The Financial Landscape for Therapists and Mental Health Professionals
Finance for Therapists: A Thoughtful Decision
You’ve made it. After working within a larger practice, in a different niche or industry, or finishing your formal education and certifications, you are ready to step out on your own and build a sustainable independent therapy business. Congratulations! You are making the world a healthier, calmer, safer and more peaceful place, one mind at a time.
As a methodical and thoughtful person, you’ve probably already got a website, branding, a legal structure, and maybe even accounting systems and a business plan in place. But have you built financial projections and explored all your financing options for your mental health business? As Dr Chris Stout says, “many clinicians while skilled in clinical work, often are not as expert in developing or running a small business, better known as private practice.” He goes on to say even more about your new role as an entrepreneur:
“Many healthcare providers may not have academic training or any prior experience in business operations, management, budgeting, marketing, contracting, or the other myriad of associated aspects of running a practice. But regardless of this, in order to be successful and sustainable in their work of helping others, they will need to. And arguably, the most critical aspect of establishing and running a practice is the financial.”
Luckily, that’s where Noumena can step in and have your back.
Community, Tools, and Access to Financing: Free Your Money and Your Mind
Within the Noumena platform, you can get peer-to-peer advice, access freelancer-approved contract templates and educational materials, and even get free or very affordably priced customized financial coaching. Join now and see for yourself how we can specifically lend a fiscal hand to people growing in the fields of mental health, wellness, and therapeutic modalities.
One thing you may not have thought about yet is how you’d like to charge your clients. And with the flexible and evolving field of therapy, there are so many options that they could seem a bit overwhelming if you are new to running your own private practice.
How Mental Health Professionals Can Charge Clients
Zencare has a wonderful guide to how you can think about charging and building your budget overall. However you also need to decide how you will charge, and set those guidelines firmly in place. Each option comes with pros and cons, and subsequent effects to your cashflow and budgeting.
Charging by the hour, for individual sessions, paid either before or after each session
Setting package rates and requiring clients to pay up front
Group rates
Sliding scale options
Different rates based on treatment needed or types of insurance being used
No matter which method(s) you choose, there can be moments at the beginning of a new practice or when waiting for a client payment to go through when your cashflow could use some support. Even very busy practices could benefit from some cushion when growing and serving their communities.