When I work with established therapists in private practice, they often ask how they can increase their profit (which means they can also increase their salary). They know that if they see MORE clients they could increase how much money they make, but they want other ideas. Because, sometimes seeing more clients is out of the question.
Here are 3 ways to increase income in your practice (without seeing more clients):
DECREASE YOUR EXPENSES
Is there a software that you use that isn’t really needed? Are you ordering more supplies that you really need (for instance, are you printing a lot of things when almost everything can be digital these days?), do you own expensive equipment that is outdated and costly to maintain? Consider subscriptions, services, and equipment that can be scaled back. Even if you only save $20.00 a month it is worth it.
RAISE YOUR FEE
Raising your fee by only 5-10$ can make a big impact in your practice. If you see 20 clients and raise your fee by only $5.00 you will be making $100.00 extra a week! That is $400.00 more a month!
RENT YOUR SPACE
Is your office space being used to full capacity? No? Please, please change this. STAT. Utilizing your office space to full capacity will help you to increase your profit by a. reducing your expenses ( it will cover your rent) and b. potentially putting a little extra in the bank. Are there morning slots you don’t use? Weekends you are never there? Rent it out!
How else have you increased income in your practice? Let me know in the comments!
Elizabeth Earnshaw is the owner of two businesses – a thriving private practice in Center City, Philadelphia and an online school that offers psychoeducation and therapist training programs. She is passionate about helping therapists to create a thriving career so they can live abundant lives. To read more about her, click here.