Episode 96: Setting Cash Pay Rates & Adding Benefits to Your Practice (with Whitney Owens)

Setting cash pay rates can be tricky! You want to make sure you're offering a competitive rate in your area and still honor your time and skill set as a therapist. Another key thing to consider... as your private practices grows and your team begins to expand, you may find yourself contemplating the different options of compensation you can offer! Bonuses, PTO, health insurance, and retirement plans are all great options, but it may be challenging to know when you can afford to implement these options. Today, Julie's joined by Whitney Owens to talk about the different changes your practice will go through when setting cash pay rates and adding benefits for your team members.

Whitney Owens is a Licensed Professional Counselor and Private Practice Consultant in Savannah, Georgia. In addition to running her practice, she offers individual and group consulting through Practice of the Practice. She is also the host of The Wise Practice podcast and the Faith in Practice podcast! Whitney places a special emphasis on helping clinicians start and grow faith-based practices.

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EPISODE HIGHLIGHTS

• Let's set your cash-pay rate
  • Start by checking the rates in your area! You want to keep your rate competitive with other cash pay practices near you
  • Don't sell yourself short! If you offer a specialty or are consistently overbooking your schedule, it may be time for a rate increase
• How do you recommend raising your rates?
  • Communication with your clients is key!
  • Always lay out the rate increase in a letter for your existing clients
  • Be willing to work with your clients that may struggle financially
• What are some benefits you may offer your team over time?
  • PTO & sick-leave
  • Annual bonuses
  • Health insurance
  • Retirement options

LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Whitney Owens - www.WhitneyOwens.com
The Wise Practice Podcast
Wise Practice Summit 2023
Rate Increase Letter Example