Episode Details

In this episode of the Practice of Therapy Podcast, Gordon goes solo and discusses the things he has learned in his practice over the past twelve years. He reveals how he started his practice in the realm of his church life to see what would happen and it took off. Gordon wanted the freedom and flexibility that having his own practice allowed him. Then, Gordon reveals the lessons he has learned. The first lessons are the importance of making small steps, putting the right systems in place, and learning how to outsource. Later, Gordon talks the value of understanding ROI, planning things out, and setting goals. After, we learn some essential networking and marketing skills. The big one Gordon brings up is using the coordination of care form to let doctors know you are seeking new clients. Lastly, Gordon explains diversifying income, managing money, and creating niches.

Importance of Making Small Steps

Gordon says if you bite off more than you can chew, it can really put you into crisis. Make sure you are financially prepared to start a practice. If you jump in without the finances, it may slowly put you under. Once you have at least ten sessions per week, then a snowball effect should take place. Gordon says it takes about two years of work to really get the practice to a sustainable place with a steady source of referrals.

Putting the Right Systems in Place

Know how to have the clinical systems in place. For example, know your intake procedures, financial management, and how you plan on doing client follow ups. These systems should be pretty well automated, and you do not want to spend a lot of time on them. Systems are a crucial piece to make sure the practice runs smoothly. Gordon wishes he spent more time on this to grow his business faster.

Do More Outsourcing & Return on Investment

Gordon was concerned about spending too much money or thinking he did not have enough money. He wishes he would have outsourced more. With the insurance panels, Gordon should have outsourced all of those processes earlier. He then spent a year learning to navigate all the credentialing aspects and billing procedures. Gordon feels like he wasted a lot of time doing this instead of outsourcing. If something is going to take you a long time to learn, Gordon says to outsource.

Understand the return of investment on your time and on your money. Therapists sell their time and expertise. Time is precious, so it would have been a much better return on investment to outsource technical business aspects and spend more time seeing patients. Gordon says to pay attention and have the right mindset to ensure you are seeing a return on your investment.

Planning Things Out & Set Goals

Gordon learned to map things out by writing everything down and prioritizing each item. In the past, Gordon has had a bad habit of jumping into things without writing anything down. For example, during this podcast, Gordon listed everything he wanted to say as not to ramble.

Have an understanding of ways to measure what you are doing so you know if it is working or not. Particularly around the financial side. Really look at the numbers. It inspired Gordon to put together his Money Mindset course. Lesson learned, Gordon's fee split was not working, and he was subsidizing to pay his therapist. Financially supporting his therapist was a generous thing to do, but it was not sustainable.

Value of Seeking Help & Networking

Gordon reveals one of his friends was very generous with his time and give him pointers on what to do to start his own practice. His friend told him to get on insurance panels; however, it might not be the right decision for everyone. You do not need to be on insurance panels to be successful. Private pay is easier to do and fewer headaches. Insurance panels should depend on your client base and demographics. Gordon does not want anyone to be afraid of seeking help from others. Anyone looking to start a prac