The Psych NP: How much I make at my Private Practice
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- เผยแพร่เมื่อ 1 ต.ค. 2024
- In this video, I go over how much I am making in my first year at my Private Practice as a Psychiatric Mental Health Nurse Practitioner. I am also attaching the journey from the beginning of starting this Private Practice in the links below so you can see the whole journey.
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I commend you in sharing your net salary with us. Not too many nurse influencers do this on TH-cam. Your openness and vulnerability is helping many of future PMHNPs.
I really want Psych NPs to know their worth 🙏
This is so true!!!!
I love the flexibility in nursing. Working three days per week is ideal!! That's about all I have in me at this point.
Thank you for your transparency. I will graduate as a PMHNP next month and will eventually open my own practice in the future. Your videos are a great motivator for me. I'm considering opening my practice in Oregon where state law requires private/commercial insurance companies to pay NPs at 100% the physician reimbursement rate. Are you providing telemedicine services during the COVID-19 pandemic?
Gabriel, I really appreciate that. Originally, I started the practice in February right before Covid hit. I had to adjust and switch to primarily telepsychiatry which has actually worked great. I am working more from home now then at the office. But, I will offer more in person appointments at the office soon. I think it is great in terms of flexibility to be able to offer both in person visits and telepsych. The only downside right now would be having to pay rent for my office even though I am barely using it.
Have you considered that the higher taxes may outweigh the benefit?
How’s it going one year later as a PMHNP?
PMHNP student here! Thank you for the great content and being open to talk about things that we don't hear about much in school!
Jon, I appreciate that man. Good luck with everything!
Thanks for being so transparent. My longterm goal is to be a psych np & work in private practice as well. I also don’t want to work everyday lol. I’m glad to see that it’s doable & especially from someone else in the field! Happy for your success & can’t wait to see what else is next for you!
Thank you for your transparency and all of your post. They are really helpful for us starting out
Ryan, of course. Glad they are helpful
Thank you for being very transparent. I am a new grad Psych NP and I will being starting my first job this month. I want to get a year experience and start my own practice as well. I want to start slow. Following your journey as a Psych NP is giving me inspiration.
Paula, of course. Good luck with your journey, it will be an exciting and nerve-wracking one but you will learn a lot
I have a question- I was starting to get my private practice up and running, and then I was hit by a moderate case of covid. This left me debilitated and unable to tend to my own needs, let alone someone else’s. Do you work with another provider to cover each other under difficult circumstances? It’s great to count on good health, but in these times- we may not always have it. If anyone else sees this question and would like to chime in, I’d appreciate it. Thanks for sharing your content.
Look at you. Made it through school and now have your own practice!❤️
Thank you, its crazy how time flies! 🙏
Thank you for creating this content! I’m a pmhnp student and it’s very helpful to hear about your experiences. Having a good work-life balance and not getting burned out is really important to me so it makes me feel hopeful to hear that you’ve achieved this. Are you dealing with insurance companies or doing private pay?
Thank you for the transparency! I've been following you since you were still a student, and it's been an amazing experience watching you evolve in your career.
Currently applying to nursing programs and hope to follow in your footsteps someday too!
Rebecca, thank you!! I wish you all the best with your future endeavors
Thank you so much for being so transparent it’s so helpful
Thank you for being open and transparent about actual Psych NP pay. It’s exactly what a lot of us want to know for valid reasons. Not many TH-camrs like to share… thank you
Thanks for this! I’m in city college looking for a flexible career with solid work life balance that combines my interests in psychology and medicine that isn’t a PhD route. 😁
I have heard horror stories between private practices and billers. Is there a medical billing company that you'd recommend?
How does pmhnp make money in its practice? Is it only consult or any procedure you can do at your office?
Thank you for laying it out straight! I am a nurse considering being a nurse practitioner, but like you, I am used to these lovely three day work weeks. Also, the impact made for others and myself would be so much greater in private practice.
As A PMHNP student with a year to graduate, this video gave me soooo much motivation!!! Thank you so much for this!!!
Thank you Tasha! I am wishing you all the best
I will be an FNP student here in Maryland. I commend you on an amazing job.
250000 is fairly well? lol stop being humble that's amazing
I had an important question btw, how do you take vacation as a private practice? Does someone fill in for you? Telehealth while abroad?
are you prescribing medication or are you doing talk therapy?
That is Awesome! Congratulations🎉. A couple questions... Are your patients private pay or insured? How much do you charge per IPE and FU?
Great video! What was your decision process in determining to do brick and mortar vs fully telehealth?
