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# The Hidden Costs of Private Practice for Therapists Starting Out

Susan Day
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June 14, 2017

## The Hidden Costs of Private Practice for Therapists Starting Out

When you start your own private practice, you are able to become more independent and autonomous as a therapist.

You can focus on a specific issue that interests you, or that you think people need most support with. Another great advantage of starting a private practice is the possibility of better pay.

## A Therapist and an Entrepreneur

Whilst you are often able to charge more for your services, you also take on the risk of running your own business. Once you start your private practice, you are a therapist and entrepreneur at the same time. You therefore need to start thinking about your costs and revenues to understand when your practice is profitable.

The Hidden Costs of Private Practice for Therapists Starting Out

## Hidden Costs of Running a Private Practice

One of the challenges newly independent practitioners face are hidden cost that they did not estimate at the start.

Avoid making the same mistake, by taking these hidden expenses into account:

- Business license
- Accountant (if necessary)
- Excise Tax
- Lawyer (if necessary)
- Charges for billing services (if necessary)
- Fees for credit card machine
- Electronic health record (if necessary)
- Finances for the Win

These costs occur on top of the usual rent, utilities and supplies charges. Being aware of your costs, and keeping waterproof financial records is crucial, as it can make or break the success of your private practice.

Don’t forget that Therasoft can take the hassle out of getting your documentation right.