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 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 […]
How to accelerate the building of a full-time caseload
How long does it usually take to build a full-time caseload? In my experience, when one is starting from scratch in a new community and one takes the typical approaches […]
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 […]
Daily business demand #3: Billing
When I was a solo practitioner there were times when my insurance billing got months behind. Doing therapy was my focus. I ignored my billing until I was in a […]
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 […]
Spectacular belly flops in marketing
Me doing a belly flop: I approach the diving board with enthusiasm and commitment. I bounce high into the air, reaching the apex of my dive only to suddenly realize […]
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. […]
How to overcome crises–When several clinicians leave
Ugh. Overcoming crises is no fun. There are stretches when the business seems to be rolling along, growing, thriving, and then a crisis hits–for example, in a relatively short period […]