Therapists: Overcome the Fear of Raising Your Fees
Anne 
Charge fair and reasonable fees for your services | Fees underpin our ability to run our therapy practices and thrive | Money Fears |
"Therapists: Overcoming the Fear of Raising Your Fees":
As therapists, it is important to charge fair and reasonable fees for our services. Fees play a crucial role in maintaining the sustainability of our practices, and allow us to provide high-quality services to our clients.
However, many therapists have fears about raising their fees, including the fear of:
losing clients
being perceived as greedy or unethical
being unable to justify the increase to clients
Perhaps you can relate to these fears? Many therapists don’t have a good understanding of their finances and therefore set fees based on what they feel they should charge rather than what they need to charge in order to build a sustainable practice and better serve their clients.
The Importance of Charging Fair Fees
Charging fair and reasonable fees is important for the sustainability of a therapist's practice. But what is a fair and reasonable fee? This will vary from therapist to therapist based on their own beliefs around money and their own value and worth.
When setting fees, it is important for therapists to consider the value that they provide to their clients. This may include the time and expertise that therapists invest in working with clients, as well as the positive impact that therapy can have on clients' lives. By considering the value of their services, therapists can set fees that are fair and reasonable for both themselves and their clients.
If ‘fair and reasonable’ for you is less than £45 per hour, how does that impact on the number of hours you have to work to cover your expenses and support a healthy work-life balance. Does that fee level allow you to invest in continuing education, training, and other resources that can enhance your therapeutic expertise and effectiveness? Or is this fee level dictated by other worries?
Many therapists have a fee ‘comfort zone’. I cover this in my online course when we spend time looking at therapy income and expenditure and your own fee comfort zone. The diagram below is from the course.
Where the therapist starts to feel ‘uncomfortable’ indicates we’ve reached a point where a belief or limiting process has kicked in. Part of the course includes a money mindset session to help work through any of these issues.
Common Fears About Raising Fees
One of the most common fears that therapists may have about raising their fees is the fear of being too expensive and therefore losing clients to cheaper therapists.
However, it is important for therapists to remember that clients are often willing to pay more for high-quality services. By communicating the value of the services provided and offering flexible payment options, therapists can often mitigate the risk of losing clients to cheaper therapists. Many therapists, when they increase prices, allow existing clients to remain on the current fee level, only starting the new rate with new clients.
Another common fear that therapists may have about raising fees is the fear of being perceived as greedy or unethical. This fear may be fuelled by negative stereotypes about therapists or by a lack of understanding about the financial realities of running a practice. It is important for therapists to remember that charging a reasonable fee is a normal and essential part of running a business. It's no good being the best therapist in the world if you aren't making a profit and able to lead a life that is less stressed due to worrying about money matters.
If challenged on your fee level it is important to be transparent about your therapy fees and the reasons for any increase. By being open and transparent about their fees, therapists can help clients understand the reasons for the fee increase and feel more comfortable with the increased fees.
Clients will choose a therapist who seems a good fit for them. In a way, fee levels aren't an issue for those who resonate with your values and beliefs as a therapist. In any relationship if you 'click' they will work with you.
Strategies for Overcoming The Fear of Raising Your Fees
There are several strategies that therapists can use to overcome common fears about raising their fees. Here are four:
Set Clear Boundaries and Expectations
One strategy is to set clear boundaries and expectations with clients. This can involve explaining the rationale for any fee increase and making it clear to clients that the increased fees are necessary to maintain the sustainability of the practice. By setting clear boundaries and expectations, therapists can help reduce anxiety and uncertainty for both themselves and their clients.
Focus on the Benefits not the Cost
Another strategy for overcoming fears about raising fees is to communicate the value of the services provided. This can involve highlighting the benefits of therapy, such as the positive impact it can have on clients' lives and well-being.
It can also involve sharing testimonials from satisfied clients or discussing the time and expertise that therapists invest in working with clients. By communicating the value of their services, therapists can help clients understand the reasons for the fee increase and feel more comfortable with the increased fees.
Offering Packages or Flexible Payments
Offering flexible payment options can also be an effective way for therapists to overcome fears about raising fees. This can include offering sliding scale fees, payment plans, or other options that make it easier for clients to afford therapy. By offering flexible payment options, therapists can help reduce financial barriers and make therapy more accessible to a wider range of clients.
Seek Support From A Coach or Mentor
Finally, seeking support and guidance from colleagues and mentors can be an effective way for therapists to overcome fears about raising fees. Talking to other therapists who have successfully raised their fees can provide valuable insights and help therapists feel more confident in their decision. Seeking guidance from a mentor, coach or supervisor can also provide therapists with additional support and perspective as they navigate the process of raising their fees.
If you’re a therapist who is struggling to raise your fees, book a call here or consider my online course Designing the Dream
To Your Success
You might find this blog about Making Best Use of Your Time helpful too.
Categories: beliefs, Private Practice