What if I Don't Make Enough Money in Private Practice?

What if I Don't Make Enough Money in Private Practice?
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What if I Don't Get Enough Clients in Private Practice:
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Today we're continuing with our series addressing your biggest fears in private practice. Last time we covered the fear you named the most in an Instagram poll: what if I don't get enough clients??
The second most-often named fear was: what if I don't make enough money in private practice??
These two items are definitely related, but there are some nuanced differences. So let's address this fear in today's video. Stay tuned to hear my tips on how to avoid not earning enough or even losing money in private practice.
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This video is geared for therapists of all kinds, including psychologists, MFTs, LPCCs, social workers, and others in the clinical counseling field.
Welcome to Private Practice Skills! I’m Dr. Marie Fang, psychologist in private practice. I post videos offering tools I learned the hard way about starting and growing private practice so that you don’t have to.
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This video is not intended as professional or legal advice. Be sure to seek the services of a professional if you are in need of them.

[@keyrosellc]

Thanks again

[@philsguidetopsyd]

I was just curious but do you do your own video editing? It looks very well done. I'm slowly building my brand on youtube and it's incredible how much time and effort goes into putting out a good video.

[@Larawonderandwander]

Yes I’d love to know what video editor you use

[@boostresilience5348]

thank you for sharing ...as always very valuable insights...I was wondering if you have experience with leading group therapy groups? Could that als be a kind of stream of income?

[@PrivatePracticeSkills]

Absolutely! I didn't name it in the video but the per-hour income potential for groups is much higher than individual therapy. It does also require a larger meeting space and a significant amount of marketing. However, if you have access to making that happen it's a great way to serve several people at a more affordable rate for them and at a higher income level for you. 👍

[@BriaDeanna127]

I have 2 questions? Could you make a video about the difference between LCSW's LPC and Psychologist in private practice? Also, could you make a video about how to manage paperwork? I don't know if it is just me drowning in paperwork. I was a QMHP while working towards my masters and I'm not sure if it was just that job that had lot of paperwork or I should expect it while working in private practice also?

[@PrivatePracticeSkills]

Great questions! Could you clarify what aspects of private practice for LCSW/LPC/etc that you're asking differs for them? Generally, they should largely operate in the same way across the board, unless there are any state-specific requirements that might differ. As far as paperwork, it is usually far less in private practice! You can use a practice management tool like TherapyNotes to help you keep on top of your paperwork. I usually spend just a few minutes on paperwork per session. It would be a tad bit more if you bill insurance, but it's very doable!

[@BriaDeanna127]

@@PrivatePracticeSkills I am curious to know if we are trained differently in how we address client issues in a therapy session, the difference in billing and job opportunities. That is relieving to know that TherapyNotes is simpler. I have had some interactions with it during my internship, but not enough to grasp how much work it is when working with a regular caseload.

[@Larawonderandwander]

Why would hiring an employee bring in additional revenue?

[@mhknutritionclinic5733]

I’m assuming it’s because your business would get all of the reimbursed amount and the worker would just get an hourly rate. For example, the business would get $150 but the employee would only get $50 as the therapist providing the service.

[@WisdomInEverything]

This video did not make me feel any better about not making enough money in private practice. You're literally just telling your viewers to get a second job. And the chances of profiting from a book or podcast are exponential for the average person.