Hi, I'm Avivit Fisher, the creator of Therapy Business Brief.I've been helping therapists fill their private pay caseloads since 2017. Every week, I link mental health industry updates, marketing, and private practice strategies, so you can uncover the opportunities for growing your practice.
π [TBB #126] The Fast Changing Landscape of Private Practice
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π Did someone share this newsletter with you? Subscribe here. THANK YOU TO OUR SPONSORS AND PARTNERSNOTES FROM THE EDITORLet's be honest...As the Mental Health space evolves and offers more options for people to access care through various online platforms and federal funding, private practice owners may find themselves worried about competition. After all, if there are more affordable options out there, how do you compete? Well, you don't. You can choose to embrace and be a part of the change or you can reinvent yourself completely. For example, if you want to continue accepting insurance clients, you may want to choose platforms like Headway or Alma to help you fill your caseload faster. But if you want to grow your private pay practice, you'll need to accept this uncomfortable truth... Private pay therapy is a luxury service. And choosing a private pay model means limiting access to care for some people. But that's not necessarily a bad thing. A luxury service is not for everyone. Its for those who seek quality and good fit over affordability. Your goal is to reflect that quality in your brand and messaging. By creating a brand that speaks directly to the type of client who you're trying to attract (the one who's a good fit AND can pay your fees), you'll be able to put together a solid marketing strategy without a huge marketing budget or a team. The simple truth is that you can't compete with large companies and their marketing budgets. But this is not your game either. Your game is exclusivity. Focusing on the right niche, the right audience and building a brand that appeals to them. Let me know your thoughts on this, I'd love to read them. And now to the news! P.S. If you my help figuring out your brand and strategy, let's chat! Is your Psychology Today profile a waste of money?Dust it up, give it an upgrade, and let it shine! NOTEWORTHYA review of Headspace Mental Health CoachingAfter her therapist moved on to a private pay practice, Emily P.G. Erickson a freelance writer, decided to try mental health coaching with Headspace. In her detailed article about her experience subscribing to the app and sessions with a coach, she explains why the $99.99 monthly subscription felt like the right choice. β
BUSINESS AND PRIVATE PRACTICEThe trends shaping mental healthcareAs I mentioned in the editorial section, new trends are emerging in the mental health landscape. Therapy has become an acknowledged part of self-care and technology is paving the way to accessibility. Yahoo commissioned AYTM to survey 750 people to learn more about this rapid evolution β
INDUSTRY NEWSHigher costs with worse outcomesIn the U.S., national health expenditures is projected to grow to $7.7 trillion by 2032. By comparison, in 2012 the expenditures were $2.8 trillion. Despite this increase, the outcomes are projected to worsen. The percentage of U.S. adults with chronic conditions is projected to increase by 12.4 percentage points by 2050. β
FINAL THOUGHTSTo piggyback on my editorial, I'd like to emphasize the importance of focusing on your reputation building. With all the innovation and AI tools, the only way to have a share of the mental health market is by establishing a strong brand and reputation. See you next week! Avivit P.S. If you enjoy reading my newsletter and like my advice, please support this newsletter by forwarding this email to a colleague. π β Say hi π on LinkedIn, WhatsApp, or YouTubeβ π Partner with Therapy Business Briefβ |
Therapy Business Brief
Hi, I'm Avivit Fisher, the creator of Therapy Business Brief.I've been helping therapists fill their private pay caseloads since 2017. Every week, I link mental health industry updates, marketing, and private practice strategies, so you can uncover the opportunities for growing your practice.
π Did someone share this newsletter with you? Subscribe here. THANK YOU TO OUR SPONSORS AND PARTNERS Get everything you need to build your best practice with Headway Accept insurance with ease, simplify claims,and manage an efficient practice β all fromone platform. SIGN UP FOR FREE NOTES FROM THE EDITOR What I learned by promoting other people If you've read my recent emails, you probably saw that I had been promoting Amy Porterfield's Digital Course Academy. I did it because I've...
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