5 Considerations for Opening Your Own Practice as an SLP
Now is an excellent time to explore a career as a speech-language pathologist (SLP).
Between 2024 and 2034, the Bureau of Labor Statistics (BLS) projects an average of approximately 13,000 speech-language pathology job openings annually. More SLPs are needed to support the growing numbers of children and adults with communication and swallowing impairments.
If you’re seeking ways to integrate business ownership with speech-language pathology, pursuing SLP private practice can be a rewarding path. As a private practice owner, you can improve people’s ability to communicate and swallow while building a business around the populations and services you are passionate about.
This blog post explores five key considerations that prospective SLPs often have about private practice:
- Demand for SLP services
- Benefits and responsibilities of SLP private practice ownership
- Legal and financial requirements
- Steps to opening an SLP private practice
- Education and licensure requirements
Whether you’re exploring the SLP profession or already envisioning your own practice, these considerations can help you decide whether private practice ownership is right for you.
What Is the Demand for Speech-Language Pathologists?
Speech-language pathology is one of the fastest-growing occupations in the United States. According to the BLS, SLP employment will grow by 15% between 2024 and 2034—five times the average.
Here are a few factors in the high demand for SLPs:
- The population of older adults has a growing number of communication and swallowing disorders.
- Increased awareness of communication disorders in young children is leading to earlier identification and intervention.
- Many children with autism spectrum disorder require SLP services to improve their communication and social skills.
Opening a private SLP practice is your opportunity to meet this growing demand while building a career that aligns with your clinical interests and professional goals.
Is SLP Private Practice Right for You?
Private practice ownership allows you to define your career on your own terms, whether your goal is to build deeper relationships with clients and their families, support an underserved population or create innovative service offerings.
From increased autonomy and scheduling flexibility to the opportunity to grow a successful business, private practice as an SLP comes with unique benefits and responsibilities.
Thinking About A Future Private Practice? Create a Strong Foundation During Your Clinical Fellowship Year
To become licensed, most states require a 9-month supervised post graduate clinical experience. If you pursue ASHA certification, this is the Clinical Fellowship Year (CFY). The CF experience is designed to help you become a confident, independent clinician. It is also an excellent opportunity to learn how successful practices operate. If SLP private practice is a future career goal for you, consider seeking a CF experience with an existing private practice. In addition to continuing to develop excellent clinical skills, learn as much as possible about:
- Program development and evaluation
- Building relationships with referral sources
- Documentation and billing under different payor sources
- Insurance contracts
- Scheduling strategies
- How to market a private practice
By asking questions, observing administrative processes, and developing strong clinical skills, you'll be better prepared if private practice becomes part of your future career goals.
Scheduling Flexibility
More flexible scheduling is another benefit of SLP private practice ownership because you can design your workload and hours around your preferences.
You may decide to offer appointments during traditional business hours, in the evenings, on weekends or a combination of these schedules.
Private practice owners also have more control over their caseload size, client mix and time off.
This flexibility can make it easier to build a career around your personal priorities.
Increased Earning Potential
According to the BLS, the median annual salary for SLPs is $95,410. Earnings as a private practice owner may be higher or lower and are generally less predictable than in salaried positions. Your income will depend on patient volume, insurance reimbursement rates and other varying factors. Many private practice owners find they put in long hours to support the varied components of private practice.
Entrepreneurial Mindset
Private practice ownership often appeals to SLPs who:
- Value responsibility and initiative
- Have strong skills in leadership and administration
- Are excited about business development and management
- Enjoy problem solving
What Are the Legal and Financial Requirements of Starting Your Own SLP Practice?
Opening an SLP private practice means taking on business responsibilities in addition to client care. This includes maintaining a legal business structure, holding professional liability insurance, and understanding billing and reimbursement, to name a few. Whether you hire other people to support billing and administration tasks, you are still the person responsible for ensuring this work is completed correctly.
Because the legal and financial requirements of SLP private practice vary by state, many SLPs work with an attorney and an accountant to make informed decisions.
Business Structure and Compliance
You will need to establish the legal business structure for your private practice, such as a sole proprietorship or limited liability company.
Each type of business structure has unique requirements for starting and maintaining it. They also have different implications for taxes, liability and ownership.
