Last week I was in a mentoring session with one of my fantastic clients who happens to have a PhD in Occupational Therapy. We have been working on her business and the development of revenue goals. I was so inspired by her insistence of her revenue goal – her statement went something like

“I want this $amount$, for goodness sake I have a PhD, and I’ve always been underpaid so now it’s my time.”

I love this statement. This is an empowered statement. It’s the statement we all need to be making as clinicians in private practice. She is right it is her time.

She is right in another sense – a PhD will not make you wealthy. Sorry.

A PhD will not make your wealthy

A higher degree is not a direct route to wealth. This is a Myth. I speak to so many health professionals who think that extra credentials will automatically lead to increased income generation. – ah nope

The truth is I have worked with 2 clinicians one a psychologist and the other a physiotherapist who have both completed MBA’s. Both of them came to me for mentoring on how to grow their practices into something that was successful and sustainable. They both had practices when they came to me, but they both hated their work. For one client, it meant getting rid of her team and re-launching herself as a speaker; the other was growing a team and building a clinic he was proud of. A Masters degree in Business Administration, a higher qualification did not lead to wealth for these clinicians.

Last week I also had the opportunity to have a consult with an OT who is ready to make the transition from being employed to private practice. (I love these conversations). You see he had a plan, he was going to remain employed in 2015, and do a whole heap of study to become better qualified for when he stepped out into private practice. He thought I would give him praise for such a well thought out plan. Ahhh nope again.

Pretty quickly he identified that the list of extra modalities he thought were necessary weren’t going to meet the knowledge and skills gap that he had.

What is that gap? – how to build a business.

I’ve said this many times before, we didn’t go to University to learn how to be in private practice or how to have a health practice based business. We studied to get the modality; the discipline; the credentials to allow us to care for our clients. Its time to stop thinking that your University degree will build a successful practice. You spent thousands and thousands of dollars getting qualified, now it’s time to get smart and learn the skills you need to build a successful practice.

I’m going to be bold here –and we all know by now that my name is Jo and I’m opinionated – but I think a LOT of clinicians in private practice hide behind Professional Development to avoid facing the reality that they really suck at business and they are scared of the personal development that comes with growing a truly successful private practice
And now I know I will have ruffled a few feathers!

Know this – you don’t need another modality. You need to learn how to grow a business.

If you have recognized that you may be struggling with this conflict, know you’re not alone. I know you because I have been you. Let me help you. Feel free to take advantage of a FREE 30 minute consult where we can help you resolve this conflict. To claim this FREE consult click here

Here’s to your success

Jo

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P.S. Know someone who could benefit from reading this blog post today? Then share the love………

P.P.S. Health Professionals deserve the lifestyle and freedom that comes with being successful business owners. These are skills you can learn!

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