MSNBC article lists Clinical Psychologist as #23 top job

[Goobernut]

I saw this article and thought you all might find it interesting, especially in light of all the discussion lately about debt to income ratio. The irony is that psychiatrists are listed as #24.

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[PsychPhDHopeful]

Don't share this article please - it's a scam. (see job #1)

 

[LucidMind]

Looks like PsychPhDHopeful is right

 

[Therapist4Chnge]

"msn.com-m.us" is indeed not the same as msn.com.

Please delete the link so it doesn't get indexed by Google.

 

[dumbledoresgirl]

Definitely a scam. But I would like to meet the clinical psychologist making $172,000

 

[Goobernut]

Definitely a scam. But I would like to meet the clinical psychologist making $172,000

Sorry guys, that's what I get for linking articles before I've had my cup of coffee. I'll delete Wow and I'm humbled that I missed it to begin with! Because I am so skeptical of everything. People post and I scream "reference please" and wow. I missed it this morning.

 

[erg923]

Definitely a scam. But I would like to meet the clinical psychologist making $172,000

Anyone who owns a modestly stressful group practice should be making around that if not more.

 

[dumbledoresgirl]

Anyone who owns a modestly stressful group practice should be making around that if not more.

Didn't know that--I thought that the whole point behind not going into debt during grad school was because it is almost impossible to make that much money. How many years of working does it take to work up to that kind of salary?

 

[Sanman]

Depends how good are you at business? That is really all it is. A busy small business. I'm sure DrEliza's group practice owner is in that ball park.

 

[erg923]

Didn't know that--I thought that the whole point behind not going into debt during grad school was because it is almost impossible to make that much money. How many years of working does it take to work up to that kind of salary?

Well, its not an salary. It depends on how good of business person you are, how much you fight for reimbursement, how you negotiate contracts, what kind of services you provide, what the pay/reimbursement source, local market rates, how many you have working under you, how busy they are, how much you minimize no shows/maximize billable time, etc. It kinda like the mafia ya know, you get a piece what everyone else is making.

 

[Doctor Eliza]

Depends how good are you at business? That is really all it is. A busy small business. I'm sure DrEliza's group practice owner is in that ball park.

Lol, based on some top secret info that I obtained, he makes closer to a million in a good year. He is technically a psychologist, but he makes his money as a business man.

Dr. E

P.S. If I seem extra bitter today, it is because I have to figure out how to pay for a $1,000 car repair and I don't know where that is going to come from.

 

[erg923]

Lol, based on some top secret info that I obtained, he makes closer to a million in a good year. He is technically a psychologist, but he makes his money as a business man.

Dr. E

P.S. If I seem extra bitter today, it is because I have to figure out how to pay for a $1,000 car repair and I don't know where that is going to come from.

You have to be kidding. I wish i could find out where you work.

A million thought? How can a group produce that much revenue? How big is the group? You have psychiatrist in there doing med management?

The guy who owns the juggernaut practice in my town (14 doctoral level clinicians doing mostly assessment/npsych), which is known for being " a machine" with highly variable quality by the way, probably clears close half a mill, maybe...

 

[PHD12]

You have to be kidding. I wish i could find out where you work.

A million thought? How can a group produce that much revenue? How big is the group?

The guy who owns the juggernaut practice in my town which is known for being " a machine" with highly variable quality by the way, probably clears close half a mill, maybe...

I know a psychologist with a large group practice who makes a salary of at least 500K. This practice has 10-12 psychologists, unpaid externs as well as postdoc fellows. This psychologist has national recognition and is one of the most well-known in the country. Nobody is going to join your group practice unless you have a lot to offer and are well-known within your area of expertise.

You can't just open up a group practice after you graduate. The people that I know who own group practices have name recognition (e.g., went to top programs/fellowships, written many books, leaders/presidents of professional organizations, have media appearances, board certification etc.). They also tend to have 20-30 years of experience and obviously excellent business skills. Many times they are not practicing ethically because their practice is based solely on numbers not quality of services.

