{"id":3810,"date":"2022-04-04T17:00:05","date_gmt":"2022-04-04T17:00:05","guid":{"rendered":"https:\/\/psychotherapyandcounselingservices.com\/?p=3810"},"modified":"2022-04-04T17:01:09","modified_gmt":"2022-04-04T17:01:09","slug":"how-to-pay-yourself-as-a-group-practice-owner","status":"publish","type":"post","link":"https:\/\/psychotherapyandcounselingservices.com\/en\/how-to-pay-yourself-as-a-group-practice-owner\/","title":{"rendered":"How To Pay Yourself As a Group Practice Owner"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">How To Pay Yourself As a Group Practice Owner<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When people start their own business, they\u2019re often excited about setting their hours, pay, and living a freer existence. That all sounds great. But, once you\u2019ve run a business for a while, you realize it\u2019s not quite as simple as that.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright size-large is-resized\"><img data-srcset=\"https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1859475574-min.jpg 600w, https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1859475574-min-300x157.jpg 300w, https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1859475574-min-16x8.jpg 16w\" fetchpriority=\"high\" decoding=\"async\" data-src=\"https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1859475574-min.jpg\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" alt=\"\" class=\"wp-image-3812 lazyload\"    sizes=\"(max-width: 569px) 100vw, 569px\" \/><noscript><img decoding=\"async\" src=\"https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1859475574-min.jpg\" alt=\"\" class=\"wp-image-3812\" width=\"569\" height=\"297\" srcset=\"https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1859475574-min.jpg 600w, https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1859475574-min-300x157.jpg 300w, https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1859475574-min-16x8.jpg 16w\" sizes=\"(max-width: 569px) 100vw, 569px\" \/><\/noscript><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Running your business means constantly juggling your needs and the needs of your business &#8211; it\u2019s your most significant investment, and its continued success will ensure your future. You have to find a salary that allows you to live the lifestyle you want while providing continued investment in building your business and your brand. You don\u2019t want to bankrupt yourself &#8211; or your business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This guide will help you determine how much to pay yourself as a group or solo practice owner. We will discuss how to pay yourself and accounting considerations. This guide is meant as a starting point for making your action plan. Consult with attorneys and accountants to ensure you\u2019re maximizing income potential while adhering to all laws and regulations of starting a private practice.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What Percentage Should I Pay Myself From My Private Practice?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Deciding how to pay yourself when you run a private practice depends on several factors. Consider the following when deciding:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Are you the only owner, or will you have a partnership?<\/li><li>How much work do I do?<\/li><li>How many hours do I want to work?<\/li><li>How many other people work for me?<\/li><li>How much would I have to pay someone to do the administrative tasks I do?<\/li><li>What are my rent, loan interest, insurance, and tax savings obligations?<\/li><li>What are my marketing costs? (cutting these now can have a significant impact on future earnings).<\/li><li>Do I have employees I need to pay? (Cutting employee hours to save money negatively impacts morale.)<\/li><li>How much is my overall revenue?<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Since your gross income determines your salary, it makes sense that growing your business so you can take on a more extensive caseload will increase your income potential. Many people opt to start a group therapy practice rather than work alone.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That decision means you\u2019ll spend less time working with clients. Managing a business means you\u2019ll have to balance how much time you want to spend on business tasks with how important clinical time is to you when choosing between solo and group practice.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How To Pay Yourself in Private Practice<\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignleft size-large is-resized\"><img data-srcset=\"https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1520473064-min.jpg 600w, https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1520473064-min-300x204.jpg 300w, https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1520473064-min-16x12.jpg 16w\" decoding=\"async\" data-src=\"https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1520473064-min.jpg\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" alt=\"\" class=\"wp-image-3813 lazyload\"    sizes=\"(max-width: 511px) 100vw, 511px\" \/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1520473064-min.jpg\" alt=\"\" class=\"wp-image-3813\" width=\"511\" height=\"347\" srcset=\"https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1520473064-min.jpg 600w, https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1520473064-min-300x204.jpg 300w, https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1520473064-min-16x12.jpg 16w\" sizes=\"(max-width: 511px) 100vw, 511px\" \/><\/noscript><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Generally, private practice owners pay themselves a percentage of the overall revenue. Figuring out your gain requires careful accounting of income and expenses. The first step in figuring out how much to pay yourself is to get honest about how much money you want to make.