In this enriching episode of the "Wise Practice Podcast", host Whitney Owens engages in a profound conversation with Mor Goldberger, an associate MFT working towards her license and an MBA graduate based in Berkeley, California. As a new mom and a budding therapist, Mor shares her insights and experiences, making this episode a treasure trove of knowledge for therapists navigating the intricacies of discussing finances with clients.

Setting Clear Financial Boundaries

Mor emphasizes the importance of therapists establishing clear financial boundaries before engaging with clients. She suggests having a well-defined position on aspects such as sliding scales and session costs, documented preferably on paper. This preparation not only instills confidence in therapists but also prevents them from getting caught in uncomfortable situations where they might feel compelled to offer discounts impulsively. Mor shares, "It's really important to have a clear ideally... down on paper, a couple of bullets on what they are and aren't willing to accept."

Navigating the Tricky Terrain of Money Conversations

The episode delves deep into the nuances of money conversations, with Mor offering invaluable advice on maintaining a steady pace and confidence during such discussions. She highlights the significance of not over-explaining the rationale behind the fees, as it might signal a lack of confidence. Mor advises, "They don't need to know that and it actually signals that you're not confident about your rate."

Bridging the Gap between Compassion and Financial Stability

Mor and Whitney discuss the delicate balance therapists need to maintain between being compassionate and sustaining a financially stable practice. They touch upon the societal expectations that sometimes undervalue the financial needs of therapists. Drawing parallels with other professions, they encourage therapists to embrace the financial aspects of their practice without guilt.

Tips for a Smooth Transition to a Cash Pay Model

Transitioning from an insurance-based model to a cash pay model can be challenging. Mor introduces the audience to Mentaia, a platform that facilitates this transition by helping clients utilize their out-of-network benefits, potentially covering up to 80% of their session costs. This segment is packed with insights that can ease the transition for therapists contemplating this shift.

A Beacon of Support and Inspiration

In conclusion, this episode stands as a beacon of support and inspiration for therapists, especially those integrating faith and psychology into their practice. Whitney and Mor, through their candid conversation, bring to the fore the unspoken challenges therapists face and offer solutions that are both practical and empowering. As Whitney mentions, this episode is a "great resource for helping me grow my private practice."

5 Do’s and Don’ts for therapists on collecting cash in their private pay practice

• Do Determine Your Position in Advance: Before engaging with clients, have a clear stance on your fee structure, including aspects like sliding scales and session costs. Document these details to avoid being caught off guard during financial discussions with clients.

• Don’t Over-Explain Your Fees: When discussing your fees with clients, avoid going into the detailed rationale behind your pricing. Over-explaining can signal a lack of confidence in your rates. As Mor suggests, state your rate clearly and confidently without feeling the need to justify it.

• Do Maintain a Steady Pace During Money Conversations: During financial discussions, maintain a calm and steady pace to convey confidence. Avoid speaking too quickly as it might signal nervousness or lack of confidence.

• Don’t Rush Clients to a Decision: Allow clients the time to think about the investment they are about to make in therapy. Understand that therapy is a significant investment and it's okay for clients to take time to consider it.

• Do Utilize Tools like Mentaya for Insurance Benefits: Introduce clients to platforms and tools that can help them utilize their out-of-network benefits, potentially covering a significant portion of their session costs, even if you are operating on a cash-pay model.

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Links and Resources Mentioned:

• Wise Practice Summit

• Whitney Ownes on Instagram

• Check the podcasts on the PsychCraft Network: PsychCraftnetwork.com 

 

Podcast Production and Show Notes by Course Creation Studio