IS THERE A VIABLE LONG-TERM STRATEGY FOR
PRIVATE PSYCHIATRISTS IN NORTH CAROLINA?
At Carolina Partners in Mental HealthCare, our long-term strategy is simple:
We are all local mental health care professionals in private practice. We have banded together for security, sound fiscal management, and the strength of the group: clinical and financial depth, bargaining power, efficient administration, expense-sharing, and our unique Capital Investment Program.
Carolina Partners is approximately forty psychiatrists, PAs, nurses, psychologists and therapists. We continue to choose private practice because we want clinical autonomy, and more control over our lives. We pride ourselves on our clinical depth and expertise and our diversity.
The survival of private practices is imperative for our profession and for private patients. But psychiatrists working in small practices can be more vulnerable to short-term financial pressure. Disruptive events such as a colleague retiring, leaving to raise children, or becoming ill, can seriously threaten a small practice.
At Carolina Partners we decided that the best way to secure a long-lived private practice that makes sense – and makes money – is for local professionals and small practices to join together in a professional limited liability company. Within this structure we benefit from:
- A great many clinicians of different licensure working together as owner toward the same goals plus:
-Professional management and administration;
-Efficient sharing of expenses/overhead.
-Dozens of clinicians pooling their expertise, resources and capital – many
small investments creating a large Capital Investments Program.
- Increasing numbers of referrals and growth:
-We need more clinicians to treat more and more patients over a wide
geographic area.
15 years later, things are working well for our Carolina Partners’ practices. We have more than forty clinicians in nine NC locations, we’re making good money, we can design our clinical practices any way we like, we are confident that all of our practices will withstand negative trends in the economy, and we have established a significant Capital Investment Program for our clinicians that is growing with us.
But in order for the Carolina Partners concept to continue to succeed, we must grow. We seek clinicians like you to join us as partners in our mission to build a lasting institution. We offer full partnerships from day one with no up-front investment, including participation in our Capital Investment Program.
If you are now in private practice in North Carolina – but it’s not working as well as you’d like - maybe you should consider becoming a Carolina Partners practice. You’ll retain control over the clinical aspects of your own practice, but Carolina Partners will help your business reach its full potential.
For more information, please contact Stan Monroe, our Executive Director, at:
Phone 919-967-9567
Fax 801-729-9867
email
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