The Business of Therapy: Surviving Economic and Industry Disruptions

The Business of Therapy: Surviving Economic and Industry Disruptions Curt and Katie chat about how therapists can adapt to the changing business landscape of private practice, including fewer client inquiries, economic challenges, and increased competition. We share practical strategies for maintaining a sustainable therapy practice, improving marketing efforts, and building strong referral networks. Transcripts and additional information for this episode will be available at mtsgpodcast.com! In this podcast episode we discuss running a private practice during times of economic uncertainty We’ve heard a lot about the real-time challenges that therapists are facing in a changing business landscape. With a drop in inquiries, increased financial pressures on clients, and greater competition from virtual and AI-based services, private practice clinicians are feeling the pinch. We explore how to adapt your business model, rethink marketing strategies, and prioritize networking and flexibility to weather the storm and build a more resilient practice. What is the current state of private practice therapy businesses? • A drop in referrals and inquiries: Therapists are seeing fewer new client inquiries, especially compared to the pandemic boom. • Economic pressures on clients: Some are requesting fee reductions or shifting to less frequent sessions, even when practices are technically full. • Rising competition: Therapists are competing not just with other clinicians, but also with VC-backed platforms and AI services. What can private practice therapists do to navigate the current business climate? • The need for adaptability: Offering in-person and virtual options, adjusting your fee structure, and being flexible can help retain clients. • Business evolution: It’s more important than ever to regularly assess your practice’s expenses, operations, and marketing strategy. • Standing out in a crowded market: Specializing in specific modalities (like DBT or EMDR) and diversifying your service offerings (e.g., walk-and-talk therapy) can help. • Networking and community support: Building strong referral networks and staying connected with colleagues is essential in today’s climate. • Sustainability for therapists with additional needs: Flexibility can also support therapists who are neurodivergent or living with chronic illness. Key Takeaways from this podcast episode for therapists • Monitor your referral trends and be proactive about filling client gaps—even if your caseload seems full. • Adjust your practice model as needed—offering hybrid sessions or reduced fees may help sustain your income. • Reevaluate your expenses and time investments (marketing, admin, documentation) for a more efficient practice. • Stay current and visible by evaluating SEO, trying Google Ads, and maintaining a strong online presence. • Network consistently—both online and in-person—to build a robust referral stream. • Don’t be afraid to evolve. Practices that are nimble and responsive to change are more likely to succeed long-term. Stay in Touch with Curt, Katie, and the whole Therapy Reimagined #TherapyMovement: Our Linktree: https://linktr.ee/therapyreimagined Modern Therapist’s Survival Guide Creative Credits: Voice Over by DW McCann https://www.facebook.com/McCannDW/ Music by Crystal Grooms Mangano https://groomsymusic.com/