Hi, I'm Avivit Fisher, the founder of REdD Strategy, a marketing consultancy for therapists in private practice. I'm also the creator of the Therapy Business Brief weekly newsletter. If you want insight into therapy business and marketing, get a weekly snapshot of mental health industry news and marketing tips you can read in 3 minutes or less.
🛎 [TBB #103] Your untapped income streams
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💚 Did someone share this newsletter with you? Subscribe here. Thank you to TBB Sponsors and Partners: Simple Practice is an all-in-one practice management software for running a simpler business and delivering a great client experience. Get 2 months FREE with this link ​ NOTES FROM THE EDITORIs passive income a myth?​ "If you don't find a way to make money while you sleep, you will work until you die."
Warren Buffet
Passive income is a pipe dream for many. The idea that it's possible to make money without an active input on your part can be intoxicating. Also a bit misleading. It took Mr Buffet many years, patience and favorable conditions to amass his wealth. That is a major input on his part. Many therapists I've spoken to in the past couple of years are concerned with creating passive revenue streams. Often, they focus on coming up with a good idea. But the lack of ideas is not the main challenge in generating an additional revenue stream for your practice. The challenge is in realistically assessing your current situation, resources and skills to develop this idea. Some ideas will still require you to trade time for money while with others, you'll need to put in a lot of upfront work to keep the income flow running smoothly. To help you figure out what makes the most sense for you and your practice, I've put together an article about adding another stream of revenue to your practice. In it, I list ideas for both "active" and "passive" ways to make more money as a therapist.
​ And now to the news! 👋 Reader! Do you enjoy reading this newsletter? Please consider leaving a testimonial​ about your experience. NEWS, TRENDS & DATAThe Financial State of Private PracticeHeard, an accounting software company for therapists released a new report that surveyed 2,000 private practice therapists. The 2024 Financial State of Private Practice Report lists in-depth findings on insurance reimbursement rates, business structures, and student loan debt. ​
AI Therapy ChatbotAlison Darcy, a Psychologist and a researcher was instrumental in developing a new AI-powered therapy chatbot, Woebot. The bot is designed to fill the access gap and work as a support tool rather than a therapist. The access is available through a health professional or an Employer Benefit Plan. This 60-minute segment is an overview of the chatbot's effectiveness. ​
New For-Profit Psychiatric HospitalsA new for-profit psychiatric hospital has opened its doors in an abandoned retirement home in Iowa. With the rising demand for psychiatric beds, for-profit companies see a business opportunity in opening psychiatric hospitals. ​
I love hearing from my readers, and I'm always looking for feedback. How am I doing with Therapy Business Brief? Is there anything you'd like to see more of or less of? 💚 If you enjoy this newsletter, please leave a testimonial here. Keep growing, Avivit Whenever you're ready, here's how I can help you:1. Work with me 1-on-1 to grow your therapy business. 2. Promote yourself to my subscribers by sponsoring this newsletter. ​ |
Avivit Fisher
Hi, I'm Avivit Fisher, the founder of REdD Strategy, a marketing consultancy for therapists in private practice. I'm also the creator of the Therapy Business Brief weekly newsletter. If you want insight into therapy business and marketing, get a weekly snapshot of mental health industry news and marketing tips you can read in 3 minutes or less.
💚 Did someone share this newsletter with you? Subscribe here. Thank you to TBB Sponsors and Partners: Reach your dream clients with an AI-powered marketing platform for therapists. Cut down the time you spend on creating new content and generating referrals online. Try the nequda platform today NOTES FROM THE EDITOR Building a safety net In the Spring of 2020 during the height of lockdowns, I saw an opportunity to sell our townhouse and move to a more suburban area. The timing and people's...
💚 Did someone share this newsletter with you? Subscribe here. Thank you to TBB Sponsors and Partners: Reach your dream clients with an AI-powered marketing platform for therapists. Cut down the time you spend on creating new content and generating referrals online. Try the nequda platform today NOTES FROM THE EDITOR Are you leaving money on the table? One of the early observations made by the behavioural economist Daniel Kahneman was that we suffer more from the fear of loss than we take...
💚 Did someone share this newsletter with you? Subscribe here. Thank you to TBB Sponsors and Partners: Simple Practice is an all-in-one practice management software for running a simpler business and delivering a great client experience. Get 2 months FREE with this link NOTES FROM THE EDITOR To hire or not to hire? There are 60,472 business coaching businesses in the US right now. The industry is worth $14.2B and growing. (IBIS World) In other words, coaches are here to stay. Seeing these...