If you’ve been working on your taxes and are realizing that you’re not generating enough income, you’re not alone. As described in “The Pay is the Thing: Re-evaluating Mental Health Reimbursement,” most of us in behavioral or mental health care are not making fees that are commensurate with our level of training. As the author of that article linked above aptly states: As a psychologist, I have six years of formal education and training beyond the bachelor’s degree yet I get paid at a rate similar to that of massage therapists and personal trainers, none of whom have much training beyond a four year degree, if they even have that. What’s a Practitioner To Do? For more than 2 years, we at the TMH Institute have been sending you news of the changing reimbursement strategies and how our political climate is pointing toward telemental health as a once-in-a-lifetime growth area. For some of the more recent TMHINews issues related to these topics, see:
- New Journal Article Looks at the Future of Telepsychology, Telehealth; Various Technologies
- Insurance Reimbursement: List of All Telemental Health/Online Therapy Procedures (CPT/HCPCS) & Codes Added for 2013
- Is Private Practice Becoming Extinct?
Passive Income Products as a Practice Builder More recently in our newsletters for March, you’ve seen our 4 articles about passive income generation, ebooks, audio books, and affiliate programs. On March 25th, we pulled back the curtain on our own Institute and showed you some of the secrets of our success online with our Overview of Passive Income Strategies webinar. Our expertise for delivering this training program stems from creating our successes at the SelfhelpMagazine and TeleMental Health Institute websites. We’ll be continuing this new line of training at the Institute for 7 reasons:
- Both developing consumer education (self-help) products and professional training programs are formally included in definitions of telemental health, hence they are in our topic domain
- Consumer product and professional training program development will be increasingly in demand as the Accountable Care Act takes effect
- Creating smart passive income is not nearly as difficult as delivering direct care — and can be much more lucrative
- When compared to direct care, far fewer legal, ethical and malpractice liability barriers exist for passive income product development and marketing
- Practitioners do not need to go back to school to earn a different degree to produce highly respected, widely sought and successful programs online
- Creating passive income generating, self-help products can be the first step toward implementing an effective marketing plan for an online practice
- Smart passive income choices can continue delivering profits well into your retirement years, when you may not want to be delivering direct care
Augment Your Income with Self-help Product Development If you want to expand your direct care practice to become a self-help product developer and/or marketer, listen to the free replay of our webinar from last week. The replay of the webinar will remain available until tomorrow at midnight (April 2nd). You will need to register as a trainee at our Institute. To register click here and you will see more instructions to hear the webinar replay. If you you need 1-CE, click here to purchase the CE package. Future of Direct Care? Opportunities for career development and expansion abound for those who stay informed. There are plenty of opportunities and more coming each day for professionals who move themselves into the mainstream of our changing health care system. To help you stay on top of these opportunities, we’re already planning a second Telehealth Summit for this autumn. It will help you better understand reimbursement progress for direct telepractice. Stay tuned for more news about our Telehealth Summit — How Do We Get Paid? Please leave your questions or comments below.