Editor's Note

Lynne Azpeitia, LMFT
Voices Editor

Getting Paid: Money Matters—This Year’s Top 5 Articles to Help Make Dealing with Money in Your Practice Easier

‘Tis the season to be giving, so, my gift to you this year is 5 of the best and most informative articles on Money Matters that I’ve come across this year — the ones that give the best answers to the questions that therapists have about how to deal with money in their practices. These articles are meant to be helpful and inspirational—not a burden or a scold.

Each of these articles is a short and easy read — and every single one of them is chock full of the best tips and information that therapists can quickly and easily use to make dealing with money in our practices better any time of the year. 

Reading any one of them will hopefully give you more support, inspiration, and ideas on how to have more private practice money success — minus stress!

So, if you have a little time during this season to reflect on money and your practice and how to make it better, stronger, more profitable, and more, take a look at one of these and see what you think.

Article 1: Money – Discovering Your True Value

Robert Middleton

“Today’s article is the second in a multi-part series on making more money in your business.

The main reason I’m writing this series on making more money is that, in my experience, most independent professionals are simply undercharging for their services.

This time, I’m going to talk about how to change the way you think about charging for your services.

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? “ More….

Article 2: Money Matters: Q: As a female therapist in private practice, I know the value of my time is important to communicate to clients, but I’m uncomfortable talking about money with them. What can I do?

Maggie Mulqueen, Psychotherapy Networker

“A: Few therapists receive specific training about the business side of a private practice, and for many of us, having a business mindset can feel antithetical to our role as helping professionals. But in my experience, being a good businessperson is essential to providing high-quality therapy. When clients mistreat us financially, feelings of resentment can interfere with treatment. And just as importantly, clients who believe we’re mistreating them financially may feel resentful.

While all therapists must address money issues in their practice—they come up when a client fails to pay a bill or misses a session—it’s female therapists who talk to me most often about struggling with deep discomfort when it comes to discussing money with clients. This may be the vestiges of how an older generation was raised.

But as I see it, modeling best practices in these discussions can show clients that knowing one’s financial worth is an important indicator of self-care and self-respect, regardless of one’s gender. Since you find money conversations make you feel uncomfortable, practice talking about these matters with trusted people in your life so it becomes less difficult.” More…

Article 3: “Getting By” Money Vs. “Above And Beyond” Money

Chellie Campbell

“The road to success is marked with many tempting parking spaces.”Executive Speechwriter Newsletter

“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.” More…

Article 4: Should You Offer a Sliding Scale?

Theranest Team

“If you’re looking for one guaranteed way to make a therapist cringe, ask about sliding scales. Specifically:

●      Do you offer a sliding scale?

●      Why don’t you offer it?

●      Should you offer it?

●      What is an appropriate minimum rate for a sliding scale?

●      How do you decide who deserves reduced rates?

Cringing yet? No doubt, these types of questions are maddening. But these are the very questions you must ask yourself because eventually, someone else will ask them of you. When you delve into the topic of sliding scales, be prepared for both ardent supporters and passionate opponents. In this post, we won’t take a hard stance for or against sliding scales, but we will go over the pros and cons of implementing one in your private practice. We’ll discuss how to determine if this system is the right option for you and your clients. And finally, we’ll also provide you with excellent alternatives to the sliding scale model if you’re still uncomfortable with the idea of reduced rates. First, let’s start with a quick definition of sliding scales.” Read More…

Article 5: Are Sliding-Scale Arrangements Right for Your Mental and Behavioral Health Practice?

Theranest Team

“In the mental and behavioral health field, it is crucial to provide affordable and high-quality care to everyone, regardless of their financial status. Mindful of this objective, mental health providers have developed various strategies to address the financial barriers that may hinder treatment. One effective approach that has gained traction is the implementation of sliding-scale arrangements. In this blog post, we will delve into the concept of sliding-scale arrangements and explore how they benefit both providers and patients in the mental and behavioral health sector. We’ll also help you determine whether they’re suitable for your practice and how you can ensure you’re not sacrificing your financial health if you choose to implement them.” Read More…

There you have it, your very own Money Matters Coaching Kit. Enjoy your reading! 

Happy Holidays!

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.