Picking the best option: 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. […]
How to calculate a psychotherapist’s private practice pay
Calculating psychotherapist pay means considering many factors. Unfortunately, the complexity leaves lots of room for some wild estimates regarding how much a therapist makes in private practice. But here I […]
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 […]
How to increase therapist pay in private practice
Everyone who is in private practice wants to know how to increase therapist pay. Of course, our first goal is to fill our schedule with clients. But once that is […]
Follow the money: Therapist pay in private practice
Private practice therapist pay is rarely based on a salary. Instead, there is a series of steps for determining psychotherapist pay. Firstly, every private practice sells a service, usually psychotherapy […]
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 is not much wealth in mental health. The whole […]
Selling a practice: How they become assets and how to maximize their value
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 […]
How many referrals do you need for a full caseload?
One of the early concerns when starting to build a practice is how to have enough referrals for a full caseload. I suggest that 1000 sessions per year is a good […]
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 […]
How to estimate your private practice income
Estimating your private practice income can help define where to focus attention. The basic financial formulas are pretty simple. And even those with a math phobia can grasp the concepts […]
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. […]