Penny Wise and Pound Foolish: Thoughts on investing and getting paid as a therapist

Curt and Katie chat about money: considerations for investing and getting paid as a therapist.  We look at typical unpaid opportunities and how to decide whether to do them. We also talk about client care practices that may take time, but could keep clients.  

Transcripts for this episode will be available at mtsgpodcast.com!

In this podcast episode we talk about money mistakes that many therapists make

We talk a lot about making sure that therapists get paid, but thought it was worth talking about when therapists should invest in their business and when they may want to work for free.  

What are the lessons Curt and Katie learned around investing in their businesses?

·      Electronic Health Records/Practice Management systems are very helpful

·      Automation helps your business to run without you

·      Sometimes visibility is worth working for free

How do you decide if you should do something for your business?

“I gave a presentation, it's gotta be more than 10 years ago at this point, for a group of students. I think, like five people showed up… But I still get referrals from one of the people who came there. And it turned into a really wonderful relationship, because I sounded like I knew what I was talking about.” – Curt Widhalm, LMFT

·      What are the practical benefits and challenges?

·      What are the other potential benefits (like enjoyment)?

·      What is the investment of time, money, and expertise?

·      What is the return on investment?

Specifics on deciding to take unpaid work

“There are elements of this where it's really looking at is the audience strong enough? Is there any money eventually? And do you actually want the referrals from the audience that you're going to be in front of? Because if all of those things are yes… I would consider – at least the first time out – doing some content creation (because I love content creation) without getting paid to see does it actually pan out. But you want to make sure you track that to determine: am I going to actually get anything from this this relationship and from this work that I'm doing?” – Katie Vernoy, LMFT

·      What new relationships will be developed?

·      Will you get visibility with the audience you’re seeking?

·      Will you obtain access to relevant learning?

·      Is the entity that is asking you legit and established?

·      Are there other forms of compensation (like photos or videos)?

·      Are you able to get clients from this work? (And what are new clients worth to you?)

Client care versus getting paid

“I don't think it's helpful, at least not for customer service purposes, to view your client as trying to take advantage of you.” – Katie Vernoy, LMFT

·      Setting up appropriate boundaries and policies

·      Avoiding additional costs, if you can (i.e., setting fees in a private pay practice to include these extras)

Resources for Modern Therapists mentioned in this Podcast Episode:

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Relevant Episodes of MTSG Podcast:

Why You Shouldn’t Just Do It All Yourself: An interview with Bibi Goldstein

Why You Shouldn't Sell Out to Better Help: An interview with Jeff Guenther

I Just Graduated, Now What? Career Advice for New Clinicians