64% of Private Practice Therapists Plan on Increasing Cash Pay Rates

Statistic Info

This statistic is indicative of the changing landscape of healthcare. Private practice therapists are recognizing that there are financial benefits to offering cash pay rates for services. By doing so, they can increase their patient base and be more competitive in the marketplace. Additionally, cash pay rates tend to be lower than those covered by insurance companies or government-funded programs, allowing private practice therapists to reduce overhead costs and increase their profits.

Author: Behavioral Health Business

More Related Stats

Mental & Behavioral Health

23% of US adults experienced mental illness, among whom fewer than half are receiving treatment

In the first year of the pandemic, the number of community centers providing clinical services via telehealth more than doubled, increasing from 43% of centers providing these services in 2019 to 99% in 2020

64% of Private Practice Therapists Plan on Increasing Cash Pay Rates

50% of a psychologist’s salary is covered through fee-for-service revenue because psych CPT codes do not reimburse at the same level as medical

The prevalence of mental illness is about equal among beneficiaries enrolled in traditional Medicare (31%) and those in Medicare Advantage plans (28%)

77% of executives are concerned with the lack of funding for addressing behavioral health and addiction issues

Over 70 % of state Medicaid programs reported at least one strategy to incentivize provider participation in Medicaid, helping to alleviate the behavioral health workforce shortage

Having one or more Outpatient Behavioral Health Treatment visits was associated with lower medical & pharmacy costs during 15 & 27-month follow-up periods

Behavioral Health Inequities Have Cost the US Health Care System Over $278B

67% of U.S. employers plan to make employee mental health & emotional well-being programs & solutions one of their top three health priorities

More 2023 Stats

In 2023 there was a 13% revenue growth in Q2 due to rising enrollment

Only a little more than a third of the insured respondents agreed that insurance facilitates affordable access to care for all

the average cost of a healthcare data breach is $10.1 million

Up to 37% of prescriptions are never filled due to cost

The average cost of medication non-adherence in the U.S. ranges from $5,271-$52,341 per person

Nearly 42M children in the US get their health care through Medicaid or the Children’s Health Insurance Program (CHIP)

25% of patients have attended a telehealth visit to address a new mental health concern

The average star rating across Medicare Advantage contracts increased from 3.86 in 2014 to 4.37 in 2022, when 68.4 percent of contracts had a rating of 4.0 or higher

More than 60,000 of U.S. COVID-19 deaths in the pandemic’s first year were attributable to inadequate health insurance

Every eight hours that office-based physicians have scheduled with patients, they spend more than five hours in the EHR