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once you know your desired salary, you\u2019ll have to consider:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The number of sessions you can provide (this number depends on the number of therapists working for you).<\/li><li>The average amount you collect for each session (collection rate)<\/li><li>How many weeks you are willing to work in a year, and how many hours each week.<\/li><li>Your expenses.<\/li><li>The benefit costs and tax obligations you have.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">A basic salary calculator is: (# of Sessions) x (Collections Rate) x (# of Work Weeks per year) = (Gross Revenue) \u2013 (Expenses) = (Gross Pay) \u2013 (taxes &amp; benefits) = (Paycheck)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What to Consider in Private practice Accounting<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Many people start a private practice wanting to work for themselves without the goal of expanding and hiring additional therapists. That structure is more straightforward because you have fewer expenses and less overhead. However, if you want to scale your business into a profitable venture, you\u2019ll need to add therapists and increase your caseload.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Setting up accounting systems from the beginning can help you avoid the end-of-the-year headaches. Here are some accounting practices to consider as you get started.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Separate Finances<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re the sole business owner of private practice, have a segregated credit card, business checking account, etc., rather than using your personal account to handle business income and expenses.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Bookkeeping Considerations<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Careful record keeping of all income and business expenses is essential when forming any small business. This record-keeping becomes vital when calculating both taxes and how much to pay yourself as a group practice owner.<a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1040sc.pdf\"> IRS categories include<\/a> mileage, rent\/mortgage, advertising, commissions\/fees, employee benefits, legal or professional services, office expenses, company vehicles, taxes, licensure requirements, travel and meals, utilities, and employee wages.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hiring a tax accountant or CPA for ongoing help or even a consultation to get an accounting system set up can be beneficial, especially if this is your first time starting a business.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Insurance Needs<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Whether you\u2019re starting a solo practice or a group practice, you\u2019ll need to consider malpractice insurance and health insurance costs. These costs increase based on the number of employees you hire, so you\u2019ll want to adjust your employee expense categories appropriately. Shop around different insurance companies to find the ones that best suit your needs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Tax Considerations<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">You\u2019re responsible for income tax, social security taxes, and self-employment taxes when you&#8217;re self-employed. You may also have property taxes depending on whether you rent or own your business location. Saving for these taxes throughout the year will help you avoid a large tax bill at the end of the year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You\u2019ll also want to consider tax deductions that benefit your business and your bottom line. Any investment you make in your business, new computers, equipment, etc., reduces your taxable income. Setting aside money in an IRA or a self-employment retirement plan can reduce your taxable income.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is Different About Group Practice Accounting?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When you hire employees or independent contractors, there are additional business considerations.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img data-srcset=\"https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1182600736-min.png 1000w, https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1182600736-min-300x92.png 300w, https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1182600736-min-768x236.png 768w, https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1182600736-min-16x5.png 16w\" loading=\"lazy\" decoding=\"async\"   data-src=\"https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1182600736-min.png\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" alt=\"\" class=\"wp-image-3815 lazyload\"  sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"307\" src=\"https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1182600736-min.png\" alt=\"\" class=\"wp-image-3815\" srcset=\"https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1182600736-min.png 1000w, https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1182600736-min-300x92.png 300w, https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1182600736-min-768x236.png 768w, https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1182600736-min-16x5.png 16w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/noscript><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">What Type of Employees Will You Hire<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">When you hire a new clinician, you\u2019ll want to consider what type of employment to offer. Some group practices have W-2 employees that are on payroll and receive payments with taxes withheld. These employees often accrue time off, and other employee benefits through employment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Other group practices use independent contractors who receive a set amount for each project or client. Independent contractors are in charge of their schedule how and where they work but don&#8217;t receive time-off or other benefits from the company.