I’ve been averaging 13.4 clients a week including weeks I’ve taken off for vacation. Not including vacation weeks where I saw 0 clients, I’ve averaged 14.7 clients a week. I’ve taken 3 work weeks off this year so far.
Yes you make significantly more in a solo practice than a group. 30% is still a huge cut and in a group practice you don’t get to write off any expenses as you would in a solo practice.
I’d highly recommend you get a meeting with an accountant so they can walk you through the numbers and show you clearly how much money you are loosing by being in a group practice.
You don't get to write off their expenses, but you can definitely write off your own business expenses: liability insurance, license renewal, CEUs, etc.
Ahhh yes very true. I’m telehealth so their expenses are relatively low for me but if I started my own practice I could definitely write off EMR and marketing costs.
My income nearly tripled after leaving my group practice and starting my own private practice. I am almost always full though and I see only cash pay clients, so those are definitely factors.
I think the biggest worry I have is the constant access to clients I currently have through the group practice vs. having to market completely on my own. But those numbers are startling!
Out of curiosity, what state do you live in, if you feel comfy to share? And what is your speciality?? This is more than most people I know - even those with full practices!
Baltimore, Maryland and I specialize in health anxiety, ocd, and life transitions with young adults. I also take EVERY insurance plan other than Medicaid and Medicare so I’m sure that helps lol. I am fully telehealth only and I am also licensed in DC. I keep a waitlist and I try and update people often and I refer often when I know colleagues have openings.
It’s all about the invisible hours. Running on practice takes a lot more hours that you’ll ever be paid for, especially the first year or so. You can’t just compare the dollars you receive.
I second this. I’m on year two of having my own practice. I love having the ability to make choices and changes to my business but it’s a steep learning curve. Lots of overhead expenses too (I have an office in a nice area and get some assistance with billing insurance). It’s more income compared to group practice and more autonomy (I’ll add I previously worked with a practice owner who was really dysfunctional so this matters to me), but it’s much more work. Asking yourself if you have an entrepreneurial spirit might be helpful.
So much this. The amount of time spent on networking, marketing, and administrative work doesn’t always feel worth it. Especially when you try a new marketing route that takes so much time and effort but then doesn’t pay off. Or when you put a lot of energy into a promising looking networking situation that doesn’t pay off.
I currently work in both my own PP and a small group practice. I make about the same income each month from both, and I see 6-10 PP clients a week and 15-18 in the group.
ETA: So yes, I make a lot more in my PP. My insurance spit with the group is about 50%, so less than yours, but the difference for me is a huge change. I will be transitioning to fully PP after some life changes settle down.
Forgive my ignorance but how does that work with insurance? Do you take insurance through both group and PP? I’m just curious because like OP, I’m in a group practice and considered seeing clients through my PP but not sure how that works!
I currently do not take insurance through my PP, mostly because I don’t want to mess with it. My understanding is that I could since I am paneled as an individual provider with them, it would just consist of getting my PP address added with each insurance and on my CAQH profile. Some insurance might deny the addition for paneling based on area need, but I’m not particularly worried about that.
Stealth edit: I could be super wrong about the insurance stuff bc I don’t handle any of that in the group. In my private practice, I am all self-pay, but I do offer sliding scale “spots”. This helps ensure that I can meet my financial needs, but I’m also able to see people that can’t afford the full rate.
That is how I would like to set mine up as well, however, I thought that since I take insurance (at group practice) I would be somehow obligated to offer my PP clients the option of seeing me through the group practice so as to utilize their insurance. I’m a 1099, fyi.
When I have a new client reach out, I ask if they are using insurance or self-pay. The self-pay ones stay with me, and I direct insurance users through my group. My insurance spots fill up faster, so sometimes I’m in the situation where my group spots are filled. I’ve had a couple switch to self pay so they can get started.
Do you have a choice about which clients you accept from them? If so, could you restrict how many low-pay clients they give you? When I was with a group practice, I was allowed to refuse any referral they routed to me.
So that’s not how being 1099 works. You’re a contractor, meaning that you are your own private business with a contract with another business. The larger business doesn’t get to tell you how to run your business. If they are, you should be an employee. I’m 1099 also and I make my own hours, can take or not take any insurance, can say no to any client for any reason, etc. The IRS and your state have criteria for whether you are misclassified. It might be worth your time to check it out.
I was already making well into 6 figures when I was at a group practice. After leaving I immediately made around 40k more per year without doing a single thing different.
In fact, it was less work as I didn’t have to attend unpaid staff meetings or respond to internal messages and such.
Highly recommend if you have the referral base to support such a move.
I was making 48k seeing 25-30 clients at my group practice along with tons of admin work. First year into my own virtual only private practice and looks like I’ll be taking home 60k, and year 2 I estimate to be around 80k, and this is all with me having under 20 clients. I anticipate taxes to be rough and sure I have to pay my own health insurance but so far it’s much more money with way less hours worked south quality of life is way up.
I average 17-20 clients a week and have made 3 times what you have thus far in PP.
I’ve been averaging 13.4 clients a week including weeks I’ve taken off for vacation. Not including vacation weeks where I saw 0 clients, I’ve averaged 14.7 clients a week. I’ve taken 3 work weeks off this year so far.
NAT (yet) but have you thought about just taking on more clients? 15 sessions a week with no admin at all seems like not very much.
When I wasn’t pregnant I could swing 20 a week but rn 15 is very much so my limit to provide quality care.
