Griffith Psychological Services, LLC | Application Preview
Griffith Psychological Services, LLC is applying for a government grant to cover various operating expenses totaling $250,000. This includes $80,000 for capital improvements, $35,000 for rent and utilities, $15,000 for office equipment and technology, $10,000 for furniture, and $10,000 for marketing and training.
The business's growth strategy focuses on online and print marketing, building relationships with primary care providers and specialists, participating in health insurance panels, and engaging with the community. This approach has worked well for similar practices and is expected to attract a steady stream of client referrals. The long-term goal is to expand the practice with additional contractors to enhance the range of services offered.
Funding is justified by the pressing demand for behavioral health services within the community, where current waiting times can exceed five months. While virtual sessions were feasible during the pandemic, there is now a significant need for in-person services. Griffith Psychological Services previously operated successfully in New York since 2014 and requires capital to establish a new presence in New Jersey, alleviating pressure on existing, often understaffed, facilities.
In terms of competition, Griffith faces other private practitioners, including licensed social workers and mental health professionals, but there are few psychologists in the area. The competitive advantage lies in the practice's specialization in treating children, adolescents, and emerging adults, led by a licensed psychologist. Additionally, the ability to conduct psychological and achievement assessments, along with a blend of public health and behavioral health expertise, positions Griffith Psychological Services to provide a comprehensive therapeutic experience that surpasses typical short-term sessions.
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General Information
Business Registration Number: 0450911495
Location: Manalapan Township, NJ, United States
Length of Operation: 11plus
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: NO
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Funding Usage
Griffith Psychological Services, LLC intends to utilize the requested grant funds for operating expenses. This includes capital improvements ($80,000), rent and utilities ($35,000), office equipment and supplies such as computers, HIPPA-compliant software, assessment materials ($15,000), furniture ($10,000), and marketing and training ($10,000).
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Business Plan
Griffith Psychological Services, LLC's growth strategy includes online and print marketing, networking with PCPs and specialists, involvement on health insurance panels, and community engagement. The aforementioned strategy has proven effective for similar practices and there is an active referral source for clients, which is expected to also support growth moving forward. At that point, the intent is to scale the practice and operate with multiple contractors who can expand the services provided to the community. Griffith Psychological Services, LLC is a sound investment because there is a significant need for behavioral-health services at the community level and local waiting lists are extensive. For some who are appropriate for this type of support, it takes on average 5 months to see a clinician. Although during COVID, it was sufficient to operate virtually, in-person services are needed and we are poised to be a part of the agencies that work to meet that need. Additionally, prior to relocating to New Jersey, Griffith Psychological Services, LLC successfully operated in the State of New York since 2014. During that time, the behavioral health service model was perfected; however, capital is needed to build out a physical space in New Jersey, and establish a local presence to reduce the burden on understaffed facilities that are better served managing acute cases or emergencies.
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Self Identified Competition
Competitors within this sphere would include other practitioners who operate private practices. Within this area, there are multiple licensed social workers, and licensed mental health practitioners who are trained to provide necessary clinical services; however, there are few psychologists. Griffith Psychological Services, LLC is a behavioral practice that specializes in the treatment of children, adolescents and emerging adults and is operated by a licensed psychologist. What further sets it apart from other therapeutic practices is that the practice is able to conduct psychological and achievement assessments. Griffith Psychological Services also combines knowledge and experience in public health, and behavioral health. With the support of this grant the practice aims to offer a unique quality therapeutic experience and support that extends beyond the 45-minute in-office session.
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Contact Applicant
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