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How To Start Your Own Psychiatry Practice

By April 14, 2022September 30th, 2022Read more

How To Start Your Own Psychiatry Practice | Symbiosis LLC | Medical Coworking Space in Washington DC

Are you starting to feel like you need more control over your psychiatry practice, and want to make the leap to starting out on your own?

This move can seem intimidating, but with the right resources and motivation, it could be the right one for you.

You would be able to build a flexible schedule around your family and needs, while making more money per client you see.

Plus, you won’t need to do it totally alone.

You can continue to foster your network and tools if you find the right resources for your psychiatry private practice.

Symbiosis has many of the resources you will need, and can help you with how to start a private healthcare practice within the psychiatry field.

Let’s take a closer look at what it will take.

What To Consider When Starting Your Own Psychiatry Private Practice

Starting your own psychiatry private practice may feel intimidating at first.

There are so many factors to take into consideration when you decide to start your private practice, it can be hard to know where to start.

You will need to consider all of the following and more when you decide to take your psychiatry practice private:

  • What kind of care you want to provide
  • Office location
  • Office supplies
  • What hours you want to work
  • Payment and whether you will be taking insurance
  • Banking and accounting
  • Marketing and building your brand
  • Your personal motivation
  • Malpractice insurance
  • What technology you’ll need

Some of these may be easier to figure out than others.

Do you want the freedom to maintain a work life balance and work your practice around your family’s schedule?

This will help you decide your hours when you start your private psychiatry practice.

When you’re building your brand, you’ll want to continue networking with other providers so that you can get referrals from colleagues.

You may want to consider attending social events and maintaining your social network within the psychiatry community.

You can even start keeping a blog and giving talks to increase your presence within the community.

It’s good to build a strong digital presence and marketing tools when you’re starting your psychiatry private practice.

Let’s take a deeper look at some of the techniques to build your practice.

1. What Type Of Care Do You Want to Provide?

When you make the switch to an independent, private psychiatry practice, you’ll really have to consider the type of care you want to provide to your patients.

While medication and psychotherapy are usually enough to fill your schedule, how specific do you want to get?

For example, you may want to provide only relationship counseling, or work only with people who have a specific mental health disorder, but will that be enough to sustain your practice on its own?

If not, you may want to broaden your focus and offer other types of psychiatric care as well.

2. How Motivated Are You To Be Your Own Boss?

You have to be very motivated to be your own boss and maintain your own practice.

Because you will only be making money from the patients you are able to see, it may feel like you always need to be working to maintain a steady revenue stream.

If you have the motivation, the flexibility that you’ll have at your practice’s fingertips will be unparalleled.

3. How Will You Set Up Your Business?

You’ll want to consider the business model you employ when you start your own psychiatry private practice.

You might want to create an “entity” for your business to keep your personal life separate from your business.

To do this, you’ll have to put a lot of thought into the legal side of your business and how you will want to market yourself.

4. Where Will Your Office Be Located?

When you’re first starting your practice, it’s important to choose a good clinic location.

You’ll want to consider commute time, as well as patient locale, when you decide on your psychiatry private practice’s office location.

You should also think about practical elements of the building, such as its age and how close it is to amenities you may need during your work day.

A medical coworking space can be beneficial here, since they’re a great way to significantly reduce your startup costs.

Among the many benefits of starting your private practice in a medical coworking space, you won’t need to worry about navigating all the hoops of a commercial lease.

You also won’t be locked into a ten year contract, giving you much more freedom.

5. Will You Be Taking Insurance?

Deciding whether or not you will take insurance is one of the most important decisions you will make for your private psychiatry practice.

If you do decide to take insurance, it may open you up to a larger pool of patients vs. only accepting direct payment from your patients.

However, you will make less money per patient if you decide to use insurance, and any administrative issues with insurance may be frustrating to resolve.

Here at Symbiosis, we can help you navigate this important decision.

What To Consider When Starting Your Own Psychiatry Private Practice | Symbiosis LLC | Medical Coworking Space in Washington DC

6. How Will You Manage Your Revenue Cycle

Healthcare revenue cycle management (RCM) is defined as the financial system that health care systems use to manage processing, payment, and revenue generation statements.

Revenue cycle management goes through the phases of claims preparation, claims submission, claims management, and reporting.

The following should all be covered in your revenue cycle management for your private psychiatry practice:

  • RCM software or outsource processing
  • Patient pre-authorization
  • Eligibility and benefits verification
  • Claims submission
  • Payment posting
  • Denial management
  • Reporting

Questions? Ask Symbiosis

Symbiosis has helped dozens of healthcare and medical practitioners in diverse specialties to open, manage, and scale their own private practices.

Whether it’s solutions for your practice space, your revenue cycle management, or more, Symbiosis can assist you in achieving your goals.

Have any questions?

Contact Symbiosis today.