8 Myths Stopping Private Practice Therapists from Growing a Profitable Practice
The eight myths I’m fairly certain all private practice therapists hear are listed below. In this video and post, I’m breaking down why these myths are problematic and how they hold private practice owners from growing their practices.
You didn't go into this field to make money Therapists have at least a graduate degree in order to practice therapy. This means, in addition to a bachelors and 2-year speciality graduate degree, there are also several years of practice underneath the umbrella of a supervisor. We are the only mid-level healthcare provider that is routinely told they shouldn’t make money.
Therapists who go into private practice are in it for the wrong reason This fuels the myth that therapists should be martyrs and that the only way to be a good clinician is to make pennies. This simply isn’t true! Many private practice therapists have to go into private practice because agencies, school, or hospitals don’t have space for them to practice in their niche. Case in point: me! I specialize in financial therapy to help clients undo financial shame and anxiety. No hospital has a space for me to do therapy for that niche, and that’s the truth!
You'll never get a full caseload if you don't accept insurance I wish our healthcare and insurers actually made it worth my while to accept insurance. The reality is that most insurance providers reimburse at low rates, make it difficult to get payment, and claims are often rejected. While I currently accept one insurer, the bulk of my practice is fee for service. Consumers are often happy to pay for a service that is tailored to them. I see a women’s health physician who is fee-for-service and I’m happy to pay them for quality care, rather than be rushed in and out of an office while my provider types away on their laptop and runs me through a quick assessment. I’m happy to spend my money out of pocket for a provider who knows me and my needs. You can absolutely have a full caseload if you don’t accept insurance.
You have to work nights and weekends if you want to be full I totally fell victim to this myth and started by seeing clients on Sundays. While my clients may have been happy, when I was heading into the office, I’d often be begrudging my choice to work on Sundays, wishing I was still reading the Times in my PJs. Now, I offer one evening per week but to get those coveted spaces, you have to be a current client. Meaning, clients may have to start seeing me at noon, then if/when an evening space opens up, that client has priority to that space. It’s a reward to clients who have committed to doing the therapeutic work. Most therapists don’t offer nights and weekends, so it’s also our job to educate them on the expectations of private practice therapists.
Taking time off means you'll harm your clients In private practice, most of us aren’t seeing super high-risk clients. When I first meet with clients, I’m very clear that I’m not a surrogate for the emergency room or a crisis line. I offer them lots of options for who to call and where to go if they are facing a mental health emergency, but it is NOT me. I also model for my clients that it’s ok to take time off and put up an out of office.
If you don't hit 6-figures, your practice isn't successful Barf. Any person who sells you on the idea that success equals a specific number that isn’t tailed to you is peddling the idea that a number will make you happy. Each therapist has to look at their unique financial needs and create a specific number that works for them. A therapist in the Midwest can absolutely be successful and have a full practice making $75k a year. Conversely, therapists on the coasts may need to pull in $200k to feel like they are having a comfortable lifestyle. We don’t use blanket statements with our clients as therapists; don’t fall for the notion that you need to be hitting a certain blanket number to be successful.
Disclosing things about yourself is un-therapeutic Therapy clients are coming to see YOU not your credentials! Lead with who you are helps to build trust from potential clients and helps you to stand out from other therapists on therapist directories. When it’s appropriate, I absolutely disclose to my clients that I am a Filipina-white woman, and I’m in recovery from an eating disorder, depression, and anxiety. I don’t turn it into a therapy session about me, but there is validation in healthy disclosure.
You can't raise your rates or your clients will see someone else Ask yourself this question, therapists: if you see Dentist A sets their fees for a cleaning for $100 and Dentist B set their fees at $300 for a cleaning, what are some of the firsts thoughts about them? Likely, that Dentist B is better, and that something must be wrong with Dentist A for charging so little. Right or wrong, that’s what our brain does. So keep that in mind. You are charging specialty rates because you are a specialist. Not everyone is an ideal client, and that’s ok. If someone leaves you (to date, none of my clients have left me over a fee raise) then there are plenty of other clients who can afford you and will pay your full fee.
If you need help, I run a coaching group for private practice therapists, helping them to rewrite their money stories, charge sustainable fees, and learn the basics of niching and marketing to call in their ideal clients. Learn more about Grow a Profitable Practice From the Inside Out here.