The Financial Burden of Operating a Psychology Practice Can Be Overwhelming. Is It Time You Asked for Help?

In my psychology practices, I’m driven by my desire to understand what makes people behave and think the way they do and then give them the tools, resources, and support they need to redirect themselves to a productive, peaceful path.

I’ve been involved in community work since I was a teenager, and that passion for giving back has touched all aspects of my career. I work as a clinical and forensic psychologist for California Department of State Hospitals, and as the executive director of MAD: Making A Difference Counseling and Resource Center. Our outreach program’s purpose is to make a difference by sharing encouraging words of hope to disenchanted and disadvantaged adults and their families. This includes working with youth and veterans, both of whom experience chronic homelessness and require a great deal of help. 

Through MAD, one of the things we want to do is make a difference in the lives of young people by connecting with them and showing them alternative ways of thinking. We help provide structure and guidance to divert young people off negative paths so they can become responsible, productive adults. 

The Business of Making a Difference 

Since beginning my career in psychology, I have focused on provisioning resources to those in need while empowering the community of Sacramento County. Our organization is making a difference—that's what we do. But there’s another side to it: the business side. Branching out on your own allows you to follow your purpose and make a difference, but once you become independent, there are risk factors you need to consider. 

There are many day-to-day expenses you don’t often think about until you’ve stepped out on your own, such as leasing a space or securing a mortgage so you can purchase the building. There are also expenses like office furniture, equipment, and staff salaries. It can be challenging to try and just focus on your patients, but in order to reach more people, you need to ensure your business is running smoothly.

It’s rewarding work, and the income is sufficient, but there’s often an issue of cash flow. As a contractor for various organizations, the payment cycles can vary wildly. Payments can take two months to come in and sometimes payments for the very large contracts can take even longer due to delays or complications. This isn’t unique to my situation or to my profession either; many of my colleagues in various healthcare professions tell me similar stories.

Cash flow issues don’t stop your vendors or service providers from also needing to get paid on time, every time. You can't just solely focus on your patients when you have an independent practice. You have lights, phones, staff salaries, malpractice insurance, general liability insurance, and on and on. And in California, we have significant taxes that need to be taken care of as well. People don’t tend to think much about the business expense of taxes when they become self-employed. If you’re making a strong income, you have to pay a very high income-tax rate.

Those are all real and significant expenses. The world doesn’t stop just because one of your clients decides not to pay you. These cash flow challenges coupled with all my expenses got me thinking about if I should consider acquiring a working capital loan to help keep the practice running smoothly, so I began researching business loan providers.

Relieving the Pressure: My Psychology Behind Choosing BHG

While browsing loan providers online, one kept popping up: Bankers Healthcare Group (BHG). I dug into their reviews and read entry after entry from satisfied customers. I have to admit that I was impressed. I also liked the fact that the loan wouldn’t impact my personal credit—I prefer to keep my personal and business affairs separate. I sent them an email. Soon after submitting my query, I received a call from BHG. 

I was impressed with the knowledge, professionalism, and courtesy of the representative, so about a month ago, I applied for a loan. Within two or three days, I was approved and the funds were deposited into my account. The process was so smooth.

BHG also offers a credit card, which I applied for and received as well. It’s the same process, and it doesn’t show on your credit report as long as you make your payments on time. I’ve been very impressed with the level and quality of BHG’s service, and I look forward to having a long relationship with them. 

Peace of Mind and Productivity: Pursuing My Purpose to the Fullest 

The funding from Bankers Healthcare Group is important because it helps me to focus on my day-to-day duties so that I can continue to generate revenue. Since it can take a month for clients to pay their invoices, the BHG loan will act as operating capital in the interim. And if an urgent need comes up, I’ll have the funds for that as well. 

My BHG loan gives me peace of mind. It gives me some time to strategize, to relax, and to figure out what I need to do while I'm waiting on reimbursement and remuneration. There isn’t a lot of pressure on me, thanks to the BHG funds. 

Now that I have peace of mind, it’s enabled me to be much more productive. I can accomplish more because I don't have to worry about the little things. I'm always looking to achieve more and give more to my business, my patients, and my community. Freeing up that mental energy and distraction of focusing on “the bottom line” has given me so much more focus, clarity, and excitement for projects to come.

Next Steps: Providing My Services to the Nation

We are now looking at expanding what we do—both in the services we offer and in the geographical region we serve. We’re currently in the greater Sacramento area, but we're looking at developing our multimedia division. We already have a broadcast through a very large network. If we can replicate our current successes and take it to an even bigger platform, such as a national network, then even more people can benefit from our programs. That's one of the paths we’re exploring to grow our network and programming. 

If we can bring these resources and services into the living rooms of those in need nationwide, it wouldn't cost them anything, and they could still benefit from the information provided. We’re very excited to elevate our message and services so our community grows and wellness spreads across the country. 

This is what can happen when the day-to-day financial challenges of running a business are no longer a concern. Healthcare professionals like myself are freed up to pursue our passion of serving our patients to the best of our abilities.