What does the transition phase look like from the previous owner to the new owner? Why should you prioritize your business plan from the start? Do you have insurance for your practice and clinicians?
In this podcast episode, Alison Pidgeon speaks with Kathleen Coughlin about selling a Private Practice. They discuss structuring transition periods, consulting with the new owner, and achieving your business plan.
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Meet Kathleen Coughlin, LCSW
Kathleen Coughlin is a Licenced Clinical Social Worker and Private Practice Strategist. As a Behavioral Health Consultant and Strategist, she tailors services to meet the specific needs of her client’s team and organization.
Kathleen has owned, operated, and sold 2 behavioral health group counseling practices since 2001. She launched her first practice in Pennsylvania in 2001, later selling it in 2018. The practice on average would provide 600-650 sessions per month.
She then started the initial steps to open a new group counseling and consulting practice in Florida. In less than 3.5 years, the group practice was started, scaled, and positioned to be acquired. The practice on average provided 400-450 sessions per month and continues to provide outpatient mental health counseling in the local community.
Email her at firstname.lastname@example.org
In This Podcast
- Assisting the new owner
- Prioritize your business plan
- Invest in protection for your practice
Assisting the new owner
It is common that the previous owner of the business, especially in private practice, will stay on for a few months to help the new owner settle into the business well.
Especially those first two to three months with the credentialling, helping them learn the intake process, working with them as they go through learning the electronic health records and co-pays, deductibles … going from the ground up because it’s so important for them to understand the inner workings. (Kathleen Coughlin)
Give the new owner some time to establish their footing in the business so that they can build solid plans and feel confident in making their own decisions.
You can continue to support the billing, manage the clinicians, and be available to answer any questions from the new owner. All this work from the previous owner is of course still paid.
Prioritize your business plan
It’s important as a professional that you have a good business plan in place. I always encourage people that are starting out, especially if I’m consulting with them, don’t only think about yourself when you’re starting, think about if it could grow into something more. (Kathleen Coughlin)
Work to develop the foundation of your business so that it can stand apart from you, and grow the business up from this foundation so that it is its own entity.
Focus on the foundation instead of quickly piecing things together to get clients. Having a strong foundation can take time to build, but it is one of the greatest investments of time and energy that you can make in your business.
Invest in protection for your practice
You can purchase extended defense limits that can payout and protect you and your practice if a case was ever brought up against the practice or the clinicians.
Once you’ve had a malpractice situation you can’t change any of [your protection] so if you’re in a one million to three plan with a five-thousand-dollar defense limit, until whatever it is that’s going on is remedied, you cannot make any changes. (Kathleen Coughlin)
It is important to arrange insurance for your practice like how you arrange insurance for your home. Check the policies that you purchase for your practice and see what the fine print is before you buy them.
Useful links mentioned in this episode:
- Visit Kathleen Coughlin’s website
- Connect on Facebook, Instagram, and LinkedIn
- Email her at email@example.com
- Check out brightervision.com/joe for your first month free
Check out these additional resources:
- Kathleen Coughlin Sold Two Private Practices – Part 1 of 2 | GP 93
- Group Practice Launch
- Group Practice Boss: www.practiceofthepractice.com/grouppracticeboss $149 a month
- Email Alison: firstname.lastname@example.org
- PoP Group Practice Owners Facebook Group
- Free resources to help you start, grow, and scale
- Work with us
- Consult With Alison
- Alison Pidgeon on Therapy for Your Money Podcast
- Practice of the Practice Network
Meet Alison Pidgeon, Group Practice Owner
Alison Pidgeon, LPC is the owner of Move Forward Counseling, a group practice in Lancaster, PA and she runs a virtual assistant company, Move Forward Virtual Assistants.
Alison has been working with Practice of the Practice since 2016. She has helped over 70 therapist entrepreneurs start and grow their businesses, through mastermind groups and individual consulting.
Transformation From A Private Practice To Group Practice
In addition, she is a private practice consultant for Practice of the Practice. Allison’s private practice ‘grew up.’ What started out as a solo private practice in early 2015 quickly grew into a group practice and has been expanding ever since.
Thanks For Listening!
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