Therapy For Your Money: Recent Episodes
Julie Herres
Welcome to Therapy for your Money, a podcast about all things money and finance for private practice owners! If you are ready to feel confident and in-control of your financial life, then you are in the right spot. Therapy for our Money is hosted by Julie Herres, the CEO and Senior Accountant of GreenOak Accounting. She and her firm specialize in working with private practice owners across the United States, and have assisted hundreds of private practices with increasing their financial stability and profitability. She is on a mission to share her best practices she's learned along the way through her successful career as an accountant, discusses financial topics with a wide variety of guests, and help her listeners make data driven decisions to help their businesses.
Running a private practice means making a lot of decisions, some exciting, some uncomfortable, and some that just can’t wait.
In this quarterly check-in, I’m joined by Jacquie Carter from our GreenOak team to talk about what we’re actually seeing behind the scenes right now. From tax planning mistakes (yes, we’re going there) to payroll realities, hiring challenges, and a few hard truths practice owners don’t always want to hear, but really need to.
If you’ve ever thought, “I’ll deal with that later,” this episode is your gentle nudge… because later is today.
In This Episode, You’ll Discover:
1. Why tax planning starts now, not next April
Waiting until tax season to “fix” your taxes? Unfortunately, that’s when it’s already too late. We break down what proactive planning actually looks like.
2. The financial decisions that quietly put practices at risk
From overpaying payroll to pulling too much out of the business, we’re talking about the patterns we’re seeing (and how to course-correct).
3. What’s actually worth your time as a practice owner
Not every project, rebrand, or idea deserves your attention. We’ll help you refocus on what truly moves the needle.
Resources and Links
- Episode #209: Financial Transparency: How Much Is Too Much? Listen on Apple Podcasts
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Watch Therapy For Your Money on YouTube: Watch on YouTube
- Podcast Production, Audio Mixing, and YouTube Video Production by James Marland
If you’ve crossed (or are approaching) that $1M mark in your practice, you’ve probably realized something… growth doesn’t get easier—it just gets different. In this episode, I’m joined by Joshua Brummel from Therapy Flow to talk about the hidden bottlenecks that show up as you scale from $1M to $3M and beyond. These aren’t the obvious problems you solved early on, they’re the behind-the-scenes issues that quietly slow your growth, shrink your profit, and stretch your capacity as a CEO. We’re breaking down what’s really going on and what you need to focus on to keep moving forward.
3 Reasons to Listen
- You’ll understand why growth starts to feel harder (even when things are “working”). Hitting $1M doesn’t mean you’ve figured it all out, it means you’re entering a new level with new challenges.
- You’ll learn the bottlenecks that are most likely costing you time, money, and sanity. From clinician churn to lack of systems, these are the issues we see over and over again in growing practices.
- You’ll start thinking like a CEO, not just a practice owner. Scaling requires a shift in how you spend your time, make decisions, and lead your business.
Links and Resources Mentioned
- Group Practice Con (Sept 10–11, Chicago): https://grouppracticecon.com
- Therapy Flow: https://mytherapyflow.com
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Watch Therapy For Your Money on YouTube: Watch on YouTube
- Podcast Production, Audio Mixing, and YouTube Video Production by James Marland
If you’ve ever felt like you’re doing all the right things—taking time off, booking the massage, squeezing in a workout—but still feeling exhausted… this episode is going to hit home.
Because what if the problem isn’t that you need more self-care?
In this conversation, I sit down with Valarie Harris, author of The Capacity Code, to unpack a powerful idea: many practice owners aren’t dealing with a self-care problem—they’re dealing with a capacity crisis. And until you address that, no amount of bubble baths or weekends off will fix the burnout.
We’re diving into what capacity actually means, how it impacts your business (and your team), and why understanding your limits might be the key to building a sustainable, profitable practice.
3 Lessons From This Episode
1. It’s Not a Self-Care Problem—It’s a Capacity Problem
Many practice owners default to self-care when they feel overwhelmed. But as Valarie explains, self-care often becomes avoidance or short-term relief rather than a real solution. What worked in a previous season of life may not match your current demands—and that mismatch leads to burnout.
2. Your Capacity Directly Impacts Your Practice
Capacity isn’t just personal—it shows up in your business. When your capacity is low, you may notice:
- Increased reactivity and urgency
- Difficulty making decisions
- Team turnover or disengagement
- Disconnection from your mission
On the flip side, when your capacity is strong, your team is more aligned, your systems run smoother, and your practice becomes more sustainable.
3. Avoidance (Especially Around Money) Is a Capacity Signal
If you’ve been avoiding your numbers, delaying tax conversations, or feeling overwhelmed by finances, you’re not alone. But that avoidance is often a capacity issue, not a knowledge issue.
Building simple, repeatable rhythms (like monthly money check-ins) can help you stay grounded and make better financial decisions without the stress.
Links & Resources
- Get the book: The Capacity Code https://www.thecapacitycodeunlocked.com/
- The Capacity Code on Amazon: https://a.co/d/0hgaBTaM
- Follow Valarie on Instagram: https://www.instagram.com/valarie.l.harris
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Watch Therapy For Your Money on YouTube: Watch on YouTube
- Podcast Production, Audio Mixing, and YouTube Video Production by James Marland
What does it really take to scale a therapy practice to 7 figures, without burning out or creating chaos behind the scenes? In this episode, Julie sits down with returning guest Nicole McCance to break down her proven 5-step framework for scaling a group practice. From systemizing your operations and hiring the right first clinician to fixing your biggest conversion gaps, this conversation is packed with practical strategies you can actually implement. Whether you're building your team or refining your systems, this episode will help you grow a practice that’s both sustainable and profitable.
3 Reasons to Listen
1. You’ll learn a clear, step-by-step framework for scaling
Nicole walks through the exact 5 steps she used to grow her practice to 55 clinicians—and what she’d do again (and differently).
2. You’ll uncover the hidden bottlenecks slowing your growth
From weak systems to missed consult opportunities, this episode highlights what’s really holding many practices back.
3. You’ll get practical, actionable strategies you can implement right away
Simple shifts in hiring, marketing, and client conversion that can immediately improve your results.
Links and Resources Mentioned
- Nicole McCance’s Podcast: The Business Savvy Therapist: https://mccancemethod.com/podcast/
- Free Masterclass: How to Build a 7-Figure Group Practice: https://mccancemethod.com/webinar-free-masterclass-from-solo-to-superteam/
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Watch Therapy For Your Money on YouTube: Watch on YouTube
- Podcast Production, Audio Mixing, and Youtube Video Production by James Marland
If you’ve ever thought, “I’ve heard of Profit First… but I still have questions,” you’re not alone.
In this episode, Julie is joined by Angelica Epps for a real, behind-the-scenes Q&A based on what practice owners are actually asking inside the Profit First Academy. From “Do I even make enough to start?” to “What’s the difference between profit and owner’s pay?”, nothing is off the table.
This conversation is a great place to get clarity on how Profit First works in real life—especially if you’re feeling unsure, overwhelmed, or just curious about whether it’s a fit for your practice.
3 Reasons to Listen
-
You’ve heard about Profit First, but still feel unsure how it actually works
We break down the basics in a simple, practical way so you can connect the dots. -
You’re wondering if your situation is “too messy” to start
Whether it’s inconsistent income, debt, or tax stress, these are the exact questions we address. -
You want to understand how other practice owners are thinking about money
These are the real questions coming up every day inside the Academy.
Links & Resources
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production, Audio Mixing, and Youtube Video Production by James Marland
What does it actually take to grow from clinician to CEO?
In this episode, Julie sits down with Brian Gallagher to unpack the financial leadership shifts required to scale a private practice—without burning out or building a business that runs you into the ground.
They dive into why so many practice owners stay stuck in a “household money mindset,” how to think like a true CEO, and what it really looks like to build a profitable, sustainable group practice. From hiring decisions to expansion strategy to the infamous “danger zone” of growth, this episode is packed with practical insights you won’t want to miss.
3 Reasons to Listen
- You’ll learn why your current money mindset might be holding your practice back. If you’re treating your business finances like your personal finances, it could be limiting your growth more than you realize.
- You’ll understand exactly when (and how) to hire without breaking your cash flow. Brian breaks down a simple, actionable framework for hiring that removes the guesswork (and fear).
- You’ll discover the “danger zone” of scaling—and how to avoid it. Not all growth is good growth. Learn why 4–8 locations can be risky—and what to do instead.
Links & Resources
- Learn more about Brian Gallagher & MEG Business: https://www.megbusiness.com
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Watch Therapy For Your Money on YouTube: Watch on YouTube
- Podcast Production, Audio Mixing, and Youtube Video Production by James Marland
You’re tracking your KPIs… but what do you actually do with them? In this episode, I’m walking you through how to move beyond just looking at your numbers and start using them to lead your practice. Because tracking KPIs isn’t leadership—using them to drive decisions, assign ownership, and take action is. We’ll talk about leading vs. lagging indicators, how to set up a simple system for reviewing your numbers, and how to create clear next steps so you’re not reacting in panic mode. The goal is simple: replace panic with process so you can run your practice proactively instead of constantly putting out fires.
3 Reasons to Listen
- You’re tracking your numbers… but not sure what to do with them
- You want to feel more in control of your practice instead of reacting to surprises
- You’re ready to build simple systems that turn data into clear, confident decisions
Links and Resources
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production, Audio Mixing, and YouTube Video Production by James Marland
How Much Financial Transparency Is Too Much in Private Practice?
Transparency with your team can be a great leadership quality. But when it comes to your practice finances, sharing too much information can sometimes create confusion, pressure, and unintended consequences.
In this episode of Therapy for Your Money, Julie explores a topic that can feel a little controversial for practice owners: how much financial information should you actually share with your team?
Many practice owners share financials because they want to build trust, be transparent, or reduce the feeling of carrying the business alone. But once financial information is shared, it can’t be taken back—and without the right context, those numbers can easily be misunderstood.
Julie breaks down when it makes sense to share financial information, when it doesn’t, and how to create healthy boundaries around your numbers while still being a transparent and supportive leader.
Need Someone to Talk Through Your Numbers With?
Running a private practice can feel lonely, especially when it comes to financial decisions.
If you have been wanting to talk through your practice finances with someone who understands the business side and can stay objective, reach out to a GreenOak Accounting team member. Sometimes you just need to talk to someone unbiased about your practice's financials.
Our team helps practice owners understand their numbers, protect their profit, and make confident financial decisions.
Links and Resources
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production, Audio Mixing, and Youtube Video Production by James Marland
Many private practice owners assume their business will eventually fund their retirement. After all, you’ve spent years building it, surely it will be worth enough someday to carry you through your later years.
But relying solely on your practice as your retirement strategy can be risky.
In this episode, Julie sits down with financial planner Eric Miller, CEO of Econologics, to talk about why practice owners should think beyond the eventual sale of their business when planning for long-term wealth. They explore common misconceptions about practice valuation, why diversification matters, and practical ways owners can start building multiple income streams while their practice is still growing.
If you want to build a practice that supports both your business goals and your household’s long-term financial health, this conversation is a must-listen.
3 Reasons to Listen to This Episode
1. Many practice owners overestimate what their practice will be worth.
Eric explains why emotional attachment and optimism often lead owners to assume their business will sell for more than it realistically will.
2. Selling your practice doesn’t mean you keep the full amount.
Taxes, debt, and other factors can dramatically reduce what you actually walk away with after a sale.
3. Practice owners have unique opportunities to build multiple income streams.
From retirement plans to real estate to brokerage accounts, there are several ways to create long-term financial stability beyond your practice.
Links and Resources
- Learn more about Eric Miller and Econologics: https://econologics.com
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production, Audio Mixing, and Youtube Video Production by James Marland
When inquiry volume slows down, every single call matters.
In today’s private practice landscape, you can’t afford to miss opportunities simply because you didn’t respond fast enough. Research shows that the first practice to respond often wins the client — even if they weren’t the client’s first choice.
In this episode of Therapy for Your Money, Julie sits down with Uriah Guilford of Productive Therapist to talk about how AI-powered intake tools are helping solo and group practices answer every call, respond instantly, and convert more inquiries into booked appointments.
We’re breaking down what AI can (and can’t) do, how it impacts your bottom line, and why speed might be your biggest competitive advantage in 2026.
If you’ve ever wondered whether AI belongs in your private practice, this conversation is for you.
Why You’ll Want to Tune In
- Why being “first to respond” often matters more than being the “best fit”
- How missed calls directly impact your revenue
- What an AI intake assistant actually does (and how it hands off to a human)
- The real cost comparison: human call centers vs. AI answering systems
- How solo practices and large group practices can both use AI strategically
- What happens when AI goes wrong (and how to avoid frustrating your clients)
- How faster follow-up can increase conversion rates without increasing marketing spend
Links and Resources
- Productive Therapist: https://productivetherapist.com
- Explore Simple Intake AI: https://productivetherapist.com/simpleintake/
- Subscribe on YouTube: https://www.youtube.com/@GreenOakAccounting
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production, Audio Mixing, and Youtube Video Production by James Marland
If this episode got you thinking about where money might be slipping through the cracks in your practice, share it with a fellow practice owner.
Because missed calls don’t just mean missed connections.
They mean missed revenue.
And every practice deserves to be profitable. 💚
The Rent Equation That Can Make or Break Your ProfitRent usually isn’t your biggest expense — payroll almost always takes that spot. But rent is one of the biggest long-term commitments you’ll ever make in your practice.
When you sign a 5- or 10-year lease, that decision follows you.
And I’ve seen it go both ways.
I’ve seen beautiful spaces help practices grow efficiently and profitably. And I’ve seen gorgeous offices turn into financial anchors that are almost impossible to escape.
In this episode, I’m walking you through the simple math that determines whether your space supports your profit… or slowly squeezes it.
Because every practice deserves to be profitable — and the math has to math.
In This Episode, You’ll Discover:
1️⃣ The ideal percentage your rent should fall within
(And why 3–10% of gross income is your guardrail.)
2️⃣ How to reverse engineer your space before you sign the lease
We break down real examples so you can calculate exactly how many sessions your space needs to generate.
3️⃣ Why utilization matters more than square footage
Just because you’re open 40 hours doesn’t mean you can only schedule 40 hours — and that mindset shift can completely change your profitability.
Final Thoughts
It’s easy to fall in love with a space.
It smells good. It looks beautiful. You can picture your dream practice there.
But this is business.
Before you sign anything, run the math. Reverse engineer it. Stress test it at 85% utilization. Ask yourself what happens if hiring takes longer than expected.
Your space should support your profit — not strangle it.
Ready to Run the Numbers?
If you want to walk through the calculations step-by-step, I’ve written a detailed blog post that breaks everything down:
👉 Read the full blog here: https://www.greenoakaccounting.com/post/maximizing-your-space-how-to-make-physical-therapy-clinic-real-estate-work-for-your-bottom-line
Do the math before you sign.
Your future self — and your profit margin — will thank you.
And remember… every practice deserves to be profitable.
Links and Resources
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production, Audio Mixing, and YouTube Video Production by James Marland
Divorce is hard. It’s emotional. It’s overwhelming. And when you own a private practice, it can feel even more complicated.
Your practice isn’t just a job—it’s an asset. It’s a cash flow machine. It’s how you pay your bills, support your family, and serve your clients. So what happens to it in a divorce? How is it valued? Could you lose it? What about taxes, debt, or access to your bank accounts?
In this episode, I’m walking you through what you need to know about divorce as a practice owner—from business valuation to protecting your income-generating asset—so you can move forward with clarity and confidence.
If this is something you’re going through (or even just want to be prepared for), this episode will help you understand the financial realities and protect what you’ve built.
In This Episode, You’ll Learn:
- How your private practice is treated as an asset in a divorce
- Why business value is not the same as cash in hand
- What happens with taxes, joint returns, and past tax debt
- Practical steps to protect your business access and systems
- Why your practice can be your rebuilding plan on the other side
Divorce is never easy. But if you get to keep your practice, you are keeping the very thing that allows you to rebuild.
Listen to this episode for practical guidance, calm perspective, and clear next steps.
And if you know another practice owner who could benefit from this conversation, share this episode with them. They don’t have to navigate this alone.
Links and Resources
- GreenOak Accounting: greenoakaccounting.com – Book a free consultation or explore services for practice owners.
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production, Audio Mixing, and Youtube Video Production by James Marland YouTube
In this quarterly review episode, Julie and Jacquie reflect on what private practice owners experienced in 2025 and what to expect in 2026. From staffing challenges and rising expenses to burnout and big leadership transitions, they share what they are seeing behind the scenes with real practices. If you want clarity, stability, and a plan for navigating uncertainty, this conversation will help you focus on what you can control and build a business that lasts.
3 Reasons to Listen
- Learn what is actually happening in private practices right now. Get real insights from end-of-quarter reviews with dozens of practice owners.
- Avoid the most common financial mistakes owners are making.
- From lifestyle creep to overpaying clinicians to stepping back too quickly, they break down where practices are getting into trouble and how to prevent it.
- You will learn why emergency funds, intentional growth, and strong leadership habits matter more than ever in a changing economy.
Highlights
[00:01:31] Private practice is still viable
Success remains possible across models.
[00:02:43] Awareness, intention, attention
Three traits of stable practices.
[00:03:23] Clinician pay expectation mismatch
High pay, low caseload tension.
[00:04:14] Benefits must match revenue
Sustainability over generosity alone.
[00:05:35] Owner draws under pressure
Lifestyle creep creates hidden risk.
[00:06:56] Emergency funds are essential
Risk planning protects your practice.
[00:07:41] Something will always happen
Plan for inevitable disruptions.
[00:08:57] Ten years of steady growth
Slow growth beats flashy scaling.
[00:09:51] Strong foundations matter most
Structure supports long-term success.
[00:10:21] The power of saying no
Alignment over shiny opportunities.
[00:11:23] Advisors prevent bad decisions
Outside perspective adds clarity.
[00:13:47] Owners want to step back
Burnout driving leadership changes.
[00:14:26] Gradual clinical director transition
Shift responsibilities slowly.
[00:16:54] One-year transition timeline
Stability requires patience.
[00:17:19] Never abdicate responsibility
Stay engaged with your numbers.
[00:18:35] Protect yourself from surprises
Keep access to key systems.
[00:20:23] 2026 uncertainty ahead
Insurance and intake instability.
[00:21:16] Control what you can
Focus on efficiency and accountability.
[00:22:27] Hard conversations are necessary
Actionable steps over blame.
[00:23:29] You always have choices
Ownership means responsibility.
Resources & Links
- Schedule a free consultation with GreenOak Accounting: https://www.greenoakaccounting.com/consultation
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production, Audio Mixing, and YouTube Video Production by James Marland
Common Tax Credits and Deductions for Practice Owners in 2026
Tax season doesn’t have to be a mystery, and you might be leaving money on the table without even realizing it. In this episode, Julie Herres sits down with Adam Rook from the GreenOak Accounting tax team to break down the most common tax credits and deductions practice owners may qualify for—both on the business and personal side. Whether you run a solo or group practice, you’ll walk away with clarity about the tax savings that could make a real difference for your bottom line.
3 Reasons to Listen
- Cut Through the Confusion: Learn the difference between tax credits and deductions—so you’ll understand exactly how each one impacts your taxes.
- Find Money-Saving Opportunities: Discover which credits and deductions are actually available (and common!) for private practice owners in 2026, and learn what to ask your tax preparer.
- Avoid Costly Mistakes: Get tips on documentation, common pitfalls, and why you should never take your tax advice from TikTok (really!).
Resources and Link
- GreenOak Accounting: greenoakaccounting.com – Book a free consultation or explore services for practice owners.
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production, Audio Mixing, and YouTube Video Production by James Marland
A Profit First Journey: Confessions of a First-Year Practice Owner
Starting a private practice can feel equal parts exciting and overwhelming—especially when it comes to money. In this episode of Therapy for Your Money, Julie sits down with Alex Antonucci, a first-year practice owner who isn’t afraid to share the honest, behind-the-scenes reality of building a financially sustainable practice from the ground up.
