September 25, 2020
12 noon-1:15 pm
Dealing with Fees & Payments
In Private Practice:
Dos & Don'ts
Wednesday, September 23, 2020
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Practice Development Networking Lunches
Articles on Money Matters
Money – Discovering Your True Value
You’re not a commodity. If you think of yourself as a commodity, your clients will think about the fees you charge and how they can get the lowest fees possible.
They’ll think your services are like everyone else’s. Buying your services is not like buying rice, steel, or heating oil. You can always find a lower price somewhere and get more or less the same commodity. But if you’re a consultant, coach, trainer, financial planner, or another professional, your focus can’t be on your fees, but on the results you produce for your clients.
Think of some of the results you’ve achieved for your clients. Didn’t they make a huge difference in your clients’ lives and businesses?
Many of my clients have increased their incomes by tens or hundreds of thousands of dollars as a result of the work they’ve done with me.
And I’m sure it’s the same with you. And if your services don’t result in a monetary return, they bring other rewards that are often even more significant: big gains in confidence, fulfillment, and relationships.
Your services can change the lives of your clients. They are not a commodity. More...
Private Pay or Insurance: Which One Should You Choose for Your Private Therapy Practice?
Before you hang your shingle as a private therapy practice, one of the first questions you’ll need to ask and answer is this one: Should I go with insurance or a self-pay model?
Even after you’ve been in practice for a while, you may find yourself revisiting this question as insurance rates or even local demographics change. For example, if a large employer in your area closes down, it can negatively affect how many people have access to insurance and therefore, your insurance-based private practice. It would make better sense to set up a self-pay strategy so that you’re able to anticipate and accommodate cash paying clients. More...
Should You Offer a Sliding Scale?
If you’re looking for one guaranteed way to make a therapist cringe, ask about sliding scales. Specifically:
“Getting By” Money vs. “Above and Beyond” Money
Many people get caught in the trap of making just enough money to “get by.” They work to pay their current bills, and once those are satisfied, they relax and coast until the first of the next month, when they start the process all over again. It is a basic money habit pattern. Working frantically to get the bills paid and then coasting will not get you to the pinnacle of success you deserve. No one ever coasted uphill.
A smart and savvy entrepreneur....More