Early Career Psych here...is a 60/40 split a good option working in private practice? 60 would go to me and 40 to the practice. Anywhere from $200-260/session.
fee splitting
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Sanman
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I would call 60/40 is average. 70/30 would generally be good and 50/50 or below bad. The question here will be how busy can they keep you, how restrictive is the non-compete, and are there any benefits other than split (cover Mal practice Insurance? CEUs?)
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Agreed, 60/40 is pretty typical from what I've seen, but a lot of it depends on what support and benefits they're providing.
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Just a quick point of clarification, "fee splitting" is a distinct term legally. Pretty much when someone refers a patient and receives compensation due to that referral. Different than one's percentage of revenue for management.
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Fee splitting is also a felony.
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Definitely don’t call it fee splitting bc that’s an easy way to crime, and even easier to prove when you write it down in an email and/or contract.
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Is this a cash practice or insurance?
I am a practice owner. The rates you quoted must be private pay. Insurances don't pay in those ranges. One question to ask is whether or not the practice can keep your schedule full (e.g., 30 patients / week) at those rates.
Another question to ask if joining a practice is what do you get for your split, and can they deliver (talk to other Psychologists in the practice before you join)? For example:
#patients they can provide
Admin support (this is huge); # staff in office working, scheduling, checking insurance benefits/authorization, etc.
Psychometricians (if you are doing testing)
Cost of psych/neuropsych tests, protocols, scoring, etc.
What is the space they are providing?
Is billing included (usually it is, and it should be).
Do they cover the cost of credit card payments or is this taken off the top?
Are they covering costs of your WC, Psychologist Lic fee, Liability insurance, business license, CEU?
Do they provide health insurance?
Are they providing you with a computer, electronic medical record, office phone/fax/internet, all office supplies? They should be doing this.
There are other potential costs as well.
That being said, I would close down my practice today if someone could guarantee me full-time work at those rates. You would be easily making $200,000+ / year, and all you have to do is see patients - no admin demands. I could be wrong but I think it would be difficult to guarantee this in most parts of the country.
Best moving forward in your career!
Another question to ask if joining a practice is what do you get for your split, and can they deliver (talk to other Psychologists in the practice before you join)? For example:
#patients they can provide
Admin support (this is huge); # staff in office working, scheduling, checking insurance benefits/authorization, etc.
Psychometricians (if you are doing testing)
Cost of psych/neuropsych tests, protocols, scoring, etc.
What is the space they are providing?
Is billing included (usually it is, and it should be).
Do they cover the cost of credit card payments or is this taken off the top?
Are they covering costs of your WC, Psychologist Lic fee, Liability insurance, business license, CEU?
Do they provide health insurance?
Are they providing you with a computer, electronic medical record, office phone/fax/internet, all office supplies? They should be doing this.
There are other potential costs as well.
That being said, I would close down my practice today if someone could guarantee me full-time work at those rates. You would be easily making $200,000+ / year, and all you have to do is see patients - no admin demands. I could be wrong but I think it would be difficult to guarantee this in most parts of the country.
Best moving forward in your career!