Alex opens up about student loan debt that rivaled the cost of his home, feeling unsure about retirement savings, and the mental load that comes with not quite knowing where your money stands. He also shares how implementing Profit First before opening his doors gave him clarity, confidence, and a financial system that now supports both his business and his life.
If you’re a solo practice owner—or dreaming about growing into a group practice—this conversation is a powerful reminder that you don’t have to have it all figured out to start. You just need a system that helps you make clear, values-aligned decisions along the way.
3 Things to Listen for in This Episode
- What it really feels like to start a practice with debt and uncertainty. Alex shares candidly about student loans, financial anxiety, and why he didn’t want money stress to follow him into practice ownership.
- How Profit First reduced decision fatigue. Instead of constantly wondering “Can I afford this?”, Alex explains how letting the numbers guide decisions freed up mental energy and reduced stress.
- Planning for growth before hiring. From building buffers to offering generous benefits like PTO and retirement contributions, Alex walks through how he’s preparing to hire sustainably—without panic or guesswork.
Resources & Mentions
- Billing Assistant Pro by Productive Therapist
- Virtual Assistant Support – Productive Therapist
- Profit First for Therapists (my book!)
- Profit First Academy
- Therapy For Your Money website
- GreenOak Accounting - www.GreenOakAccounting.com
- Tree Pittsburgh - non-profit mentioned by Alex
- Alex Antonucci, LPC’s practice page - https://www.waxwingwellness.com/about
- Podcast, YouTube, and Other Written Assets Produced by James Marland
Making the shift from independent contractors (1099s) to employees (W2s) can feel overwhelming for private practice owners—and let’s be honest, it can stir up a lot of big feelings for your team too! In this episode, Julie Herres sits down with Ginger Houghton, owner of Bright Spot Therapy, to unpack how Ginger’s “red carpet exit” approach turned what could have been a stressful transition into an experience rooted in trust, growth, and long-term success. Whether you’re considering this move or already knee-deep in the process, Ginger’s story offers practical strategies and plenty of encouragement.
Three Reasons to Listen / Three Things You’ll Learn
- How to Build Trust During Big Changes: Hear Ginger’s actionable steps for fostering open communication and emotional safety—before, during, and after a major team shift.
- Red Carpet Exits Explained: Discover what “red carpet exits” actually look like, and why supporting clinicians to leave well can help your culture (and numbers) thrive.
- How to Prep for a Smooth 1099-to-W2 Transition: From timelines and tough conversations to financial realities and math tools, get a real-world roadmap for making this change without losing your team.
Resources & Links Mentioned
- Bright Spot Therapy: https://brightspottherapy.com
- Ginger Houghton’s LinkedIn: https://www.linkedin.com/in/ginger-houghton-03ba61172/
- Ginger’s Course: Navigating the 1099-to-W2 Transition: https://ginger-s-site-0d8f.thinkific.com/products/courses/from-1099-to-w2-course
- Ginger Houghton’s Coaching Link: https://ginger-s-site-0d8f.thinkific.com/products/live_events/coaching
- GreenOak Accounting – Free Consultation
https://www.greenoakaccounting.com/consultation - Profit First for Therapists (my book!)
- Profit First Academy
- Therapy For Your Money website
- GreenOak Accounting - www.GreenOakAccounting.com
- Podcast Production by James Marland
If you’ve ever dreamed about opening your own private practice, but the numbers are making your head spin (hello, startup costs!), this episode is for you. I’m walking you through exactly how I’d build a private practice with a $5,000 budget. Where I’d spend, what I’d skip, and the mindset shifts that will help you stay sane and avoid financial overwhelm. There’s a lot of advice out there, but let’s get real: you don’t need a giant pile of cash to get started, you just need a plan that works for you. Review episodes 198 and 199, where I review starting your practice with $1,000 and $3,000.
If you’ve ever wondered, “Should I be spending here? Is this something I can do myself?”—I’m sharing my honest take and the real-life steps I’d take if I were starting from scratch. This isn’t about cutting every corner; it’s about building wisely, not just quickly.
Top 3 Reasons to Listen
- Learn where every dollar matters: I break down exactly how I’d prioritize spending when you’ve only got $5,000 to launch your practice.
- Get the no-fluff outsourcing list: Curious what’s actually worth outsourcing early on (and what can totally wait)? I’ve got you.
- Practical, fast-action steps: Walk away with real-world ways to move faster—without tossing money out the window.
Resources I Mentioned
- Billing Assistant Pro by Productive Therapist
- Virtual Assistant Support – Productive Therapist
- Profit First for Therapists (my book!)
- Profit First Academy
- Therapy For Your Money website
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Podcast Production and Show Notes by Course Creation Studio https://www.coursecreationstudio.com/
Starting a private practice with a limited budget can feel daunting—but with the right plan, $3,000 can go further than you think! In this episode, Julie Herres shares exactly how she’d launch a new practice if she had $3,000 to spend. Discover the must-haves, the smart shortcuts, and the areas where a little investment makes a big difference.
Listen to Discover
- What to prioritize with a $3,000 start-up budget
- What tasks are worth outsourcing (and which to DIY!)
- Practical advice on physical space, software, and keeping expenses lean
- Understand the real timeline for getting up and running
- How to avoid common money traps when launching your practice
Links and Resources
- TherapyFlow CRM: https://crm.mytherapyflow.com/
- Upwork https://www.upwork.com/
- Fiverr https://www.fiverr.com/
- Vistaprint: https://www.vistaprint.com/
- Meg Business All-in-one billing, credentialing and front desk solutions: https://www.megbusiness.com/
- Google Business Address Verification Guidelines For Your New Location: https://help.relentless-digital.com/google-business-address-verification-guidelines-for-your-new-location
- Why You Need a Physical Office Address to Claim a Profile: https://succeedingsmall.co/google-my-business-guidelines-for-small-businesses-why-you-need-a-physical-office-address-to-claim-a-profile/
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Coursecreationstudio.com
How I Would Start My Private Practice: with $1,000
What would it actually look like to launch a solo private practice with just $1,000? In this episode, Julie Herres kicks off a practical three-part series walking you through exactly how she would build a private practice from the ground up—starting with a shoestring budget. Julie shares candid insights, must-have tools, and where not to spend your cash, all while keeping things approachable (and a little bit fun).
What You’ll Learn:
- How to Prioritize Your $1,000
- Which foundational steps are absolutely necessary, and what can wait until later
- DIY Strategies to Stretch Your Budget
- Common Pitfalls to Avoid
Resources and Links
- Private Practice Startup Course: https://www.greenoakaccounting.com/startup12
- Paperwork Packages:
- Private Practice Startup Paperwork Base: https://www.privatepracticestartup.com/private-practice-paperwork-base
- Private Practice Startup paperwork: https://the-private-practice-startup.thrivecart.com/base-package-299/?affiliate=greenoak
- Free HIPAA add-on: https://www.privatepracticestartup.com//hipaa-form?affiliate=greenoak
- Be Your Own Biller:
- Membership: https://www.beyourownbiller.com/byob-membership
- Course: https://www.beyourownbiller.com/
- LLC/PLLC: Typically $50–$100 (check your state’s Secretary of State website)
- Domain Name:
- $15/year at the time of recording
- via Squarespace: https://www.squarespace.com/
- or Wix: https://www.wix.com/
- Google Workspace (Email): $14/month at the time of recording
- Sign up: https://workspace.google.com/
- Google Workspace for Business: https://workspace.google.com/lp/business/
- How to get a BAA from Google (for HIPAA): https://support.google.com/a/answer/3407054?hl=en
- EMR/EHR: $50–$100/month (compare options for features, ease, and integration)
- Miscellaneous Listings or Memberships: $0–$50/month (Psychology Today, TherapyDen, etc.)
- Wix Website: Core or Light plan <$30/month
- Get started with Squarespace: https://www.squarespace.com/
- Get started with Wix: https://www.wix.com/
- Intake Accelerator by Productive Practice
- Get the Intake Accelerator: https://productivetherapist.com/intake-accelerator/?affiliate=greenoak
- Credentialing: $250–$300 (estimate for professional help; DIY options available)
- Google Voice (HIPAA-compliant, paid plans only): $10/month
- Learn more: https://workspace.google.com/products/voice/
Is Getting a Tax Refund a Good Thing for a Therapy Practice?
Welcome back to Therapy For Your Money, and Happy New Year! I’m Julie Herres, and I know tax season brings lots of questions—especially when it comes to tax refunds. For many business owners, that refund feels like a windfall or a bonus, but is it actually a good thing for your private practice? In today’s episode, we’ll break down what your tax refund really means for your practice’s financial health—and what you might need to adjust going forward. (Spoiler alert: it’s not always as great as it sounds.)
What We Cover
1. Green Flags: When a tax refund is a sign that your practice’s finances are on track. (Hint: it’s all about small refunds!)
2. Yellow Flags: Situations where a bigger refund means you missed out on cash flow you could have used all year long. We’ll talk about the sneaky reasons this happens—and what to do if you notice this pattern.
3. Red Flags: The danger zone! If you ever receive an unexpectedly large check from the IRS or your state, there are a few things you must check before celebrating. Julie shares common payroll pitfalls and why you need to get your accountant involved, fast.
Subscribe:Catch every episode by subscribing to Therapy For Your Money on Apple Podcasts or YouTube.
Remember:Tax refunds aren’t always a high-five moment for your practice. A little curiosity (and a call to your accountant) can help you spot green, yellow, or red flags and set you up for a financially healthy year ahead!
Links and Resources:
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Eyes Wide Open: Prepping Your Practice for 2026
Let’s face it, 2025 has been a wild ride for so many practice owners. But while we can’t predict every curveball coming our way, we can go into the new year feeling informed, prepared, and ready to roll with whatever comes next. In this episode, I’m sharing real-world, actionable tips to help you keep your practice thriving in 2026, no crystal ball required! Whether you’re worried about insurance changes, want to strengthen your margins, or just want to be proactive (instead of reactive), you’ll walk away with practical steps and encouragement for the road ahead.
What You’ll Learn in This Episode
- How to spot financial risks before they happen (and what data to watch!)
- Creative ways to adjust your services when clients face new insurance challenges
- Simple strategies for diversifying your income and client base—without burning out
Links and Resources
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
Ever wish you could pick the brains of Profit First pros just for private practice? This episode brings you behind the scenes of Profit First Academy office hours with two of our most experienced coaches, Carolyn Chrestman and Hannah Dyer. Julie sits down with Carolyn and Hannah to share real questions from practice owners, common places people get stuck (and how to get unstuck), and what it really looks like to tailor Profit First to your own practice. Whether you’re just getting started or ready to dig deeper, you’ll walk away with encouragement, actionable tips, and a whole lot less confusion about your financials!
In This Episode
- Real Profit First Strategies—No Judgment
Hear how our coaches help practice owners make decisions, build confidence, and use Profit First as a shame-free tool for growth. If you’ve ever worried about asking a “dumb” question, this one’s for you! - Behind the Curtain of Office Hours
Get a peek at what actually happens in Profit First Academy office hours. From instant assessments to account setup, find out how our coaches break down overwhelm and guide you step-by-step. - Practical, Personalized Tips from the Experts
Learn how to choose account structures that work for you, avoid common accounting pitfalls, and adapt Profit First to support your goals—whether you run a solo or group practice.
Links and Resources
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
TFYM 194 | Quarterly Recap with Jacquie (Q3, 2025)
Host: Julie Herres, Host of Therapy for Your Money
Guest: Jacquie Carter, GreenOak Accounting
In this quarterly check-in, Julie and Jacquie share what’s actually happening inside group practices right now. They cover the real-life challenges with payroll, tough financial decisions, and staying resilient when the industry shifts overnight.
In this episode:
- Get real talk on managing payroll, clinician splits, and benefit costs—even when everyone else seems to be “doing it all.”
- Hear candid, loving advice about facing hard choices and avoiding shame around business struggles.
- Walk away with practical, no-nonsense tips to keep your practice strong—no matter what the economy throws your way.
Links And Resources
- GreenOak Accounting on YouTube - https://www.youtube.com/@greenoakaccounting
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Cash-Flow Series: Where Is Your Money Leaking?
In this episode, Julie dives into the not-so-fun—but oh-so-important—side of practice finances: figuring out where your hard-earned money is sneaking out the door.
If you’ve ever wondered why your practice feels “tight” on cash even when revenue looks strong, you are definitely not alone. Julie walks you through the six most common cash-flow bottlenecks that drain practices, both big and small, and provides practical, judgment-free advice on how to spot and solve them.
Whether you’re a solo owner or running a thriving group, you’ll leave this episode with fresh clarity—and maybe even a little sigh of relief.
Three Things You’ll Learn in This Episode:
- How to spot hidden expenses that might be eating away at your profit (without you even realizing it).
- Why clinician compensation is the “make or break” number for group practice profitability—and what healthy percentages look like.
- How to break the “shiny object” spending cycle and focus your resources where they’ll actually make a difference for your bottom line.
Links and Resources
Group Practice Con - Join the 2026 Waitlist
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
In this episode, we tackle the most common cash bottlenecks on the incoming side of your private practice. Julie explains why problems are inevitable in business—and how a calm, systems-first response keeps money moving. You’ll learn how to spot a billing slowdown vs. a standstill, which weekly metrics to review, and why working with a team of billers creates helpful redundancies.
Julie rounds things out with insurance-specific red flags and practical safeguards. With consistent metrics and owner-level oversight, you can identify where cash is getting stuck and "unstuck" it quickly.
Next week, Part 2 digs into the spending side—where cash exits your practice and how to plug leaks without stalling growth.
Links and Resources
Group Practice Con - Join the 2026 Waitlist
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Taxes can feel overwhelming, but you don’t have to figure it out alone! In this episode, I’m joined by two of GreenOak’s tax wizards, Morgan and Linda, for an honest, friendly conversation about the tax questions we hear most from practice owners. We’re talking real-life scenarios, the little things that trip people up (and how to avoid them), and why you really shouldn’t take tax advice from Facebook groups or TikTok. We want you to feel a little more confident—one step at a time.
Whether you’re still figuring out your business entity, not sure about “finding deductions,” or just want to keep things simple, you’ll leave this episode feeling empowered and maybe even a little relieved. Bring your coffee (and your questions) and let’s dive in!
Links and Resources
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
In this uplifting follow-up episode, Julie Herres welcomes Linzy Bonham from Money Skills for Therapists to talk about what practice owners can actually do when the economy feels uncertain, client demand is softening, and those waitlists have disappeared. If you’re a solo or group practice owner who’s used to worrying about burnout but now find yourself worrying about empty appointment slots, you are not alone! Julie and Linzy get real about the “pendulum swing” from burnout prevention to getting flexible, creative, and—sometimes—doing the unglamorous work that needs to get done to keep your business healthy.
This episode is packed with honest advice and plenty of encouragement for anyone facing hard decisions, whether that means picking up a few more client hours or finally trying those marketing ideas you’ve been avoiding. The conversation covers practical strategies for bringing in “fast money,” the difference between working in versus on your business, why measuring what works is essential, and how resilience and adaptability are now your most valuable business assets. If you need a pep talk and some actionable ideas, this one’s for you.
Links and Resources
Money Skills for Therapists: https://moneynutsandbolts.com/podcast/
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Editing, Video Production, and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Things are changing in private practice—and if you’ve noticed your business feels a bit more challenging lately, you’re definitely not imagining it. In this episode, Julie is joined by Linzy Bonham to talk about what’s really going on behind the scenes: rising costs, tighter cash flow, shifts in hiring, and why even your go-to marketing tactics might need a rethink.
We’re pulling back the curtain on the realities of running a practice “in this economy,” sharing the patterns we’re seeing with clients across the US and Canada, and offering some encouragement along the way. Tune in to feel less alone, get some context for what you’re experiencing, and get ready for next week’s episode where we’ll dive into practical strategies to help you move forward.
Links and Resources
Money Skills for Therapists: https://moneynutsandbolts.com/podcast/
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Payroll is one of those topics every group practice owner knows is important… but let’s be real, it’s also where things can get really messy, really fast. In this episode, Julie is joined by Julia Henry, GreenOak Accounting Manager, to unpack the most common (and cringe-worthy) payroll mistakes they’ve seen behind the scenes. From missed tax payments to bonus blunders and everything in between, they’re sharing real stories and practical tips to keep your practice out of payroll trouble.
Whether you’re new to managing payroll or a seasoned pro, you’ll pick up clear strategies to protect your business and your team. Learn how to spot payroll problems before they snowball, what to do if you’ve fallen behind, and which payroll providers actually have your back. Tune in and discover how a few smart moves today can help you avoid headaches—and IRS nightmares—tomorrow. Don’t miss this essential episode!
Links and Resources
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
If Profit First has felt inspiring but hard to implement, this episode is your on-ramp. Julie shares why so many practice owners stall at the “first step,” and hints at a new, ultra-practical way to get moving using what you already have. You’ll hear how to think about profit beyond the P&L and why three specific accounts can meaningfully change how—and how much—you pay yourself.
If you want clarity, simple next moves, and a nudge to finish the year strong, hit play and take notes.
Resources
- Profit First for Therapists Workbook book Club: https://www.profitfirstfortherapists.com/fall-book-club
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
In this episode of Therapy for Your Money, Julie chats with Doug Vestal, a former Wall Street exec turned financial coach for therapists and OTs. They delve into the real financial challenges therapists face—such as high student loan debt and low starting salaries—and how these can lead to burnout if not addressed carefully. Doug shares the surprisingly simple wealth-building strategy that works (even if you're not a budget person), why your money mindset matters more than you think, and how early financial habits can set you up for long-term success. Doug also opens up about how a childhood memory shaped his entire financial philosophy. Whether you're solo or in a group practice, you’ll walk away with practical ideas and a fresh perspective on money.
Doug’s book Financial Freedom for OTs: A Guide to Building Wealth Without Burnout is available on Amazon and Barnes & Noble. Learn more about his work and his course, Private Pay MBA, at freedomofpractice.com.
Links and Resources
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
You might think the biggest threats to your private practice are burnout, cash flow issues, or poor marketing…
But what if the real danger is something far sneakier?
In this episode, I’m breaking down the hidden cost of this habit—and why it can quietly derail your business if you’re not careful.
🎧 Listen now to get clarity on what your practice really needs from you—especially if you’re juggling team needs, money decisions, and your own leadership growth.
Links and Resources
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Audio, Video, and Show notes by https://www.coursecreationstudio.com/
Episode 184: Should You Use a Loan to Grow Your Practice?Thinking about taking on debt to start or grow your private practice?
In this episode, we’re breaking down the most common types of loans available to practice owners—including the pros, cons, and risks no one talks about. From lines of credit to SBA loans and even credit cards, we’ll walk through when (and if) it makes sense to borrow money—and how to avoid financial decisions that could haunt you later.
If you’re considering a loan—or just want to grow wisely—this one’s for you.
🎧 Listen now to learn how to fund your next move wisely—without putting your practice or personal finances at risk.
Links and Resources
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Audio, Video, and Shownotes by https://www.coursecreationstudio.com/
Special Episode: Navigating New 2025 Tax Laws for Therapy Practice Owners
In this special summer edition of 'Therapy for Your Money', host Julie Herres, owner of Green Oak Accounting, discusses important updates from the new tax bill that affect small business owners and private practice therapists. Julie provides a concise breakdown of business changes, personal tax updates, and some unique deductions that may have fine print, offering key insights and practical advice for therapy practice owners to stay informed and prepared. Key topics include maintaining the QBI deduction, the return of bonus depreciation, pass-through entity tax benefits, and adjustments to personal deductions like the SALT deduction and child tax credit. Julie emphasizes the importance of consulting with tax professionals to navigate these changes effectively.
Episode Highlights
- 00:00 Introduction to Therapy for Your Money
- 00:44 Special Edition: New Tax Law Overview
- 01:57 Context: Tax Changes Since 2017
- 03:46 Business Tax Updates
- 08:30 Personal Tax Updates
- 13:32 New Deductions with Caveats
- 23:00 Medicare and Medicaid Changes
- 25:23 Conclusion and Final Advice
Links and Resources
- Free Guide: 7 Things Private Practice Owners Should Know about OBBB - https://www.greenoakaccounting.com/obbb
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Therapist Finances in 2025: What’s Working, What’s Risky, and What to Watch
In this quarterly recap, Julie Herres sits down with Green Oak Accounting’s Jacquie Carter for a candid conversation about the financial realities therapy practice owners are facing in 2025. From insurance shifts to hiring woes, this episode is packed with no-fluff guidance for navigating uncertainty.