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Decide How to Pay Your Employees<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">You can decide to pay employees a salary, an hourly rate, or based on commission. You can also use a combination approach. You may pay therapists differently based on their experience and whether they\u2019re W-2 employees or independent contractors.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Set Up Payroll<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">If you pay your employees salary, hourly, or based on commission, you\u2019ll want to purchase payroll software such as QuickBooks or hire a payroll agency. This will ensure you\u2019re withholding the appropriate amount of taxes and that everyone gets paid correctly. Hiring<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Hire an Attorney<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re hiring W-2 employees or independent contractors, it\u2019s vital to form an LLC to protect your assets from employee negligence. An LLC is a company that exists separately from the owners (called members), so the owner isn\u2019t personally responsible for the debts and liabilities of the owner. Hiring a business attorney in your state can ensure you follow all appropriate rules and regulations when starting an LLC.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is the Typical Salary of a Group Practice Owner?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The typical salary of a therapist based on the <a href=\"https:\/\/www.bls.gov\/oes\/current\/oes_nat.htm#29-0000\">May 2020 National Occupational Employment and Wage Estimates<\/a> in the United States is between $34,000 and $96,000 per year. The average<a href=\"https:\/\/www.bls.gov\/oes\/current\/oes111011.htm\"> salary for business owners<\/a> is between $62,000 and $185,000. So, a group practice owner will make significantly more money than someone running a therapy practice independently. How much you pay yourself will depend on the revenue of your business, which is why solid accounting practices are so important.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Get Support Making Financial Decisions for Your Group Practice<\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright size-large is-resized\"><img data-srcset=\"https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1477336895-min.jpg 600w, https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1477336895-min-300x200.jpg 300w, https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1477336895-min-16x12.jpg 16w\" loading=\"lazy\" decoding=\"async\" data-src=\"https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1477336895-min.jpg\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" alt=\"\" class=\"wp-image-3814 lazyload\"    sizes=\"(max-width: 458px) 100vw, 458px\" \/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1477336895-min.jpg\" alt=\"\" class=\"wp-image-3814\" width=\"458\" height=\"305\" srcset=\"https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1477336895-min.jpg 600w, https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1477336895-min-300x200.jpg 300w, https:\/\/psychotherapyandcounselingservices.com\/wp-content\/uploads\/2022\/04\/shutterstock_1477336895-min-16x12.jpg 16w\" sizes=\"(max-width: 458px) 100vw, 458px\" \/><\/noscript><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Talking about money often feels taboo in our society. However, to create and scale a successful private practice, you must get comfortable talking about money in great detail. Having guidance for a business coach or consultant who\u2019s been where you are, knows the right questions to ask, holds you accountable to your goals, and action steps will help you create a business where you pay yourself a fair salary while investing in your private practice.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Soribel Martinez, LCSW, is a psychotherapist with over 20 years of experience in the mental health field who created SMPsychotherapy and grew it into a thriving private group practice with _____ therapists serving over ____ clients. She knows how to build a business and the nuances of working in the mental health field.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, Soribel offers business coaching and consulting to growth-minded mental health professionals ready to begin their private practice or scale their current practice into a successful group practice. She\u2019ll provide support and accountability to set and achieve your business goals.Book your<a href=\"https:\/\/calendly.com\/xosoribelmartinez\/million-dollars-practice?fbclid=IwAR1J2OF52Py4AQxsA2QlP69dD1q7JXhD-SQSQcYPrQVIxkwtvxdglOfgbUE&amp;month=2022-03\"> FREE Business Consultation Call<\/a> today to learn more about Soribel\u2019s business coaching services. She\u2019ll learn more about your current business your goals for scaling your practice and provide her recommendations for your next steps.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>How To Pay Yourself As a Group Practice Owner When people start their own business, they\u2019re often excited about setting their hours, pay, and living a freer existence. That all sounds great. But, once you\u2019ve run a business for a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3812,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[126],"tags":[],"class_list":["post-3810","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-therapists"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How To Pay Yourself As a Group Practice Owner - SMPsychotherapy and Counseling Services<\/title>\n<meta name=\"description\" content=\"When people start their own business, they\u2019re often excited about setting their hours, pay, and living a freer existence. 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