How I Increase My Prices in Private Practice
Why it's important and a step by step guide
Thinking about raising your fees in private practice can feel like getting lost in a maze of discomfort and uncertainty. Understanding the financial facts is just one piece of the puzzle. You also need to navigate the emotional landscape and mindset shifts that accompany a change of this nature. It's not something I've always found easy, but over the years, I've gathered insights and strategies that might make it easier for you. Here’s how I increase my prices in private practice…
Why Put Your Prices Up at All?
If putting your prices up is so hard, can’t we just avoid it completely? No. Here’s why:
Your practice isn't isolated from the economic world, it's a part of it. As costs of living and operation rise, so too should your rates. This isn't just about personal gain – it’s about aligning with the economy and ensuring your business's sustainability. Regular, justified increases are a sign of a healthy, growing business.
As therapists, we're integral to the health and care services sector. By valuing our work and pricing it appropriately, we contribute to the broader perception and respect of mental health care. We're setting a standard, showing that this work is valuable, necessary, and deserves fair compensation. In other words, ensuring your financial well-being contributes to a healthier, more sustainable care system.
For more advice on this subject, read How Much Should I Charge for Therapy? and explore Pocket Site’s Therapist Fee Calculator.
It Starts with Your Money Mindset
It's natural to encounter fears and worries when considering a rate increase. What if clients leave? What if it's seen as greedy? Many therapists also grapple with limiting beliefs around money, often tied to the intrinsic value we place on our care. While some of these concerns may be valid, it’s important to remember you’re providing life-changing support through your services. Financial sustainability enables you to continue doing this, making it an essential part of your practice's health and longevity. Acknowledge your fears, then shift focus to the value you offer. You're not just raising prices. You’re ensuring the quality and continuity of care.
To dive in deeper to the step-by-step practicalities, join us as a member at Therapist’s Corner to keep on reading.