You’ll hear:
- Why now isn’t the time to drop insurance panels (even if you want to)
- What “people pleasing” looks like in payroll—and how it can tank your profits
- When a new revenue stream is the right move (and when it’s just a shiny distraction)
If you’ve been wondering whether to grow, pivot, or hold steady—this episode is for you.
Highlights:00:44 – Why private-pay practices are pivoting to insurance (and how to think about the tradeoff)
03:39 – Summer slowdown or summer surprise? How to plan for seasonal shifts
04:37 – Why marketing is becoming non-negotiable—and how to track your ROI
07:11 – “The math has to math”: The cost of people pleasing in your payroll strategy
08:52 – The truth behind that controversial Facebook ad about overpaying clinicians
10:20 – Is group practice really the path to passive income? (Spoiler: No.)
12:37 – Why chasing $1M revenue doesn’t always make sense
15:37 – What to do when you ignore professional advice—and how to recover
18:24 – Are you spending money to look successful instead of being profitable?
20:09 – One of the riskiest financial decisions Julie has ever seen a client make
25:01 – “You might be the problem”—the hard truth about self-sabotage in business
29:33 – Why “boring” financial advice often leads to long-term success
Links and ResourcesMoney for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Understanding Tax Inequities: Why Billionaires Pay Less
In this episode of 'Therapy for Your Money,' host Julie Herres, an accountant and owner of Green Oak Accounting, delves into the often-asked question of why billionaires seem to pay so little in taxes compared to small business owners. Julie explains the U.S. tax system's design to benefit the ultra-wealthy and explores the 'buy, borrow, die' strategy that allows billionaires to leverage their assets without triggering taxable events. She also discusses estate taxes and how complex legal structures enable the wealthy to pass on fortunes tax-free. This episode aims to educate listeners about these discrepancies and inspire more informed conversations around tax reform.
Show Highlights
00:00 Introduction to Therapy for Your Money
00:44 Why Do Billionaires Pay Less in Taxes?
03:18 Understanding the Buy, Borrow, Die Strategy
10:46 The Impact of Tax System on Small Business Owners
11:55 Estate Tax and Wealth Transfer
15:04 Conclusion and Final Thoughts
Resources
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Smart Money Moves for Therapists in a Shaky Economy
Feeling nervous about the economy? You're not alone—and you’re not powerless. In this episode, Julie Herres welcomes financial planner David Frank back to the show for a calming and practical conversation about what therapists can do when things feel financially unstable.
You’ll learn why panic doesn’t serve your practice—and what to do instead. Whether you’re watching the market dip, worried about Medicare or Medicaid cuts, or just feeling the pressure of team payroll, this episode is packed with tools and reassurance.
Why listen:
- Understand what market volatility really means.
- Learn how to protect your business from revenue concentration risks.
- Get proactive steps to ease anxiety and make grounded decisions.
Show Highlights:
01:45 – Why anxiety is rising and what’s really happening in the market
03:00 – Zooming out: what history tells us about bear markets and recovery
05:00 – Julie’s “set it and forget it” investing strategy
08:00 – Dollar-cost averaging explained—and why it works
09:30 – How to think like a CEO if you rely on Medicaid/Medicare
10:40 – Revenue concentration risk: what it is, and why it matters
11:30 – Using “fear-setting” to prepare without panicking
14:00 – The value of securing a line of credit before you need it
20:00 – The difference between tracking for action vs. emotional reassurance
22:00 – How missing a few big days in the market can hurt long-term returns
23:00 – Julie’s closing reminder
Closing Thought: “If you’re feeling unsure, that’s okay. You don’t have to hustle harder, but you can plan smarter. You’ve got this—and I’m cheering you on.”
Links and Resources
- Turning Point HQ – David Frank’s Financial Planning Services https://turningpointhq.com/
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Episode Summary
Thinking about switching your group practice from 1099 contractors to W-2 employees? You’re not alone—and you’re not crazy for feeling overwhelmed by it.
In this episode, Julie talks with group practice owner and consultant Amy Dover about her real-life journey making this transition. Amy shares what triggered the change, the surprises along the way, and what she wishes she knew from the start. Labor laws, compensation shifts, team dynamics, and aligning your business model with your values...it's all in this episode!
Here’s why this episode is a must listen:
- You’ll learn what to expect (including some hard truths) when you make the W-2 switch
- You’ll understand how misalignment between your business model and operations can shrink your profit margin
- You’ll get honest insight into what happens after the dust settles—and why Amy has no regrets
Episode Highlights
00:45 – Why this is one of the most requested topics among therapists
02:00 – Amy’s rapid growth—and early red flags
03:40 – The legal wake-up call: “This is a W-2 setup in disguise”
05:50 – Choosing alignment: why Amy shifted to employees
07:15 – Rolling it out: legal prep, communication, and transparency
08:30 – When kindness isn’t enough to avoid legal risk
10:00 – The emotional weight of leadership and unexpected team changes
11:50 – Over half the team left—what Amy learned through attrition
16:00 – Julie: “We can’t invest in growth if the numbers don’t work”
18:20 – “No one keeps their full fee”—a reality check for therapists
20:00 – Life after the storm: alignment, faith, and steady referrals
22:00 – Transition timelines: why 12+ months is realistic
23:00 – Julie and Amy: the sooner you decide, the smoother it goes
Resources
- Wise Practice Consulting – Amy Dover's Bio & Services
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Scale Your Therapy Practice Fast: Clinicians, Clients, Cash & Space
In this episode, Julie walks you through the four critical systems you need to grow your therapy practice quickly and sustainably. You’ll learn how to recruit clinicians before you need them, attract a steady stream of clients, plan for cashflow dips, and optimize your office space.
By the end, you’ll have a clear roadmap to coordinate all four factors—so your practice can expand without burning out your team or your bank account.
Listen for solutions:
- If you’re hiring more clinicians but are worried about cash flow, you’ll learn how to budget and finance growth.
- If you need a reliable client‑generation system, you’ll discover the metrics and processes to track.
- If your office feels maxed out, you’ll get practical tips to squeeze more value from every square foot.
Highlights:
00:00 – Julie opens Therapy for Your Money and today’s growth topic
00:32 – Introducing Profit First for Therapists book
00:45 – The four pillars of fast scaling: Clinicians, Clients, Cash, Space
01:25 – Building recruiting systems and runway planning
03:19 – Why you must start hiring months before you need capacity
04:23 – Factoring team attrition into your hiring goals
05:00 – Budgeting for clinician recruitment ads (Indeed, LinkedIn, ZipRecruiter)
05:59 – Setting up client‑attraction systems (ads, referrals, tracking)
07:48 – Speed of response: converting inquiries in 24 hours
10:01 – Planning for a temporary profit dip during rapid growth
11:39 – Financing options: owner’s pay, lines of credit, loans
14:00 – Maximizing physical space: shifts, weekend hours, telehealth
15:46 – Knowing when to add locations or telehealth roles
16:53 – Integrating all systems for efficient, profitable expansion
17:46 – Key takeaways and next steps for scaling success
Need Help Growing:
Need a tailored growth plan? Visit Green Oak Accounting for free guides and tools. If you found this episode helpful, share it with a colleague or leave a review!
Links and Resources
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Adding Supervision to Your Therapy Practice for Financial Stability
In this episode of 'Therapy for Your Money,' host Julie Herres welcomes Brittany Schank to discuss the benefits of incorporating supervision into therapy practices. Brittany, a group practice owner from Fargo, North Dakota, shares her journey of adding supervision to create financial stability amidst the unpredictable nature of insurance payments. They delve into the logistical aspects of providing supervision, including the establishment of fair rates, group versus individual supervision dynamics, and advertising strategies. The discussion also covers key considerations for practice owners, such as liability insurance, setting up contracts, and potentially separating supervision services from the core practice for legal and business reasons. This episode provides valuable insights into expanding revenue streams by offering supervision, making it a must-listen for therapy practitioners looking to enhance financial security.
Show Highlights
- 00:00 Introduction to Therapy for Your Money
- 01:01 Meet Brittany Schank: Group Practice Owner
- 01:59 The Financial Benefits of Supervision
- 03:30 Setting Up Supervision Services
- 04:30 Determining Supervision Rates
- 06:44 Group Supervision: A Profitable Approach
- 10:38 Advertising and Finding Supervisees
- 12:09 Legal and Logistical Considerations
- 18:35 Final Thoughts and Resources
Links and Resources
Solace Directory: https://solacecodirectory.com/
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Budgeting vs. Investing: Smart Financial Decisions for Therapy Practice Owners
In this episode of 'Therapy for Your Money,' host Julie Herres, owner of GreenOak Accounting, discusses how therapy practice owners can navigate the challenging decision of when to be frugal versus when to invest in growth. Julie offers a step-by-step guide on setting up a startup budget, allocating funds, and revisiting financial milestones. She also explores the pros and cons of taking on debt and the importance of marketing investments in the early stages of a practice. Key action steps include knowing your startup budget, dividing funds strategically, and continuously evaluating financial needs as your practice grows. Julie emphasizes the need for using accounting software and saving for taxes to ensure a financially healthy practice.
Show Highlights
00:00 Introduction to Therapy for Your Money
00:45 Deciding When to Spend or Save in Your Practice
01:57 Setting Up Your Startup Budget
03:32 Allocating Your Budget Wisely
09:22 Marketing and Growth Strategies
11:43 Managing Debt and Financial Caution
15:18 Final Tips and Resources
16:57 Disclaimer and Legal Information
Links and ResourcesMoney for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
GreenOak Courses: https://www.greenoakaccounting.com/courses
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Adding an online course or coaching offer can feel like a natural next step for private practice owners—but it comes with its own financial considerations. In this episode, Julie Herres walks through how to manage revenue from a course or other non-clinical income stream without creating chaos in your books.
You’ll learn how to separate course finances from your practice, when it might be time to set up a separate entity, and how to use Profit First principles to allocate funds for development, marketing, taxes, and your own pay. Whether you’re just getting started or already selling, Julie offers grounded guidance to help you build a profitable and sustainable second stream of income.
Listen in to learn:
- Why courses won’t fix a struggling practice—and what to do first
- What legal and licensing implications to consider when launching a non-therapy offer
- How to structure bank accounts using Profit First to track course income clearly
Episode Highlights
00:45 – Why a course isn’t the solution to a struggling practice
02:50 – How to evaluate whether your course should be part of your practice or a separate entity
04:15 – The potential risk of licensing board oversight for non-clinical offerings
05:40 – When it’s worth creating a separate LLC
06:50 – Using Profit First to allocate a start-up course budget
08:10 – Why separate bank accounts give you clarity and control
09:00 – Treating your course income like a solo practice inside a group model
10:00 – How to handle taxes, reinvestment, and owner’s pay for your course
12:00 – Final thoughts on making your course pay you back—not just take your time
Links and Resources
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
If this episode resonated with you, consider sharing it with a fellow clinician or checking out our free resources at GreenOak Accounting. Your financial clarity starts with a single step—and you don’t have to take it alone.
Optimizing Insurance for Therapy Practices with Jeremy Zug
In this episode of Therapy for Your Money, host Julie Herres speaks with Jeremy Zug, co-founder of Practice Solutions, about the intricacies of insurance for therapy practices. They discuss the reasons for taking insurance, navigating reimbursement rates, the steps in the credentialing process, and managing the revenue cycle. Jeremy emphasizes the importance of being strategic when selecting insurance providers and highlights the hurdles therapists may face. They also discuss the significance of choosing the right electronic health record (EHR) system and the benefits of having structured billing processes. Jeremy introduces his new book as a resource for maximizing insurance revenue and offers practical advice for therapy practice owners.
Show Highlights
00:00 Introduction to Therapy for Your Money
00:44 Welcoming Jeremy Zug: Discussing Insurance
01:34 Why Take Insurance in Private Practice?
03:20 Navigating Insurance Reimbursement Rates
05:07 The Credentialing Process: Start Early
06:07 Hurdles in Accepting Insurance
09:11 Managing the Revenue Cycle
12:32 Insurance vs. Private Pay: Making the Decision
17:00 Practice Solutions: Maximizing Insurance Revenue
24:07 Conclusion and Final Thoughts
Links and Resources
Practice Solutions: https://www.practicesol.com/
Special Deal for Therapy For Your Money Listeners: https://www.practicesol.com/therapyforyourmoney
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Navigating Finances and Tech for Your Therapy Practice
In this episode of Therapy for Your Money, Julie Herres, owner and accountant at GreenOak Accounting, discusses how technology impacts financial management for therapy practice owners. This episode was recorded after the unexpected closure of Bench.co, a popular bookkeeping service, which sparked this important conversation about owning your financial data and the potential risks of relying solely on cheap, tech-driven accounting options.
Julie breaks down some of the challenges with services like Bench, such as their proprietary software that can make it hard to move your data elsewhere, and those "free" tax services that might not be as thorough or accountable as you'd hope. She also draws parallels to what's happening in the mental health industry, where venture capital-backed tech companies are influencing pricing and reimbursement rates. This episode will help you feel more informed and empowered to make the best decisions for your practice's financial health and to choose accounting services you can truly trust.
What We Covered:
- 00:00 Welcome to Therapy for Your Money!
- 00:48 Let's talk about technology and your practice's finances.
- 02:03 What was up with Bench.co closing?
- 03:30 What does this mean for us small business owners?
- 04:19 Are those super low-cost bookkeeping services really worth it?
- 05:34 Why owning your financial data is so crucial.
- 07:47 A quick comparison: QuickBooks Online vs. other options.
- 08:46 The real deal with "free" tax services.
- 11:55 How venture capital can affect pricing.
- 15:24 Wrapping things up with some final thoughts.
Links and Resources
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Maximizing Income in Private Therapy Practice
In this episode of Therapy for Your Money, host Julie Herres shares valuable tips on how therapists in private practice can predict their income and maximize their take-home pay. Julie explores three controllable factors in a practice: the number of sessions, the rate per session, and the percentage of income retained.
By understanding personal capacity, examining historical data, and accounting for yearly variability, Julie provides concrete steps for financial planning. Additionally, she offers insights into the expected profit margins for various practice sizes and the potential impact of strategic decisions on overall profitability. Julie concludes by introducing a KPI tracker to help therapists manage their finances effectively.
Show Highlights00:00 Introduction to Therapy for Your Money
00:46 Today's Topic: Predicting Income and Maximizing Take-Home Pay
02:51 Understanding the Three Main Levers
04:12 Lever 1: Number of Sessions
06:47 Lever 2: Session Rates
15:48 Lever 3: Income Percentage
23:20 Using the KPI Tracker
27:19 Conclusion and Final Thoughts
Links and ResourcesKPI Tracker and Calculator: https://calculator.greenoakaccounting.com
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Navigating Tax Considerations for Multi-State Telehealth PractitionersIn this episode of 'Therapy for Your Money,' host Julie Herres addresses a listener-submitted question about tax considerations for clinicians providing telehealth services across state lines. Julie highlights the complexities introduced by factors such as nexus, the location of clients, and state-specific tax laws. She offers valuable advice, emphasizing the importance of consulting with a tax preparer, maintaining clear client location records, and understanding state-specific regulations. Julie also discusses registration requirements for hiring across states and the impact of multi-state telehealth practice on business structures and tax filings.
Show Highlights00:00 Introduction to Therapy for Your Money
00:45 Listener Question: Tax Considerations for Telehealth
02:35 Understanding Nexus in Taxation
03:53 State-Specific Tax Thresholds
07:40 Registering as a Foreign Entity
09:57 Recap and Final Advice
12:57 Disclaimer
Links and ResourcesMoney for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Understanding Financial Health: A Guide for Therapy Practice LeadersIn this episode of 'Therapy for Your Money,' host Julie Herres tackles the crucial issue of financial literacy for group practice leaders and clinicians. Julie, an accountant and the owner of Green Oak Accounting offers insights gleaned from her experience with private practice owners across the United States. The episode highlights the significance of grasping the financial realities involved in running a group practice, including how clinical sessions affect the practice's income, the dynamics of profit margins, and the difficulties caused by rising costs and stagnant insurance reimbursements. Julie also presents the concept of the Healthcare Hierarchy of Needs from Kasey Compton's book 'Fix This Next for Healthcare Providers,' emphasizing the importance of sales, profit, and order for a successful practice. This episode is essential listening for leaders aiming to align their financial choices with the overall health of their practice.
Show Highlights
00:00 Introduction to Therapy for Your Money
00:45 Today's Topic: Financial Literacy for Practice Leaders
02:00 Understanding Financial Realities in Group Practices
05:10 The Importance of Profit Margins
07:16 Challenges Faced by Group Practices
09:35 The Role of Practice Owners and Leaders
12:15 Hierarchy of Needs in Healthcare Practices
14:07 Final Thoughts and Recommendations
15:58 Conclusion and Disclaimers
Links and Resources
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Join host Julie Herres on Therapy for Your Money as she sits down with Jamie Schrier to discuss the essentials of relationship marketing for therapy practice owners. They delve into why marketing is crucial for bringing dollars into your practice and the challenges many therapists face when it comes to self-promotion. Jamie shares his journey from a busy physical therapist to a successful coach and explains how vulnerability and authenticity can strengthen your marketing efforts. Jamie also introduces his concept of relationship marketing, emphasizing the importance of creating awareness, identifying specific target audiences, and building strategic partnerships. Key takeaways include tips on how to build trust with potential clients and referral sources, and the value of measuring the return on investment for your marketing efforts. A key quote from Jamie: 'Vulnerability is a superpower.' Tune in to learn how to leverage your expertise to grow your practice.
Episode Highlights00:00 Introduction to Therapy for Your Money
00:45 Welcoming Jamie Schrier: Relationship Marketing
01:10 Understanding the Importance of Marketing
04:17 Jamie Schrier's Journey: From Physical Therapist to Coach
10:18 Diving into Relationship Marketing
16:32 Building Referrals and Clientele
24:28 Measuring Return on Investment
28:36 Conclusion and Contact Information
Links and ResourcesPractice Freedom with Jamie Schrier: https://practicefreedomu.com
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Navigating Financial Challenges in 2025: Insights and Strategies for Therapy Practice OwnersIn this episode of 'Therapy for Your Money,' host Julie Herres, owner of Green Oak Accounting and author of 'Profit First for Therapists,' is joined by frequent guest Jacquie Carter to discuss various financial topics relevant to therapy practice owners. They cover a quarterly recap focusing on the challenges and changes faced by private practices in 2024, the importance of optimizing marketing efforts, and the critical role of administrative efficiency. They also stress the necessity of active participation from practice owners, especially during tough financial times, and explore affordable self-care practices to avoid burnout. As Jacquie eloquently states, 'It just takes one small thing a day to make a difference in the long run.'
Show Highlights
00:00 Welcome to Therapy for Your Money
00:45 Quarterly Recap with Jacquie Carter
01:43 Challenges Faced by Practice Owners in 2024
05:31 Marketing Strategies for Group Practices
07:44 The Importance of Timely Responses
10:35 Facing Financial Realities
13:55 Managing Administrative Costs
19:16 Balancing Self-Care and Business Needs
26:11 Looking Forward: Optimism for Private Practices
29:52 Conclusion and Final Thoughts
Links and Resources
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
2/28/2025 Webinar: Profit & Marketing Secrets: How To Master Your Budget to Maximize Your Marketing ROI - Register
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Increase Client Conversions with Effective Website Strategies
In this episode of 'Therapy for Your Money,' host Julie Herres is joined by Daniel Fava from Private Practice Elevation to discuss the importance of investing in a well-designed website for therapy practices. Daniel shares common mistakes therapists make with their websites and emphasizes the return on investment a professional site can bring. Listeners will learn about the essential features every therapy website needs, such as clear calls to action and quality content that speaks directly to potential clients. Julie and Daniel also delve into the benefits of having a blog, the importance of SEO, and how to ensure your site meets both potential and current client needs. 'It's about the client, not just about you,' says Daniel, highlighting the need to focus on client benefits rather than just therapist credentials.
