The Psych NP: How much I make at my Private Practice
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- Опубликовано: 29 авг 2024
- In this video, I go over how much I am making in my first year at my Private Practice as a Psychiatric Mental Health Nurse Practitioner. I am also attaching the journey from the beginning of starting this Private Practice in the links below so you can see the whole journey.
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I commend you in sharing your net salary with us. Not too many nurse influencers do this on RUclips. Your openness and vulnerability is helping many of future PMHNPs.
I really want Psych NPs to know their worth 🙏
This is so true!!!!
I love the flexibility in nursing. Working three days per week is ideal!! That's about all I have in me at this point.
PMHNP student here! Thank you for the great content and being open to talk about things that we don't hear about much in school!
Jon, I appreciate that man. Good luck with everything!
Look at you. Made it through school and now have your own practice!❤️
Thank you, its crazy how time flies! 🙏
Thanks for being so transparent. My longterm goal is to be a psych np & work in private practice as well. I also don’t want to work everyday lol. I’m glad to see that it’s doable & especially from someone else in the field! Happy for your success & can’t wait to see what else is next for you!
Thank you for being open and transparent about actual Psych NP pay. It’s exactly what a lot of us want to know for valid reasons. Not many RUclipsrs like to share… thank you
Thank you for being very transparent. I am a new grad Psych NP and I will being starting my first job this month. I want to get a year experience and start my own practice as well. I want to start slow. Following your journey as a Psych NP is giving me inspiration.
Paula, of course. Good luck with your journey, it will be an exciting and nerve-wracking one but you will learn a lot
Thank you for your transparency and all of your post. They are really helpful for us starting out
Ryan, of course. Glad they are helpful
Thank you for your transparency. I will graduate as a PMHNP next month and will eventually open my own practice in the future. Your videos are a great motivator for me. I'm considering opening my practice in Oregon where state law requires private/commercial insurance companies to pay NPs at 100% the physician reimbursement rate. Are you providing telemedicine services during the COVID-19 pandemic?
Gabriel, I really appreciate that. Originally, I started the practice in February right before Covid hit. I had to adjust and switch to primarily telepsychiatry which has actually worked great. I am working more from home now then at the office. But, I will offer more in person appointments at the office soon. I think it is great in terms of flexibility to be able to offer both in person visits and telepsych. The only downside right now would be having to pay rent for my office even though I am barely using it.
Have you considered that the higher taxes may outweigh the benefit?
How’s it going one year later as a PMHNP?
Thank you for laying it out straight! I am a nurse considering being a nurse practitioner, but like you, I am used to these lovely three day work weeks. Also, the impact made for others and myself would be so much greater in private practice.
I have about 9 years before retirement and I'm getting prepared to start my PMHNP journey this fall. I'll be going part-time so it will take me 3 years to complete, but...It sounds like a much nicer way to head into retirement than the inpatient RN life I've been living. I really appreciate your willingness to share your experience. It's motivating!
Good luck!
Thank you for this. I start PMHNP this fall and I have been conflicted but you helped clear up some questions I have.
I’m turning 52 this summer and have been accepted in a part time psych NP program to begin this fall. The program is about $40K and is 2 years and 8 months long. I keep going back and forth, is is worth spending the energy and money? Am I too old? Can I do this? This video gives me motivation but also still a bit uncertain.
@@lisagrace667may I ask what program your going through? Part time program would be ideal. And I get it, I’m 53, been thinking it over for a couple years and guess what, wish I had started then but it’s still not too late to start because psych NP work can be done part time or even virtually and there’s many years left to work in this field. We need to go for it. Best of luck!
Thank you so much for being so transparent it’s so helpful
Thanks I am PMHNP as well - slow start but mine is now around the same amount per year. 3 days a week as well. Enjoying not having to work so much. 10 - 12 a day and its a much better balance love it.
Are you doing all 3 days telehealth or in person services?
As A PMHNP student with a year to graduate, this video gave me soooo much motivation!!! Thank you so much for this!!!
Thank you Tasha! I am wishing you all the best
Thank you for the transparency! I've been following you since you were still a student, and it's been an amazing experience watching you evolve in your career.
Currently applying to nursing programs and hope to follow in your footsteps someday too!
