Why do so many private practice professionals charge such an expensive hourly rate? It seems so unfair!
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I hear you. I too have felt frustrated when learning of the costly hourly rates when seeking services for myself.
For example, one professional charges $300 per hour while another charges $150 for a similar service.
So what gives? Such a 'discombobulating' affair!
Let's investigate whether there is any logic to this common conundrum!
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Part A
Well, there are many reasons for the costly hourly rate. Some might include:
1) The practitioner having years of training, studies, lived experience and additional professional development that the client is unaware of.
Vs
A new 'up-and-coming' practitioner who is starting out and getting a feel for the industry.
2) There are, on occasion, charlatans who may have little or no experience and are out to earn fast money. Some individuals may be struggling to secure mainstream employment. The reasons vary.
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Part B
3) There is more to an hourly rate than meets the eye!
How so?
It looks a little something like this ...
Company Employees
Employees who work for a company often receive an hourly rate wage (e.g., $35 per hour). Their hourly rate generally includes annual/sick leave, superannuation, a percentage of an employee's wage is set aside for their student loan ready for tax time.
Private Practice Employees
- What is generally included in that expensive $150 per hour rate?
Many private practitioners do not receive an ongoing hourly rate (i.e., $35 per hour). It is the private practice owner's responsibility to organise their own annual/sick leave, superannuation and manage any student loans that they may have.
That expensive $150 per hourly rate includes hidden outgoings such as advertising, business expenses, insurance, research between appointments, report writing, room hire, missed appointments, liaising & meeting with clients & colleagues, travel, superannuation, student loans and more.
Your private practice professional, on average, might complete 3-5 hours of background work that their client does not see during their appointment. When one breaks down the hourly rate, that upfront $150 hourly fee averages out to be $30-$50 per hour of work, depending on their client's requirements.
Outcome
Overall, in most cases, the hourly rates between Company Employees and Private Practice Employees balance out! There will, of course, be exceptions to the rule!
I hope that my answer has brought you some clarity!
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