Episode Highlights
00:00 Introduction to Therapy for Your Money
00:49 Meet Daniel Fava from Private Practice Elevation
01:55 The Importance of Investing in Your Website
04:12 Real-World Examples of Website Success
07:14 When to Consider a Website Redesign
10:39 Essential Website Features for Conversion
21:45 The Role of Blogging in Private Practice
27:23 Conclusion and Call to Action
Links and Resources
Private Practice Elevation: privatepracticeelevation.com
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Mastering Marketing Strategies for Therapists with Avivit FisherIn this episode of Therapy for Your Money, host Julie Herres dives into marketing strategies with Avivit Fisher, founder of Redd Strategy. They discuss practical steps for attracting clients and transitioning from insurance to private pay. Avivit shares insights on setting up and scaling a practice, emphasizing the importance of local marketing, crafting a brand strategy, and organizing marketing tasks using project management tools like Basecamp. As Julie notes, 'When everything is a priority, nothing is a priority.' Tune in for actionable tips to boost your practice’s visibility and profitability.
Show Highlights
00:00 Welcome to Therapy for Your Money
00:49 Today's Topic: Marketing Strategies
00:59 Meet Our Guest: Avivit Fisher
02:10 Marketing for New Practices
04:11 Scaling Your Practice: Marketing Tips
06:38 Local Marketing for New Locations
07:53 Setting Marketing Goals
09:41 Project Management in Marketing
14:45 DIY vs. Professional Help in Marketing
18:22 Free Marketing Resources for Therapists
19:35 Conclusion and Final Thoughts
Links and Resources
- Redd Strategy Marketing Guide and Services - https://www.reddstrategy.com/
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
Adding a Nonprofit to Your Therapy Practice: Pros, Cons, and Compliance
In this episode of Therapy for Your Money, host Julie Herres, owner of Green Oak Accounting, discusses the considerations and challenges of adding a nonprofit alongside your for-profit therapy practice. Julie explains the logistics of setting up a nonprofit, such as establishing a C corporation and obtaining nonprofit status from the IRS. She outlines the advantages, like tax-deductible donations and eligibility for grants, and the disadvantages, including compliance requirements and the need for board members. Julie emphasizes the importance of staying in compliance and provides practical tips for managing finances between the nonprofit and for-profit entities. By understanding these factors, you can decide if adding a nonprofit is the right choice for your practice. "If you're just talking about getting a few hundred or a few thousand dollars in donations each year, it might not actually make sense for you to have a non profit alongside your business."
Show Highlights
00:00 Introduction to Therapy for Your Money
00:45 Adding a Nonprofit to Your Practice
01:31 Understanding Nonprofits
03:36 Pros of Starting a Nonprofit
05:00 Cons and Challenges of Nonprofits
10:57 Compliance and Management Tips
13:50 Final Thoughts and Recommendations
Resources and Links
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Navigating Pay Raises in Therapy Practices: Key Considerations
In this episode of Therapy for Your Money, host Julie Herres explores critical factors therapy practice owners need to consider when team members request raises. Julie highlights the importance of ensuring the business's financial health before rewarding employees and provides a comprehensive analysis of different compensation models, including salary, hourly rates, and commission-based structures. She shares practical tips on aligning raises with business profitability, evaluating team performance, and having transparent conversations with employees about financial realities. Julie also touches upon the pros and cons of offering bonuses as a short-term motivation tool. Quote: 'Your most important role as the business owner is to ensure the survival of the business.' Tune in to gain valuable insights on maintaining a profitable practice while fairly compensating your team.
Highlights
00:00 Welcome to Therapy for Your Money
00:42 Listener-Suggested Topic: Handling Raise Requests
01:09 Key Considerations for Granting Raises
03:55 Evaluating Team Performance and Financial Health
07:13 Insurance vs. Cash Pay Practices
14:13 Communicating with Your Team
15:47 Exploring Additional Income Opportunities
18:20 Conclusion and Final Thoughts
Links and Resources
- Do you have a question or idea for an episode - https://www.therapyforyourmoney.com/contact
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
Integrating Ketamine-Assisted Psychotherapy into Your Practice
In this episode of Therapy for Your Money, host Julie Herres delves into the logistics and financial benefits of adding ketamine-assisted psychotherapy (KAP) to a therapy practice. Joined by experts Dr. Sophia Branstetter and Karen Smith, they explore the minimal training requirements, income-generating opportunities, and how KAP can help manage seasonal income fluctuations. They also discuss the importance of community and consultation in navigating this emerging field. Tune in for practical advice and insights.
Show Highlights
00:00 Introduction to Therapy for Your Money
00:42 Introducing Today's Topic: Ketamine-Assisted Psychotherapy
01:08 Meet the Experts: Dr. Sophia Brandsetter and Karen Smith
02:13 Financial and Educational Investments for KAP
03:54 Overcoming Hesitations and Starting KAP
07:25 Income Opportunities with KAP
09:54 Marketing and Scheduling for KAP
13:33 Charging Models and Packages for KAP
22:00 Risks and Considerations for Adding KAP
24:52 Resources and Support for KAP Integration
28:46 Conclusion and Final Thoughts
Links and Resources
- Ketamine-Assisted Psychotherapy - https://psychedelictherapists.co/
- Full Living - https://fullliving.com/
- Prepare Your Self, Your Clients, and Your Practice for Ketamine Assisted Psychotherapy: A Step-by-Step Guide - https://a.co/d/9H3xWf5
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Embracing Technology Trends in Therapy Practices with Amity Cooper
In this episode of Therapy for Your Money, host Julie Herres discusses the intersection of technology and mental health with Amity Cooper, the owner of Clinical Career Collective. They explore the impact of emerging technologies like OpenAI, ChatGPT, and virtual reality on therapy practices. Amity highlights the potential these tools have for improving accessibility and client engagement, noting that immersive technologies are already transforming therapeutic approaches. They also delve into practical insights on how practice owners can incorporate these innovations cost-effectively and enhance their service offerings. Julie emphasizes the importance of adopting a 'curious business owner' mindset to leverage these advancements effectively. As Amity puts it, "It's beyond just the dollars and cents. I think you're investing in yourself as a business owner."
Show Highlights
00:00 Introduction to Therapy for Your Money
00:53 Meet Amity Cooper: Clinical Career Collective
02:31 Technology Trends in Mental Health
05:13 Immersive Technologies in Therapy
08:02 Adoption and Financial Considerations
18:04 Evaluating ROI for New Technologies
21:09 Conclusion and Contact Information
Links and Resources
- Amity Cooper's Clinical Career Collective - https://clinicalcareercollective.com/
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
In the first episode of 2025, Julie Herres, host of Therapy for Your Money and owner of Green Oak Accounting, focuses on empowering therapy practice owners to take control of their finances. Julie provides practical tips to help listeners take charge of both personal and business finances, including:
- Maintain individual login credentials and use two-factor authentication for all accounts.
- Regularly review credit reports, bank statements, and financial transactions.
- Limit access to sensitive financial information in your business.
- Keep a comprehensive financial checklist for both personal and business accounts.
- Collaborate with a trusted accountant to spot red flags and ensure accountability.
- And more!
Julie emphasizes that financial independence is more than just money—it’s about creating peace of mind, security, and the freedom to make informed decisions.
Podcast Highlights
- 00:00 Introduction
- 00:47 The Importance of Financial Independence
- 03:25 Building Financial Awareness
- 05:35 Personal Finance: Practical Tips
- 08:45 Securing Your Accounts
- 10:48 Business Finance: Common Risks
- 14:30 Setting Boundaries in Your Business
- 17:20 Conclusion: Taking Control
Links and Resources
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Find the Perfect Balance of Growth in your BusinessIn this episode of Therapy for Your Money, host Julie Herres dives into the importance of effective delegation in private practices with guest Casey Gromer of C-Suite Boutique. Discussing the EOS framework, Casey emphasizes the distinction between visionaries and integrators. Key insights include the importance of delegating ownership rather than just tasks, understanding metrics, and the financial impacts of effective delegation. One notable quote: 'Right person, right seat.' Casey also shares tips on hiring the right people and offers services to help private practices streamline their operations. Tune in to learn how to make your practice more profitable through smart delegation.
Episode Highlights
- 00:00 Introduction to Therapy for Your Money
- 00:50 Meet Casey Gromer, Expert in Practice Management
- 02:04 Understanding the Visionary and Integrator Roles
- 05:17 Common Delegation Mistakes in Private Practice
- 07:18 Effective Delegation Strategies
- 08:46 The Importance of Metrics in Practice Management
- 17:51 Challenges in Delegating Clinical and Administrative Tasks
- 23:08 Working with C-Suite Boutique
- 25:50 Conclusion and Key Takeaways
Links and Resources
- CSuite Boutique Resources: https://c-suiteboutique.com/category/free-downloads/
- Casey Gromer on LinkedIn: https://www.linkedin.com/in/caseygromer/
- Hire Slow, Fire Fast: https://podcasts.apple.com/us/podcast/hire-slow-fire-fast/id1565264470?i=1000633433445
- Female Founders Breaking Boundaries Podcast: https://podcasts.apple.com/us/podcast/female-founders-breaking-boundaries/id1565264470
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Financial Success at Any Age
In this episode of 'Therapy for Your Money,' host Julie Herres talks with CJ DeMarco, a therapist who transitioned to private practice later in life. They discuss setting up for financial success using the Profit First system. Key topics include the advantages of private pay, the importance of niching, and the potential of intensives for trauma therapy. DeMarco shares her journey from educator to trauma therapist, highlighting that it's never too late to achieve financial security. A must-listen for therapists venturing into business and those curious about Profit First strategies. "Today's the best time to then make decisions that are going to impact your life in the best of ways," says Julie Herres.
Show Highlights
- 00:00 Introduction to Therapy for Your Money
- 00:55 Meet CJ DeMarco: A Non-Traditional Path to Private Practice
- 02:36 Financial Strategies for Late Career Transitions
- 04:27 Specializing and Setting Rates in Private Practice
- 07:09 Retirement Planning and Financial Security
- 10:30 Exploring Semi-Retirement and Marketing Strategies
- 26:48 Considering Group Practice and Passive Income Options
- 34:00 Conclusion and Final Thoughts
Episode Highlights
- 00:00 Welcome to Therapy for Your Money
- 00:48 Common Financial Mistakes in Private Practice
- 01:17 Mistake #1: Short-Term Thinking
- 04:12 Mistake #2: Underestimating Startup Effort
- 07:11 Mistake #3: Misunderstanding Fee Retention
- 09:08 Mistake #4: Ignoring Taxes
- 11:02 Mistake #5: Feeling Guilty About Profit
- 13:45 Introducing the Money for Therapists Practice Startup Course
- 16:23 Conclusion and Disclaimer
Links and Resources
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Planning for Your Best Year Yet: Financial Goal Setting for 2025
In this episode of 'Therapy for Your Money,' host Julie Herres, an accountant and the owner of Green Oak Accounting, shares valuable insights on planning for a prosperous 2025. With her extensive experience working with therapy practice owners across the US, Julie emphasizes the importance of reflecting on the past year to set realistic financial goals. She discusses various financial targets, like revenue and profit margins, and the significance of creating a detailed plan to achieve them. Julie advises focusing on one or two specific goals and tracking progress regularly to ensure success. As she wisely states, 'What gets measured gets attention.' Listeners will learn the importance of aligning business goals with personal aspirations and making necessary adjustments to ensure a balanced and fulfilling year ahead.
Episode Highlights
- 00:00 Welcome to Therapy for Your Money
- 00:52 Planning for Your Best Year Yet
- 01:22 Reflecting on the Past Year
- 05:14 Setting Clear Financial Goals
- 07:57 Creating a Plan for Success
- 12:13 Conclusion and Final Thoughts
Links and Resources
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
Why I believe Whole Life Insurance is a Bad InvestmentIn this episode of 'Therapy for Your Money,' host Julie Herres, owner of GreenOak Accounting, shares her strong opinion that whole life and universal life insurance policies are poor financial products. Julie delves into her personal experience with these policies, explains why they don't make financial sense for most people, and advocates for term life insurance. Focusing on keeping finances straightforward, she emphasizes separating life insurance from investments. Listeners will learn about the pitfalls of whole-life policies, the substantial savings with term life insurance, and how to protect their loved ones properly.
Show Highlights
- 00:00 Introduction to Therapy for Your Money
- 00:47 Unpopular Opinion: Whole Life and Universal Life Insurance
- 01:50 Personal Experience with Universal Life Insurance
- 05:46 The Case for Term Life Insurance
- 07:56 How to Choose the Right Life Insurance
- 14:20 When Whole Life Insurance Might Make Sense
- 15:49 Conclusion and Final Advice
Links and Resources
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
Marketing Strategies for Therapy Practices with Joshua Brummel
In this episode of 'Therapy for Your Money,' host Julie Herres dives into the intricacies of marketing with Joshua Brummel, the founder of Therapy Flow. They explore how therapy practice owners can optimize their marketing spend, categorizing it into infrastructure and ongoing activities. Joshua shares crucial metrics such as cost per lead and client acquisition cost, emphasizing the impact of these on overall profitability. They also discuss the importance of setting a marketing budget per clinician and the effectiveness of non-traditional marketing avenues like email campaigns, networking, and social media. This episode is packed with actionable tips for both maintaining and expanding a therapy practice.
Show Highlights
00:00 Introduction to Therapy for Your Money
00:51 Meet Joshua Brummel: Marketing Expert
01:54 Understanding Marketing Categories
03:23 Determining Your Marketing Budget
04:36 Key Marketing Metrics: Cost Per Lead and Client Acquisition
06:57 Marketing Strategies for Private Practices
11:20 Optimizing Marketing Spend Per Clinician
23:24 Non-Traditional Marketing Investments
25:51 Conclusion and Contact Information
Links and Resources
Therapy Flow: https://mytherapyflow.com/
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Navigating Retirement Plans: Avoiding Costly Financial Pitfalls
In this episode of Therapy for Your Money, host Julie Herres dives into the complexities of retirement plans, focusing on the pitfalls of cash balance plans and the benefits of simpler options like 401ks and IRAs. Triggered by a recent client experience, Julie passionately argues against high-fee plans pushed by financial planners who are more interested in commissions than client welfare. She offers actionable advice, including three critical questions to ask your financial planner, and highlights the importance of choosing low-cost, high-value options like Gusto's integrated 401k plans. As Julie puts it, 'If anyone tries to force you into a cash balance plan, you need to run away. Do not walk, run.'
Three Questions to Ask Your Financial Planner
Episode Highlights
- 00:00 Introduction to Therapy for Your Money
- 00:47 A Rant on Cash Balance Plans
- 01:41 Understanding Retirement Plan Options
- 04:02 Questions to Ask Your Financial Planner
- 06:24 The Pitfalls of Cash Balance Plans
- 08:20 Simple and Effective Retirement Solutions
- 12:13 Client Success Story
- 13:42 Conclusion and Resources
Links and Resources
- Gusto: https://gusto.com/r/julie4343
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
Financial Mastery for Therapy Practice Owners: Investing, Retirement, and Real Estate Insights
In this episode of Therapy for Your Money, host Julie Herres delves into essential financial strategies for therapy practice owners with certified financial planner David Frank. The discussion spans various areas, including the importance of emergency funds, distinguishing between personal and business finances, and the advantages of fee-only financial planners. Listeners will gain valuable insights into managing excess cash, understanding tax-advantaged accounts, and setting up business emergency funds.
Simplified retirement planning is also covered, emphasizing target date funds and consistent savings. The episode touches on the intricacies of financial planning, including risk management, estate planning, and real estate investments. Practical advice on life insurance options and detailed resources on retirement plans are provided to help ensure the financial stability and growth of therapy practices.
Episode Highlights00:00 Welcome to Therapy for Your Money
00:50 Introducing David Frank: Financial Planner for Therapists
01:15 Investing Basics for Business Owners
04:34 Emergency Funds: The Foundation of Financial Security
08:14 Navigating Taxable Brokerage Accounts
15:10 Retirement Planning: Choosing the Right Accounts
20:01 Solo vs. Group Practice Financial Strategies
21:03 Calculating Your Retirement Number
22:04 Approaching Retirement: Financial Tips
23:52 Overcoming Financial Anxiety
25:41 Risk Management and Insurance
26:40 Real Estate Investments: Pros and Cons
34:33 Life Insurance for Practice Owners
38:04 Free Webinar and Resources
Links and Resources
- Investment Webinar with Dave Frank: https://youtu.be/UJOdyvLvU50
- Get a Free Initial Fit Meeting: https://turningpointhq.com/
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Mastering Tax Debt: Strategies and Solutions for Therapy Practice Owners
In this insightful episode of 'Therapy for Your Money,' host Julie Herres of Green Oak Accounting provides therapy practice owners with essential guidance on managing tax debt. Julie covers crucial steps for addressing IRS notices, exploring payment plans, and applying for offers in compromise. She warns about the potential consequences of neglecting tax responsibilities and explains IRS procedures before drastic actions like wage garnishment or account seizure are taken. The episode also highlights the importance of timely payments, strategies for managing large debts, recognizing tax-related scams, and common IRS errors like misplaced payments. Additionally, Julie promotes a detailed tax course designed to help business owners better manage their finances. Tune in to gain control over your financial situation, avoid pitfalls, and keep your practice profitable.
Episode Highlights
00:00 Welcome to Therapy for Your Money
00:45 Dealing with Tax Debt: An Overview
01:41 Understanding IRS Power and Consequences
03:01 First Steps: Responding to IRS Notices
05:18 The Importance of Professional Help
06:31 Options for Managing IRS Debt
08:10 Importance of Timely Payments
08:46 Offer in Compromise: When and How
10:01 Requesting More Time from the IRS
10:32 IRS Mistakes and How to Handle Them
12:40 Beware of Scams
14:50 Conclusion and Additional Resources
Links and Resources
- Everything you need to know about taxes as a business owner: https://www.greenoakaccounting.com/tax
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
GreenOak Accounting Manager Jacquie Carter joins the conversation for this quarterly episode mainstay - Industry Updates! Julie and Jacquie cover the latest issues that are on practice owners' minds and advise how to wisely manage the financial side of business ownership in these latest industry hurdles. Also find out what's recommended for end of year financial security!
Episode Highlights
- 00:00 Welcome to Therapy for Your Money
- 00:45 Quarterly Recap with Jacquie Carter
- 01:23 Current Trends and Challenges in Private Practices
- 03:17 Insurance and Payment Delays
- 04:49 Struggles of Private Pay Practices
- 06:13 Hiring Difficulties in Group Practices
- 07:58 Expectations and Realities of Group Practice Ownership
- 14:14 Challenges for Solo Practice Owners
- 22:50 Advice for the End of the Year
- 26:24 Conclusion and Disclaimer
Links and Resources
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Avoiding Common Financial Pitfalls in Private Therapy Practice
In this episode of 'Therapy for Your Money', host Julie Herres shares insights into common financial mistakes made by private therapy practice owners. As an experienced accountant and owner of Green Oak Accounting, Julie emphasizes the importance of foresight in business planning, preparing for entrepreneurship's financial and operational intricacies, and properly accounting for taxes. The episode highlights the necessity of focusing on profit without guilt, advising on setting the right structures from the start, such as forming a legal entity like an LLC, and recognizing business costs that reduce the perception of a full income from fees. Julie also introduces her new course, 'Money for Therapists Practice Startup', to provide essential financial knowledge for new therapy practice owners.
