Psychology Practice Business Plan, Marketing Plan, How To Guide, and Funding Directory
The Psychology Practice Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start a Psychology Practice business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.
Your Business Planning Package will be available for download after your purchase.
Product Specifications (please see images below):
- Bank/Investor Ready!
- Complete Industry Research
- 3 Year Excel Financial Model
- Business Plan (26 to 30 pages)
- Loan Amortization and ROI Tools
- Three SWOT Analysis Templates
- Easy to Use Instructions
- All Documents Delivered in Word, Excel, and PDF Format
- Meets SBA Requirements
Psychology practices have become an important part of the medical industry within the United States. It is no secret that the number of people with mental health issues within the United States has increased significantly over the past 20 years, and psychologist provide a valuable service in terms of treating and assisting these individuals with their mental health problems. The growth of this industry is expected to increase significantly as the stigmas associated with mental health issues are declining and people are now seeking help for their treatment needs. The gross margins generated from a psychology practice are very high and usually range anywhere from 85% to nearly 100% depending on whether or not insurance accepted. Almost all private insurance companies provide some allotment for mental health care services. The startup costs associated with a new psychology practice are relatively low. In fact, many psychology practices can be started for as little as $10,000 if the practitioner rents a small office to provide their services. There is usually very little underlying cost associated with rendering psychology services to the general public. One of the nice things about this industry is that there are very high barriers to entry given that the individual who is rendering the services generally has a doctorate in psychology. While there are other professionals that can render similar services, psychologists generally are able to providing much broader range of services than someone who is considered a therapist or a social worker.
Most financial institutions will extend a working capital one of credit to a psychologist in order to develop their practice. Given that there is no inventory on hand or any major underlying expenses, this working capital one credit can assist the psychologist in developing the practice while they’re building up their patient base. In the event that an entrepreneur wants to start their own practice and they are going to need a business plan. This document should include a three-year profit and loss statement, cash flow analysis, balance sheet, breakeven analysis, and business ratios page. Beyond the financial information, a well-developed demographic profile including statistics relating to population size, population density, median household income, median family income, number of people covered by insurance, a number of people covered by publicly funded healthcare systems should be included in the document as well. As it relates the competition, and estimation of the number of other psychologists working within the target market should also be included. Usually, within any given market there are a limited number of licensed psychologists that rendered their services to the general public.
Beyond the business plan, a psychology practice focused marketing plan should also be developed. This document should include information regarding how the doctor will develop relationships with physicians, allied health professionals, assisted-living facilities, nursing homes, and other healthcare entities or for patients to the psychologist practice. It is also important that the psychologist maintain an online presence via a proprietary website. This website should include information regarding the psychologists biography, hours of operation, insurance six Apted, how to get an appointment, and preliminary pricing information as some insurance companies do not cover mental health care treatment. Some psychologists do maintain profiles on popular social networking platforms such as Facebook and Twitter although this is usually done to a limited extent. This is primarily just an extension of the website.
After these two documents are developed it is time to produce the psychology practice SWOT analysis. As it relates the strengths, psychologists have very high barriers to entry for starting a new practice. Additionally, almost all revenues generated are considered net income outside of any blunt any underlying office expense. For weaknesses, the reimbursement rates regarding psychology services has declined over the years. As such, a practitioner needs to be made aware of all reimbursement schedules that are going to be used in conjunction with the psychology practices operations. For opportunities, many psychologists will hire an associate on site so that they receive a portion of their billable hours. However, most psychologist do operate in a solo practitioner capacity. For threats, there’s really no major threats that would impact the way that these individual practices conduct operations outside of any major cuts to reimbursement schedules.