Well before the pandemic began, we started hearing people talking about a possible recession or an “adjustment.” Things have been flowing in our economy for several years, and many were predicting something was going to change.
I don’t think ANYONE would’ve predicted a pandemic as a precursor to moving us into a recession.
As therapists, our main focus is often taking care of clients and focusing on their needs in the moment. We are helping them work through fears of job loss, unemployment, and recession. But, that doesn’t mean we don’t have questions or fears of our own.
- What will happen to my private practice if a recession hits?
- What if I haven’t started a private practice yet, should I hold off until the economy recovers?
- Will I have to accept insurance payments in order to survive in private practice?
While every situation and practice is different-we do have good news for you today. History shows us that mental health and healthcare are actually fields that are least impacted by recessions. And, we are already seeing that today with private practices- both solo and group, insurance and private pay that are struggling to keep up with demand. In fact, both Kelly and I (the two main authors for your Private Practice Kickstart blog) started our cash-pay practices during the Great Recession. We had a LOT of people telling us it couldn’t be done and that it wouldn’t work. And guess what- it did!
We are getting ready to release a Masterclass on Recession Proofing Your Private Practice. Why? Because clients need you providing services and YOU need to feel confident about growing, sustaining, or launching your practice during these times.
Post your questions below about running a private practice during a recession in the comments and then register for the free LIVE virtual masterclass here Masterclass for Therapists: Recession Proofing Your Practice. It is eligible for 3CEs through NBCC, APA (and several more spots).
Please hear us and know. The work you do is needed, it is powerful, and you CAN sustain during hard economic times!