Episode Highlights
- 00:00 Welcome to Therapy for Your Money
- 00:48 Common Financial Mistakes in Private Practice
- 01:17 Mistake #1: Short-Term Thinking
- 04:12 Mistake #2: Underestimating Startup Effort
- 07:11 Mistake #3: Misunderstanding Fee Retention
- 09:08 Mistake #4: Ignoring Taxes
- 11:02 Mistake #5: Feeling Guilty About Profit
- 13:45 Introducing the Money for Therapists Practice Startup Course
- 16:23 Conclusion and Disclaimer
Links and Resources
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
Navigating Partnerships in Therapy Practices: Risks and Considerations
In this episode of 'Therapy for Your Money,' host Julie Herres explores the complexities of forming partnerships in private practice. While partnerships seem like a good idea to share costs and responsibilities, they often come with significant risks. Julie dives into why about 80% of partnerships fail, compared to 50% of solo businesses. She discusses the importance of having detailed partnership agreements, covering crucial aspects such as profit sharing, administrative duties, and unforeseen events like disability, death, divorce, addiction, and disinterest. Julie provides real-world examples and insights into the legal and financial considerations essential for partnership success. This episode aims to equip therapy practice owners with the knowledge to make informed decisions about entering or exiting partnerships.
Show Highlights
- 00:00 Introduction to Therapy for Your Money
- 00:48 The Risks of Partnerships in Therapy Practices
- 02:14 Common Issues in Partnerships
- 06:59 The Five D's of Partnerships
- 13:00 Alternatives to Partnerships
- 15:21 Ending a Partnership
- 17:09 Conclusion and Next Steps
Links and Resources
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
Navigating Partnerships in Private Therapy Practices
In this episode of 'Therapy for Your Money,' host Julie Herres discusses the intricacies of partnerships in therapy practices with attorney Dan Mayer and practice owner Dave Yood. They explore the importance of having a well-crafted partnership agreement, key elements that need to be included, and potential sources of friction among partners. Dan and Dave share their experiences and share the key ingredients to maintaining successful partnerships.
Episode Highlights
- 00:00 Introduction to Therapy for Your Money
- 00:49 Today's Topic: Partnerships
- 01:26 Meet the Guests: Dan Mayer and Dave
- 01:31 Dan Mayer's Expertise in Mental Health Practices
- 02:36 Dave's Journey in Forming a Partnership
- 04:12 The Importance of Partnership Agreements
- 07:27 Key Elements of a Partnership Agreement
- 10:46 Legal and Tax Considerations
- 16:18 Dave's Experience and Advice on Partnerships
- 17:06 Navigating Partnership Agreements
- 18:20 Tax Challenges and Solutions
- 18:56 The 'Eat What You Kill' Model
- 19:30 Avoiding Partnership Conflicts
- 20:44 Handling Partner Exits and Deaths
- 24:05 Importance of Clear Rules and Roles
- 27:42 Final Thoughts on Partnerships
- 31:23 Where to Find Us
Links and ResourcesProtecting Your Practice - https://www.protectingyourpractice.com/
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Understanding the Value of Your Therapy Practice: Essential Tips for Selling
In this episode of 'Therapy for Your Money,' Julie Herres, an accountant and owner of Green Oak Accounting, concludes a two-part series on selling your therapy practice. Julie delves into how to evaluate the worth of a practice, emphasizing the importance of practice size and the role of net profit in determining value. Listeners learn about EBITDA, economic conditions' impact, and multiples' significance in practice valuation. Julie also stresses the need to consult an accountant, attorney, and financial planner before accepting offers. Access a free webinar replay on exit planning for a more detailed guide.
Show Highlights
- 00:00 Introduction to Therapy for Your Money
- 01:53 Welcome and Episode Overview
- 02:02 Understanding the Value of Your Practice
- 04:23 Factors Affecting Practice Valuation
- 06:35 Determining Your Practice's Multiple
- 09:48 Considering Offers and Making Decisions
- 13:47 Professional Advice and Resources
- 15:15 Conclusion and Additional Resources
Webinar Replay
- Unlocking Your Exit Strategy Replay
Links and Resources
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
Exiting Your Group Practice: Insights and StrategiesIn this episode of 'Therapy for Your Money,' host Julie Herres, owner of Green Oak Accounting, discusses the intricate process of selling a group therapy practice with Nicole McCance, a retired psychologist who successfully sold her group practice. The conversation covers Nicole's initial reluctance to sell, her eventual decision influenced by seeing a peer's successful sale, and the detailed steps she took to ensure her business was attractive to buyers. Key topics include the importance of systemizing your practice, ensuring profitability, retaining a strong team, and the significant role professional advisors play in navigating the sale process. Nicole shares her personal journey of scaling her practice to 55 therapists, her experiences with the actual sale, and the emotional and practical considerations of exiting a business she built from the ground up. The episode provides valuable insights for private practice owners contemplating or embarking on the sale of their practice.
Episode Highlights
- 00:00 Introduction to Therapy for Your Money
- 02:02 Welcoming Back Nicole McCance
- 02:23 Discussing the Challenges of Group Practice Ownership
- 02:52 Nicole's Journey to Selling Her Practice
- 08:34 The Importance of Systems and Profitability
- 12:52 Team Retention and the Selling Process
- 14:32 Nicole's Experience Post-Sale
- 15:19 Reflecting on the Transition
- 16:12 Communicating the Change
- 16:46 Employee Reactions and Benefits
- 18:29 Preparing to Sell the Practice
- 20:14 The Importance of Professional Help
- 23:31 Post-Sale Reflections and New Beginnings
- 26:04 Nicole's New Venture
- 28:14 Conclusion and Contact Information
Links and Resources
- Webinar: Unlocking your Exit Strategy https://www.greenoakaccounting.com/exit-replay
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- The Business Savvy Therapist podcast: https://podcasts.apple.com/ca/podcast/the-business-savvy-therapist/id1681659688
- Free Training: https://mccancemethod.com/webinar-free-masterclass-from-solo-to-superteam/
- Instagram: https://www.instagram.com/nicole.mccancemethod/
- Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Navigating Challenges in Therapy Practices: Insights and Strategies
This episode of 'Therapy for Your Money' features host Julie Herres and GreenOak Accounting team manager Jacquie Carter discussing the financial challenges therapy practices faced in the year's second quarter. They explore themes of cautiousness among practice owners due to low intakes and referrals, the impact of external factors such as the Change Healthcare incident, and strategies for maintaining financial health, including prudent cash flow management and clinician compensation. The discussion also covers the importance of professional advice in navigating business decisions and thoughts on what the future may hold for the industry, emphasizing the need for caution, preparation, and sustainable growth strategies amidst ongoing economic uncertainties.
Episode Highlights
- 00:00 Welcome to Therapy for Your Money: Empowering Financial Confidence
- 00:48 Introducing the Season's Final Episode with Jackie Carter
- 01:28 Q1 Insights: Navigating Challenges and Embracing Caution
- 04:24 The Impact of Change Healthcare and Financial Preparedness
- 07:43 Strategies for Q1 Challenges: Cashflow and Client Intakes
- 13:14 The Importance of Professional Advice and Sustainable Practices
- 16:43 Clinician Compensation and Retention in Uncertain Times
- 23:34 Looking Ahead: Industry Predictions and Final Takeaways
Links and Resources
- Therapy Intake Pro
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Navigating the World of Buying Real Estate for Your PracticeIn this episode of Therapy For Your Money, host Julie Herres, an accountant and the owner of Green Oak Accounting, explores the complex decision of buying real estate for therapy practice owners. She delves into the reasons for and against purchasing a building, embracing the principle that such a significant financial step should align with one's long-term goals rather than be influenced by the actions of peers. Julie discusses the upfront and ongoing financial commitments of owning versus renting, including the potential for higher expenses and the responsibility of repairs and property taxes. She highlights the importance of financial readiness, advising against the purchase if it jeopardizes the practice's financial health or if funds for the down payment would otherwise contribute to underfunded retirement savings. The episode also covers the nuanced differences between commercial and residential loans, the process and expectations for securing a commercial loan, and the strategic legal and tax implications of owning commercial real estate. Julie provides a thorough overview of the potential tax benefits and pitfalls, especially the impact of depreciation and depreciation recapture on future tax bills. She concludes by reflecting on the shifting landscape of commercial real estate, particularly post-2020, and its implications for practice owners considering this investment. Julie advises listeners to seek professional guidance tailored to their unique situation, as the episode contains general opinions on accounting and tax matters rather than personalized advice.
Episode Highlights
- 00:00 Welcome to Therapy For Your Money
- 00:49 The Big Decision: Buying Real Estate for Your Practice
- 02:12 Understanding the Financials: Costs, Equity, and Loans
- 07:24 Navigating the Loan Process for Commercial Real Estate
- 10:01 Legal and Tax Considerations When Buying a Building
- 15:03 The Future of Commercial Real Estate and Final Thoughts
Links and Resources
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Therapy for Your Money: Unveiling the Power of Marketing in Therapy Practices
In this episode of Therapy for Your Money, host Julie Herres, an accountant and owner of Green Oak Accounting, explores the crucial yet often avoided topics of money and marketing for therapy practice owners. Joined by guest Jenn Fredette, a psychotherapist and marketing enthusiast, the discussion delves into overcoming the challenges associated with financial management and marketing within a private practice. Jenn shares her journey from psychotherapist to marketing mentor, emphasizing the similarities between clinical work and marketing and the importance of authentic connection with potential clients. The episode covers strategies for effective marketing, the significance of visibility, dealing with self-sabotage and avoidance, and crafting messages that resonate with ideal clients. Furthermore, Jenn introduces her flagship program aimed at helping therapists achieve a full and fulfilling caseload. The show concludes with Jenn's book recommendations for business owners and provides information on how listeners can access her programs.
Show Highlights
- 00:00 Welcome to Therapy for Your Money
- 00:49 Introducing Jen Fredette: A Psychotherapist's Journey into Marketing
- 01:07 The Psychology of Marketing for Therapists
- 03:56 Overcoming Marketing Avoidance and Embracing Visibility
- 07:26 Crafting a Successful Marketing Funnel
- 18:13 Effective Strategies for Crafting Your Message
- 23:09 Unlocking a Full Caseload: Strategies and Soul
- 26:05 Jen's Favorite Business Books and Closing Thoughts
Guest Resources
- Full Caseload Unlocked
- A Thinker’s Guide on Instagram: @athinkersguide
- A Thinker’s Guide on Tiktok: @athinkersguide
Book Recommendations
- Building a Storybrand by Donald Miller
- Do Less by Kate Northrup
Links and Resources
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
In this episode of 'Therapy for Your Money,' hosted by Julie Herres, the focus is on understanding Department of Labor (DOL) audits through the lens of a therapy practice owner. Julie shares her personal experience with a DOL audit in 2023, emphasizing the rarity of such audits for small businesses and outlining what triggers them. She provides a detailed account of the audit process, what the DOL investigates, and the kind of information they request, ranging from employee data to time and payroll records. Highlighting the challenges and emotions involved, Julie offers practical advice for handling audits, including the importance of EPLI insurance, rights during the audit, and the potential outcomes. The episode aims to prepare listeners for the unlikely event of a DOL audit, ensuring they're informed and protected.
Show Highlights
- 00:00 Welcome to Therapy for Your Money
- 00:49 Navigating a Department of Labor Audit: A Personal Journey
- 03:52 Understanding the Scope of DOL Audits
- 05:55 Preparing for and Responding to a DOL Audit
- 10:20 Rights and Tips for Handling a DOL Audit
- 12:33 The Importance of EPLI Insurance and Final Thoughts
Links and Resources
- Episode 133: Contractor vs Employee: Understanding the new DOL rules
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
Mastering Delegation: A Guide for Therapy Practice Owners
This episode of 'Therapy for Your Money' features host Julie Herres and guest Uriah Guilford discussing the importance of efficiency, delegation, and reducing stress for therapy practice owners. Uriah, a group practice owner and the founder of Productive Therapist shares his personal mission of making work and life easier and more fun. He introduces a five-step process for successful delegation: 1) Create a clear goal, 2) Create a written procedure (SOP), 3) Do effective training, 4) Give clear feedback, and 5) Maintain good accountability. Throughout the conversation, both speakers emphasize the significance of delegated tasks to prevent burnout, improve business efficiency, and ensure practice profitability.
Show Highlights
- 00:00 Welcome to Therapy for Your Money: Introducing the Host and the Mission
- 00:47 Efficiency and Delegation: A Conversation with Uriah Guilford
- 04:03 The Art of Delegation: Uriah's Mini Manifesto and the Importance of Team Building
- 07:03 Breaking Down the Steps to Successful Delegation
- 11:24 Exploring the First Step of Delegation: Setting Clear Goals
- 14:49 Creating SOPs: The Foundation of Effective Delegation
- 19:17 The Importance of Training in the Delegation Process
- 21:30 Unlocking the Secrets of Effective Training
- 22:13 Introducing Therapy Intake Pro: A Game-Changer for Training
- 23:10 The Art of Feedback: Navigating the Delicate Balance
- 25:48 Celebrating Success: The Power of Positive Feedback
- 26:54 The Magic of Mini Awards: Boosting Morale and Recognition
- 30:14 The Final Frontier: Accountability in Delegation
- 37:06 Discovering the Best Business and Productivity Books
Guest Links
- Profit First for Therapists: https://amzn.to/3V9Eax3
- Feel Good productivity: https://amzn.to/425rxoh
- SOP tool: www.waybook.com
- The Magic Call Script: https://productivetherapist.com/magic/
Links and Resources
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Therapy for Your Money: Becoming a Wealthy Therapist
In this episode of 'Therapy for Your Money,' host Julie Herres discusses her insights on wealth accumulation for therapists. The economic rules discussed include spending less than what one earns, saving at least 10% of annual income, using debt wisely, having term life insurance if one has dependents, having emergency funds personally and in business, and ensuring one has a will. Lastly, she emphasizes the need for consistency in practicing these habits and that becoming wealthy is usually gradual.
Episode Highlights
- 00:00 Introduction to the Podcast
- 00:51 The Wealthy Therapist: Breaking Down the Stigma
- 02:39 The Six Rules to Financial Success
- 02:39 Rule 1: Spend Less Than You Make
- 04:31 Rule 2: The 10 Percent Rule
- 12:03 Rule 3: Term Life Insurance for Dependents
- 15:58 Rule 4: The Importance of Having a Will
- 16:31 Rule 5: The Necessity of an Emergency Fund
- 17:46 Rule 6: Using Debt Wisely
- 18:39 Book Recommendation
Links and Resources
- Book Recommendation: The Wealthy Barber, Everyone's Common Sense Guide to Becoming Financially Independent
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Behind the Numbers of Self-Publishing: Profit First for Therapists Turns OneIn this Therapy for Your Money episode, host Julie Herres, an accountant and owner of Green Oak Accounting, celebrates her book's first anniversary, Profit First for Therapists. She discusses the comprehensive details of self-publishing a niche book, including the financial and time commitments required. Julie provides insights into the costs associated with developmental editing, proofreading, typesetting, audiobook production, marketing, and promotional materials for the all in total. She sheds light on the book's sales performance, revealing that despite the significant upfront costs, the book has sold over 8,000 copies, surpassing her initial goal of 5,000 sales in the first year. The episode also highlights the importance of aligning book projects with broader business goals rather than expecting direct financial returns from book sales alone. Julie encourages listeners with a book idea to pursue self-publishing, equipped with realistic expectations about the process and potential outcomes.
Episode Highlights
- 00:00 Welcome to Therapy for Your Money
- 00:49 Celebrating One Year of Profit First for Therapists
- 01:00 The Realities of Self-Publishing a Book
- 03:01 The Journey from Manuscript to Market
- 03:45 The Hidden Costs of Self-Publishing
- 12:32 Marketing: The Unexpected Marathon
- 20:30 The Impact and Future of Profit First for Therapists
- 24:53 Final Thoughts and Advice for Aspiring Authors
Links and Resources
- Profit First for Psychotherapists - https://www.facebook.com/groups/1274972945933485/
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Finding Joy and Understanding Self-Love with Kasey ComptonIn this episode of 'Therapy for Your Money', host Julie Herres, an accountant and owner of Green Oak Accounting, talks with three-time guest Kasey Compton about her new book, 'In Search of You'. They delve into the journey of writing the book, its personal nature, and the process of self-discovery and vulnerability Compton experienced. 'In Search of You' explores themes of self-love, the quest for joy beyond achievements, and the impact of one's past on the present. Kasey shares insights into her own life, including challenges with motherhood and personal growth, and discusses the importance of self-acceptance and understanding what true joy means. The conversation also touches on Compton's older work, highlighting the personal transformation and insights she has gained through writing and therapy.
Highlights
- 00:00 Introduction to the Podcast and Host
- 00:46 Introduction to the Guest and Discussion Topic
- 01:13 The Journey of Writing a New Book
- 01:36 The Challenges and Vulnerabilities in Writing
- 04:09 The Process of Deciding What to Include in the Book
- 06:55 The Core Message and Ideal Reader of the Book
- 08:59 Personal Reflections and Realizations
- 12:30 The Impact of Personal Growth on Relationships
- 24:49 The Takeaway Message from the Book
- 26:43 Where to Find the Book
- 28:08 Podcast Disclaimer
Links and Resources
- In Search of You: https://www.kaseycompton.com/insearchofyou
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Understanding Retirement Plans: Options for Business OwnersIn this episode of Therapy for Your Money we discusses the different retirement plans available to business owners. She details four main business retirement plans: traditional 401k, Safe Harbor 401k, Simple IRA, and SEP IRA. Julie outlines the benefits, limitations, and eligibility criteria for each plan, highlighting how these can align with various business scales and circumstances. She also introduces two personal retirement plans, the IRA and the Roth IRA, noting that business owners may have restricted eligibility for these. Lastly, Julie discusses the concept of ‘backdoor Roth,’ an option for high-income earners who don’t qualify for regular Roth IRAs, and mentions the impact of state-mandated retirement plans. She urges listeners to plan their retirement savings wisely by considering their financial situation and business scale.
Episode Highlights
- 00:04 Introduction to the Podcast and Host
- 00:49 Understanding Retirement Plans for Business Owners
- 01:06 Exploring Traditional and Roth Retirement Plans
- 03:54 Deep Dive into 401k Retirement Plans
- 08:45 Exploring Simple IRA Retirement Plans
- 10:41 Understanding SEP IRA Retirement Plans
- 14:37 Personal Retirement Plans: IRA and Roth IRA
- 16:35 The Concept of Backdoor Roth
- 18:01 Importance of Consistent Retirement Savings
- 19:28 State-Mandated Retirement Plans
- 21:07 Conclusion and Legal Disclaimer
Links and Resources
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Unlocking the Power of Private Pay Practice: Expert Insights and Advice
In this episode of 'Therapy for Your Money', host Julie Herres discusses the importance of private pay practices for therapists with guest Deb Legge, a mental health professional and business coach. Deb shares her experiences shifting towards private pay practices, emphasizing the importance of understanding value, the necessity of effective marketing, and the benefit of identifying and reaching out to key target markets. Furthermore, she discusses strategies for dealing with potential clients' insurance questions and reminds practitioners that their ultimate goal is to provide effective service to clients. Deb also shares information about her 'Private Pay Practice Program' and a special podcast series giveaway. In this episode, you will discover insights on:
1. Niche Services: Deb Legge emphasizes the importance of offering unique and specialized services that set you apart. She reveals strategies to identify niche markets and provide services that clients can't find elsewhere.
2. Expert Insights: As an industry expert, Deb Legge shares her wealth of knowledge on positioning yourself as the go-to professional in your niche market. She discusses the power of being the best choice for your target audience and provides practical tips on building trust and credibility.
3. Connect with Your Ideal Clients: Deb explains why focusing on a specific target market leads to better results and a stronger connection with clients. Discover the secrets to making your practice more memorable and effective by following Deb's advice in this episode.
