The financial state of private practice in 2025
For the third year in a row, Heard surveyed therapists nationwide to better understand the state of private practice finances in the United States today.
It’s my favorite project to work on every year. You can download the full report for free here.
More than 3,000 therapists completed our survey this year—a 42% increase from last year.
What did we learn?
34% of therapists reported making more in profit in 2024 than 2023, which is encouraging.
Yet therapists continue to be underpaid by insurance companies. On average, therapists earned 36% less per session from insurance than private pay.
Therapists are feeling uncertain about the future. 85% of therapists reported feeling concerned about the financial impact of the new Trump administration on their practice.
Therapists are struggling with student loans. 68% of therapists reported having some student loan debt while 22% reported having $100,000 or more.
We also asked therapists about marketing.
61% of therapists reported typically working with clients for less than 12 months, which means it’s important to keep marketing, even when you’re full.
Not surprisingly, referrals / word of mouth were the most common source of new clients, followed by Psychology Today and other online directories.
Here's the link again to download the report. Please share it with friends and colleagues. The more therapists who have access to this information, the better.