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Financial Success in Mental Health Practice: Essential Tools and Strategies for Practitioners |  | Authors: Steven Walfish, Jeffrey E. Barnett
Publisher: American Psychological Association (APA)
Category: Book
List Price: $59.95
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Rating:  5 reviews
Sales Rank: 492948
Media: Hardcover
Edition: 1
Pages: 266
Number Of Items: 1
Shipping Weight (lbs): 1.5
Dimensions (in): 9.9 x 7.1 x 1.1
ISBN: 1433803747
Dewey Decimal Number: 616.890068
EAN: 9781433803741
ASIN: 1433803747
Publication Date: August 15, 2008
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Product Description
In this volume, authors Walfish and Barnett provide a comprehensive toolkit for practitioners to develop their business acumen and fully complement their extensive clinical training. Without question, top-notch clinical expertise in addition to sound business practices are the winning combination for long-term success.
Financial Success in Mental Health Practice shows readers how to market their practice, ensure its profitability, provide quality client service delivery, manage office overhead, implement effective accounting practices, handle commercial taxes and business expenses, navigate insurance claims and reimbursements, and plan for retirement. Written in an accessible and engaging style, this volume is packed with sample forms, letters, and question lists and also includes fee schedules, key principles of private practice, and interviews with highly successful entrepreneurs and executive managers.
This complete resource will equip the early career or seasoned clinician with the tools and strategies needed for a rewarding and fruitful career.
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| Customer Reviews:
Recommended Reading for Future Private Practioners May 28, 2010
Jill Osborne
I ordered this book because I am thinking of private practice in the future, and wanted something that could give me an idea of where to start, and also to help me decide if private practice is for me or not. I was really excited to see this book. The authors have a lot of experience working in private practice, for other practices and agencies, and do consulting in this area as well. I found this book to be a good overview of all of the many things that private practitioners should prepare for. I do find that there are some subjects that I would like to know more about, and also encouraged me to think about other questions I have about private practice. I am glad that I bought this book, it's a good place to start, but I will probably need other resources to truly prepare myself for the private practice world. I would recommend this to anyone who is thinking of being in private practice, and also currently in private practice as a reference, although I think that one would need other resources to go into more depth about some of the topics.
What you DIDN't learn in graduate school... March 18, 2010
C. Monje (NYC, NY)
1 out of 2 found this review helpful
Before investing in expensive consultants to help you get your practice off the ground, consider buying this book first. As an early career psychologist, I left graduate school (like most of us) knowing very little about the realities of independent practice in the real world. I quickly realized that being a good clinician (sadly) is simply not enough to succeed. On the recommendation of a friend in private practice, I turned to this book for help. Although the authors answer many important practical questions ("Is there work outside of managed care?" "What is an LLC?" "How will taking insurance affect the way I practice?"), they also tackle some of the emotional complexities associated with being both a helping professional and a businessperson obliged to face the harsh realities of the market in order to survive. Additionally, they offer valuable tips for getting started in specific practice areas outside of managed care. This information alone was worth the price of admission! Well-written, thoroughly researched, and rooted in the authors' collective decades of experience as practitioners and successful businessmen. Highly recommended.
 Help for the downtrodden Psychotherapist December 23, 2009
GA (Georgia)
3 out of 4 found this review helpful
It is a mean world out there for the people who offer compassion and help to others with the mean world out there. If you are a patient of a psychologist or mental health professional, you might be getting support and assistance in overcoming problems such as depression and anxiety. When therapy is working (and it often does), there is less strain on the medical professions at large. When people are emotionally in balance, they have fewer medical and physical complaints. But Dr. Walfish's book is about the fiscal health of those in the mental health professions. Most therapists are making about 40% less or worse than they did 25 years ago! I worked with Dr. Walfish at Atlanta Center for Cognitive Therapy and I can say he has figured out ways to make a good living by doing good as an independent practitioner. Is it selfish for a person who is a helper to want to make a decent living? After all, a clinical psychologist spends an average of 10 years of university time to get a degree and another two years post doctoral to get credentials for a license. Is it fair for third parties such as the insurance companies to continue to lower reimbursement for psychological services while their profits fuel the stock market and line the pockets of their executives? And who said there is a promise of fairness in this life anyway? The momentum of the financial forces to profit from practitioners are greater than the advocacy efforts for the mental health professional. Walfish & Barnett offer ways to do more than rearrange the deck chairs on the sinking ship. To think that adaptation will occur in the system of health delivery is a fool's game. Read this book and become a creative survivor as a mental health professional. They don't teach you this on your internship. The book is not only an expense, it is an investment. Good luck to all fellow therapists out there. Your work is valuable.
Great breadth and well written March 14, 2009
Michael L. Miller (Cleveland, Ohio)
7 out of 7 found this review helpful
I was excited when I first learned of this book, looking at APA advertising. There is great breadth of topics. Probably more so than other similar books. It is also well written. Like other similar books, the necessity of a business mindset is presented and probably the first place that many of us have difficulties, i.e., being "too nice."
I liked that the two authors have done things differently with their practices and discuss these differences, one example accepting insurance vs. having a cash practice. There is a chapter of whether or not to be associated with managed care panels. It lists a range of professional activities outside of individual counseling that clinicians may never have thought. It does a nice job of dealing with realities such as disability insurance, taxes, and saving for retirement. I would have liked greater depth on marketing. Several other books were referenced in this section, none of which I have been very impressed. I appreciated that they listed several places that do websites for clinicians.
This is a great place to start for beginners. More experienced clinicians will probably derive less,
Mike Miller, PhD
[...]
 Not just for the mental health practitioner February 12, 2009
John A. Riolo
3 out of 8 found this review helpful
Walfish and Barnet offer the non-physician psychotherapist some very useful principles to set up small business which every private practice is by definition.
The book may actually be as useful if not more so to the consumer or potential consumer of psychotherapy in that it offers us a rare window into the minds of therapists many of whom are struggling in an era of managed care and super saturation where the supply of therapists outstrip the demand.
For example, Practice Principle Number 12 states "Clinicians Should Charge Fees That the Market Will Bear. To Charge Less Does Not Make Good Business Sense. To Charge More Does Not Make Good Business Sense.'
God advice but consumers and insurance companies would be advised to practice the same principle and not pay any more than they absolute necessary. . In short, negotiate price or fees.
Hopefully future editions will beef up sections on important ethical issues such as informed consent and legal issues such as the necessity for any business big or small to adhere to antitrust laws. It's not they are not touched upon, but it's that they can not be stressed enough to business people that are struggling to survive and may be desperate to take shortcuts.
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