Episode Highlights
00:04 Introduction to the Podcast
00:51 The Importance of Private Pay Clients
01:04 Guest Introduction: Deb Legge
02:26 Understanding the Benefits of Private Pay
04:16 Addressing Accessibility Concerns
05:17 The Importance of Niche Specialization
07:40 Effective Marketing Strategies
10:35 Increasing Referrals
13:47 Overcoming Barriers to Private Pay
17:51 Starting the Transition to Private Pay
17:59 Understanding Your Value
18:55 The Role of Mindset in Private Pay
21:49 The Importance of Professional Services
24:02 Deb's Private Pay Practice Program
27:15 Conclusion and Final Thoughts
Links and Resources
- Private Pay Practice: More Information about Deb Legge and her services
- Book Recommendation: All In Startup: Launching a New Idea When Everything Is on the Line
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
In this Therapy for Your Money episode, host Julie Herres, an accountant specializing in private practices, shares insights on creating a million-dollar therapy practice. She clarifies that a million-dollar practice generates gross annual revenue, not profit. She illustrates how practices achieve this, noting it involves robust systems around marketing and client acquisition, ongoing recruitment, and strategic delegation. Moreover, she warns against unsustainable hiring and compensation practices. Julie also promotes her webinar on common hiring mistakes made by practice owners.
Episode Highlights
- 00:00 Introduction to the Podcast
- 00:49 Understanding a Million-Dollar Practice
- 01:00 The Reality of a Million-Dollar Practice
- 01:44 The Journey to a Million-Dollar Practice
- 03:03 The Financial Implications of a Million-Dollar Practice
- 04:56 The Structure of a Million-Dollar Practice
- 06:48 The Systems Needed for a Million-Dollar Practice
- 08:46 The Mindset Shift for a Million-Dollar Practice
- 09:39 Common Mistakes in Building a Million-Dollar Practice
- 10:32 Conclusion and Additional Resources
- 11:28 Disclaimer
Webinar
5 Most Common Mistakes Practice Owners Make When Hiring - https://www.greenoakaccounting.com/webinar
Links and Resources
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production by www.coursecreationstudio.com
In this episode of the 'Therapy for Your Money' podcast, host Julie Herres talks to mental health therapist and financial therapy practitioner Khara Croswaite Brindle. They discuss the prevalent issues of money avoidance and insecurity among private practice owners, often stemming from deeply ingrained beliefs and traumas about money. The conversation delves into the concept of 'noble poverty' in the industry, misconceptions around the pursuit of profit, and the importance of addressing these issues through financial therapy. Khara describes her approach to helping clients, often fellow therapists, to gradually confront their fears and cultivate a healthier relationship with money.
Highlights
- 00:00 Introduction to the Podcast
- 00:48 Understanding Money Blocks in Therapy Practice
- 01:21 Guest Introduction: Khara Croswaite Brindle
- 02:12 Discussing Money Avoidance in Therapists
- 04:05 Exploring Financial Therapy
- 05:04 Unpacking Money Beliefs and Their Origins
- 06:46 Addressing the Concept of Noble Poverty
- 10:15 The Role of Financial Therapy in Addressing Money Issues
- 13:24 The Impact of Avoiding Financial Responsibilities
- 19:06 Khara's Money Momentum Group for Therapists
- 20:54 Closing Remarks and Legal Disclaimer
LINKS & RESOURCES
- Book Recommendation: Start with Why and The Road Back to You
- Croswaite Counseling, PLLC: Alleviating Pain Points for Mental Health Therapists & Financial Therapists
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
In this episode of 'Therapy for Your Money,' host Julie Herres and retreat planning expert Patrick Casale delve deep into the world of retreats. They discuss strategies for successful retreat planning, including creating a detailed budget, understanding the true costs, setting realistic prices, developing effective marketing strategies, and offering add-ons such as CEUs (Continuing Education Units), excellent accommodation, and local experiences to attract participants. Patrick's experience planning retreats and his tips for overcoming common challenges provide invaluable insights for anyone considering launching their own retreats.
Show Highlights
- 00:04 Introduction to the Podcast
- 00:47 Guest Introduction: Patrick Gasol
- 00:55 The Concept of Profitable Retreats
- 02:00 Patrick's Journey into Retreat Hosting
- 05:48 Challenges and Learnings in Retreat Planning
- 09:41 Financial Aspects of Retreat Planning
- 15:53 Marketing Strategy for Retreats
- 25:15 The Role of Sponsors in Retreats
- 28:19 Stressful Moments in Retreat Planning
- 31:08 Advice for First-Time Retreat Planners
- 32:44 Conclusion and Contact Information
Links and Resources
- All Things Private Practice - Podcast
- All Things Private Practice - Instagram
- All Things Private Practice - Webpage
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Understanding the Implications of Hiring Contractors vs Employees in Therapy Practices
In this episode of 'Therapy for Your Money,' host Julie Herres discusses the implications of employing contractors versus employees in therapy practices. She unpacks a recent ruling from the Department of Labor and its six factors for determining employment relationships. She emphasizes that legislation is moving towards favoring employee relationships. While the immediate impact on therapy practices may be limited, it is prudent for owners to begin considering the transition from contractors to employees. Julie also shares useful resources to help small businesses stay compliant and highlights a webinar on clinician compensation for sustainable and profitable practices.
Episode Highlights
- 00:00 Welcome to the Podcast
- 00:49 The Age-Old Question: Contractors or Employees?
- 01:49 Understanding Audits and Their Implications
- 04:50 The New Department of Labor Ruling
- 06:52 Breaking Down the Six Factors of the New Rule
- 16:36 Potential Liabilities for Misclassification
- 17:25 What Does This Mean for Your Practice?
- 21:19 Final Thoughts and Resources
- 24:02 Disclaimer
Links and Resources
- New DOL rules: https://www.dol.gov/agencies/whd/flsa/misclassification/rulemaking
- Small entity compliance guide: https://www.dol.gov/agencies/whd/government-contracts/small-entity-compliance-guide
- Free webinar: https://www.greenoakaccounting.com/webinar
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
In this episode, Julie Herres and her guest Davia Roberts discuss the differences between the nonprofit and corporate mindsets in the therapy field. They explore the challenges faced by therapists working in nonprofits, such as low pay, unrealistic expectations, and the guilt associated with prioritizing financial security. They also debunk the stigma around therapists transitioning from nonprofit to corporate settings.
Financial Challenges in Nonprofit Settings
The conversation highlights the financial challenges faced by therapists working in nonprofit settings. Many therapists in these settings are overworked and underpaid, with unrealistic workloads and limited resources. Struggles include making a living wage, paying off student loans, and the overall financial stress that impacts the well-being of therapists. On top of that, there is the guilt associated with charging higher fees for services, despite the value and importance of their work.
The Impact of Stigma
Davia highlights the perception that going corporate is seen as being greedy or money-focused, while nonprofit work is viewed as selfless and dedicated to helping others. The conversation challenges these stereotypes, pointing out the importance of financial security and acknowledging that therapists should not be expected to sacrifice their own well-being for their clients. They discuss the need to break free from the guilt and reframe the conversation around the value and worth of mental health services.
Shifting the Mindset
The transition from a nonprofit mindset to a corporate or private practice mindset involves a critical evaluation of goals, motivations, and expectations. This process is crucial for therapists considering such a shift. They need to align their financial goals with their career aspirations, highlighting the significance of negotiating appropriate pay and understanding their worth. Additionally, the conversation addresses the necessity of financial planning and budgeting. Awareness of the seasonal fluctuations in income that can occur in an entrepreneurial or private practice setting is also a key aspect of this transition.
LINKS & RESOURCES
- Book Recommendation: The Wealthy Speaker 3.0
- More than a Therapist: Listen to the Podcast and join the community!
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Lessons from Successful Business Owners: Strategies and Habits for Profitable Practices
Host Julie Herres discusses the habits and strategies common among the most successful business owners. She emphasizes not to equate the appearance of wealth with actual success. She suggests that successful business owners often do not overextend their resources but smartly use credit cards and plan investments. Successful business owners rarely take uncalculated risks. They value their time and spend it wisely on the business. They have emergency funds, focus on perfecting one revenue stream before moving on to others, and rely on experts for various business requirements. These strategies have helped drive their businesses forward in a financially sustainable way.
Episode Highlights
- 00:00 Introduction and Background
- 00:50 Lessons from Successful Business Owners
- 01:24 Understanding Wealth and Spending Habits
- 03:27 The Importance of Planning and Saving
- 05:28 Evaluating Return on Investment
- 06:13 Taking Calculated Risks
- 07:50 Valuing Time and Focus
- 09:20 Maintaining Financial Security
- 11:16 The Power of Focus and Expertise
- 14:29 Conclusion and Final Thoughts
LINKS & RESOURCES
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Episode Summary:
In this episode, Maira Holzmann and Julie Herres delve deep into the intricacies of managing finances in the world of therapy practice. They discuss the challenges and revelations they've faced, from reevaluating their perceptions of debt to the importance of joy spotting amidst the stresses of business. Maira shares her transformative journey with money, emphasizing the need for prioritization and respect in handling finances. Julie offers insights into the dual-edged nature of business ownership, highlighting the balance between control and uncertainty.
Episode Highlights:
- Talk very plainly about fears. This clears the way for growth.
- The shift in perception regarding debt, recognizing it not just as a burden but also as a potential tool for growth.
- Look for joy: Maira's technique of “joy spotting” and savoring what you have right now as a means to alleviate the stresses of business, emphasizes its physiological benefits.
- Embrace what you love: Embrace simple small pleasures like reading, cooking, or taking care of what you have.
Links and Resources:
- More Thriving Therapists
- Somatic Therapy partners
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
How to Increase Your Income in Private Practice: Three Levers All Practice Owners Can Use
In this podcast episode of Therapy for Your Money, host Julie Herres discusses levers that therapy practice owners can control to increase their income.
- The first lever is the number of sessions provided by the practice, in which an increase should generate higher profits.
- The second lever is the average fee per session, increasing rates should lead to higher income, assuming overheads don't rise.
- The final lever is the allocation of income, more specifically, how much owner's pay they assign themselves.
By skillfully managing these levers and expenses, practice owners can improve their personal income without necessarily needing to increase their gross earnings.
Highlights
00:04 Introduction to the Podcast
00:15 About the Host and Her Mission
00:35 Introduction to the Book 'Profit First for Therapists'
00:51 Increasing Your Private Practice Income
01:08 Three Levers to Increase Your Income
01:44 Lever 1: Increasing the Number of Sessions
03:38 Lever 2: Increasing the Average Fee per Session
05:05 Lever 3: Managing Your Expenses and Allocation
06:40 How to Use These Levers to Your Advantage
07:25 The Importance of a Profitable Practice
08:16 Using the 'Reverse Engineer Your Practice' Tool
09:09 Conclusion and Legal Disclaimer
LINKS & RESOURCES
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
During this podcast episode, the hosts discuss the shifting mindset from viewing intake coordinators strictly as administrative support to seeing them as essential salespeople in mental health practices. By redefining the role, conversion rates can increase, benefiting the practice and the clients. When it comes to putting the right person in the role, it's important to hire someone with a sales mindset capable of tackling tasks like efficient follow-ups and exploring all possible patient options while still being likable and relational.
Three questions this episode will answer are:
- What are some past jobs to look for when hiring an intake coordinator
- What are some jobs that might not be a good fit for experience (it's not what you think)
- What are some of the skills to look for when hiring an intake coordinator
Timeline:
- 00:04 Introduction and Welcome
- 00:50 Guest Introduction: Niki Ramirez
- 01:37 The Role of an Intake Coordinator in Therapy
- 04:31 The Importance of Sales Skills in Intake Coordination
- 07:57 Identifying Potential Candidates for Intake Coordinator
- 15:51 Structuring the Job Description and Compensation
- 25:05 Encouraging People to Think About a Carrot in Any Industry
- 25:34 Favorite Business Book and Its Impact
- 26:36 Connecting with HR Answers
- 27:08 Introducing the Concept of Intake Coordinator as a Salesperson
- 27:52 The Role of Business Development Manager at Green Oak Accounting
- 28:37 Changing the Perception of Sales in the Industry
- 35:36 The Importance of Persistence in Sales
- 38:29 Potential Sales Positions for Intake Coordinators
- 40:29 Compensation Structures for Sales Positions
- 44:07 Addressing Ethical Concerns About Sales in Therapy Practices
- 46:36 Wrapping Up the Discussion and Looking Forward to the Next Episode
Guest Resources
- HR Answers
Links and Resources
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
In this episode, Julie Herres, the host of 'Therapy for Your Money' speaks with Sarah Riley, the business development manager at Green Oak Accounting, about reimagining the role of an intake coordinator to work more like a salesperson. They discuss how a sales-oriented approach can significantly improve a therapy practice's conversion rates, making it more profitable. They also explore practical tips on how to implement this approach, deal with ethical concerns, and how choosing the right person with a sales mindset can help provide better service to clients.
In this episode, you will discover:
- The role of intake coordinators as salespersons in therapy offices
- The benefits of having a sales-minded intake coordinator
- Different sales positions that could be a good fit for an intake coordinator role
- The importance of a sales mindset for intake coordinators
- How a sales-minded intake coordinator can improve conversion rates
- The potential impact of a sales-focused intake coordinator on practice caseloads
- Different compensation structures for sales-minded intake coordinators, and ethical considerations in sales tactics.
Section Highlights
- 00:04 Introduction to the Podcast
- 00:15 About the Host and Her Mission
- 00:49 Introduction to the Topic: Intake Coordinator as a Salesperson
- 01:31 Guest Introduction: Sarah Riley
- 02:05 Understanding the Sales Role in Therapy Practices
- 04:07 The Importance of a Sales Mindset in Intake Coordination
- 08:14 Benefits of a Sales Mindset in Therapy Practices
- 17:47 Potential Concerns and Ethical Considerations
- 20:15 Conclusion and Preview of the Next Episode
LINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
In this episode of "Therapy for Your Money," Julie Herres and Linzy Bonham discuss the various types of financial professionals that therapy practice owners might work with or encounter. They highlight the importance of understanding the roles and responsibilities of these professionals to make informed decisions for one's business.
Bookkeepers and Accountants for Therapists
The discussion starts with an overview of bookkeepers and accountants. Bookkeepers manage the financial records, transactions, and basic financial tasks, while accountants have a more comprehensive understanding of taxes, bookkeeping, and payroll. Accountants might also provide forward-looking analysis, helping business owners plan for the future.
Fractional CFOs (Chief Financial Officers) for Therapists
The hosts introduce the concept of fractional CFOs, who are like strategic financial partners for businesses. Fractional CFOs help with big financial decisions, budgeting, measuring financial key performance indicators, and achieving financial goals. They play a vital role in guiding businesses through periods of growth and keeping them on track.
Financial Coaches and Profit First Professionals for Therapists
Financial coaches focus on educating and empowering business owners to manage their finances effectively. They address mindset and emotional aspects related to money, helping business owners develop skills and habits for informed financial decisions. Profit First Professionals specifically use the Profit First methodology to prioritize profit in business finances.
Payroll Services and Financial Planners
Payroll services automate payroll-related tasks, ensuring compliance and accuracy. Financial planners, on the other hand, offer guidance on investments, retirement planning, and insurance products. It's important to distinguish between fee-for-service financial planners and those who may also sell financial products, as this can affect the advice and recommendations they provide.
Tips for Practice Owners:
- When seeking financial professionals, make sure to clarify their roles, responsibilities, and compensation models upfront.
- Assess your business's needs and goals to determine which professionals align best with your requirements.
- Regular communication with your chosen professionals can help you make informed financial decisions and stay on track toward your objectives.
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Money Nuts and Bolts - Learn More about Linzy and her services
Podcast Production and Show Notes by Course Creation Studio
In this enlightening episode of "Therapy for Your Money," host Julie Herres dives into the crucial topic of embracing your full fee as a therapist and getting comfortable with it. She is joined by Alyse Freda Colon, a seasoned therapist with 18 years of experience in private practice.
Shifting the Mindset Around Fees
Alyse encourages therapists to recognize the immense value they provide through their work and to overcome the fear of charging their worth. As she aptly puts it, "We are doing kick-ass life-changing work, and you need to acknowledge that you are providing a very valuable service."
Transitioning from Insurance to Private Pay
The episode delves into the process of transitioning from accepting insurance to practicing on a private pay basis. Alyse's experience serves as a powerful reminder that therapists have the right to set their fee structures based on their own needs and circumstances.
Overcoming the Fear of Charging Your Worth
Challenging the notion that therapists shouldn't focus on making money, Alyse emphasizes the importance of confidently charging your worth. She advocates for therapists to take ownership of their fee structures without apology or hesitation.
Action Steps
- 💡 Tip 1: Own Your Value "Therapists provide life-changing work. Acknowledge the value you bring and don't shy away from charging what you're worth." - Alyse Freda Colon
- 💰 Tip 2: Shift Your Mindset "Stop telling yourself you can't make money. Change your money mindset to attract abundance and financial success." - Alyse Freda Colon
- 🗣️ Tip 3: Confident Communication "When stating your fee, be firm and silent. Avoid justifying or apologizing. Your fee reflects your expertise." - Alyse Freda Colon
- 📆 Tip 4: Choose Sustainable Fees "Set a fee that supports your life and practice. Sustainability ensures you provide quality care while thriving financially." - Alyse Freda Colon
- 🚀 Tip 5: Embrace Specialization "Specialized therapists can confidently charge higher fees. Your expertise deserves appropriate compensation." - Alyse Freda Colon
The episode serves as a reminder that therapists provide invaluable services and deserve to thrive in their businesses. As Alyse aptly states, "We gotta stop all the shaming around therapists who want to do good work and make a good living." With determination and a renewed perspective, therapists can embrace their financial worth and achieve sustainable success in their private practices.
LINKS & RESOURCES
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - https://www.profitfirstfortherapists.com/academy
- Book Recommendation: You are a Badass at Making Money
- Get support from Alyse: Coaching WIth Alyse
- Alyse Freda-Colon Therapy Page
Podcast Production and Show Notes by Course Creation Studio
In this episode, we explore the intricacies of achieving financial freedom in the digital era with our guest, Adam Carroll. We discuss the changing dynamics of financial transactions and innovative strategies that have reshaped our relationship with money, making it seem less tangible and possibly affecting our spending habits. We also introduce the "Shred Method," a groundbreaking approach to debt management that offers a faster path to financial independence.
Highlights:
- The Illusion of Money in the Digital Age: In today's society, money feels less "real" due to the prevalence of digital transactions. This change in perception can influence spending habits, as people might not hesitate as much when spending digitally compared to using physical cash.
- The Shred Method: This new approach to financial management focuses on optimizing income efficiency, helping individuals avoid letting their money sit idle in checking accounts, and instead, using it in ways that foster financial growth.
- The Power of Compound Interest and Investment: Adam shares his experience of paying off a substantial mortgage in just over three years and the subsequent journey of building a significant investment portfolio through the strategic use of asset liquidity.
- Asset Liquidity and Future Planning: Emphasizing the importance of creating liquidity in assets and planning for future expenses as vital steps in avoiding debt accumulation and paving the way to financial freedom.
As we conclude, we reflect on the wealth of knowledge shared by Adam Carroll, highlighting the necessity to adapt to the changing financial landscape and utilize innovative methods for efficient debt and investment management. This conversation illuminates the potential of compound interest and the importance of flexibility in financial planning, encouraging listeners to make informed decisions for a prosperous future.
Join us in the next episode for more insights into shaping a financially secure future.
Links and Resources
- The Shred Method
- Money Mastery for Students
- Winning the Money Game
- Green Oak accounting
- Therapy for your Money Podcast
- Profit First for Therapists
- Profit First Academy
- IG: @Adam.Carroll
- IG: @The.ShredMethod
- TW: @AdamCarroll
Podcast Production and Show Notes by Course Creation Studio
Welcome to Therapy for Your Money, a podcast dedicated to all things money and finance for therapy practice owners. I'm Julie Herres, an accountant and owner of Green Oak Accounting. With years of experience working with private practice owners, my goal is to share the best practices I've learned to help you build a profitable private practice. In this episode, I talk about starting your year off right by implementing Profit First. In this episode, you will discover:
- What is Profit First: You will gain a clear understanding of what Profit First is and how it differs from traditional accounting methods. By flipping the accounting equation and prioritizing profit, you'll discover how this cash flow management system can help you make better financial decisions for your therapy practice.
- The Benefits of Implementing Profit First: This episode highlights the advantages of implementing the Profit First system in your practice. You'll learn how it can increase your creativity in managing expenses, reduce unnecessary spending, and ultimately lead to higher profitability. By setting up multiple bank accounts and allocating funds strategically, you'll gain control over your cash flow.