Rebecca, thank you!! I wish you all the best with your future endeavors
Thanks so much for always being open regarding your journey. I am a WHNP adding my PMHNP. I will graduate this summer. Clinical hours are so difficult for all of us currently. You definitely offer inspiration!
Terri, I appreciate that support. I am glad you are able to find some inspiration! I can only imagine how difficult it is to get clinical hours, I get so many requests per month to be a preceptor that I am just unable to answer all of them. I take on 1-2 per semester and I feel if you add more than that, the clinical experience is not the same
@@ThePsychNP I cannot imagine how many requests you get! Thanks for doing everything you do! Extremely envious of those folks you say yes to lol Continue changing lives 💫
I applied for a PMHNP program and this video was so helpful! Thanks for being transparent and optimistic!
That's just how i want to live my life, work less and enjoy the things you like. Thanks for sharing.
To be honest, Ive always wanted to be a psychiatrist when I was a young kid. I never wanted to go to medical school because I felt that I did not care for the majority of the rotations and it was going to be such a time commitment to gaining foundations in so many areas that I never want to work in. I work in the ER as a technician and have worked in as a tech on the inpatient side for several years. Ive worked in several hospitals some good and some bad and I love the emergency room. I finish my accelerated BSN program in a year and I feel that I am slowly seeing ER as a short term gig and I feel that my psych nursing classes are reinstilling my passion for mental health and psychological disorders, and I am connecting with post graduate programs to go into PMHNP related degrees. I lost my mind when you said you work 3 days a week. I really care about work life balance, and this video kind of reminded me that its possible to do what I love and not be a "slave" to my work.
Working on starting a PP in VA right now - your videos have been so inspiring and informative - thanks so much for that! Congratulations on your success!!!
Naomi, thank you so much. I wish you all the best in Virginia! You're just right down the road 👍
I can tell you are perfect for psych you have such a calm and welcoming demeanor
What an accomplishment! That’s so awesome, congratulations on your practice. I start my PMHNP Program in May, and definitely aspire to have my own practice in the future. All the best wishes for continued success in your practice!
Jon, Thank you so much! I wish you all the best with everything.
I’m applying to psych NP school now. My goal is to open up my own practice like you someday. Thanks for sharing❤
Thank you for this video. That all-important work-life balance is what I am looking for. Doing something you truly love is also crucial in experiencing career fulfillment. Good luck and keep the videos coming!
Thank you Nerisa 🙏
@@ThePsychNP This is Nerisa and I have graduated and I am now looking for my first psych NP job. I can't believe I did it and now here I am as a psych NP!! But I plan to start my private practice part-time right away in addition to working somewhere else full-time. I want to have my private practice all set and running so that in a year I can make the transition with confidence and a patient load already built up. I am also getting licensed in several "independent practice states" so that I can see patients in those states remotely. I already have my Florida (+DEA) and Iowa NP licenses - I got them in 2 weeks!! Meanwhile New Jersey and New York where I live takes 6-8 weeks to send you the license. Go figure, I guess they have much more red tape. I just created my NP Website on Squarespace and I am now looking to form my LLC. The one thing I am wondering is if you could do a video and give some information on getting credentialed for insurance panels and how that works for private practice. Thank you and God bless you!
I just found your channel and really appreciate you sharing. I’ll begin my psych np program in January 2023 and am really excited for all the opportunities that are available for psych NP’s. I’ll eventually join my wife in private practice so having an idea of the income potential is great. Thanks again.
Beautiful! Which program are you doing?
@@AntonioLiberato08 I’m in the UCSF post master’s certification program here in California. Just starting my second quarter and am loving it. It’s a tough program but I’m thankful for the opportunity.
Hi Psych NP!
Thanks for being transparent about the salary. I’m a full time adult-gerontology NP and currently in school for my Post-Masters Certificate in Psych. Should be done in August. I have never considered opening my own private practice due to liability but this is pretty eye opening! I’m seeing over 50 patients a week in primary care working only 4 days a week. Benefits are important because I have young kids but I love that there’s more flexibility with your own practice. Thank you for the video :)
Thanks SO much for the information!
Your videos reduce my anxiety greatly as I progress through NP school!
Dude, You're awesome! Way to go! Thanks for the info!
Hi and congratulations on your achievements!
Thanks for this video particularly!
