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Today, I’m here with Whitney Owens to discuss the critical financial and operational factors behind transitioning from a solo practice to a successful group practice. We explore the common pitfalls that lead to group practice burnout, including improper compensation structures and premature office space expansion. Whitney shares her data-driven insights on why scaling requires a minimum of five full-time clinicians to see a significant shift in profitability, as well as the cultural benefits of adopting a W-2 model over an independent contractor framework. Whether you are currently pondering expansion or seeking to stabilize your existing group practice, this conversation provides actionable info for sustainable business growth.
- 03:37: The core mindset shift from clinician to business manager
- 04:57: The financial reality of scaling and the five clinician benchmark
- 09:25: Common pay structure mistakes and the W-2 vs 1099 dilemma
- 21:10: Financial transparency and navigating employee time off
- 33:02: Avoiding premature overhead costs in office space expansion
- 39:15: The three phase roadmap for launching a group practice
- 44:38: Managing high industry turnover rates through strategic overhiring
- 50:19: Implementing the Entrepreneurial Operating System for practice structure
Cool Things Mentioned
- Craft: the premier membership community for testing psychologists
- Crafted Practice: the only in-person business retreat for testing psychologists
- Reverb: the premier AI-powered report-writing platform for testing psychologists
- Water’s Edge Counseling: www.watersedgecounseling.com
- Wise Practice Counseling: www.wisepracticeconsulting.com
- Profit First: www.profitfirstbook.com
- Rocket Fuel: www.rocketfuelnow.com
- Traction: www.eosworldwide.com
- Greenoak Accounting: www.greenoakaccounting.com
Featured Resources
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About Whitney Owens, LPC
Whitney Owens knows what it’s like to build something meaningful from the ground up. As a licensed professional counselor, faith-driven entrepreneur, and founder of Wise Practice Consulting, she’s turned her own experience running a thriving 15+ clinician private-pay group practice in Savannah, Georgia into a roadmap for practice owners who want to grow without sacrificing their faith, their income, or their life.
Whitney has a rare ability to meet practice owners exactly where they are by helping them build practices that are not only profitable, but designed around the life they actually want to live. Through Wise Practice Consulting, she brings real-world strategy and faith-based grounding to practice owners who are done settling for burnout and ready to build something that works for their clients, their bottom line, and their calling.
She’s also the host of the Wise Practice Podcast and creator of the annual Wise Practice Summit, a gathering of faith-based practice owners who believe you shouldn’t have to choose between a thriving business and a life well lived.
Get in touch:
- Email: whitney@wisepracticeconsulting.com
- Website: wisepracticeconsulting.com
- Instagram: @wise_practice_consulting
- Website: watersedgecounseling.com
About Dr. Jeremy Sharp
I’m a licensed psychologist and Clinical Director at the Colorado Center for Assessment & Counseling, a private practice that I founded in 2009 and have grown to over 20 clinicians. I earned my undergraduate degree in Experimental Psychology from the University of South Carolina before getting my Master’s and PhD in Counseling Psychology from Colorado State University. These days, I specialize in psychological and neuropsychological evaluation with kids and adolescents.
As the host of the Testing Psychologist Podcast, I provide private practice consulting for psychologists and other mental health professionals who want to start or grow psychological testing services in their practices. I live in Fort Collins, Colorado with my wife (also a therapist) and two young kids.
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