Dr. Larry Waldman | Adding Income Sources In Private Practice | TPOT 211

In this episode, Dr. Waldman talks about the importance of marketing your private practice. Challenge yourself to promote your practice once a day. By the end of the year, some type of marketing will stick. Plus, Dr. Waldman speaks about utilizing the internet for your private practice marketing. Later, we talk about the various ways to increase your income. Dr. Waldman reveals how he grew his income significantly in his practice, allowing him a comfortable retirement.

Meet Dr. Larry Waldman

Dr. Waldman is a recently semi-retired certified school psychologist and licensed clinical, forensic psychologist in Phoenix, Arizona.  He conducted a highly successful private practice of 45 years working with children, teens, parents, couples, and adults in a solution-focused manner.  He also consulted with family, personal injury, immigration, and estate planning attorneys.  His BS in Education/Psychology was from the University of Wisconsin; his MS in School Psychology was from the University of Wisconsin-Milwaukee; his Ph.D. in Educational/School Psychology was earned at Arizona State University, and his Diplomate (ABPP) was received in 2003.

Do Some Type of Promotion Every Single Day

As a professional speaker, Dr. Waldman is accustomed to talking in front of large groups. How does he do it? Well, he thinks about what is the worst thing that can happen – exactly what he tells patients. When it comes to marketing, Dr. Waldman would make a point to promote his practice every single day. He would do a phone call, a podcast, an email, or something along those lines. It's essential to be persistent and consistent with things. Over the course of a year, you have several hundred things that you tried. Eventually, something will stick. That's how Dr. Waldman got himself into some lucrative situations.

Virtual Private Practice Marketing

The most significant trend in private practice marketing is the internet. A lot of young clinicians are finding value in marketing on the net. If you can get in front of a group of potential referral sources and speak knowledgeably to them, that's the best marketing in the world. They will view you as an expert and refer other clients to you. Marketing in private practice is more about helping people find you. Then, you need to know how to help them once they find you. The internet has completely turned the private practice marketing world upside down. People have to know who you are, where you are, and what you do.

Earn Passive Income As A Therapist

Therapists do noble work. They save marriages, and they protect people from suicide. Therapists deserve to be compensated appropriately for their work. Dr. Waldman started to develop passive streams of income. He earns income when he isn't sitting in front of clients. One of the ways to build income is by writing books. The first book that he wrote is titled Who's Raising Whom? A Parent's Guide to Effective Child Discipline. That book is still generating passive income for Dr. Waldman. In fact, you can find a copy of it here: https://www.amazon.com/Raising-Parents-Guide-Effective-Discipline/dp/0943247152. Dr. Waldman provides a simple, step-by-step process using basic behavioral Psychology to teach parents how to manage and modify their children's behavior more effectively.

Increase Income Through Real Estate or Public Speaking

Another way to increase your income is by public and professional speaking. Typically this type of gig is on the weekends and after hours. Luckily, it won't interfere with the hours of your private practice. Plus, you can sell the books at those speaking events. It's a great marketing tool for your private practice as well. Another way to increase income is by buying your own building. Dr. Waldman has nine renters in his building. He makes money from their rent. That way, when Dr. Waldman isn't working, he is still making money. Then, he uses that money to purchase other real estate investments. Now, Dr. Waldman is comfortably retired.

Are You Trading Your Time For Money?

Unfortunately, the majority of clinicians out there is trading time for money. They only make money when sitting in a chair and a client is in the other chair. You can make a decent living doing this type of work. If you trade time for money, there is only so much time to work. The people who become wealthy are outside of this dynamic. You have to monetize your time. One way to do this is through group work. That way, six patients can be paying you instead of one. Some clinicians only do group work, you will be making a pretty penny, and it certainly beats the one patient per hour dynamic.

Being transparent… Some of the resources below use affiliate links which simply means we receive a commission if you purchase using the links, at no extra cost to you. Thanks for using the links!

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