Solo practice can bring in more per year. It also takes hours nobody pays you for: claims, intake calls, scheduling, marketing, bookkeeping. This calculator looks at your “effective hourly rate,” or what you’re actually making per hour in group versus solo practice. This calculation is crucial for people concerned with work-life balance and optimizing their time, instead of just making the most money possible.
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*Do not count documentation hours in either scenario, since they remain constant.
Compensation details below were filled in by . Adjust anything that doesn't match your situation.
PTO and sick days are valued at your average daily clinical pay. Retirement match applies to clinical, PTO, sick and admin pay.
Solo practitioners do not have the same administrative support to book sessions, track down payments, etc. as a group practice. Estimate how efficient you will be as a solo practitioner without a support team to help keep you full and paid.
A group practice can free up the hours you'd otherwise spend running a solo practice, so you could put them toward a side hustle. Enter what that side hustle pays per hour, and the calculator shows what those hours are worth compared with solo practice.
Every line for one year. Group compensation counts benefits as value to you. Solo starts from collections and subtracts what it costs to run the practice.
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The extra hours solo practice takes go to unpaid admin work. At a group practice, you'd be able to repurpose those hours toward your side hustle or a passion project, or see more clients. Here's what that time is worth compared with solo practice.