How to Create Financial Freedom in Private Practice Professional Experience Article
Many therapists and counselors think they need a 9-5 agency job to provide them with financial stability. While an agency job may provide you with a steady paycheck and some vacation time, it can be limiting in terms of how much money you make and how much time you work. If you are craving freedom in your time and money, private practice might be right for you. Don’t listen to the naysayers out there. You can make money in private practice. You will need to strategically plan to make that money and put in some time and effort but you can do it. Here are five common ways therapists can create financial freedom in private practice. Create a specialty that commands private pay There are certain niches out there where people will pay cold hard cash to see you. Some of the most popular ones are psychological testing, play therapy, and couple’s counseling. Do some research about your location and what the needs of the community are. If you need training for those services, take the training and start to advertise yourself as a specialist. You are a specialist compared to the general population. And if you have the training, you are a specialist among your peers. Once you are seen as a specialist, as opposed to a generalist, you can command higher pricing, thus making more money in the long run. Take insurance and focus on volume Again, don’t listen to those people out there that say you can’t make money taking insurance. Taking insurance is about changing your perspective about your private practice. When you accept insurance, it’s going to be more about volume. This does not mean you have to burn yourself out and see 45 clients a week. If you decide to take insurance and you get half full, bring on another clinician under your practice. Taking insurance is an excellent way to start a group practice. Offer other services related to counseling Multiple streams of income can help stabilize income in private practice. Workshops are a popular income generator that you can host. Pick a topic and link up with another local business and host the event. It can be a wonderful way to get your name out
