The mental health industry is valued at a staggering $121 billion and is expected to grow by a reasonable margin for the next few years. The mental health industry is in charge of the overall mental wellness of the American population. As more and more people succumb to mental illness, this pushes the need for more mental health workers, such as psychologists and counselors, into the profession. If you’re planning to start your own private career, here’s what you need to know.
Licenses and Certificates
As a mental health professional, you are in charge of the mental wellness of a person. When you take your oath, you promise not to harm your clients. This is why you must get the necessary licenses and certificates for your practice. You can’t be a mental health practitioner without them. If you practice without any of these things, you’re liable to get sued by your clients. It also makes you look bad in front of everyone. So get the necessary licenses and certificates if you want to practice your profession.
We must look into the disadvantages and advantages of private practice. We will go through the disadvantages first.
Disadvantages
There are many disadvantages to doing private practice. One of them is your expenses. As a private practitioner, you’ll have to shoulder all the costs of your practice. This includes your rent, electricity bill, and wages for your employees. This drastically increases your overhead cost. Another disadvantage you’ll have is management.
As a private practitioner, you’ll also have to manage your business. So aside from seeing clients on a day-to-day basis, you’ll also have to be a manager to your employees and fellow practitioners. Training and career progression will always be of your kind alongside client interventions and therapy plans.
Lastly, you’ll be wary of big-time competitors. There are many private companies out there offering the same services as you, and they have hundreds of employees working for them. These competitors will try to drive you out of business, and you’ll be wary of them all the time.
Advantages
Being a private practitioner means that you have the possibility to earn more. Since all of your net income goes to you, the more you work into your practice, the more earnings you can get. However, remember that some costs can be problematic, so you might not earn the same way every month.
Another advantage is flexibility. You won’t have a boss telling you what to do. You’re your own boss, and you can handle problems your way. This is why many psychologists and counselors like private practice because they can work at their own pace.
With all of these things in mind, you might think twice about becoming a private practitioner in the field of mental health. But let us tell you that this is common to any private practitioner in any industry out there. You have to weigh out whether if it’s worth it or not.
Overhead Costs
You can start a private practice for as low as $1,600. It’s a modest price, but it’s enough to get you through a couple of weeks of operation. If you’re a well-renowned mental health professional, then go for it. However, if you’re starting and never had any experience with the mental health profession, you should consider $25,000 as your overhead cost. This will ensure that you at least have a place to start and a secretary you can work with. It will also ensure that you’ll be operating for a couple of months. This gives you time to get your ROI back.
Billing
Billing is an important process in your private practice. Some psychologists would wonder if they should bill clients before or after their sessions? How much should I ask from them? Should I be the one to tell the price per session?
Ideally, you shouldn’t be handling any of these things. Your secretary should be the one to give your rates to clients, and they should be the one receiving the money as well. Unless you’re forced to work alone, billing shouldn’t be part of your job. Additionally, remember that behavioral health billing is much different from the way clinics and hospitals out there. This is because you have various services unique to your practice.
Most likely than not, your clients will be paying you per session. But there is a chance that a particular session might cause more due to an intervention because of these unique services. You’re going to need much different software from the norm. Consider hiring a software developer to help you make your billing software, or maybe you can look for one in the market.
Take Care of Yourself
Lastly, as a mental health professional, you also have to learn how to take care of yourself. The main investment in your practice is your peace and clarity of mind. Without it, you can’t listen to others without personal biases or be able to help them when they need you the most. Invest in yourself, give yourself some time off when you need it. This will ensure that you’re ready for any client you face in the future.
Here are a couple of things you need to know when starting a private career in the mental health industry. The industry is growing, so now is the best time to join it. Consider your options and save a decent amount of money before transitioning to private practice. That way, you won’t lose too much if your practice does fail
