How Do Therapists Get Paid?

The Modern Therapist's Survival Guide with Curt Widhalm and Katie Vernoy

How Do Therapists Get Paid?

Curt and Katie chat about how community mental health as well as insurance, hybrid, or private pay practices get money and pay their workers. We emphasize the importance of recognizing the financial realities of the mental health profession and how advocacy can drive change in the field. We also encourage therapists to understand the systems we work in and engage in conversations about financial transparency and sustainability.

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

In this podcast episode we talk about how compensation is set up

There have been a lot of conversations about how therapists get paid and whether associates or newer therapists are being exploited. We decided to pull the curtain back to identify how money actually works in this profession.

What do therapists need to know about how finances work in mental health?

· How income is allocated across salaries, rent, insurance, and administrative costs.

· Why clinicians’ salaries represent just a fraction of total practice income.

· The impact of government contracts and insurance reimbursements on budgeting.

· • The Financial Dynamics of Therapy Practices:

· How income is allocated across salaries, rent, insurance, and administrative costs.

· Why clinician salaries represent just a portion of what practice owners need to pay.

· The impact of government contracts and insurance reimbursements on budgeting.

What are common misconceptions about group practice owners?

· There is a view that all group practice owners exploit therapists. This is often very far from the reality of group practice owners sacrificing their own pay for payroll

· We highlight the financial risks, responsibilities, and long hours owners take on.

Understanding Community Mental Health Budgets:

· Breaking down how agencies allocate funds from government contracts.

· Challenges like unfunded mandates and balancing clinician pay with program needs.

Managing Budgets in Group Practices:

· The complexities of balancing overhead costs, clinician pay, and sustainable growth.

· How practice owners often work unpaid hours to cover supervision, billing, and other administrative tasks.

Stay in Touch with Curt, Katie, and the whole Therapy Reimagined #TherapyMovement:

Our Linktree: https://linktr.ee/therapyreimagined

Modern Therapist’s Survival Guide Creative Credits:

Voice Over by DW McCann https://www.facebook.com/McCannDW/

Music by Crystal Grooms Mangano https://groomsymusic.com/