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Of course, each of us has to weigh out local market conditions and determine what the market will bear. It’s true that for some clients, cost is a primary factor in choosing a therapist, so if
lots of therapists in your area charge similar rates, it may be difficult to raise yours. And if you’re in-network with insurance companies, your rate is set by contract. Though, it is sometimes possible to negotiate a higher rate from insurers, particularly if you are part of a strong group practice or if you have specializations that others in your area do not.
Specialize
Early in your career, you may be tempted to craft your marketing strategies to appeal to any and all potential clients. However, prospective clients often seek therapists who specialize in their particular problem, and may skip over generalists. So even though it may sound counterintuitive, there is a good chance that specializing in your practice, even early in your career, will actually bring in more clients. Obviously, it matters what specialty you choose, and you’ll do best if you can find a niche where there is
significant demand and there are few existing therapists in your geographic area who serve that specialty.
Diversify
At first glance, this may appear to run counter to the discussion of specializing previously. But the two actually go hand in hand. If you specialize in your clinical work, you can take advantage of opportunities to diversify your income sources. Many MFTs make additional income through teaching, leading workshops, or selling books or other products related to their areas of specialty practice.
Creating these other income streams requires an initial investment of time, money, or both, and that investment needs to be considered carefully. It is a very real cost, and one that should be planned for. Ideally, though, once you have other income streams set up, they can become reliable sources of income that support your clinical work and expand your marketing reach.
As you might expect, none of these steps, on their own, guarantees a higher income. But they can certainly increase your chances of it. And no matter what
your career stage, I hope at some point soon you open a lunch or a meeting with colleagues by saying, “I’d like to talk about money.” Without anyone feeling like they need to whisper.
Benjamin E. Caldwell, PsyD is
a licensed marriage and family therapist and AAMFT Clinical Fellow in Los Angeles. He discussed financial
issues in “The Rising Tide of Student Debt” (FTM, Jan/Feb 2016), and in his 2015 book, Saving Psychotherapy.
References
Board of Behavioral Sciences (2007). Demographic report on licensees and registrants. Retrieved from http://www.bbs. ca.gov/pdf/publications/demo_survey_2007.pdf.
Board of Behavioral Sciences (2008). Tracking the LCSW and MFT licensing processes: A current snapshot of 2002-2004 graduates. Retrieved from http://www.bbs.ca.gov/pdf/publications/ tracking_licensing_process.pdf.
Bureau of Labor Statistics (2013). Differences between union and nonunion compensation, 2001-2011. Retrieved from http://www. bls.gov/opub/mlr/2013/04/art2full.pdf.
Paquette, D. (2016, June 7). Young women are still less likely
to negotiate a job offer. But why? Washington Post Wonkblog. Retrieved from https://www.washingtonpost.com/news/wonk/ wp/2016/07/07/young-women-are-still-less-likely-to-negotiate- a-job-offer-but-why.
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