How therapists get paid in a private practice
In private practice, therapist pay is not usually a salary. Rather, the practice collects the fees and divides them between the therapist and the practice based on a formula. This […]
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 little wealth in mental health. The whole […]
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 […]
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). This legal relationship determines how taxes are handled and who […]
How many referrals to support 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 […]
The basic financial formula undergirding all mental health finances
Understanding how mental health finances work 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 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. […]
