When To Raise Your Therapy Practice Fees
In your practice, there will come a time where it feels like it’s time to raise your rates. It can feel strange or uncomfortable to consider raising your rates, much less actually discussing money. But (and it’s a big but) it’s important to remember that your practice is a BUSINESS.
Is it time to adjust your practice fees? Here are some of the signs it’s time to increase your rate.
Your Expenses Have Increased, But Your Rates Have Not
Prices goes up at the new year—people expect and accept this.
Many services you use in your business have likely gone up recently: accounting, billing, payroll, malpractice or liability insurance, electronic recordkeeping, internet services, office rent, and more!
The new year is also when people get raises. So, why don’t you deserve one as well? (The answer: you DO deserve a raise)
Your Schedule Is FULL and You Cannot Take on New People
Raise your new client rate and see what happens:
If the next 5 referrals you accepted say “No” because your price was too high, that is FINE because you don’t have room to see them anyway.
If they say “Yes” to your new rate, you will squeeze them in and make it work. And VOILA, your new rate is set and confidence raised! BAM!
Your LIFE Needs Your Time and Attention
If you charge more, you can see less clients, freeing up time:
TIME you can spend with your family or friends.
TIME to devote to a passion project that brings you meaning and joy.
TIME to learn a new skill or technique that will bring even more value to your clients!
Are you ready to tackle it? Over Thanksgiving, write a letter to your clients about updates in your practice this year and set your new rate at the start of the year with the rest of the world.
Take A Deeper Look
If any of this resonates with you, I invite you to our FREE masterclass: 7 Tell-Tale Signs It's Time To Raise Your Therapy Practice Rate. In this masterclass, you will learn how to charge your worth and do so WITHOUT guilt or discomfort.
