Hire An Associate

Hi, this is Dave Kats, with Therapist Consultants and I have a tip for you.

You know, there's one way to add new revenue to your practice and sometimes an easy way, but sometimes not so easy, and that is to hire an associate. The easy ways are these. The first thing you can do is simply rent out your room or your office at times when you're not using it. I have a therapist in the Greater Dallas area who works Monday, Tuesday, Wednesday, Thursday. She rents out her office during those evenings and on Friday and Saturday to two different therapists. She charges one $300 and the other $350, so she gets $650 a month in rent. That's the exact amount she pays for the whole office. She gets her office for free by renting them.
There are other ways to also have associates work for you. Number one is you're going to rent out your room simply on an hourly basis. Perhaps you have an extra room or your room when you're not using your room and you can rent it out. The typical rent fee is about $15 on the low side to $30 on the high side. Just today I was on the phone with somebody from Orlando, Florida that has a fairly nice office and we suggested that she rent her office out to other therapists for $25 a session or $25 an hour for those people who need it, and do it on a six-month basis and then reconsider and see if it's a good working relationship for both her and the other therapist.
There's another way that you can rent out your room on a part-time basis, and that's simply on a percentage basis, where you take a percentage of what the therapist collects. If the therapist works for just 10 hours and collects just $1,000, perhaps you would take 30% or 40% of that, which will be $300 or $400 a month. You can see where it could generate a lot of income for you. Then, of course, there are other ways where you can go with employees and have a 60-40 split or even a 50-50 split and there's lots of ways that you can make extra revenue without being in the therapy room all the time simply by renting your room out or hiring others as associates.

This is Dave Kats. Thanks for listening.