Thank you! Wish you all the best 🙏
Amazing! Hard work paying off. 👊
Thanks man! We all got to link again at the next Psych Congress
Thank you for your transparency!
So happy for you my friend - thank you for the update
Appreciate that!
This was awesome. Future Hopkins alumna - PMHNP. Thank you for sharing this 🙌🏾👍🏾
Thank you for being honest and transparent with us. Currently looking to start NP school next year with future hopes of starting my own Womens Health Clinic.
Hey! Great video! My dad recently opened his own private practice as a PMHNP, and I’m really trying to help him find patients so he can get his business going. I’m going into college so I can take on a lot of the social media stuff that’s he’s unfamiliar with but I was just curious to see how you were able to find new patients. Thank you!
WOW, I'm 16 and currently in senior high school. I am passionate to become a psychiatric nurse practitioner. I am sooo interested in mental health. Sometimes, I think whether I made the right choice since I am dealing with a lot of negativity. Better work at private for me to have a flexible schedule. I really want to be a PHMNP.
Thanks for this! I’m in city college looking for a flexible career with solid work life balance that combines my interests in psychology and medicine that isn’t a PhD route. 😁
You are such an inspiration and please keep up the good work.
Aminata, thank you so much. I hope all is well with you and best wishes for the future 🙏
@@ThePsychNP thanks dear and all is well. It's so empowering seeing the nursing profession continuing to make it mark especially with the moves that you are making. Once again thank you for bringing us along on your journey and I have no doubt that you will continue to prosper.
Thank you. I got another year of school to go. Helpful to get more information about real world expectations
Definitely appreciate the transparency! I just started Psych NP school this semester! Love your videos!
How's it going
Holy sh-t. Not gonna lie, I work in CA and am used to feeling underwhelmed by salary/income quotes from folks working in other states; perhaps even a bit apprehensive about going from RN to NP at all but hot damn son! That's a sizeable chunk of change.
Stumbled upon your video in my suggested videos and subscribed! :) Great to hear your personal story and thanks for being so transparent about your numbers and how a private practice grows.
Thank you Dr. Wu, good luck with everything!
This is my goal! I'm graduating the end of this month 7/29/22 with my PMHNP degree. I want to get 1-2 years exp. then branch out on my own with a small case load, then gradually increase as I'm comfortable.
Thanks for the transparency
Thank you for being you and sharing this with us! I hope to be like you someday owning my own private practice as I am just new grad BSN. Keep making videos :) you thee best
You got this man, I appreciate it 🙏
Keep at it doing great work. Very jealous of your work life balance.
Mohammad, I always appreciate the support. You have been someone who has watched the journey from the beginning! I hope you are doing great
@@ThePsychNP chugging along, hope to follow your path in the near future. Stay safe out there, may this be a prosperous year for you.
@@mohammadw373 Wishing you all the best with everything
Awesome...am having such a time finding preceptors and this was great motivation!
I have a question- I was starting to get my private practice up and running, and then I was hit by a moderate case of covid. This left me debilitated and unable to tend to my own needs, let alone someone else’s. Do you work with another provider to cover each other under difficult circumstances? It’s great to count on good health, but in these times- we may not always have it. If anyone else sees this question and would like to chime in, I’d appreciate it. Thanks for sharing your content.
Yes yes and yes, I am elated!! I needed this video
Would love to see a video of how to open your own practice as a psych NP with detail. This would be helpful! Please let me know if you already created that video. Thank you!
Great Video! Love the Transparency.
That is awesome happy for your success I plan to do the same once i am done
Appreciate it!
God bless you! Thank you for sharing! Love your channel!
Thank you so much for your transparency!!!
Thank you so much for your honesty
You are an inspiration
Thanks for sharing this …very helpful truly appreciated
Thank you for creating this content! I’m a pmhnp student and it’s very helpful to hear about your experiences. Having a good work-life balance and not getting burned out is really important to me so it makes me feel hopeful to hear that you’ve achieved this. Are you dealing with insurance companies or doing private pay?
Inspirational! Thanks for your candor!
Thank you very much for your honesty!
Sara, of course!
wow thanks for your honesty
Thank you bro... such an inspiration
You are awesome for sharing this!
Thank you for this video!
Glad it was helpful!
