“My Goal is to have a private practice one day” is often something we hear interviews. In the world of mental health care, many people go to graduate school with the aspiration of going into solo private practice as a therapist. The idea of creating your own business, having full control, and keeping 100% of the profits can be enticing. However, is this the best path for therapist personally and financially as a provider?
At Grow Through Life Counseling, we offer a collaborative team dynamic, beautiful office spaces, clinical support and a full service administrative intake and billing teams. There is a solid pay structure with multiple benefits in sick PTO, paid holidays, paid time off, 401K with match, health insurance employer paid to 75%. We also offer a balance between the schedule flexibility of independent practice, and the financial stability of an agency setting. Our therapists have input into the staff report, when to take new clients and can list preferences on types of clients. In the final analysis, what we offer usually works out to be financially more lucrative and certainly less stress full than running a solo practice or working as an independent contractor.
Financial Deliberations and Considerations:
As a well established practice with a great reputation, we have steady flow of new patients. This means, unlike starting on your own, therapists will be consistently booked and have a predictable idea of how much you'll take home, and how much time you'll spend to earn it. In a solo practice or as a 1099 independent contractor, the picture can look very different and vary quite a bit. It can take several years to build to consistency and this is quite a bit of risk to take on.
Taxes
As a self-employed individual or independent contractor, you'll be responsible for self-employment taxes. Self-Employment taxes is a mix of social security and medicare taxes. This is an additional cost that can significantly reduce your take-home pay, and a financial burden that you won't have to worry about in our group practice.
Benefits
Benefits are huge! And hugely expensive to try to pay on your own. We provide health insurance, dental care, retirement savings which are crucial expenses that you'll have to cover on your own in a solo practice. Moreover, without an employer, there's no paid sick leave, or unemployment. Our group practice, however, provides medical, dental benefits, a 401k with match, sick time off off, paid holidays and paid time off. These amounts to thousands in benefits which contribute overall to work life balance.
Unpaid Time
For a solo practitioner, a significant portion of time is spent not in therapy sessions, but in running the business. Marketing, billing, record keeping, scheduling, and other administrative tasks all take up valuable time that isn't directly compensated. In our group practice, we absorb these tasks, allowing you to focus on what you love: helping clients by providing quality care without the concern and stress of running a business.
The hours spent on non-client facing activities effectively lower the hourly rate for solo practitioners, and these activities often take much more time than you expect. Plus, with no one else answering the phone or email to accept new clients, you're on call. So, the extra time 10-20 house per week is not paid. Admin time with our practice is dramatically reduced thanks to our support team taking care of most of this. In the event admin time is needed at Grow Through Life Counseling, this is paid time.
Other Advantages
Beyond just financial implications, there are significant personal benefits to consider as well.
In a solo practice, the professional isolation can be difficult. You spend your day interacting with clients and heavy emotional topics and traumas. Without a team, you lack a supportive network for debriefing and consultation. We think you need a team when you treat youth as this way we can provide care for: multiple siblings, family or couples or individual care with separate therapist as needed who can work together for the best interest of the family. Our group practice fosters a support via professional clinical leadership and collaboration. There is always a person to get support from as well as team dynamic, with regular case consultation and social events. This offers a strong support network, preventing burnout and promoting professional growth.
Professional Development
Being part of the Grow Through Life Counseling team provides opportunities for ongoing support, learning and professional development. There is a priceless exchange of ideas and experiences within the team can lead to the application of innovative interventions and new ideas on approaches. Hearing other therapists ideas and prospectives on how to address various clinical matters is invaluable. Additionally, we provide opportunities for career growth into supervisory and clinical leadership roles as our clinicians grow. We provide the benefit of unlimited CEU’s paid for by the practice which out therapists can use during work hours when they have cancellation or missed appointment. In sole practice, you are on your own for getting your CEU’s as well.
Summary
While running a solo practice or working as an independent contractor might seem initially attractive, it's essential to consider the full picture. Grow Through Life Counseling offers a fantastic mix of financial stability, benefits, time off, growth opportunities and the enriching experience of working within a supportive team in beautiful office well maintained office spaces. By eliminating administrative tasks which don’t utilize clinical talents and by providing substantial support, we create an environment where therapists can deliver quality care to their clients, support from a great team, work life balance and finding personal fulfillment through their work.
Apply Today
If you are a licensed therapist in California and interested in learning more about our in person, hybrid or remote opportunities, please apply by emailing your resume to: hiring@growthroughlifecounseling.com and we’ll email you the job application. We look forward to hearing from you!
For more information: www.growthroughlifecounseling.com/careers