Promote Your Cash-Based Therapy Practice, or Fail
April 21, 2012
A recent article in Crain’s Chicago Business (a newsletter covering the local business climate) paints a dire picture of the future of health care financing whether or not Obama Care becomes law. If it fails, the rising cost of health care entitlements as a percentage of GDP will force limits on coverage due to the increasing demands on medicare, the terrible budget problems in governments at all levels, and the growing numbers of us babyboomers reaching retirement age. If it does pass the burdens on employers as well as individuals may be too much to bare, resulting in cut backs in covered conditions, more strenuous denials for pre-existing conditions, and limits on inclusions of family members in employer provided insurance coverage.
Whatever happens in terms of health care financing, in my opinion, we will soon see drastic changes in institutional psychiatry, undoing one source of safe haven income for early career psychiatrists as well as more senior psychiatrists practicing in hospital settings or whose client base is predominantly medicare or other insurance only clientele. This hunch is based on my sense that psychiatry is a stepchild in institutional and hospital settings since we produce much less revenue than procedure driven medical specialities. Should these conditions come about we must aggressively promote our businesses ourselves. We should be promoting our businesses anyway.
I know many of us therapists types are reluctant to promote our businesses. Our default attitude best said by my old friend, Gary Malone, MD, is “build it and they will come”. I am writing more about this in a longer piece “Entrepreneurship in Psychiatry” which will serve as background for a seminar I will lead for the senior psychiatric residents at Southwestern Medical School in mid-May. The sad fact is that most of us are asleep. No one wants to be awakened.
What do you do to aggressively market yourself and your business? Please tell us. Join in by leaving a comment by clicking the comment link at the top of this article.