Million dollar question? What does a midwife really make? Do you make more working for yourself or someone else? Those are really good questions. It really depends. I have seen midwives lose money year after year running their own practices and others VERY profitable midwifery practices. We all have the same hours in a day. We all have access to the same resources and knowledge. We all have same opportunities to success. Why do some midwives make LOTS of money doing what they love while others struggle year after year.
The average Certified Nurse Midwife working for a hospital or private practice makes $102,390. The range can be from $60,000 (birth center / home birth practice) to $170,000 (director of a larger midwifery hospital practice). Each state varies greatly. More independent midwifery states and where more birth centers are established tend to have higher income options for midwives. Where there is less demand due to restrictive laws, lack of community support, or lack of educational schools, the salary of midwives tends to decrease.
The most profitable midwives have classic themes with their careers: they run their own businesses (NOT WORK FOR SOMEONE ELSE). When someone works for a company, that person is trading time for a salary or hourly rate. There are only so many hours you can work without taking away from family time, sleeping, and sanity. Business owners build a team of amazing staff that trade their time for income. By creating a business model where the midwifery expertise is only one of the revenue streams, the midwife can now accelerate her wealth potential. That is where the financial freedom really starts to add up for midwives.
Having a midwifery service that is in higher demand will increase your profit margin. If your waiting list is consistently full and your business brand has a strong presence in the community, profits will reflect that into your bank account. Nationwide, midwives that I have seen make the most money had large business (or ran many businesses) and rarely did direct patient care. Their main purpose was getting the business policies and staff working the most efficiently at the business’s mission statement. Creating a business that runs a birth center practice, midwifery billing company, and consultation service really helps midwives climb the financial ladder.
Look at what kind of midwife do you want to be. Do you want to work for someone else, get a retirement package, and take days off for vacation when boss approves of your requested time? If wealth and time freedom while supporting women on a larger scale is part of your life mission, we are definitely here to help that dream become a reality! Take some business courses, make a business plan, and figure out what type of midwifery business you would like to get started on.