Thanks for sharing…this was really useful
Amazing! I am in DNP psych student and this is really helpful.
Khadra, I am glad they are helpful. Good luck with your studies!
I had an important question btw, how do you take vacation as a private practice? Does someone fill in for you? Telehealth while abroad?
So awesome! Congrats man
Thank you Ahmed!
thank you so much for your video.
Do you accept insurance? Or is this income based on a fee for service model?
That’s great. I think all healthcare providers (nurses, therapists, physicians, NPs, PAs etc) should all make more for all the hard work we do. Obviously we don’t do it for the money but it is nice to know that our hard training eventually leads to a good stable career.
My brother is a psychiatrist doing out pt private practice and he makes ~230k a year working 4.5 days per week. If you were to hire a PMHNP would you have enough patients for both of you? Since you made about 130k at your first job would you be able to pay a new PMHNP close to that?
All the best
Hello Sunny, I actually have another PMHNP working for me, she started seeing patients last October. I did not include her in my financials with this video. It would really depend on how many patient requests are you getting per week. If you are able to fully build up your own schedule and you start having to waitlist people for more than a month, I would look to hiring someone else to help ease off the patient load. I would probably be able to pay someone that kind of money initially, but you have to understand you will lose a lot of money the first several months they start working
@@ThePsychNP thanks! Any tips on what you look for a job applicant? I’ll finish my PMHNP next year and I’ve worked as a psych rn (in patient) since finishing my BSN in 2019.
@@sunnykwan3226 That is awesome, you are almost done. The #1 thing I am looking for is someone who is passionate about psych/mental health. That is so important when you hire anyone in this field. I think the willingness to learn, and someone who understands how much of a responsibility they have and the positive impact they can make in the community as a PMHNP.
@@kdfooaijfea3asdf Dee, I actually agree with your sentiment. It's unfortunate the way it is headed, but I will be honest in my videos. This is my 2nd video on salary and I'm sorry that you feel that I am doing our profession a disservice. Wish you all the best
@@ThePsychNP With such a huge lack of available care I feel that even if folks are doing it "just for the money" that doesn't mean they are less capable or qualified and are giving more patients a chance to get the treatment they need. I see nothing wrong with what you are doing... @Dee don't lose the forest for the trees. Just my honest opinion. :)
Thank you for sharing this
can you please go over reimbursement and billing and break down the business?
How does pmhnp make money in its practice? Is it only consult or any procedure you can do at your office?
this is amazing thank you.
You’re awesome. Thanks for shading some light into this. ❤❤❤
thank you so much!
That is Awesome! Congratulations🎉. A couple questions... Are your patients private pay or insured? How much do you charge per IPE and FU?
At the time of this video, what type of insurances were you accepting? Were you accepting any Medicare or Medicaid plans? How much are you making today? I’m a soon to be new grad PMHNP in Hawaii. I plan to start off in a private practice partnership with several experienced PMHNPs but I have dreams of eventually starting my own practice. Thank you for all the info you share! Keep up the great work!
Thanks for the info.
Great video! What was your decision process in determining to do brick and mortar vs fully telehealth?
Hello Jayvon, thank you! Originally, I was going to be fully brick and mortar and also offer telepsychiatry as an option but since Covid hit and all of the law changes, it really made telepsychiatry most of what I do. I do miss the in person visits but I have probably been 90% virtual since Covid and 10% at the office. I feel like having the initial appointment as an in office visit is really important and then transitioning them to telepsychiatry works great.
@@ThePsychNP with someone in your position, continued to have splits of 90% telehealth and 10% brick and mortar, would it be more cost efficient to simply rent a office space per in person appointment?
@@bettadays1 It would really depend on other factors. I have a 3 year lease and do not have an option of leaving it therefore I am locked in for two more years. My goal regardless is to have a brick and mortar practice that can see people via telepsychiatry if needed. I actually have a Psych NP that has been working for me since October and they require an office space and therapist that is coming on board as well. I did not include their financials with my gross income in this video. It depends on if you plan to be a solo practice or have plans to build your practice.. or if you want to do brick/mortal or telepsychiatry. If I was just starting out and planned on being a solo, renting an office space per month not per appointment from another practice is what I would have done
@@ThePsychNP Because you have an additional NP at the office and a therapist coming on board, are they working for you or will this become a group practice? If it's still solo, are they just giving you a percentage of what they bill for?
