As someone who works with a bunch of service based businesses there is definitely a mentally that practice owners have where they undervalued themselves. “I wouldn’t pay X dollars for it” only applies because they are professionals in the field. Every pro mechanic refuses to pay $50 for their oil change but for those that don’t know what they are doing that is a great price!
Oh this is a great perspective! It's true that since we already know what we know, we often underestimate how valuable our knowledge and skills are to others.
YES!! So great to collaborate with you! I love all of your tips and try to advocate more for fee setting and running your business in psychology and social work training.
One thing that occurred to me on this: agency mentality. Young therapists are so used to that endless stream of referrals that we assume the clients will either be there, or assume that a bigger cut on what the insurance pays will be enough. I know that hindered me early on.
How do you feel about accessibility, making mental health services more affordable for people without financial privileged? And balancing that with my income needs? To me I would add social justice to the list of reasons for charging less.
Yes so important! There are many ways to go about this. I personally offer a sliding scale rate. So my full rate is much higher than the amount I need to average per session. I know some therapists will instead have a certain number of pro bono slots, and others who volunteer a percentage of their time to the county while charging a premium in their practice to account for the cost. There are many ways to do it - but a problem I see come up is people fearing charging a high enough amount as their full rate because they're afraid they're not "worth" that much. Your time is worth a lot! And you also have the freedom to choose to charge less or donate your time. Love this point you bring up!
Hello Dr. Fang. You are incredible, and provide such an amazing gift to private practitioners! I’m so impressed by your depth of knowledge, and transparency in how you share with us. Would you be willing to create content around how you engage in conversations about your fee with potential clients? Casey Truffo’s books are great in talking about this, but I wonder what your experience has been. ❤️
Hello Dr. Fang. My name is Andrew and I'm a clinical social worker in the New York City metropolitan area. Big fan of the channel. Thank you so much for the hours of dedication and thoughtful topics. I have utilized so many of your tips as I am on the verge of leaving my hospital job to go full time private. You are making a difference and we appreciate it. I have a concern and I wanted your take. I'm seeing so many companies that are offering online therapy to people for much less than the worth we constantly strive for as a masters level experienced service provider. Are you concerned there is a paradigm shift? Do you believe we are heading into a period where companies suck up volume at discounted prices attracting more people who may not understand value? Should I be worried?
Oh this is a question after my heart because I'm OBSESSED with plants! 😍 Personally, I went with easy care and air purifying plants: peace lily, snake plant, and pothos are a great place to start!
What is your advice on getting licensed as a mental health counselor first then going after my PsyD or just hold off on licensure until I complete my PsyD then just become a licensed psychologist?
Interesting question! I think it really depends on what you're hoping for in the end. If you have a goal of earning some income before diving into your doctorate, it might help to get licensed first, but if you have a goal of going through everything as fast as possible then there may be no need. I'm curious about what your hopes are in getting a PsyD? That will probably help inform your decision.
I want the title of Dr. and the possibility of a higher income. After obtaining my masters in mental health I noticed the job availability was scarce and the income was not impressive at all. So I’d like to eventually have my own private practice and the title of Dr. But since I incurred so much debt with my Masters, I’d like to build up more money then maybe in a year or two pursue my doctorate.