The only way to make $$ a a clinician is basically to get that name recognition so that a bunch of PHD/PsyD graduates are willing to work for you and earn poverty wages while you take 50% of what they bring in.

 

[PHD12]

Didn't know that--I thought that the whole point behind not going into debt during grad school was because it is almost impossible to make that much money. How many years of working does it take to work up to that kind of salary?

Let's be clear, we are talking about the top .005% of earners here. That's exactly why debt doesn't make sense.

 

[SFPsyd]

I'm on track for around 170k this year based on my projections, and was at 150 last year. So it's doable but takes some luck and marketing. That's as an individual practitioner doing around 35-40 hrs/week. To make in the mid 6-figures though definitely requires one to be less of a psychologist and more of a businessperson.

 

[VAneurodoc]

I'm on track for around 170k this year based on my projections, and was at 150 last year. So it's doable but takes some luck and marketing. That's as an individual practitioner doing around 35-40 hrs/week. To make in the mid 6-figures though definitely requires one to be less of a psychologist and more of a businessperson.

Same here, but that includes my VA full time salary and a forensic neuropsych private practice that takes up about 2 Saturdays per month as well as an after work deposition every couple of weeks. If my practice continues to grow as it has, I expect my income to top off at around the 200k mark within 5 years. I would not consider myself to be buisiness savvy by any stretch of the imagination. On the other hand, I grew up in a blue collar family and hard work is no stranger.

 

[Doctor Eliza]

You have to be kidding. I wish i could find out where you work.

A million thought? How can a group produce that much revenue? How big is the group? You have psychiatrist in there doing med management?

The guy who owns the juggernaut practice in my town (14 doctoral level clinicians doing mostly assessment/npsych), which is known for being " a machine" with highly variable quality by the way, probably clears close half a mill, maybe...

There are a LOT of us, many more than the group you are describing. I don't want to be more specific because I already say way too much on here. No psychiatrist, because there is no way that a psychiatrist would settle for the type of split this guy is offering when there are countless local jobs with benefits for folks with an rx pad. He also dabbles in some I/O stuff which brings in additional revenue.

It would be nice to be so wealthy, but I'd rather have my soul and not exploit others.

Dr. E

 

[Markro311]

You have to be kidding. I wish i could find out where you work.

A million thought? How can a group produce that much revenue? How big is the group? You have psychiatrist in there doing med management?

The guy who owns the juggernaut practice in my town (14 doctoral level clinicians doing mostly assessment/npsych), which is known for being " a machine" with highly variable quality by the way, probably clears close half a mill, maybe...

There's a group private practice in Cleveland that has over 80-90 providers (psychologists, psychiatrists, and MA level counselors/social workers). So there's much bigger group practices than you're referring to. But obviously we're talking about a miniscule percentage of people who are in such positions. And believe it or not, the managing director of that Cleveland practice is an MSW.

 

[Therapist4Chnge]

Lol, based on some top secret info that I obtained, he makes closer to a million in a good year. He is technically a psychologist, but he makes his money as a business man.

That is really the way to do it. I enjoy the heck out of my job (flexible and stimulating), but if/when I can realistically setup a group and clear $250k+...I'm fine being a FT business person and part-time neuropsychologist.

 

[VAneurodoc]

Impressive. I only started practice on a very limited basis this year. I thus far have not been willing to give up Saturdays. I've considered doing something private once a month but have not dipped my toe in yet. I figure, having just applied to abpp, I'll get that out of the way and keep working on my tenure development

Depending on the area you are in, it may make more sense to complete boards first. I have mentioned before that I did reasonably well before I was boarded, but there definitely was an increase in both work and fees after. I do minimal marketing other than signing up with IME companies. Other than that, it is word of mouth. It is easy to do that when you have a day job that pays the bills. I would not want to depend on my skills as a business person to put meals on the table.

 

[Therapist4Chnge]

Depending on the area you are in, it may make more sense to complete boards first.

That's my plan...mostly because I hear it gets harder and harder to make time as the years go by.