Hello Jayvon, thank you! Originally, I was going to be fully brick and mortar and also offer telepsychiatry as an option but since Covid hit and all of the law changes, it really made telepsychiatry most of what I do. I do miss the in person visits but I have probably been 90% virtual since Covid and 10% at the office. I feel like having the initial appointment as an in office visit is really important and then transitioning them to telepsychiatry works great.
@@ThePsychNP with someone in your position, continued to have splits of 90% telehealth and 10% brick and mortar, would it be more cost efficient to simply rent a office space per in person appointment?
@@bettadays1 It would really depend on other factors. I have a 3 year lease and do not have an option of leaving it therefore I am locked in for two more years. My goal regardless is to have a brick and mortar practice that can see people via telepsychiatry if needed. I actually have a Psych NP that has been working for me since October and they require an office space and therapist that is coming on board as well. I did not include their financials with my gross income in this video. It depends on if you plan to be a solo practice or have plans to build your practice.. or if you want to do brick/mortal or telepsychiatry. If I was just starting out and planned on being a solo, renting an office space per month not per appointment from another practice is what I would have done
@@ThePsychNP Because you have an additional NP at the office and a therapist coming on board, are they working for you or will this become a group practice? If it's still solo, are they just giving you a percentage of what they bill for?
Is your 250k your gross before taxes or is that your take-home? Just curious, either way it's a ton of money!
Hey! Great video! My dad recently opened his own private practice as a PMHNP, and I’m really trying to help him find patients so he can get his business going. I’m going into college so I can take on a lot of the social media stuff that’s he’s unfamiliar with but I was just curious to see how you were able to find new patients. Thank you!
Hey there, I'm based out of Alexandria VA. I'm about to finish my PMHNP program at JHU. I am currently an FNP. Wondering about if can contact you personally via email? If I can consult with you and ask you some more questions and details about what you did to get where you are now? It was your videos that first inspired me and made me realize that starting a private practice is feasible? Thank you!
Do you accept insurance? Or is this income based on a fee for service model?
Thank you for your videos! You are an inspiration to a lot of us. One question - I believe Maryland is an independent practice state. Does it mean you can get credentialed with insurance companies WITHOUT a collaborating physician, or do they still require a collaborating physician as well as a hospital admitting arrangement with one?
Amazing! Hard work paying off. 👊
Thanks man! We all got to link again at the next Psych Congress
$250k for 3 days a week? Damn son. Show me way bro
What an accomplishment! That’s so awesome, congratulations on your practice. I start my PMHNP Program in May, and definitely aspire to have my own practice in the future. All the best wishes for continued success in your practice!
Jon, Thank you so much! I wish you all the best with everything.
Are you taking private pay or insurance
Hi and congratulations on your achievements!
Thanks for this video particularly!
Thank you! Wish you all the best 🙏
Is Maryland a fully autonomous state ?
Thanks I am PMHNP as well - slow start but mine is now around the same amount per year. 3 days a week as well. Enjoying not having to work so much. 10 - 12 a day and its a much better balance love it.
Are you doing all 3 days telehealth or in person services?
Thank you for sharing with us. Would you mind to share what roughly the type of insurances your clients use? Thanks..
Beautiful brother!!! Which school did you go to? Been a psych RN (ASN) 12 years also Bsn in finance. Looking for an online PMHNP program now. Recommendations? Want to finish in 3 years. Thank you brother!! Motivating!
This was awesome. Future Hopkins alumna - PMHNP. Thank you for sharing this 🙌🏾👍🏾
Do you accept health insurance or is your practice 100% cash pay? IF you accept insurance, did you do your own credentialing?
Hello Jessica, I accept both cash and health insurance. I did not do my own credentialing for my private practice. I spent about $400 dollars to be credentialed with 5 insurance companies. It is not difficult to do credentialing yourself but you have to weigh outsourcing things versus your own time.
Hi there! Thank you for your words of wisdom. You are a great source of information! I am hoping to take boards in June and potentially open my own practice in Utah. Could you give me an idea of the difference in reimbursement from when you initially started until now? It's so scary thinking about doing this all on my own when I have worked as an hourly nurse for over 16 years. Why did you continue to do outpatient when you first started rather than just go out on your own? Thank you for any help you can offer!
P.S. What was the name of the resort in Cancun? It looks beautiful!
Hello Ronda, I am probably 10-20% better reimbursements across the board. Also, insurance companies may raise rates to be competitive with the other insurance companies throughout the year. You definitely need the experience working at an outpatient practice before going out on your own fully, you really will learn everything at your first outpatient job. In terms of being financially stable, the first 3 to 4 months you may not make much money at all so it is important to have another job to support yourself financially. It is called LeBlanc Cancun Spa and Resort! Definitely check it out!