Private practice owners must also comply with applicable state and local requirements, which may include business and tax registration, as well as other regulations for healthcare practices.
State Licensure
Every state requires SLPs to obtain state licensure.This is the same requirement whether working as an employee or within your own private SLP practice.
Licensure requirements vary by state, and it is your responsibility to know, understand, and comply with your state’s practice laws. You will also need to maintain state licensure by meeting all applicable renewal requirements which usually includes continuing education requirements.
Professional Liability Insurance
As the individual responsible for all aspects of the private practice endeavor, it is important to consider Professional liability insurance. There are many options for liability insurance, and it is important to understand policy differences and obtain coverage that meets your practice needs.
Billing and Reimbursement Requirements
Regardless of your payment model, you’ll need to understand billing, coding and reimbursement requirements for SLP services.
Private practice owners must also establish fees. This involves understanding the many contributing factors, including operating costs, market conditions and payer reimbursement rates.
What Are the Steps to Opening an SLP Private Practice?
The exact process of opening a private SLP practice varies by state, but many practice owners follow a similar path. These steps can help you establish your business and get ready to serve clients:
- Complete all requirements to obtain full licensure in the states you will practice!
- Evaluate Demand: Conduct a feasibility study before investing in private practice ownership. A feasibility study looks at factors like market demand, competition and revenue potential to help you decide whether a private practice is likely to succeed.
- Make a Business Plan: Outline how you will start and manage your private practice, including your scope of services; billing, reimbursement, and invoicing practices; and the permits, licenses and insurance you will need.
- Create a Legal Business Entity: Establish the legal structure for your business, paying special attention to any business structure requirements for healthcare practices in your state.
- Set Up Operations: Implement systems to deliver and manage SLP services, including your office or telepractice setup, documentation and billing processes, and scheduling and client communication tools.
- Promote Your Practice: Spread the word about your private practice through online and offline marketing channels, such as online directories, social media and partnerships with other healthcare providers.
How Do You Get Your Career as an SLP Started?
Review the licensure requirements for the state in which you hope to practice.
Here are the typical steps for becoming a speech-language pathologist:
- Earn a bachelor’s degree. All SLPs hold an undergraduate degree in communication sciences and disorders (CSD) or another field with CSD-related coursework. Requirements for admission to graduate school vary by program. You must know the requirements of the graduate program you hope to attend and ensure you meet these requirements.
- Complete the required graduate-level coursework, such as a Master of Science in SLP or CSD, from a program accredited by the Council on Academic Accreditation in Audiology and Speech-Language Pathology (CAA).
- Earn a passing score on any required credentialing exam.
- Obtain the appropriate credential to complete a post-graduate supervised experience in SLP (often provisional or temporary licensure).
- Obtain full licensure through the speech-language pathology licensing board in the state where you plan to practice.
- Earn a Certificate of Clinical Competence (CCC) in speech-language pathology from the American Speech-Language-Hearing Association (ASHA).
Whether your goal is to work in a school, a healthcare organization or eventually open a private practice, earning a graduate degree is an essential step toward building the SLP career you envision.
For students seeking a flexible educational pathway, the online Master of Science in Speech-Language Pathology (M.S. SLP) program at St. Bonaventure University (SBU) will prepare you for a meaningful career serving people with communication and swallowing impairments across the lifespan.
Earn Your Online M.S. in SLP at St. Bonaventure and Set Yourself Up for Success
Rooted in Franciscan values and focused on whole-person care, SBU’s online M.S. SLP will prepare you to meet the growing need for skilled SLP professionals.
Students develop the clinical knowledge and ethical framework needed for competent clinical practice to make a meaningful impact in a variety of practice settings, including private practice. You will also explore current issues affecting speech-language pathology, including regulatory affairs and legal issues in educational, healthcare and private practice settings.
At SBU, you will benefit from:
- SLP coursework and clinical experiences aligned with ASHA certification and state licensure requirements.
- 100% Online Coursework: Attend a mix of both synchronous and asynchronous classes.
- Placement Support: Receive integrated clinical placement support for your local area.
- Culturally Responsive Training: Learn to provide ethical, culturally responsive care to pediatric and adult clients.
