Independent Contracting vs Employing
According to the Internal Revenue Service, there are only two employment types: independent contractors (1099-employees) and regular employees (W-2 employees). Who pays which taxes is determined by this legal distinction. […]
Calculating psychotherapist pay in private practice
I have seen many wild estimates regarding how much a therapist makes in private practice. But here I am going to be realistic. Fooling ourselves only hurts us. Calculating psychotherapist […]
Financial rewards for owners of private practices
A practice owner I was consulting with said, “I am not tasting a lot of financial rewards as the owner of a practice.” His comment transported me back to the […]
Increasing therapist pay in private practice
In private practice, your first goal is to fill your schedule with clients. Once accomplished, the process for increasing therapist pay is less readily apparent. Let’s begin by looking at […]
Therapist pay in private practice
In private practice, therapist pay is rarely based on a salary. Rather all private practices sell a service, usually psychotherapy or psych testing, to the public and collect payment for […]
Wealth in Mental Health – Where are the good paying jobs?
Mental health is a small margin business. But there are some jobs that pay better than others. Where are they and why do they pay better?
Wealth in mental health–Why isn’t there more?
Perhaps one of the more shocking secrets in our mental health field is how little profit is in the profession. There really is not much wealth in mental health. The […]
Selling a practice: How practices become assets
When a practice owner plans on selling a practice, there may be a bit a shock. Practice owners are often surprised at how accountants and potential purchasers determine a monetary value […]
Enough referrals for a stable caseload of 1000 sessions per year
One of the early concerns when starting to build a practice is how to have enough referrals for a stable caseload. Most studies show that when a client comes for treatment, […]
Why join insurance panels
Should I become a provider on all the insurance panels in my area? One can find many practice management consultants promoting the “cash only” model of outpatient psychotherapy. There are […]
Estimating your private practice income
Estimating your private practice income can help define where to focus attention when there is not enough income. The basic financial formulas are pretty simple. And even those with a […]
A different language: What tracking numbers can tell us
When I began my private practice, it was not difficult to keep track of the financial picture. Tracking numbers was kind of a game. The business had one checking account. […]
