Why are private practitioners growing their practice with school contracts?
School contracts are very popular these days.
Why are private practitioners growing their practice with school contracts?
- Because they are very lucrative ($20,000 - $100,000+ EACH)
- Schools are having staffing issues and need to have therapists in order to comply with education laws so there is a lot of opportunity right now.
Many private practitioners have figured out that school contracts are an excellent way to expand the income of their existing practice.
Those who know how to land school contracts are much more likely to land them than those who don’t.
What are school contracts?
School contracts are an agreement to provide therapy services by someone who is not employed by the school.
School contractors are (by definition) contractors, which means they have their own business. We teach SLPs and OTs how to start their own business in the Start Program and how to land school contracts in the Grow Program.
How do you get a school contract?
In order to secure a school contract, you have to:
- Submit a bid proposal aka an RFP OR engage in a sales call depending on the school process (including understanding how to price your bid)
- Draw up the contract yourself (including understanding what to include and exclude from the contract)
- Provide the invoice (it’s important to understand what to include in the invoice and how frequently to provide it)
School contracts aren’t something that you can easily figure out on your own.
As contracting directly with the schools gets more popular, there will be more and more bidders per contract and/or more individuals engaging in contract conversations with the schools.
Private practitioners who know how to successfully land school contracts are much more likely to win contracts against those who don’t.
School contracts aren’t something that you can easily wing, and figure out on your own the chance of being six to successfully landing a school contract are much higher if you know what you’re doing.
How are private practitioners using school contracts to grow their income?
School contracts are a fantastic way to grow your private practice income for 5 reasons.
- You can make a lot of money. Some school contracts are worth $50,000 to $100,000 or more EACH! Getting a few school contracts is an excellent way to bring more revenue into your private practice.
- School contracts allow private practices to have “multiple streams of income.” Instead of just relying on private pay clients, insurance, etc. school contracts are just another way to be paid through your practice.
- School contracts are a great way to add consistent revenue to your private practice because they are contracts and therefore need to be paid on certain dates to fulfill the contract. Some private practitioners who struggle with “the feast and famine cycle” love the predictability of school contracts.
- There is a tremendous need for school-based therapy in communities all across the US, no matter whether you live in a rural, suburban or urban area. Many schools would prefer to work with a private practice than a large staffing company.
- You can hire subcontractors to fulfill the contract. You don’t have to deliver services themselves - you can hire subcontractors - which means it doesn’t take you away from the day to day of your private practice.
Results from Growers Who Have Landed School Contracts:
Many of our Grow Your Private Practice members are growing their private practices with school contracts.
Takeaway:
Adding school contracts to your private practice is a great way to increase your revenue and provide more income stability.
Knowing how to bid for and win school contracts is covered in The Grow Your Private Practice Program.
Want to add school contracts to your private practice?
We would love to help you inside of the Grow Your Private Practice Program. To get the ball rolling to join the Grow Program, click here to answer a few questions. ((hyperlink Grow application page))
*School contracts aren’t covered in The Start Your Private Practice Program because they are a way to grow an existing business. By definition, contractors have their own businesses, so use the Start Program to set up your business. Additionally, it is very common for private practitioners to hire subcontractors to fill the contract. Hiring is more advanced and is therefore covered in the Grow Your Private Practice Program.
