Like most businesses, psychology practices are facing both internal and external challenges in the current volatile environment we are working in.
Looking first at the internal column of the diagram, I would pose the question…
“How would you rate your workforce recruitment and retention strategy?”
Most practices are struggling with lack of FTE and the continuing demand for services, whilst many psychologists are only working 1-3 days per week. Our systems in many cases are not able to deliver efficiencies on the business side or support client outcomes on the clinical side which then means we are not able to develop budget projections and business plans that support financial sustainability and practice development.
Looking next at the external column of the diagram, these challenges are related to government policy reforms, possible changes to Medicare and NDIS and the possibility of some type of accreditation system for practices in the future. Compliance and administration costs have been hefty for many of us at the height of the pandemic. These are probably going to continue to be a pressure.
If you are interested in some answers to these challenges, check out my online course on private practice.