- The Importance of Regular Assessments and Adjustments: The episode emphasizes the importance of conducting regular assessments of your practice's financial health. You'll learn how to perform an instant assessment to understand your current financial standing. Moreover, this episode highlights the need for ongoing adjustments as your practice evolves, allowing you to align your Profit First system with your changing goals and priorities.
LINKS & RESOURCES
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - https://www.profitfirstfortherapists.com/academy
Podcast Production and Show Notes by Course Creation Studio
We've got an exciting new episode of our Live Stream Launch Party Series! On May 2nd, 2023, Julie released her book, Profit First for Therapists. We threw a huge online launch party with GreenOak Accounting team members, real practice owners who tell their stories in the book, and the original creator of Profit First, Mike Michalowicz to celebrate this exciting event. We wanted to share the stories told during our launch event with our podcast listeners so you could be part of the celebration with us!
On today’s episode, we’re joined by none other than the creator of Profit First, Mike Michalowicz! Julie chats with Mike about her experience writing Profit First for Therapists and the impact it’s had on the therapy community, as well as some exciting new projects that Mike has in the works.
Check out the new book by Mike Michalowicz:
All InLINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy
Setting Effective Financial Goals for 2024
In this episode of 'Therapy for Your Money', host Julie Herres discusses tips on how to make 2024 the most productive financial year yet for private practice owners. She encourages listeners to evaluate previous successes and align future goals with their personal ambitions, focusing on both financial and non-financial targets. Additionally, she emphasizes the effectiveness of setting SMART goals. Finally, she announces an upcoming 'Make 2024 Your Best Year Yet Workshop' where attendees can work on their goals and financial plans.
Aligning Personal Goals with Financial Goals: When setting financial goals, it's essential to align them with your personal aspirations. While having a revenue target can be motivating, it's equally important to consider what truly matters to you. Increasing your take-home pay or achieving a better work-life balance may be more significant than merely attaining a specific revenue milestone
The 10X Goal Mindset: Embracing the 10X goal mindset can be transformative. It challenges you to rethink everything in your business. Setting a goal that is significantly beyond your current position forces you to examine what needs to change to make that goal possible.
Putting Goals into Action: Once your goals are set, it's time to develop a plan to achieve them. Utilize the SMART goal framework – Specific, Measurable, Achievable, Relevant, and Time-bound. By creating goals that meet these criteria, you can clearly track your progress and make necessary adjustments along the way.
Monitoring Progress and Making Adjustments: Regularly review your progress and ensure that you're on track to achieve your goals. At the end of each month, evaluate your outcomes and make any necessary adjustments.
Conclusion:
As we enter a new year, take the time to set financial goals that align with your personal aspirations. Reflect on your past accomplishments, consider audacious 10X goals, and develop a plan using the SMART goal framework. By setting clear and actionable goals, you can make 2024 your best year yet. Remember, your financial success is within reach when you combine intentionality, strategic planning, and the drive to reach new heights.
LINKS & RESOURCES
- Workshop: Make 2024 your best year yet!
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
In this podcast episode, host, Julie Herres discusses the challenges faced by therapy practice owners. Topics covered include the ongoing trends of low referrals and low conversions in the fall of 2023, difficulty in achieving productivity goals, and the importance of tracking metrics and establishing robust financial systems. Julie goes on to recommend solutions that can improve the financial conditions of therapy private practices, underlining the importance of clarity and accessibility in financial systems while noting the difference between accounts receivable from different practices. The episode also delves into the significance of having an effective billing system for maintaining regular cash flow in a practice.
Highlights:
- 02:11 Challenges Faced by Practice Owners
- 02:55 The Importance of Productivity and Setting Expectations
- 04:39 The Paradox of Earning More by Working Less
- 05:29 The Importance of Tracking Metrics and Systems
- 06:18 The Role of Financial Systems in Your Practice
- 09:54 The Importance of Billing Systems
LINKS & RESOURCES
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
In this enlightening episode of “Therapy for Your Money,” we had the pleasure of hosting Emily and Julie Herres. Both experts dive deep into the intricacies of state taxes, the importance of hiring tax professionals, and the potential pitfalls of self-preparation. Their insights are particularly valuable for those in the counseling and therapy fields, aiming to strike a balance between their passion for helping others and the practicalities of running a profitable business.
The Complexity of State Taxes
Emily emphasizes the complexity of state taxes, noting that they can be even more intricate than federal taxes. She points out, "Your state taxes are probably even more complex and unique than the federal taxes." As businesses expand or deal with clients and employees across state lines, understanding multi-state apportionment becomes crucial. Julie adds, "Multi-state apportionment is extremely complex...every state has a different formula for it." This underscores the importance of being well-versed in the tax requirements of not just one's home state, but potentially multiple states.
The Value of a Tax Professional
Both Emily and Julie champion the benefits of hiring a tax professional. As Emily states, "Your tax professionals can help you save money and save tax." They are equipped with the knowledge of all possible deductions, tax credits, and strategies that can be leveraged to one's advantage. Julie further elaborates on the potentially costly mistakes one might make when self-preparing, such as missing due dates or filing the wrong tax form. She mentions, "Filing the wrong return...can be a really, really expensive mistake."
Time is Money
One of the standout points of the discussion is the value of time. Emily succinctly puts it as, "It's not worth your time." For business owners, especially those in the therapy field, their expertise lies in their practice, not in tax preparation. Julie observes that successful practice owners surround themselves with experts in various fields, allowing them to focus on what they do best. She notes, "They are not trying to be experts at everything."
Tips:
- Always consider the implications of state taxes, especially if you have a presence in multiple states.
- Invest in a tax professional to avoid costly mistakes and to ensure you're maximizing your deductions.
- Prioritize your time. Focus on your core competencies and let experts handle specialized tasks.
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy
On Episode 118, join our host, Julie Herres, and special guest, Jacquie Kiefer of Green Oak Accounting, for a guiding discussion about the fourth-quarter financial trends and challenges faced by therapy practice owners. In this captivating dialogue, they delve into issues that are impacting the industry's monetary climate, from dwindling referrals to the implications of accelerating inflation on private practices. The conversation also sheds light on the rising popularity of therapy applications, such as BetterHelp, and its corresponding effects on the industry.
The discussion concludes with valuable end-of-year financial strategies designed specifically for private practice owners, aimed at ensuring monetary sustainability and resilience in unpredictable times. Through this episode, gain critical insights into the financial realities within the therapy sector and pick up substantial advice on managing your practice's finances.
In this episode, you will discover:
- Trend Analysis: Slowing Referrals - Get a deep understanding of the present trend of slow referrals during the 2nd and into the 3rd quarter. Recognizing these market trends early can allow practice owners to plan better and optimize their marketing strategies.
- The Impact of Inflation on Private Practices: Unearth how heightened inflation levels impact private practices, particularly those that are solely private pay, and strategies to manage these impacts. Learning how to navigate this economic wave can result in a more robust, resilient practice.
- The Rise of Therapy Applications: Dive into the examination of therapy applications like BetterHelp and debate their growing dominance in the sector. Knowledge about these apps' impact on private practices can help owners plan their strategies more effectively.
Fuel your practice's financial health by arming yourself with the knowledge presented in this eye-opening episode! Stay informed, keep learning, and let's face it together because we want you to have a profitable private practice—let's make that journey together.
LINKS & RESOURCES
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
We've got an exciting new episode of our Live Stream Launch Party Series! On May 2nd, 2023, Julie released her book, Profit First for Therapists. We threw a huge online launch party with GreenOak Accounting team members, real practice owners who tell their stories in the book, and the original creator of Profit First, Mike Michalowicz to celebrate this exciting event. We wanted to share the stories told during our launch event with our podcast listeners so you could be part of the celebration with us!
On today's episode, we're joined by Jessica Tappana, Whitney Owens, Uriah Guilford, and Gordon Brewer! These industry leaders have expanded their businesses from private practice to podcasting to consulting and so much more. They were so excited to share their stories with our Launch Party viewers, and are even more excited to share with our podcast listeners today.
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
In the ever-challenging landscape of the mental health industry, private practice owners often grapple with burnout. Julie Herres highlights the significance of having a clear financial goal or "number" to navigate these challenges. "It has been a hard couple of years in the mental health industry," Julie remarks, emphasizing the power of a financial target to bring clarity and direction.
What You'll Learn:
- The importance of balancing income with liquid assets for financial security.
- The "comfort number": Why having 3-6 months' worth of personal expenses and 1-2 months of business expenses can be a game-changer.
- Why it is good to have a conversation about the different comfort numbers from the other people in your household
Conclusion:
Financial well-being transcends mere numbers. It's rooted in the peace of mind derived from financial security. By grasping the balance between income and assets and pinpointing a personal "comfort number," practice owners can confidently face industry challenges. As Julie succinctly states, "Knowing your financial goals and working towards them can provide the motivation and security you need to thrive in your practice."
Links and Resources
- Green Oak Accounting
- Therapy for your Money Podcast
- Profit First for Therapists
- Profit First Academy
Podcast Production and Show Notes by Course Creation Studio
We have another exciting new episode today all about a game changing strategy that can significantly boost your ROI as a private practice owner – collaboration. Mental health professionals often emphasize the importance of collaboration in their therapeutic work, but have you considered how collaboration can extend beyond therapy sessions and positively impact the financial health of your practice? Whether you're a seasoned practitioner or just starting, the power of collaboration can't be underestimated. Julie is joined by Stephanie Korpal and Christy Pennison of the Practice Collab to talk about their successes through the power of collaboration.
Stephanie Korpal and Christy Pennison are both group practice owners with multiple locations. Both women are passionate about their group practices, teams, and communities they serve--Stephanie in St. Louis and Chicago, Christy in central Louisiana (Alexandria and Natchichoes to be exact). That passion also extends to fellow group practice owners, a role they both know takes so much! Together, they have founded and launched a unique, special place for group practice bosses to connect, collaborate, and crush it. Their business, The Practice Collab, is designed to help practice owners work less, make more, and live most.
EPISODE HIGHLIGHTS
- How can collaboration make you a better practice owner?
- Having someone to talk to about the difficult emotions or experiences that come along with being a practice owner can take such a weight off of your shoulders
- When you aren't sure where you can find the solution to a problem, it can be helpful to turn to your community who can point you in the right direction
- Sharing resources with one another when it comes to scheduling, finances, EHRs, etc. can benefit your practice in so many ways
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
The Practice Collab - www.ThePracticeCollab.com
Traction by Gino Wickman
The Culture Code by Daniel Coyle
In today's episode, we'll be exploring a new topic - 529 College Savings Plans! We believe that every child's potential deserves to be nurtured, and that includes paving the way for their educational aspirations. Together, let's navigate the world of 529 plans... not just as a financial tool but as a means to cultivate a sense of security and confidence for your family.
EPISODE HIGHLIGHTS
- What are some benefits of a 529 plan?
- Currently, in 30 states, you can get an income tax break when you contribute to a 529
- The funds grow tax-free and are not taxes when you pull the money out (as long as you are using the money towards education - tuition, textbooks, etc.)
- If your child decides not to pursue college, gets a scholarship that covers their college expenses, or maybe decides to go to a less expensive trade school and there is still money left over in their 529, you are able to transfer that money to another child’s 529 or allow it to continue to grow and pass it on to a grandchild
- Who can contribute money to the 529?
- Anyone! If you have grandparents, aunts, uncles, or other extended family who would like to contribute to your child’s 529, they are absolutely able to do so
- If you have a wealthy relative that is interested in contributing to your child’s 529, they may have the additional benefit of offloading some of their estate tax and doesn’t require them to file a gift tax return (when gifted below a certain amount)
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Welcome to episode 119 of the "Therapy for Your Money" podcast! Host Julie Herres dives into effective ways to boost income in a group practice without solely relying on marketing efforts. Her guest, Nicole McCance, a former psychologist and founder of a thriving group practice, shares invaluable insights drawn from her journey of scaling her practice and transitioning into coaching. McCance emphasizes the importance of tapping into your existing client base and optimizing internal processes.
To learn more about McCance's coaching program and insights, listeners can access her "Expand Your Practice Starter Kit" and explore her podcast, "The Business Savvy Therapist."
Episode Highlights
- Don’t forget about your current clients. There are clients who may want to increase the frequency of their sessions and the duration. They get to their goals faster and you get to grow your practice. It's a win-win.
- Increase the scheduled sessions. Reduce the empty calendar effect by getting clients into your schedule for four sessions.
- Get everyone on board. Use meetings, check-ins, and your training manual to communicate your systems and to help your staff understand how they are a benefit to them. People like what is consistent and predictable.
- Get an admin. They are the best thing that will ever happen to you. Change your question from “How am I going to get this done” to “Who is the best person to get this done?”
- Lean on online booking: You will save admin time by encouraging people to schedule online.
- Reduce your no-shows: Have a system to follow up with your no-shows. People are scheduled for a reason. They want the help and you want your practice to grow.
- Market to the clients who already know you: Use email marketing to communicate with the clients who already know you. Give them value and a reason to keep you front of mind when they need support.
- Reduce the “sales cycle:” Reduce the time between the initial call and the first free consult. Nicole Suggests 4 days between the first call and the first contact with a therapist.
**LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com**
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
The Business Savvy Therapist - www.mccancemethod.com/podcast-library
Free Gift from Nicole - Expand Your Practice Starter Kit
Podcast Production and Show Notes by Course Creation Studio
Having a contingency plan for your business may have never crossed your mind before... but it's more important to have than you may think! Julie's sitting down with the master of planning herself, Mary Beth Simón, to talk about what you need a contingency plan for and what items you should include in yours.
Mary Beth guides business owners to create contingency plans that prepare them and their teams for extended vacations or the unexpected, so the business can continue to run successfully in their absence. She founded Niche Partnership Consulting after seeing the turmoil that a lack of contingency planning can cause when a dear friend developed terminal cancer. Mary Beth is a national conference speaker, continuous learner and loves helping business owners find peace of mind since retiring from a 30+ year career at Vanguard. In her free time, she's active in her local business community and loves being mom to her rescue dogs.
EPISODE HIGHLIGHTS
- What can hold a practice owner back when planning for the unexpected?
- Emotions can sometimes get in the way of looking at the bigger picture of why you're preparing for the unexpected
- It's very common to feel overwhelmed when tackling a contingency plan
- Why have a contingency plan in place?
- If you have any goals for the business to continue beyond your participation, it's important to put certain preparations in place to ensure the next owner will have a path to follow to keep the business successful
- If you don't plan on the business continuing without you, it's important to have a plan to either sell or close out the business
- What are some items included in a business contingency plan?
- Updated business bank account and credit card statements
- Written narrative for how the owner manages the bank accounts/credit cards for the business
- Business Associate Agreements
- Incorporation documents, licenses, certifications, real estate documents, and investment documents
- Inventory of memberships, subscriptions, and softwares utilized by the business
- Online password management system
- Business continuance playbook - identifies owner's responsibilities for daily, weekly, monthly, quarterly, and yearly operations (SOPs)
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Business Model Generation by Alexander Osterwalder
FREE Online Course for Business Owner SOPs
Today, we're getting personal! It can be difficult finding a healthy balance between being a business owner, a parent or spouse, and your own independent person. Julie's chatting with us about how she manages to head her team at GreenOak, prepare for the future of her kiddos and spouse, and take care of herself in between!
EPISODE HIGHLIGHTS
- Emergency Fund
- Keep your business and personal emergency fund separate
- Ideally, you want to have about 2 months of expenses set aside in your business emergency fund
- Having about 4-6 months of expenses set aside in a personal fund is very realistic, especially if you have children
- Budget
- Keep your business and personal budget separate
- Review your budget often to make sure you're staying on track
- Start preparing your budget sooner rather than later
- Key Person/Man Life Insurance
- The purpose of this type of insurance is to protect your business in case of death
- The goal of this insurance is to keep your business running and take care of your employees, or to keep the business running successfully long enough to sell it
- Long Term Disability Insurance
- While the business might be able to continue to support you in cases of long-term disability, it can be a risk (and a burden) on the business
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
At Therapy For Your Money, we strongly believe in practice owners tracking their metrics in order to understand how well their business is performing. Julie is joined by an exciting, new guest, Brent Stutzman! Brent is sharing the key metrics he likes to track in his client's private practices, and why tracking these specifically are so important.
Brent Stutzman is the owner of Brand Your Practice, Inc. and a certified Storybrand Guide. After helping his wife launch her practice in 2016, he saw a need to help other therapists launch, market, and grow their practices. Since then he’s launched and scaled over 12 private practices across the country leveraging hi private practice accelerator framework. He’s excited about the public launch of TheraSaaS- a HIPAA-compliant cloud-based tool to help therapy practices capture, nurture, and convert new client leads. He lives in Chicagoland with his wife of 19 years, and their 3 beautiful children.
EPISODE HIGHLIGHTS
- What can tracking metrics in a dashboard do for your private practice?
- Identify underperforming areas
- Help you make data driven decisions on where to allocate resources
- Assess the overall health and performance of the business
- Marketing Metrics
- How many leads or appointment requests are you getting per week/month/etc.?
- Where are those leads in the pipeline to becoming a client?
- How many new leads are scheduling an appointment and turning into a client?
- Financial Metrics
- Revenue/Expenses/Profit
- Cash Flow
- Profit Margin
- Profit Per Location
- Profit Per Clinician
- Monthly Revenue per Clinician
- Monthly Profit per Clinician
- Average Revenue per Session
- Operational Metrics
- Number of appointments being scheduled per week
- Number of paid appointments per week
- Completion of clinical notes
- Number of missed/cancelled appointments
- Number of clients who have closed/terminated per week
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Brent Stutzman - www.BrandYourPractice.com
Brent's Private Practice Startup Checklist
While setting your fees may seem like an impossible and emotional feat, today's guest takes the task and turns it into a formula you definitely want to try! Julie's chatting with Erin Gibb, a jack of all trades in the therapy world, about how setting your fees needs to start with you in mind first.
Erin Gibb is a therapist, clinical supervisor, group practice owner, Therapist Fulfillment coach, podcast host, and early adopted of the weird and wonderful that accelerates expansion. She created Therapist Expanded after years of mentoring clinicians and seeing how deeply the industry conditioning of self-sacrifice, over-responsibility, and liability fear goes, and how courageously living from the source of our dreams and desires incites mental health revolution. As a Therapist Fulfillment Coach, she offers experimental containers designed to unearth and clarify your deepest dreams, visions, and strategies, so you can live life truly fulfilled.
EPISODE HIGHLIGHTS
- How do you recommend a therapist initially set their fees?
- Setting a "thrive fee" is the goal - what you actually need to make in order to thrive
- Once you have a "thrive fee", you can work backwards within your marketing to make adjustments as needed
- Setting your fee doesn't just include day-to-day expenses
- It's important to take in to account other expenses like taxes, savings, emergencies, etc. and build that into your fee as well
- This is when it's important to collaborate with an accountant or tax professional
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Erin Gibb - www.TherapistExpanded.com
We're starting an exciting new series today, our Live Stream Launch Party Series! On May 2nd, 2023, Julie released her book, Profit First for Therapists. We threw a huge online launch party with GreenOak Accounting team members, real practice owners who tell their stories in the book, and the original creator of Profit First, Mike Michalowicz to celebrate this exciting event. We wanted to share the stories told during our launch event with our podcast listeners so you could be part of the celebration with us!
On today's episode, we're joined by three wonderful members of the GreenOak Accounting team - Kelly Jewell, Carolyn Chrestman, and Misstie Pollard. They share their experiences helping clients implement the Profit First methodology into their practices, and some tried and true tricks of the trade to get started!
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Choosing an accountant that best fits the needs of your practice can seem intimidating but today's episode will put your mind at ease! Julie's chatting with Linzy Bonham, the genius behind Money Nuts & Bolts, to discuss what kind of questions you should ask a new accountant, how to figure out your accounting needs, and how to manage your expectations of an accountants scope.