Great channel.
I have about 9 years before retirement and I'm getting prepared to start my PMHNP journey this fall. I'll be going part-time so it will take me 3 years to complete, but...It sounds like a much nicer way to head into retirement than the inpatient RN life I've been living. I really appreciate your willingness to share your experience. It's motivating!
Good luck!
Thank you for this. I start PMHNP this fall and I have been conflicted but you helped clear up some questions I have.
I’m turning 52 this summer and have been accepted in a part time psych NP program to begin this fall. The program is about $40K and is 2 years and 8 months long. I keep going back and forth, is is worth spending the energy and money? Am I too old? Can I do this? This video gives me motivation but also still a bit uncertain.
@@lisagrace667may I ask what program your going through? Part time program would be ideal. And I get it, I’m 53, been thinking it over for a couple years and guess what, wish I had started then but it’s still not too late to start because psych NP work can be done part time or even virtually and there’s many years left to work in this field. We need to go for it. Best of luck!
Hello Sir . Preet here from India . Actually my husband is in Usa . He is a Us citizen . I will be moving to Usa in couple of months . I completed by Bsc nursing from India . I m very obsessed with Psychiatric Nursing . I want to do masters . Is this field a good lifetime profession in Dallas , Texas .
Working on starting a PP in VA right now - your videos have been so inspiring and informative - thanks so much for that! Congratulations on your success!!!
Naomi, thank you so much. I wish you all the best in Virginia! You're just right down the road 👍
Holy sh-t. Not gonna lie, I work in CA and am used to feeling underwhelmed by salary/income quotes from folks working in other states; perhaps even a bit apprehensive about going from RN to NP at all but hot damn son! That's a sizeable chunk of change.
What state are you in?
Great inspiration. Thanks for sharing. What EHR do you use and which would you recommend for a new pp?
Hello, I just came across your TH-cam channel. I will be starting a Master’s of Nursing program this Fall to become a nurse practitioner and I am considering becoming a psychiatric nurse practitioner. I am curious how much you charge for each appointment and how long each appointment is?
Hello, do you have any information for other NPs starting their own practice, that's my goal as well. Anything would help, thanks
Awesome! Who did your credentialing for you when you started out? I seen a comment that it was about $400 for 5 insurance companies. Thanks in advance!
So you accept insurance, or is it a cash only practice? Also, what E/M codes do you use?
I accept both. In terms of E/M coding it is whatever is applicable to the appointment. 99205, 99214 w/ 90833 etc
Do you know of any Psych NP's who have their own practice but only do telehealth? I am interested in becoming a Psych NP and having my own practice but would prefer to skip the headache of having a physical office and all the overhead. Just wondering if you think that would be possible. Thanks!
I am looking into school and wanted to ask if you need a dual degree FNP/PMHNP or can you just do the FNP and get a certificate for PMHNP?
Im wondering how heavy is the focus of therapy with being a psych NP? really wanting to pursue my masters in mental health after being an RN for almost 20 yrs.
I’m applying to psych NP school now. My goal is to open up my own practice like you someday. Thanks for sharing❤
How much practice as a new grad PMHNP do you need before you can consider opening your own private practice? I'm assuming at least 2 years of experience first? Sounds like you have 1 year before you opened your private practice, and you think that was enough time or would you recommend to wait more? Thank!
Hello, I was wondering if you consult, I need help, thanks
Thank you for this video. That all-important work-life balance is what I am looking for. Doing something you truly love is also crucial in experiencing career fulfillment. Good luck and keep the videos coming!
Thank you Nerisa 🙏
@@ThePsychNP This is Nerisa and I have graduated and I am now looking for my first psych NP job. I can't believe I did it and now here I am as a psych NP!! But I plan to start my private practice part-time right away in addition to working somewhere else full-time. I want to have my private practice all set and running so that in a year I can make the transition with confidence and a patient load already built up. I am also getting licensed in several "independent practice states" so that I can see patients in those states remotely. I already have my Florida (+DEA) and Iowa NP licenses - I got them in 2 weeks!! Meanwhile New Jersey and New York where I live takes 6-8 weeks to send you the license. Go figure, I guess they have much more red tape. I just created my NP Website on Squarespace and I am now looking to form my LLC. The one thing I am wondering is if you could do a video and give some information on getting credentialed for insurance panels and how that works for private practice. Thank you and God bless you!
Hello! I am wondering if you go through insurance or private pay.
