Delve into the intriguing world of pricing strategies for psychological evaluations. Discover the battle between flat fee and hourly pricing, along with their advantages and disadvantages. Uncover consumer preferences and the importance of choosing the right structure for financial success in practice. Additionally, explore how a measurement-based care platform can enhance efficiency and outcomes in behavioral health. This conversation is a must for practitioners wrestling with the best approach to billing!
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insights INSIGHT
Preference for Flat Rate Pricing
Consumers and clinicians prefer flat rate pricing for psychological evaluations due to its simplicity and clarity.
Flat rates reward efficiency since clinicians aren't penalized for completing evaluations more quickly.
insights INSIGHT
Underpricing Risks with Flat Fees
Most clinicians set their flat fee too low because they underestimate the time spent on evaluations.
Fear of sticker shock also causes hesitation in setting higher flat fees.
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Break Up Flat Fee Payments
Break up flat fee payments into installments to reduce client intimidation by a large upfront cost.
Collect a deposit and then subsequent payments for different evaluation phases.
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Have you wrestled with how to price your evaluations? There are many different ways to collect payment in your practice, but there are really only two primary models that we use: flat fee or hourly pricing. Both can be applied whether you take insurance or not, though there is certainly more flexibility in pricing if you’re private pay only. In this episode, I talk about…
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About Dr. Jeremy Sharp
I’m a licensed psychologist and Clinical Director at the Colorado Center for Assessment & Counseling, a private practice that I founded in 2009 and have grown to over 20 clinicians. I earned my undergraduate degree in Experimental Psychology from the University of South Carolina before getting my Master’s and PhD in Counseling Psychology from Colorado State University. These days, I specialize in psychological and neuropsychological evaluation with kids and adolescents.
As the host of the Testing Psychologist Podcast, I provide private practice consulting for psychologists and other mental health professionals who want to start or grow psychological testing services in their practices. I live in Fort Collins, Colorado with my wife (also a therapist) and two young kids.
Ready to grow your testing services? Click below to schedule a complimentary 30-minute pre-consulting call!
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