What sort of pay increases do psychologists get as they gain more experience in group practice settings (not owner)? I see a lot of 130-140k here, does it mean that people are seeing more than 30 clients per week? I got my licensure in 2019, so its been 5 years for me but I don't see much change in my salary, whether it was working as independent contractor or as a pseudo-W2 employee (that is fee-for-service). My annual salary has varied between 80-105k. Am I doing anything wrong? Is the only way to earn better is to have a PP of your own? Feeling disheartened. 🙁
1) There is no pay increase, secondary to experience. Pay increases with how much money you bring in.
2) The simplest way to increase your pay:
a. Track every 15 minutes of your day. I prefer to use a physical piece of paper, folded in half vertically. Make this a habit.
b. Write down what you are doing for each interval.
c. Read the CPT codes for a few weekends. There is a CPT code for everything, including email and record review. Learn "incident to", H&B, etc.
d. Start writing down CPT codes for each interval. When you don't know how to code something, look it up.
e. Many of those CPT codes will have no value, and don't apply to you. This doesn't matter. Start reporting that to whoever looks at your billing. Email them you are trying to track your stuff better, and that you're not sure if this is correct, and they may need to correct your billing before it goes out. This will save you from fraud allegations.
f. Kept track of your scheduling stuff, start looking at the CMS fee schedule for your CPTs, and refine your billing practices as you go (e.g., you start letting family members into the meeting so you can bill for it; you start a group therapy session, you use other codes appropriately).
g. This will increase your perceived billing significantly. It might not result in your institution making more money, but it will look like you are sending out a ton of collectables.
h. Negotiate for a higher salary (e.g., "I sent out $450k worth of billables last year. I would like a pay increase of X%"). Don't forget to use non-monetary things for negotiations.