Hanging Your Own Shingle: A survival guide for early career psychologists. Bill Paul Aleynè Eatman, Psy.D.

Transcription

1 Hanging Your Own Shingle: A survival guide for early career psychologists Bill Paul Aleynè Eatman, Psy.D.

2 IMPORTANT!! This program is provided as an educational service of the Tennessee Psychological Association. The information provided is accurate, to the best of the presenters knowledge, but please be aware the program cannot serve or provide as legal, tax or financial advice. Ultimately, as a licensed psychological practitioner, you are responsible for your actions.

3 Potential Career Paths Community Clinic Residential Facility Prison Government Academia/Research Private Practice

4 Private Practice

5 Why so many letters? LLC? PLLC? SMLLC? PC? C? S? How many letters do I need? Do I need ANY letters?

6 A Few of Many: Limited Liability Company (LLC) Professional LLC Single-Member LLC Professional Corporation C -Corporation S -Corporation LLC: Common PLLC: Somewhat Common SMLLC: Common PC: Not Common C-Corporation: Not for you! S-Corporation: Maybe

7 Going Solo vs. Group Practice Solo responsibilities (Stout & Grand, 2004) Group: Employee or independent contractor (Prinstein & Patterson, 2003) Independent Contractor

8 Going Solo More than half of psychologists work in private practice (Stout & Grand, 2004) Highest career satisfaction comes from private practice (Walfish & Barnett, 2009) What does it take? (Walfish & Barnett, 2009) Pros and cons

9 Solo Practice PROS: Set your own hours Pick your specialty Set your own fees Complete control of staff Hire employees Or not! Choose practice location

10 Solo Practice CONS: You pay the bills Alone All responsibility is yours More difficult to confer with colleagues Third party payments can be a hassle Rent due? You find the money

11 To Specialize or Not to Specialize?

12 Pros and Cons Finding a good fit with your quality of life (Prinstein & Patterson, 2003) Creating a niche (DeAngelis, 2011) Can I adapt to change (DeAngelis, 2011) Where do I live/work (Prinstein & Patterson, 2003)

13 Managed Care

14 Managed Care Options (Stout & Grand, 2004) Blue Cross/Blue Shield Magellan Cigna Amerigroup Humana Aetna TriCare TennCare: Blue Care Value Options Medicaid Medicare

15 Where Do I Start?? Website or contact person Council of Affordable Quality Healthcare (CAQH) Be Organized!!

16 Marketing

17 Marketing Options (Prinstein & Patterson, 2003) Networking (Committee on ECPs, 2006) Letters Presentations Referrals Newsletters Webpage Social Media???

18 Legal Obligations

19 Keep the Feds Away A Few Federal tax requirements: Tax forms (depending on business organization) Employment tax forms Corporate/Partnership returns Minutes and corporate changes Proper books and records required

20 Keep the State Away A Few Tennessee tax requirements: Employment tax forms New-Hire forms Dismissal of employee forms Corporate forms if necessary Unemployment tax forms Strict employment record requirements

21 How am I going to pay these taxes? Estimated tax payments for individuals Corporate taxes paid Also need estimated payments (but you don t want this!) Partnerships You pay the tax, not the Partnership Additional withholding from other employment Penalties are no fun!

22 Ethics

23 Ethical Considerations Liability Documentation Consultation Privacy (Stout & Grand, 2004) CEUs and practicing within your scope

24 KNOW WHAT YOU KNOW But know what you don t know. Know where to go for help.

25 Know who to ask: Accountant Attorney Banker Mentor Business Administrator Bookkeeper Tax Pro Continuing Education

26 Work/Life Balance

27 Work/Life Balance Working and having a family is rewarding! (Smith, 2002) Allow supports (Committee on ECPs, 2006) Allow balance (Smith, 2002) Allow imperfections (Prinstein & Patterson, 2003)

28 Work/Life Balance Cultural Considerations Expectations for women (Prinstein & Patterson, 2003) Women still typically attend to family more (Smith, 2002) Men and women still have same levels of work-family conflict and positive impact (Smith, 2002)

29 Work/Life Balance Strategies (Smith, 2002) Find social supports at work Decrease or change how much time you devote to work or family Decrease psychological importance of your role(s) Decrease stressors or increase positive coping behaviors

30 IMPORTANT DISCLAIMER!! Federal and State tax and employment laws are complicated and ever-changing. The material presented here may very well be outdated by the time you read this. Please, ALWAYS check with your own tax guru or financial adviser before acting on any information you receive here!

31 HELP! Try these:

32 Resources Committee on Early Career Psychologists. (2006). Building Bridges: Opportunities for Learning, Networking and Leadership. Washington, DC: APA. DeAngelis, T. (2011). Are you really ready for private practice? GradPSYCH Magazine, 9:4, 40. Prinstein, M. & Patterson, M. (2003). The Portable Mentor: Expert Guide to a Successful Career in Psychology. New York: Springer. Smith, D. (2002) Making work your family s ally. Monitor, 33:7, 58. Stout, C.E. & Grand, L.C. (2004) Getting Started in Private Practice: The Complete Guide to Building Your Mental Health Practice. New Jersey: John Wiley & Sons, Inc. Walfish, S. & Barnett, J.E. (2009) Financial Success in Mental health Practice: Essential Tools and Strategies for Practitioners. Washington, D.C.: American Psychological Association.