Getting Paid: Setting The Hourly Rate in Your Private Practice. Is It Time To Set A New Fee?

Is it time for you to reevaluate whether you’re charging the right amount for your psychotherapy services? 

With all the talk about money and prices due to the increased costs of goods and services—and the recent rise in inflation—that everyone is experiencing, many therapists are seriously thinking about, wondering, or seriously considering raising the prices for their services. It’s one of the main topics of conversation in professional circles these days. 

Since so many therapists are thinking of or increasing their rates, they are also concerning themselves with how to balance both the compassionate and business side of running, growing, and sustaining a private practice at the same time. 

Do you need a better way to set your hourly fee—one based on your values and what you need to earn from your practice in order to thrive financially and emotionally? 

If so, here are four very practical articles that can help with that. Each article offers simple strategies and good advice for how to set your rate so that you are paid what you’re worth and you don’t burn out meeting with clients. 

Some of the helpful things you’ll find in the articles:

• Considering your pre-tax annual income
• Things that happen when you undercharge clients
• How to account for/include your no show rate when calculating how many clients to see
• How to afford health insurance, vacation, and pay your quarterly taxes
• Questions to ask to determine if it’s time for you to raise your session price
• Finding a financial happy place for your practice.

Consider these articles as new tools in your Fee-Setting Toolbox: 

1. Set Your Hourly Rate in Psychotherapy Private Practice
2. How To Set Fees in Private Practice: 7 Simple Steps for Therapists
3.  Setting Fees and Session Rates in Private Practice
4. How to Set Up Your Private Pay Fees and No Show Policies

Whether you decide to increase your prices or not, there will most likely be a thing or two in these articles that will help facilitate your decision and comfort with it.

Lynne Azpeitia, LMFT, AAMFT Approved Supervisor, is in private practice in Santa Monica where she works with Couples and Gifted, Talented, and Creative Adults across the lifespan. Lynne’s been doing business and clinical coaching with mental health professionals for more than 15 years, helping professionals develop even more successful careers and practices. To learn more about her in-person and online services, workshops or monthly no-cost Online Networking & Practice Development Lunch visit www.Gifted-Adults.com or www.LAPracticeDevelopment.com.