How your money mindset impacts your therapy practice

July 1st, 2010

What’s a money mindset, you may be asking? Your money mindset is the beliefs you have around money and making money. Therapists and money often don’t mix. For some reason there is a paradigm that therapists would do what we love for little money or offer our services for free. We are in the helping profession and those who come to us for healing are in pain and are seeking relief. This is no more, or no less, than a medical doctor who sees a patient in pain, seeking help. Most doctors charge you a fee for your services and most don’t offer a sliding scale based upon need; yet many therapists offer sliding fees and scholarships (I’ve been guilty of this as well).

So your money mindset impacts your practice by keeping you stuck in making relatively the same amount each year, continuing to undervalue your services, and giving much too much to your clients. Also, if you have limiting money beliefs you’ll continue to work with managed care, spending your precious time and energy in completing paperwork and waiting in hold on the phone, and when you are finally reimbursed you see a faction of the income you deserve.

My big question for you is how can you ask your clients to see the value in the transformation you offer when you are not willing to uphold the value of your own services?

So here are some questions to help you shift your mindset around money and uncover the value you bring to your clients, so you can finally change what you are worth, and get it

1. If I were the highest paid expert in ___________(describe your niche here) what would my fees be?

This question offers you a pause to reflect on what it would be like to be an expert in your area of specialization and what you would charge. Start to look at others who are positioned as the highest paid professionals in your niche and explore what they are making. I’m guessing they don’t accept managed care and they don’t undervalue their services.

2. How do you respect your money and yourself?

What does your checking account look like, is it balanced, do you pay your bills on time, if you have credit cards do you pay over the minimum amount each month, do you put money aside and pay yourself each month? If you are not doing these things, then you are not honoring yourself and your relationship with money; and tisk-tisk if you offer a sliding scale or pro-bono services if you aren’t managing your own money first. It’s actually a rather passive co-dependent behavior if you are taking care of your client’s money needs while ignoring your own. So take a deeper look at how you are respecting money. Then take one action to respect and value your money, and when you clean up you money drama and start to respect money more will come to you.

3. Set your bold money goal by asking yourself, as the leader of my therapy business making $ _________ (insert money you desire to create) how do I handle this situation?

You can use this mantra when you are making business decisions, which includes your marketing, the clients you choose to work with, your response to managed care, practice building programs you invest in and how you mange your time, etc.

When you start to value your time and see yourself as the leader of a successful therapy practice this not only impacts your money mindset, it also influences your clients as well. You show up in a very different way, holding your client accountable and acknowledging the power of their decisions and commitment to change. Try these exercises and note your comments on the blog!

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