings of $340!)

Are you underpaid?

5 months into the Covid-19 pandemic, I wrote an e-book to help therapists reduce burnout by creating a sustainable business strategy.

Unfortunately, the e-book landed on deaf ears because I miscalculated the timing.

Therapists, knee-deep into their work, had no time for evaluating sustainability in their practices.

Now, mental health providers' burnout is a hot topic. There're many reasons for professional burnout, but the most glaring is the unsustainable and often underpaid work rhythm.

So how do you know if you're underpaid?

Heard, a company that provides therapists with financial solutions like bookkeeping, taxes, payroll, etc., came up with a new report to help you figure it out.

Their free 2023 Financial State of Private Practice Report, dives deep into the numbers of rates, revenue, and income in private practices.

With the data collected from 1,000 therapists, you'll be able to gauge your own financial situation.

Mental Health at Work

Speaking of sustainability, the Department of Labor has published a public service announcement to help combat mental health stigma and start a conversation about the often taboo topic in the workplace.

With employee burnout being a global concern, the DOL initiative is hopeful that workplaces will be able to drive change.

Behavioral and medical conditions, interlaced

According to a new report, 87% of people with behavioral health conditions also have one or more medical conditions.

The analysis that was published this week by the Evernorth Research Institute, collected data from 6 million people from 2021 to 2022.

The detailed report also found that behavioral health conditions rose by 4% from 2021 to 2022.

VR Therapy for Veterans

Having served in the military myself, I found this piece especially heartwarming.

A CBS segment shows how a Dallas-based virtual reality company is designing PSTD therapy for veterans.

The Takeaway

This issue was dedicated to the topic of private practice sustainability.

Building a sustainable practice means carefully designing a business in which you can thrive financially, professionally, and personally. All while providing an excellent service to your clients.

Removing one of these elements of sustainability will pave the path to burnout and resentment that will hurt your business and clients.

If you'd like to share your thoughts or questions, just reply to this email. I always respond.

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