This is my goal! I'm graduating the end of this month 7/29/22 with my PMHNP degree. I want to get 1-2 years exp. then branch out on my own with a small case load, then gradually increase as I'm comfortable.
Thanks so much for always being open regarding your journey. I am a WHNP adding my PMHNP. I will graduate this summer. Clinical hours are so difficult for all of us currently. You definitely offer inspiration!
Terri, I appreciate that support. I am glad you are able to find some inspiration! I can only imagine how difficult it is to get clinical hours, I get so many requests per month to be a preceptor that I am just unable to answer all of them. I take on 1-2 per semester and I feel if you add more than that, the clinical experience is not the same
@@ThePsychNP I cannot imagine how many requests you get! Thanks for doing everything you do! Extremely envious of those folks you say yes to lol Continue changing lives 💫
Thank you for creating this content. In your state do you need to have a collaborative Physician?
Hi there,
Any interview tips for psych DNP interview? Please
can you please go over reimbursement and billing and break down the business?
I just found your channel and really appreciate you sharing. I’ll begin my psych np program in January 2023 and am really excited for all the opportunities that are available for psych NP’s. I’ll eventually join my wife in private practice so having an idea of the income potential is great. Thanks again.
Beautiful! Which program are you doing?
@@AntonioLiberato08 I’m in the UCSF post master’s certification program here in California. Just starting my second quarter and am loving it. It’s a tough program but I’m thankful for the opportunity.
Thanks for sharing this …very helpful truly appreciated
Thank you for the transparency! How long after working in Psych as an RN did you decide to go back to become an NP?
Of course Paul, I worked 2 years in IMC/ICU, then 2 years in inpatient psych before I went back to school 👍
Hello, I know this is an older video, so this may not get answered. I was curious how many pt's on average that you are seeing on a daily/weekly/monthly basis? Thank you
Are you cash pay only? What insurance do you take? Can you make a video on getting credentialed to take insurance. Do you have to have a collaborative physician in Maryland?
Keep at it doing great work. Very jealous of your work life balance.
Mohammad, I always appreciate the support. You have been someone who has watched the journey from the beginning! I hope you are doing great
@@ThePsychNP chugging along, hope to follow your path in the near future. Stay safe out there, may this be a prosperous year for you.
@@mohammadw373 Wishing you all the best with everything
Great video, Grateful for the information as I am just initiating my PMHNP program now. Wondering if recommend any apps that were helpful during your education or currently in your practice. Thanks I’m advance for your input.
Dude this is awesome. Are you taking insurance? Or cash based? I would fly to Maryland to buy you a beer
Do you pay your supervisory MD/DOat all?
Depending on what state he practices in, he doesn't need one 😀 That's my goal!
WOW, I'm 16 and currently in senior high school. I am passionate to become a psychiatric nurse practitioner. I am sooo interested in mental health. Sometimes, I think whether I made the right choice since I am dealing with a lot of negativity. Better work at private for me to have a flexible schedule. I really want to be a PHMNP.
Would love to see a video of how to open your own practice as a psych NP with detail. This would be helpful! Please let me know if you already created that video. Thank you!
Thanks for your video! Just a clarification: did you make 300k in your first year? Or is that a projection based on how the last couple of months went?
You are such an inspiration and please keep up the good work.
Aminata, thank you so much. I hope all is well with you and best wishes for the future 🙏
@@ThePsychNP thanks dear and all is well. It's so empowering seeing the nursing profession continuing to make it mark especially with the moves that you are making. Once again thank you for bringing us along on your journey and I have no doubt that you will continue to prosper.
Good job. I just subscribed to your channel. What means do you use for your marketing psychology today?. And are you accepting insurance now.
Hello Olubunmi, I use psychology today to get new patients as well as network with peercast which is a forum where you can meet other providers in your state and network. I am accepting insurances now
@@ThePsychNP so the money you made so far from from patient paying cash?. Am just wondering if it was with insurance patients. Bcos I have heard insurance payment might not be as lucrative
@@TheDosuFamily 95% is from insurance
So happy for you my friend - thank you for the update
Appreciate that!
Hey, is it 250k in total revenue or just your salary? Also is it hard to open a private practice as a psych np; I’ve heard that it’s quite hard and uncommon for a np to open one
That is my salary, if I included the other provider it would be more. It depends on your location in determining if it would be harder to open a practice. Where I live in Maryland, it is not hard or uncommon at all
@@ThePsychNP I love your channel, very inspirational. As I want to be a PMHNP too in the future and open my own practice after some experience. I decided I wanted to be one while working on my Bachelor's in healthcare administration, so I'll be going for my BSN, accelerated, after I graduate next yr (already finished all my pre reqs).
