5 Signs It's Time To Raise Your Fees

It's common for therapists in private practice to have anxiety around money issues like how much to charge per session, how to ask clients for payment, and when to raise your fees. Getting comfortable talking about fees with clients is crucial to private practice success. After all, you own a business. In general, I think therapists charge too little for their services.

Several years ago, I resigned from managed care and I raised my psychotherapy fees at the same time. Fortunately, my practice didn't suffer financially from those decisions. What surprised me most about raising my per session fee was that the perceived value of my services went up. "You don't take insurance and charge a lot? You must be really good," was a sentiment that I heard frequently from potential clients.

Interestingly, I've found that clients tend to invest more in the therapy process because they are investing more money out of their own pocket for treatment.

If you're considering raising your fees, consider these 5 signs that the time has come to raise your fees.

1) You haven't raised your psychotherapy rate in over 5 years

If it's been over five years since you've raised your therapy fees, it's time to revisit the issue. Your cost of living goes up approximately 2% every year due to inflation. If you haven't raised your fees you are likely making less than you made five years ago.

2) Your full fee is equal to insurance reimbursement

If you set your fees based on what insurance companies are willing to reimburse, then your fees are too low. Historically, insurance companies reimburse at a much lower rate than the providers full fee.

3) You aren't making enough money to pay your bills

Your private practice needs to serve your clients and provide a sufficient income for you. If you are not making ends meet in your practice or your personal life you may need to reduces expenses and increase your rates.

4) You have a waiting list

A waiting list is a sign that your services are in demand and that clients will pay more for your services.

5) You've completed specialized training or certification

Your added expertise deserves additional compensation. If you have recently completed advanced training, like certification in DBT or Emotionally Focused Couples therapy, for example, you may want to charge more.

When is the last time you raised your rates? How do you decide when to increase your fees?

photo credit: Corey Holms

5 Self-Care Tips For Therapists

You take good care of you clients but are you taking good care of you? Being a therapist in private practice is incredibly fulfilling and very emotionally draining. While it's an honor to be trusted with client's deepest fears, pain, and vulnerabilities, it can take an emotional toll. Therapists seem to be particularly vulnerable to putting our own needs on the back burner to attend to others. It's why we're good at what we do. It's also why prioritizing self-care is crucial to professional and personal success, and to avoiding burnout.

At work and at home (I'm a wife and mother of 4 children) I emotionally and physically nurture others, so I've had to work hard to figure out what I need and how to prioritize self-care. Here are some ways that I've learned to take good care of myself as a private practitioner.

1) Start and end sessions on time

Build in 10-15 minutes in between clients to take a bathroom break, do some deep breathing, have a snack, clear your head, or consult with another therapist. Don't give away your time to clients at your own expense or you'll end up resenting them because your needs aren't being met.

2) Remember to eat and drink

This sounds so basic, but I've had times when hours would go by before I realized that I was parched and famished! I used to book  8-10 clients a day without scheduling a break assuming that someone would cancel or no-show. On the days where no one did I'd work straight through. Exhausted and starving I usually grabbed junk food and a sip of water. I've learned to build in time to eat and drink so I can maintain my energy level.

3) Schedule transition time after work

Take a few minutes to clear your head so you don't bring the emotions of work into your personal time. If you have a commute you may want to listen to relaxing music on your drive home. There was a period of time where I'd work out at the end of my work day to help release the stress of the work day before heading home and that worked well. Take a few minutes to "shift gears" after work.

4) Get consultation and supervision

It's crucial to build in support for your emotional and professional needs in order to prevent burnout. Meet with colleagues to process countertransference and consult on difficult cases so you don't internalize your client's issues. This is particularly important for solo private practitioners to prevent isolation.

5) Solve recurring complaints quickly

If you have chronic complaints about your practice, act quickly to resolve them.  If you hate your office space, start looking for a new one. If you are overwhelmed by paperwork, reports, and managed care authorizations, consider hiring office help. Take action when something is bothering you so it doesn't drain your emotional energy.

One of the benefits of being in private practice is that you are in charge of your own schedule. Be sure to build your self-care into your schedule. We are modeling self-care for our clients so let's make sure we're practicing what we preach.

What do you do to "fill your own bucket" during your work day so you can continue to feel energized, to be effective with clients, to manage your practice, and maintain a personal life? I'd love to hear your ideas and suggestions. Feel free to comment below.

photo credit: rofanator