Hi, I'm Dave Kats with Therapist Consultants and I have a tip for you.
Therapists are a unique group when it comes to healthcare professionals because therapists bill predominantly only by time. In other words, if you spend so much time with a patient, you bill out a certain code. Other healthcare professionals can bill by the service. If they do a service, regardless of how long it takes, they can charge for that code.
Now, that means that once you're full, you're full. In other words, you don't have any more time in the day. You can't improve your income if you're doing time services, but maybe that's not true. Let's think about that. What would happen if you started doing several group sessions during the week? Let me give you an example. If you had six couples come and pay you $50 to be in a one-hour group session on marriage counseling, that would be $300 compared to just $150 if you saw just one person.
One of the ways you can multiply yourself, and I think you should think...
Hi, this is Dave Kats with Therapist Consultants and I have a tip for you.
I noticed that many therapists go through a certain progression. When they first get into practice, they're not on any insurance panels, so they start as a cash practitioner. Sometimes they start at a lower price. After a while, they say, "I'm missing a lot of new patients because I'm not on the insurance panels." They get on some or all of the insurance panels that they can get on and they take insurance for a period of time.
After that, they say, "I'm not getting paid very much by the insurance. I think I should go back to cash." They go back to a cash practice. Sometimes slowly over a period of time and sometimes all at once, but that's the cycle. Cash, insurance, cash. Now, you can get fixated in any area. For instance, you can stay cash and low cost or you can stay insurance through the rest of your life, but most people would like to be on a cash practice where they have plenty of new patients and...
Hi, this is Dave Kats of Therapist Consultants and I have a tip for you.
We've talked about this one once before, but it's so unusual what I see, that I want to bring it up again. I would suggest, as a therapist, if you have any extra space, rent it out to another therapist. Now it could be that the only extra space you have is on weekends and evenings, and that's okay. I would rent that time out. I have a therapist in the greater Dallas area that does not work on Fridays. She works Monday through Thursday. So she rents out her office on Friday, Saturday and during the evenings. She rents it to two different therapists, so they split the time, and one pays $300/month, and one pays $350/month. Together that's $650 which pays her rent for that facility. So, it's really a great idea to do. Now, the reason I bring it up is because as a consultant, I talk to clients that are just getting in practice, and I talk to clients that have been in practice for a period of time, and they are...
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