Private practice therapist salary
To earn six figures in private practice, your gross revenue should be at least 30% more than your goal. Divide that amount by your number of annual work weeks. Then, divide it again by your ideal number of weekly clients. This will determine what you should charge per session in order to meet your revenue goal.
See the updated statistics of an average US private practice therapist salary here.
How much do private practice therapists make per hour?
Hourly fees differ based on where your practice is based as well as your clientele’s demographics. Normally, 35 sessions per week is sufficient for a full-time therapist. If your sessions are 45 minutes each, that’s a total of 26.25 working hours per week. To determine your session fee, simply work backwards from your goal revenue.
Click here to find out more about suggested therapist hourly fees, per state.
Can you make a lot of money as a therapist?
Most therapists didn’t go into private practice for the money, but to help people. The reality is, however that you won’t be able to continue making a difference if you can’t make a living. Research has proven that counselors can easily make six figures if they see 35 clients per week.
Click here to find out how to effectively market your practice and fill up your caseload.
Why do therapists make so little?
Past research has shown counseling psychology to be among the majors with the lowest salaries. Studying psychology can, however, still be considered a good first step towards an MBA, a law degree, and more. Should you choose to stick with therapy, there are many counselors who are successful in private practice.
Read more about the 25 best psychology careers worth over 100,000 in salary.
How do you become a private practice clinical therapist?
To start and operate a private practice, you will need to complete a degree program, gain a license, and maintain the daily operations of running your business. You will need a bachelor’s degree in psychology, as well as your master’s in counseling or counseling psychology. The requirements for acquiring a license differ per state.
Find out more about how a counselor can go about opening a private practice here.
What therapists makes most money?
The industry of psychology is very broad. Within this field, however, are certain careers that pay higher than others. For example, as of 2019, a Psychiatrist, Industrial-Organizational Psychologist Psychologist, and a Neuropsychologist are the three highest paying psychology careers. It’s worth noting, though, that these salaries can vary considerably based on a variety of aspects.
Here’s a more comprehensive guide explaining which psychology careers have the highest annual salaries, and what education and training are required for those careers.
How to become a private practice therapist
If you’ve completed your counseling degree and are licensed in your state, there are a number of things to consider before opening a private practice. These include recognising the challenges of operating a practice, the legal requirements, developing a business plan, choosing office space, deciding to employ administrative help or other clinicians, and more.
Click here to read the full checklist for starting a private practice in counseling.
How to make more money in private practice
In order to make more money in private practice, ensure that you’re adding real value through your therapy. More over, choose marketing strategies you actually enjoy partaking in. Analyze the systems of your practice, including how you respond to inquiries. And, finally, look at what you’re charging per session and what this amount is based on.
Read more about money and private practice here.
How to start a counseling private practice
Here are the 10 steps to follow to start a private practice:
- Complete the necessary paperwork
- Set up a phone system
- Find office space
- Create a website
- Get insured
- Have professional headshots taken
- Get business cards made
- Decide whether you want to accept credit cards
- Know your worth
Click here for more information on each of these steps.
Private practice therapist hours
Scheduling can make or break a private practice. The challenge is to earn as much as possible, while still maintaining the quality of your therapy. Things to consider when creating a weekly schedule include: physical requirements, self-care and burnout, session preparation, administrative tasks, personal activities and work-life balance, and assistance for non-billable jobs.
Read more about how to make your own schedule in private practice here.