Setting up a Private Practice Part 1: Liability and Financial Considerations
Get .1 ASHA CEU here
Starting a private practice can be exciting - but also daunting, intimidating, or for some of us outright terrifying. There is a certain vulnerability in putting yourself out there. This vulnerability extends way beyond whether or not you are making the right clinical decisions out on your own. There are often concerns about liability, budgeting, taxes and money management, overhead costs, policies, regulations → mind explosion.
First off, we want everyone interested in private practice to know that it is totally possible. A bajillion people go into business for themselves. Just because we don’t get business management training as part of our degree does not make us less equipped to go into business for ourselves. There are so many resources out there. Taking advice from a seasoned business owner is just the start. Our goal for this episode is to help you start that journey, get you hooked into some good resources out there, and answer some of these long standing questions related to risk, liability, and finances.
Disclaimer: We are not attorneys or accountants. The information provided in this episode comes from personal experience owning and running a private practice for the last 10 years. We always defer to the experts for legal and accounting / financial advice. While you can always reach out to use with questions, we recommend you find some good local resources for specific issues!
ASHA Professional Development hours are offered for this course (1 certification maintenance hour). Visit our ASHA Professional Development page for more information .
Learning Outcomes
Identify at least 2 common legal / liability considerations when setting up a private practice
Identify at least 2 common financial considerations when setting up a private practice
Identify 2 of the most frequent revenue streams in private practice and considerations for each
References
Cornett, B. S. (2006). Clinical documentation in speech-language pathology: Essential information for successful practice. ASHA Leader, 11(12), 8-25
Online Resources
Malpractice Insurance Resources
Mercer Consumer (Formerly MARSH)
Healthcare Providers Service Organization (HPSO)
Corporate Filing Resources
Bizfilings (information about different corporate structures)
MyCorporation: Everything you need to know:
HIPAA Compliance Resources
Tax ID and NPI Resources
National pan and Provider Enumeration System (NPPES; apply for / look up your NPI number)
Centers for Medicare and Medicaid information about NPI numbers
Tax Resources
Learn more about self employment tax
Health Insurance and Superbill Resources
Disclosures:
Financial: Kate Grandbois is the owner / founder of Grandbois Therapy + Consulting, LLC and co-founder of SLP Nerdcast. Amy Wonkka is an employee of a public school system and co-founder of SLP Nerdcast.
Non-financial: Kate and Amy are both members of ASHA, SIG 12, and both serve on the AAC Advisory Group for Massachusetts Advocates for Children. Kate is a member of the Berkshire Association for Behavior Analysis and Therapy (BABAT), MassABA, the Association for Behavior Analysis International (ABAI) and the corresponding Speech Pathology and Applied Behavior Analysis SIG.
Time Ordered Agenda:
10 minutes: Introduction, Disclaimers and Disclosures
20 minutes: Descriptions of common legal considerations in private practice
15 minutes: Descriptions of common financial considerations in private practice
10 minutes: Descriptions of common revenue streams in private practice
5 minutes: Summary and Closing
Disclaimer
The contents of this episode are not meant to replace clinical advice. SLP Nerdcast, its hosts and guests do not represent or endorse specific products or procedures mentioned during our episodes unless otherwise stated. We are NOT PhDs, but we do research our material. We do our best to provide a thorough review and fair representation of each topic that we tackle. That being said, it is always likely that there is an article we’ve missed, or another perspective that isn’t shared. If you have something to add to the conversation, please email us! Wed love to hear from you!
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