Congrats!!!!
Appreciate it!
Thank you for your videos! You are an inspiration to a lot of us. One question - I believe Maryland is an independent practice state. Does it mean you can get credentialed with insurance companies WITHOUT a collaborating physician, or do they still require a collaborating physician as well as a hospital admitting arrangement with one?
Hey there, I'm based out of Alexandria VA. I'm about to finish my PMHNP program at JHU. I am currently an FNP. Wondering about if can contact you personally via email? If I can consult with you and ask you some more questions and details about what you did to get where you are now? It was your videos that first inspired me and made me realize that starting a private practice is feasible? Thank you!
Congrats on your success with the new practice! That’s great compensation for how many patients you’re seeing, curious to know if you’re cash only or take insurance. And what you’re billing rate is for initial evals and follow ups if you don’t mind sharing!
Thank you! I take both cash and insurance, I can't legally list my different insurance rates for the different codes. For my cash pay patients, I charge $250 initial and $150 for follow ups.
@@ThePsychNP Thanks for answering this, I just posted a similar question.. lol. I should've read through the comments first 🤦♀️.
@@jazzyj2243 Haha, no worries 👍
I just asked the same question too! I should have scrolled the comments more thoroughly before posting 😅 but thank you again for laying this all out there. The culture of being cagey about income just leads to workers getting undervalued or taken advantage of.
@@melissashulman1165 Melissa, no worries! There are a lot of comments so it can be hard to search them all 😅
Im graduating psych NP school next year and long term goals to open up my own private practice. can you make a video on the steps you took including the costs and how to go about opening your practice?
Great video and congrats on your practice so far.
Hey, how had Covid affected your in person business? How much as your business dropped-off because of it? Have you thought of telemedicine?
Great video, Grateful for the information as I am just initiating my PMHNP program now. Wondering if recommend any apps that were helpful during your education or currently in your practice. Thanks I’m advance for your input.
Hi there! Thank you for your words of wisdom. You are a great source of information! I am hoping to take boards in June and potentially open my own practice in Utah. Could you give me an idea of the difference in reimbursement from when you initially started until now? It's so scary thinking about doing this all on my own when I have worked as an hourly nurse for over 16 years. Why did you continue to do outpatient when you first started rather than just go out on your own? Thank you for any help you can offer!
P.S. What was the name of the resort in Cancun? It looks beautiful!
Hello Ronda, I am probably 10-20% better reimbursements across the board. Also, insurance companies may raise rates to be competitive with the other insurance companies throughout the year. You definitely need the experience working at an outpatient practice before going out on your own fully, you really will learn everything at your first outpatient job. In terms of being financially stable, the first 3 to 4 months you may not make much money at all so it is important to have another job to support yourself financially. It is called LeBlanc Cancun Spa and Resort! Definitely check it out!
Thank you for sharing with us. Would you mind to share what roughly the type of insurances your clients use? Thanks..
Your videos inspire me to become a psych np. I’m also thinking about building my own practice later on. I’m noticing that many new grad nps are having a difficult time finding a job, but that also does depend on one’s specialty. How long did it take you to land your first job as a psych np and in which setting did you initially work in?
Thank you Daniel. I actually had a job 3 months prior to graduation and I worked in outpatient psych at a private practice.
You are great man, I am currently a high school senior and I have a real interest for psychology and my family has a long line of nurses. Being a nurse practitioner is perfect for me and your videos are really inspiring me. Thank you so much😁
Jordyn, of course. Good luck with your journey 🙏
im wayyyy far from this goal lol im applying to nursing school now but i would like to know if you can make a video on how you were able to get patients when first starting out that would be the main thing im worried about when it comes to opening a new business
Thanks for sharing
I was only making $85k/year as FNP in Arkansas
Great inspiration. Thanks for sharing. What EHR do you use and which would you recommend for a new pp?
Beautiful brother!!! Which school did you go to? Been a psych RN (ASN) 12 years also Bsn in finance. Looking for an online PMHNP program now. Recommendations? Want to finish in 3 years. Thank you brother!! Motivating!
PERFECT
Is Maryland a fully autonomous state ?
Thanks alot for the info.
Kesean, appreciate it my guy