What is Private Practice Business Modeling and Why is it Important?
I am pretty much a nerd, recently a friend of mine, who happens to be a pretty kick ass private practice owner as well, tagged me on a Facebook post that had a coffee mug with the following inscription “Oh… This calls for a spreadsheet!”
Sadly, it's so true! I love spreadsheets. A well done spreadsheet can model out our own private practice and help us make decisions to reach our goals in business.
Private Practice Business Modeling is an important aspect of planning for our business future. It takes the guesswork out of well intentioned ideas and paints things in a real light that allows us to really see what some change I may want to do in my business may actually do to my business.
Modeling is used when we are expanding our business or any other change that we may be looking to make. It is also great for figuring out how I get off of insurance panels and what my real business needs may be in that effort.
Modeling gives us a safe space to play and make changes in a way that wont hurt our business.
I have used modeling to move from solo to group practice, move from insurance to self-pay, move from part time to full time business owner, and much more.
Another big area we have used it for was moving from 1099 contract employees to W2 pay for service and eventually W2 salary for our team in our private practice.
Are you looking to make some changes to your business? Let’s model that out and figure out how to reach your goals today.