537. Diversify or Double Down?

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The Testing Psychologist Podcast

Dr. Jeremy Sharp: Licensed Psychologist & Private Practice Consultant

500 episodes

5 days ago

Come check it out as Dr. Jeremy Sharp covers everything you need to know to start or grow psychological assessment services in your private practice. We talk about finances, marketing, time management, self-care, technology, and life as a mental health practitioner. Jeremy chats with successful clinicians who share their experiences in testing and private practice to give you straightforward ideas for building thriving assessment services. Dr. Sharp is a Licensed Psychologist specializing in psychological and neuropsychological testing. Over the past seven years, he has grown the Colorado Center for Assessment & Counseling from a solo practice to a multi-clinician clinic with over 1000% revenue increase. http://www.thetestingpsychologist.com

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All content for The Testing Psychologist Podcast is the property of Dr. Jeremy Sharp: Licensed Psychologist & Private Practice Consultant and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.

Come check it out as Dr. Jeremy Sharp covers everything you need to know to start or grow psychological assessment services in your private practice. We talk about finances, marketing, time management, self-care, technology, and life as a mental health practitioner. Jeremy chats with successful clinicians who share their experiences in testing and private practice to give you straightforward ideas for building thriving assessment services. Dr. Sharp is a Licensed Psychologist specializing in psychological and neuropsychological testing. Over the past seven years, he has grown the Colorado Center for Assessment & Counseling from a solo practice to a multi-clinician clinic with over 1000% revenue increase. http://www.thetestingpsychologist.com

Show more...

Health & Fitness,

Social Sciences

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537. Diversify or Double Down?

The Testing Psychologist Podcast

49 minutes 29 seconds

1 week ago

537. Diversify or Double Down?

Would you rather read the transcript? Click here.

In this episode, I’m breaking down one of the most tempting moves for private practice owners: diversification. We’ve all felt the pull to add new services like coaching, therapy, or wellness programs, especially when the market slows down. But diversification isn’t always the answer, and it can easily backfire if done reactively or without alignment. I’ll walk you through the data, real-world examples, and a concrete framework to decide whether expanding your services will strengthen or dilute your practice.

Main Topics Covered

* 00:00 Why diversification feels so tempting, and the post-COVID mindset behind it

* 02:12 The hidden costs: brand dilution, operational complexity, and financial lag

* 04:36 Real-world example: what happened when I added a medication prescriber

* 07:01 Culture confusion and team impact during expansion

* 08:24 When diversification does work: shared client journey, high-margin additions, and partnerships

* 11:37 The three-part evaluation lens: alignment, margin, and capacity

* 14:05 Common pitfalls: adding therapy or medical services without infrastructure

* 16:29 Modeling ROI and minimum margin targets for new services

* 18:31 Balancing profitability with personal energy and joy

* 20:45 How to pilot new services, track data, and set a “kill date”

* 22:30 Final takeaway: clarity beats complexity: double down on your niche

Cool Things Mentioned

* The Testing Psychologist mastermind groups and business consulting

* Reverb: the premier AI-powered report-writing platform for testing psychologists

Featured Resources

I am honored to partner with two AMAZING companies to help improve your testing practice!

PAR is a long time supporter of the Testing Psychologist podcast, and I will continue to bring you featured items from their catalog! Listen to each episode for specific product recommendations and links. Learn more at www.parinc.com.

TherapyNotes is the leading EHR system for mental health practitioners. I’ve used TherapyNotes for over 10 years, and it just keeps getting better. Use this link and the promo code “testing” to get two free months and try it for yourself! www.therapynotes.com/testing

The Testing Psychologist podcast is approved for CEU’s!

I’ve partnered with At Health to offer CE credits for podcast episodes! Visit this link to access current and past episodes available for CE credit. You can use code “TTP10” for a discount on ALL the course credits you purchase from At Health!

About Dr. Jeremy Sharp

I’m a licensed psychologist and Clinical Director at the Colorado Center for Assessment & Counseling, a private practice that I founded in 2009 and have grown to over 20 clinicians. I earned my undergraduate degree in Experimental Psychology from the University of South Carolina before getting my Master’s and PhD in Counseling Psychology ...