To Neuropsychologists, do you regret not becoming a neurologist instead?

[AcronymAllergy]

Question for neuropsychs: what is a model for maximizing income as a neuropsychologist?

As was said, forensic/medicolegal work is often what bumps up people's pay as they hit mid-career. Using psychometrists also increases your billing "power." Other ways are probably less-specific to neuropsychology (e.g., get involved in practice ownership in some way, find a way to consult, invest, branch out into non-psych business pursuits, utilize whatever tax and other business-related benefits are available).

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[WisNeuro]

Question for neuropsychs: what is a model for maximizing income as a neuropsychologist?

IME work and/or building up a larger practice. Deprnds on your business acumen and how much time you want to spend.

 

[Therapist4Chnge]

Depending on the practice structure, hiring a psychometrician and/or counselor can help bring in more income. It depends how much a person wants to deal with contractors/employees and everything that goes w. that.

 

[pmg065423]

As was said, forensic/medicolegal work is often what bumps up people's pay as they hit mid-career. Using psychometrists also increases your billing "power." Other ways are probably less-specific to neuropsychology (e.g., get involved in practice ownership in some way, find a way to consult, invest, branch out into non-psych business pursuits, utilize whatever tax and other business-related benefits are available).

Thanks you for your response!

 

[pmg065423]

IME work and/or building up a larger practice. Deprnds on your business acumen and how much time you want to spend.

Appreciate your response! Do you have any advice for building the business acumen to run a large practice? Thanks again.

 

[pmg065423]

Depending on the practice structure, hiring a psychometrician and/or counselor can help bring in more income. It depends how much a person wants to deal with contractors/employees and everything that goes w. that.

Thank you very much for your response!

 

[pmg065423]

As was said, forensic/medicolegal work is often what bumps up people's pay as they hit mid-career. Using psychometrists also increases your billing "power." Other ways are probably less-specific to neuropsychology (e.g., get involved in practice ownership in some way, find a way to consult, invest, branch out into non-psych business pursuits, utilize whatever tax and other business-related benefits are available).

This is very helpful. Thanks. Just curious what kind of consulting neuropsychs can do?

 

[Therapist4Chnge]

This is very helpful. Thanks. Just curious what kind of consulting neuropsychs can do?

It depends on your training and also your biz acumen. I know some people who will review cases and point out any red flags. Other people will consult w. clinicians about their practice and expanding into other areas of work. This is very location dependant bc any consultant would be foolish to show someone how to do something that they currently offer (and likely cut into their piece of the pie). I've also seen clinicians consult w. police, fire, EMS, etc. about mental health, head injury, and related areas. This likely won't pay great, but it's a nice way to give back to the community and/or maybe help w. networking.

 

[WisNeuro]

Appreciate your response! Do you have any advice for building the business acumen to run a large practice? Thanks again.

For building a large practice, not so much. I'm solo and will probably keep it that way. I make much more money than I need and enjoy my flexibility and free time, so probably not moving to expand out any time soon. But, some general rules apply, get to know the tax codes fairly well. It's all about knowing your overhead (rent, utilities, insurance, etc) for yourself and what that would be if you had employees as well (all of that stuff plus payroll taxes, employer contribution to healthcare plans, etc).

 

[pmg065423]

For building a large practice, not so much. I'm solo and will probably keep it that way. I make much more money than I need and enjoy my flexibility and free time, so probably not moving to expand out any time soon. But, some general rules apply, get to know the tax codes fairly well. It's all about knowing your overhead (rent, utilities, insurance, etc) for yourself and what that would be if you had employees as well (all of that stuff plus payroll taxes, employer contribution to healthcare plans, etc).

Thank you!