CPA Accounting for Substance Abuse and Mental Health Professionals
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The United States health industry for mental health is $84 billion currently and projected to grow to $132 billion by 2032.
Even better, most professionals are single owner businesses.
The professionals within this niche include psychologists, psychiatrists, therapists and counselors and often, their fees are covered by health insurance. Nearly 20% of adults currently live with mental illness.
These are ideal clients for accountants seeking to develop a niche with the following characteristics:
- most of the practices are solo operators (simple QBO clients)
- virtual clients who do not want to talk your ear off (they listen all day long to clients)
- licensed professionals who do not want to risk losing their license to practice (they are compliant)
- don't need reviews or audits, simple accounting and tax planning
Mental health professionals are helping clients deal with:
- mental health issues
- divorce counseling
- alcohol and drug abuse/dependency
- eating disorders
- sleep disorders
- post-traumatic stress disorders
These are simple accounting clients that need some tax planning coaching.
Here are a few examples of accountants developing a niche in this growing industry.
Washington state and Idaho CPA Firm - Mental Health Niche