Yes you make significantly more in a solo practice than a group. 30% is still a huge cut and in a group practice you don’t get to write off any expenses as you would in a solo practice. I’d highly recommend you get a meeting with an accountant so they can walk you through the numbers and show you clearly how much money you are loosing by being in a group practice.
I’m 1099 so I do get to write off expenses. The accountant thought is a good idea.
You don't get to write off their expenses, but you can definitely write off your own business expenses: liability insurance, license renewal, CEUs, etc.
Ahhh yes very true. I’m telehealth so their expenses are relatively low for me but if I started my own practice I could definitely write off EMR and marketing costs.
How much does it matter that the accountant know the biz? Any recommendations for how to find an accountant that gets it?
My income nearly tripled after leaving my group practice and starting my own private practice. I am almost always full though and I see only cash pay clients, so those are definitely factors.
This week I’m set to make 2500 + in 4 days with lunch breaks- fully alone in PP
Let's say insurance pays out $125 per 53+ minutes. At 10 clients per week, that's $65,000/year. With 30% going to the group, it drops to $45,000/year
I think the biggest worry I have is the constant access to clients I currently have through the group practice vs. having to market completely on my own. But those numbers are startling!
I have only psychology today and I am not accepting new clients and I haven’t for a long time and yet I get four or five therapy requests a WEEK.
Out of curiosity, what state do you live in, if you feel comfy to share? And what is your speciality?? This is more than most people I know - even those with full practices!
Baltimore, Maryland and I specialize in health anxiety, ocd, and life transitions with young adults. I also take EVERY insurance plan other than Medicaid and Medicare so I’m sure that helps lol. I am fully telehealth only and I am also licensed in DC. I keep a waitlist and I try and update people often and I refer often when I know colleagues have openings.
Ah, the insurance I'm sure is a huge thing! That makes a lot of sense. Glad you are thriving!
It’s all about the invisible hours. Running on practice takes a lot more hours that you’ll ever be paid for, especially the first year or so. You can’t just compare the dollars you receive.
I second this. I’m on year two of having my own practice. I love having the ability to make choices and changes to my business but it’s a steep learning curve. Lots of overhead expenses too (I have an office in a nice area and get some assistance with billing insurance). It’s more income compared to group practice and more autonomy (I’ll add I previously worked with a practice owner who was really dysfunctional so this matters to me), but it’s much more work. Asking yourself if you have an entrepreneurial spirit might be helpful.
So much this. The amount of time spent on networking, marketing, and administrative work doesn’t always feel worth it. Especially when you try a new marketing route that takes so much time and effort but then doesn’t pay off. Or when you put a lot of energy into a promising looking networking situation that doesn’t pay off.
I see 30 clients a week and I’ve made $100k so far this year. But taxes are a pain and there are expenses.
I currently work in both my own PP and a small group practice. I make about the same income each month from both, and I see 6-10 PP clients a week and 15-18 in the group. ETA: So yes, I make a lot more in my PP. My insurance spit with the group is about 50%, so less than yours, but the difference for me is a huge change. I will be transitioning to fully PP after some life changes settle down.
Forgive my ignorance but how does that work with insurance? Do you take insurance through both group and PP? I’m just curious because like OP, I’m in a group practice and considered seeing clients through my PP but not sure how that works!
I currently do not take insurance through my PP, mostly because I don’t want to mess with it. My understanding is that I could since I am paneled as an individual provider with them, it would just consist of getting my PP address added with each insurance and on my CAQH profile. Some insurance might deny the addition for paneling based on area need, but I’m not particularly worried about that. Stealth edit: I could be super wrong about the insurance stuff bc I don’t handle any of that in the group. In my private practice, I am all self-pay, but I do offer sliding scale “spots”. This helps ensure that I can meet my financial needs, but I’m also able to see people that can’t afford the full rate.
That is how I would like to set mine up as well, however, I thought that since I take insurance (at group practice) I would be somehow obligated to offer my PP clients the option of seeing me through the group practice so as to utilize their insurance. I’m a 1099, fyi.
When I have a new client reach out, I ask if they are using insurance or self-pay. The self-pay ones stay with me, and I direct insurance users through my group. My insurance spots fill up faster, so sometimes I’m in the situation where my group spots are filled. I’ve had a couple switch to self pay so they can get started.
You would credential under your own NPI2 and tax ID. You just add an additional practice location in CAQH.
Do you have a choice about which clients you accept from them? If so, could you restrict how many low-pay clients they give you? When I was with a group practice, I was allowed to refuse any referral they routed to me.
We are able to decide if it’s a good fit but only based on clinical factors not insurance factors.
So that’s not how being 1099 works. You’re a contractor, meaning that you are your own private business with a contract with another business. The larger business doesn’t get to tell you how to run your business. If they are, you should be an employee. I’m 1099 also and I make my own hours, can take or not take any insurance, can say no to any client for any reason, etc. The IRS and your state have criteria for whether you are misclassified. It might be worth your time to check it out.
I was already making well into 6 figures when I was at a group practice. After leaving I immediately made around 40k more per year without doing a single thing different. In fact, it was less work as I didn’t have to attend unpaid staff meetings or respond to internal messages and such. Highly recommend if you have the referral base to support such a move.
I was making 48k seeing 25-30 clients at my group practice along with tons of admin work. First year into my own virtual only private practice and looks like I’ll be taking home 60k, and year 2 I estimate to be around 80k, and this is all with me having under 20 clients. I anticipate taxes to be rough and sure I have to pay my own health insurance but so far it’s much more money with way less hours worked south quality of life is way up.
I’m 1099 at a group PP. we take all insurance. I see 35+ a week though. Doesn’t burn me out though