I have a question related to this discussion; since it's common in your area in Maryland, would it be a bad idea to open a private practice in an uncommon location? Thanks
I applied for a PMHNP program and this video was so helpful! Thanks for being transparent and optimistic!
The states i live in does not have np private practice,,where do you practice?
Succinct and direct. Many other providers wouldn’t be as transparent. 👍
AMAZING, WHERE YOU GET YOUR PATIENTS FROM ?
Thank you for your transparency!
Dude, You're awesome! Way to go! Thanks for the info!
You’re awesome. Thanks for shading some light into this. ❤❤❤
Great video!! But how did you get your clients? Can you make a video on getting clients? Or at least reply to me.
I was only making $85k/year as FNP in Arkansas
Can a PMHNP open multiple practices in different states?
Video update please 😅
I am making a video very soon. Stay tuned!
To be honest, Ive always wanted to be a psychiatrist when I was a young kid. I never wanted to go to medical school because I felt that I did not care for the majority of the rotations and it was going to be such a time commitment to gaining foundations in so many areas that I never want to work in. I work in the ER as a technician and have worked in as a tech on the inpatient side for several years. Ive worked in several hospitals some good and some bad and I love the emergency room. I finish my accelerated BSN program in a year and I feel that I am slowly seeing ER as a short term gig and I feel that my psych nursing classes are reinstilling my passion for mental health and psychological disorders, and I am connecting with post graduate programs to go into PMHNP related degrees. I lost my mind when you said you work 3 days a week. I really care about work life balance, and this video kind of reminded me that its possible to do what I love and not be a "slave" to my work.
I cannot find an answer on this anywhere on google: what is the educational path to become a full-practice psych np? I only see one university near me that offers a MSN-pmhnp but do i need a separate masters degree in nursing PRIOR to getting into an msn-pmhnp program? I am reading on the apu . edu website about their msn-pmhnp program and it says an msn is required prior to entry into the program. This makes no sense to me because why would you get a masters just to get a masters? I thought you could go straight into a pmhnp program straight from a bsn or even an adn. Can anyone clear this up for me? Also i originally thought the pmhnp was a dnp program but i guess it’s just a masters? i’m so lost here but my ultimate goal is to open my own practice as a psych np. I am currently applying to ADN and BSN programs. Thank you i’m advance to anyone who is willing to help me here.
You can apply to a PMHNP program with your ADN or BSN (depending on which school you choose), that will grant you your MSN or DNP degree. There are RN(ADN)-MSN direct entry programs and BSN-MSN or BSN-DNP programs. All decides on which schools offer what. Hope that helps.
@@ewiiamy13 Thank you. It appears every school does it differently so I just have a lot more research to do. Much appreciated!
Hi Psych NP!
Thanks for being transparent about the salary. I’m a full time adult-gerontology NP and currently in school for my Post-Masters Certificate in Psych. Should be done in August. I have never considered opening my own private practice due to liability but this is pretty eye opening! I’m seeing over 50 patients a week in primary care working only 4 days a week. Benefits are important because I have young kids but I love that there’s more flexibility with your own practice. Thank you for the video :)
Do you accept insurance or just private pay? Very impressive.
That's just how i want to live my life, work less and enjoy the things you like. Thanks for sharing.
Your videos inspire me to become a psych np. I’m also thinking about building my own practice later on. I’m noticing that many new grad nps are having a difficult time finding a job, but that also does depend on one’s specialty. How long did it take you to land your first job as a psych np and in which setting did you initially work in?
Thank you Daniel. I actually had a job 3 months prior to graduation and I worked in outpatient psych at a private practice.
Congrats on your success with the new practice! That’s great compensation for how many patients you’re seeing, curious to know if you’re cash only or take insurance. And what you’re billing rate is for initial evals and follow ups if you don’t mind sharing!
Thank you! I take both cash and insurance, I can't legally list my different insurance rates for the different codes. For my cash pay patients, I charge $250 initial and $150 for follow ups.
@@ThePsychNP Thanks for answering this, I just posted a similar question.. lol. I should've read through the comments first 🤦♀️.
@@jazzyj2243 Haha, no worries 👍
I just asked the same question too! I should have scrolled the comments more thoroughly before posting 😅 but thank you again for laying this all out there. The culture of being cagey about income just leads to workers getting undervalued or taken advantage of.
@@melissashulman1165 Melissa, no worries! There are a lot of comments so it can be hard to search them all 😅
Im graduating psych NP school next year and long term goals to open up my own private practice. can you make a video on the steps you took including the costs and how to go about opening your practice?