Linzy Bonham is a private practice therapist turned money coach who helps private practice owners and health professionals feel calm and in control of their finances through her coaching at Money Nuts & Bolts and her podcast Money Skills for Therapists. It all started when she saw her extremely skilled colleagues struggle with the money side of business. Some had even left private practice, or were avoiding starting one, because the financial side was too stressful. So, Linzy decided to help therapists and health professionals develop peace of mind about their money. Since so many were never taught these skills, she focuses on the "how" of making the business side of private practice doable, and even super satisfying.
EPISODE HIGHLIGHTS
- Tip #1: Ask a lot of questions!
- There are no right/wrong answers. The questions should be based entirely on what specifically you need for your business.
- Examples: What is the best way to contact you? What kind of a response time can I expect? What is your process for XYZ? What are the services you offer? Do you specialize in any services/industries?
- Tip #2: Work with someone who has a compatible style with you
- If you're interested in learning about the financial side of your business, make sure to collaborate with an accountant who likes and is willing to teach
- Ensure you are compatible with softwares, communication, and amount of support you may need
- Tip #3: Your financial professional is not your employee
- Your accountant won't have all the daily, nitty-gritty details of your business, so make sure to set realistic expectations for what your accountant can provide for you
- Make sure to listen to the episode to get the full list of tips and hear the entire discussion on picking the best accounting from Julie and Linzy!
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Linzy Bonham - www.MoneyNutsAndBolts.com
The Secret to Getting Unstuck in Your Finances
Welcome back to Therapy For Your Money Season 4!
When we say that every practice deserves to be profitable... we mean it! Through working with hundreds of clients, we understand that discussing finances in the therapy industry can cause a lot of guilt and anxiety. We're here to dispel those feelings and build your practice into your dream business.
EPISODE HIGHLIGHTS
- We believe that therapists and private practice owners have an ethical responsibility to be profitable
- Taking care of your practice financially allows you to grow our business, confidently support yourself and your clinicians, and help your community
- The business side of a private practice may not come naturally to you, and that's okay!
- We recommend all practice begin using the Profit First methodology to ensure you are generating profit from the very start of your business
- Finish of 2023 strong
- Make profitability a priority in your business for the next half of 2023 because you deserve it
- If you don't currently use the Profit First methodology, check out Julie's book Profit First for Therapists and our new Profit First Academy to get started!
LINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
We wanted to give you a little update this summer and chat about some subjects that have been brought up with our GreenOak Accounting clients! Julie's chatting with one of our fantastic accounting managers, Jacquie Kiefer, about what her clients have been asking at the end of their second quarters and how to knock out the rest of the year. The summer slow seasons and attending conferences are just a couple of the great topics we're covering today!
Jacquie Kiefer is an Accounting Manager at GreenOak Accounting. She is passionate about helping her clients see the big picture and how their companies are progressing. She lives in the details of each client's day-to-day business, and prides herself in helping them achieve their goals! Originally from Colorado, she now calls Florida home, spending most of her free time adventuring with her boyfriend and their five dogs, fishing, hunting, and enjoying the outdoors.
EPISODE HIGHLIGHTS
- Topic 1: Anxiety & Burnout
- We understand that people in the therapy industry feel very burnt out right now due to client and clinician retention and affording the maintenance of a practice during the slow season.
- Topic 2: Preparing for the Summer Slow-Down
- We have recently been able to return to "pre-COVID" way of predicting the trends. As we enter the slower summer season, we recommend that all of our clients set aside anything extra in order to be best prepared.
- Topic 3: Retreats and Travel!
- It is time to take a break while also taking advantage of awesome conferences and retreats offered in the industry! When you take time to travel to a conference, you're giving yourself a break from the day-to-day grind while also networking and learning for your business. Conferences and retreats are also a great way to get your creative juices flowing!
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Have no fear... We are here to break the cycle of negative discussions that surround making money in the therapy industry! The work that therapists and private practice owners do is so important, and it is one of our missions to ensure all therapy industry professionals are compensated for the incredible work they do. Today, Julie is joined by Katie Read to chat about breaking the chain of negative talk surrounding money in the therapy world.
Katie takes lessons from her nearly-20 successful years in the field to help clinicians grow...then OUTgrow...their practices. Immediately upon licensure, Katie was made Director of a large Transitional Aged Youth program in Oakland, CA. Later, she was recruited to Direct one of Sacramento’s largest Wraparound Programs, and from there she moved into the role of Director of Clinical Supervision, personally supervising 40+ interns towards licensure. Concurrently, Katie had private practices in multiple cities, taught graduate psychology students, and wrote and created therapist training materials. She is the creator of The Clinician to Coach® Academy, The Clini-Coach® Certification, and the Six-Figure Flagship® Program. Katie helps other helping professionals step into their biggest lives…so they can serve in the biggest ways.
EPISODE HIGHLIGHTS
- The first step is to stop selling yourself short!
- When you set your fees, be intentional with the pricing - you want to aim to be accessible, yet competitive in your area
- We understand it may be necessary to slide your scale at times, but don't immediately turn to selling your services short
- If you greatly reduce your prices, you might be unintentionally branding yourself as "cheap" and devaluing your skills, and this could lead to losing out on potential clients
- How do you make the shift into placing a higher monetary value on your services?
- Expand your view for what could be possible for you to no longer live in financial fear! Set some realistic financial goals, create a plan, and envision what your life could look like if you started working on those goals today
- Increasing your prices can be uncomfortable at first, but if you keep envisioning what your life will be like in the future, it can make it easier to take those actionable steps
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Katie Read - www.KatieRead.com
Traction by Gino Wickman
Buying or leasing office space can be tricky territory to navigate when you're already managing your practice on a day to day basis! It can be hard to determine whether you should lease or buy, how much space you will need depending on your practice size, and if you have intentions of growing your practice over the next 10+ years. Julie is chatting with Colin Carr, a real estate specialist who is here to answer our questions about real estate in the private practice world!
Colin Carr is the founder and CEO of CARR, the nation’s leading provider of commercial real estate services for healthcare tenants and buyers. Every year, thousands of healthcare practices trust CARR to help them achieve the most favorable terms on their lease and purchase negotiations. Colin has been involved in commercial real estate for over two decades and has personally completed over 1,000 transactions.
EPISODE HIGHLIGHTS
- How do you advise practice owners on the decision to purchase of lease office space?
- Ask yourself, "Can I see myself in the location/size of space for the next 7-10 years?" If not, it probably isn't a good time to commit to this large of a purchase. You can quickly outgrow a space, and don't want to be stuck stagnant.
- On the flip side, you don't want to over estimate the size of space you will need and end up significantly overpaying for space that isn't utilized. Commercial real estate is more specialized and a lot harder to get in and out of!
- When a practice owner anticipates growth in the next few years, how do you advice them to go about leasing a space?
- Steer clear of a long lease! While it is true that there are more favorable terms that go along with longer leases, you will eliminate the need to continue to negotiate your rate, and allow your business to move out of the space as it grows.
- If a practice owner is interested in buying an office space, what should they keep in mind?
- First, you want to determine if you are buying the space just for you and your business, or if you are buying a space that has multiple offices and can be used as an investment property.
- If you choose the latter, it's important that you look at your finances to ensure you can afford the space in the worst case scenario of not having any tenants to rent out the additional offices. Even if that scenario is rare, it's always important to be prepared!
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Colin Car - www.Carr.us
If you've ever thought about selling your practice, then today's episode is for YOU! There are many components that play into successfully selling your practice and our guest, Gabrielle Juliano-Villani, is here to share her experience.
Gabrielle Juliano-Villani is a licensed clinical social worker, consultant, coach, entrepreneur, and educator based in Sarasota, Florida. She has been in the mental health field for over a decade, specializing in stress, chronic health conditions, and trauma. After realizing her own burnout in 2021, she sold her thriving group practice and and made her mission to educate others on the impact stress has on our everyday lives. Gabrielle pulls from her experience as an EMDR and Polyvagal Informed therapist to utilize mind/body approaches to help others implement everyday strategies to manage stress and live their best lives. When she's not working, Gabrielle is teaching Zumba, surfing, or reading a psychological thriller at the beach.
EPISODE HIGHLIGHTS
- Even if you don't plan on selling your practice, or the plan to sell isn't for years down the road, it's still important to structure your practice as if you are going to sell it! Setting up your practice in this mentality will ensure you are using the most efficient and profitable systems.
- You will most likely have to sign an NDA when going through the process of selling, but it's important to still consult with your professional team, like your accountant and attorney
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Money & The Law of Attraction
www.GabrielleJulianaVillani.com
Growing your private practice doesn't mean you have to immediately bring on new clinicians, buy a building, and hire a whole administrative team - You could start by simply hiring interns! To give us some insight on the ins and outs of adding interns into your practice, Julie is joined by Dr. Tara Sanderson.
Dr. Tara Sanderson is a Licensed Psychologist in Oregon, owner of a group practice, a clinical supervisor for residents and associates, and an author. She is also the creator of How to Have Interns in Your Practice, a comprehensive online platform that teaches practice owners the basics of adding interns to their businesses. As a clinician, she loves work with and talking about anxiety, OCD, perfectionism, and burnout. As a trainer and supervisor, Dr. Tara's heart lays in training up and empowering interns and pre-licensed professionals.
EPISODE HIGHLIGHTS
- It is very common for practice owners to want to invest time into training clinicians who will eventually become full-time members of their practice, rather than provide supervision to new graduates who are interested in pursing an independent practice of their own
- When you build your budget for your business, include the costs associated with taking on interns (technology fees, administrative hours, etc.) but don't include the income brought in by the interns. This will ensure that your practice can afford to invest in supervision, and remain afloat while taking on the additional costs.
- If you're interested in welcoming interns into your practice, start by ensuring you are compliant with all state regulations, as well as any requirements required of insurance companies you are paneled with for billing purposes
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Dr. Tara Anderson
How To Have Interns in Your Practice
We wanted to celebrate our 100th episode and the release of Julie's new book, Profit First for Therapists, by taking a trip down memory lane with none other than the author of the original Profit First, Mike Michalowicz!
"Every time revenue comes into your practice, you subtract a predetermined amount as profit, and you run your business on the remainder" - Mike Michalowicz
The Profit First methodology has transformed thousands of struggling businesses into money making machines! If you're interested in implementing Profit First into your private practice, today's episode is made for you.
Make sure to order your copy of Profit First for Therapists by clicking HERE!
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Today is a very special episode for the Therapy For Your Money team... Julie is sharing her behind-the-scenes journey of writing Profit First for Therapists! She is giving us a glimpse into what the writing process looks like from the business side, and she's telling the personal story of her life and experiences throughout writing the book.
Pre-order your copy of Profit First For Therapists by clicking here!
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Creating a cohesive brand for your practice is just as important as creating a personal brand for yourself! Whether you're interested in expanding your service offerings or wanting to step away from your practice, having a personal brand is essential. Julie's chatting with one of our favorite guests from Season One, Maegan Megginson, about creating a personal brand and how it can add value to your business.
Maegan Megginson is a licensed therapist, 7-figure entrepreneur, and business coach for therapists ready to take their careers to the next level. She's also the founder of The Rest & Success Code, the charity fundraising event that inspires therapists to become deeply rested and wildly successful.
EPISODE HIGHLIGHTS
- What is a personal brand?
- A personal brand is a business based on YOU - your values & expertise
- Creating a profitable personal brand
- 1: Courageous Authenticity - step into the spotlight and be proud to say, "This is who I am!"
- 2: Create Genuine Relationships - investing your time in people will help you build your ideal community
- 3: Personal Story Telling - relate to your community using your own experiences
- How can you monetize a personal brand?
- It depends if you are operating within or outside your practice
- Beyond your practice, you could widely spread your service offerings to include coaching, consulting, online courses, workbooks, retreats, writings, etc.
- It depends if you are operating within or outside your practice
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Maegan Megginson - www.MaegenMegginson.com
Personality Power Pack
Express Yourself Studio
Deep Work by Cal Newport
We all know that achieving "perfection" is a very unrealistic goal in our day-to-day lives! When it comes to managing your finances, we understand how the pressure of being "perfect" may lead to avoidance, which ultimately only makes the state of things worse. Today, Julie's chatting with one of our favorite guests, Linzy Bonham, about how the pressure of financial "perfection" can lead to burnout and procrastination.
Linzy Bonham is a therapist in private practice, a consultant who helps therapists feel calm and in control of their finances, and the creator of the Money Skills for Therapists course. As the daughter of an accountant, Linzy inherited a good dose of bookkeeping brain. She's half therapist, half bookkeeper! So when she went into private practice, she dug right into all the ways to build a healthy business that pays for her life and always has extra money in the bank. Now Linzy helps therapists develop peace of mind about their money. Since so many therapists were never taught about money, she focuses on the 'how' of making the financial side of private practice doable, and even super satisfying!
EPISODE HIGHLIGHTS
- "Perfection" leads to procrastination
- Being "perfect" is often equated to being "good", but when you aren't tackling your financial issues head on, they can end up much worse than if you would tackle the problem from the get-go
- The fear of failing often puts a further strain on budgeting, paying off debt, and organizing your financial life
- Don't fall victim to the "ostrich-effect"
- Putting your head in the sand doesn't get rid of the problem!
- You'll end up even more vulnerable and even more stressed
- Do what you can in bite-sized pieces
- Tackling a problem in stages can make the overall problem a lot less intimidating
- Celebrate the small wins along the way! Even taking the first step and setting up your budget, looking at financial statements, or paying a minimum payment on a credit card should be celebrated as a step in the right direction
- If you're really not sure where to start, reach out to a professional and they can point you in the right direction and help you solve the problem you're facing
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Money Nuts & Bolts - www.MoneyNutsAndBolts.com
Money Skills for Therapists Podcast
Wintering by Katherine May
Setting cash pay rates can be tricky! You want to make sure you're offering a competitive rate in your area and still honor your time and skill set as a therapist. Another key thing to consider... as your private practices grows and your team begins to expand, you may find yourself contemplating the different options of compensation you can offer! Bonuses, PTO, health insurance, and retirement plans are all great options, but it may be challenging to know when you can afford to implement these options. Today, Julie's joined by Whitney Owens to talk about the different changes your practice will go through when setting cash pay rates and adding benefits for your team members.
Whitney Owens is a Licensed Professional Counselor and Private Practice Consultant in Savannah, Georgia. In addition to running her practice, she offers individual and group consulting through Practice of the Practice. She is also the host of The Wise Practice podcast and the Faith in Practice podcast! Whitney places a special emphasis on helping clinicians start and grow faith-based practices.
If you're interested in schedule a consultation with GreenOak Accounting, click here!
Pre-order your copy of Profit First For Therapists by clicking here!
EPISODE HIGHLIGHTS
- Let's set your cash-pay rate
- Start by checking the rates in your area! You want to keep your rate competitive with other cash pay practices near you
- Don't sell yourself short! If you offer a specialty or are consistently overbooking your schedule, it may be time for a rate increase
- How do you recommend raising your rates?
- Communication with your clients is key!
- Always lay out the rate increase in a letter for your existing clients
- Be willing to work with your clients that may struggle financially
- What are some benefits you may offer your team over time?
- PTO & sick-leave
- Annual bonuses
- Health insurance
- Retirement options
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Whitney Owens - www.WhitneyOwens.com
The Wise Practice Podcast
Wise Practice Summit 2023
Rate Increase Letter Example
Spending on marketing without effectively tracking metrics can take a big toll on the financial health of your practice! Ensuring you have a solid website, are advertising on the right platforms, and reaching your target audience will drive your marketing dollars in the right direction. We're chatting with John Sanders from RevKey about the ROI (Return on Investment) when it comes to marketing therapy practices.
John Sanders is an expert in marketing, specifically in paid search engine ads. He enjoys helping businesses generate leads through search platforms that ultimately help their businesses grow. Many of John's clients are mental health professionals including therapists, counselors, and psychologists.
Click here to pre-order your copy of Profit First for Therapists!
Click here for your Profit First for Therapist pre-order bonuses!
EPISODE HIGHLIGHTS
- What are some different types of ads private practice owners might come across?
- Search ads - should be a primary focus & is the most measurable
- Banner ads - target a very broad audience without guarantee of conversion
- Social media ads - very time consuming & also caters to a broad audience
- How do you typically measure the ROI of Google Ads?
- A typical mid-sized practice will spend about $800/month ($10,000/year) on Google Ads
- From that spending, you can anticipate generating about 2,000 clicks on your advertisement
- From that 2,000 clicks, you will typically see about a 5% conversion
- Where should I spend my marketing dollars?
- Create a fantastic website that caters to all of your specialties that your target audience might search
- Max out your search engine ads before adding on additional sources of advertisments
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
RevKey - www.RevKey.com
ROI Calculator
They Ask, You Answer by Marcus Sheridan
We have a very exciting episode today! Julie is reading an excerpt from her new book, Profit First for Therapists, all about compensation. Team compensation is the single-largest expense for a group practice, and having a clear system in place yields the best results for your business.
Click here to pre-order your copy of Profit First for Therapists!
Click here for your Profit First for Therapist pre-order bonuses!
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Tax season is upon us! One of the biggest worries we often hear from our clients is that they may be audited, and while that is unlikely to happen if you properly file your taxes, it's important to have some information to feel prepared. Today, Julie is joined by Ben Golden of IRS Trouble Solvers to talk about who may be audited, what to do if you are audited, and that audit's don't have to be scary!
Ben learned the value of hard work on his family’s farm in rural Alabama feeding and milking the cows and driving a tractor cutting hay, amongst many other duties, after school at the young and tender age of eight. These hard-earned farm family values were instilled in him very early on and have carried through with him, always. Tax resolution is not just a profession to him. It is, indeed, personal as he has had his own experiences dealing with the IRS fighting to right issues which arise from Identity Theft and an IRS Agent failing to follow proper protocol. These issues brought him into repeated interactions with various IRS agents, officers, and multiple units within the IRS. These experiences only reaffirmed what Ben already knew: Individuals and professionals untrained in tax resolution are at a tremendous disadvantage dealing with the IRS. Having fought his own battles with the IRS, Ben’s clients can count on him to fight for the best resolution possible with compassion, integrity and the utmost professionalism garnered over his career and practice.
EPISODE HIGHLIGHTS
- Why would someone be audited?
- Very simply, it could just be your turn. There isn't always a specific reason.
- Most of the time, you will be audited from leaving something off of your return and their taxes are underreported.
- Being audited doesn't always mean you're in trouble!
- It's very important that you respond to any IRS correspondence you receive
- Always consult with a professional, like the experts at IRS Trouble Solvers, if you're unsure how to proceed
- How do you prepare for an audit?
- It really depends on what the IRS is asking for
- They may just need you to submit a specific document, or they may require an agent to come into your office in order to look through your books
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
www.IRSTroubleSolvers.com
Contact Ben - Ben@IRSTroubleSolvers.com
We've got a short and sweet episode today with one of our fantastic team members over at GreenOak Accounting who has a pulse on what's going on in the therapy world! Our teams have just wrapped up their quarterly client meetings and we wanted to give you an inside scoop on some of the common problems private practices are facing at the moment.
Jacquie Kiefer is an Accounting Manager at GreenOak Accounting. She is passionate about helping her clients see the big picture and how their companies are progressing. She lives in the details of each client's day-to-day business, and prides herself in helping them achieve their goals! Originally from Colorado, she now calls Florida home, spending most of her free time adventuring with her boyfriend and their five dogs, fishing, hunting, and enjoying the outdoors.
If you're interested in schedule a consultation with GreenOak Accounting, click here!
Pre-order your copy of Profit First For Therapists by clicking here!
EPISODE HIGHLIGHTS
- Inconsistent Insurance Issues
- There are many problems a practice may face when it comes to working with insurance companies including inconsistent payment schedules, long credentialing periods, and troubleshooting billing
- Delays in payments or credentialing can greatly affect your practice's finances if you don't have a plan in place
- We recommend diversifying the insurance companies you are paneled with, budgeting your money based on the worst case scenario, and always having an emergency fund for those tricky situations that may arise
- Overall demand for mental health services are declining
- As we've eased our way back into a post-COVID world, there has been a slow decrease in the need for therapy
- The world is going back to it's usual routines - traveling, family gatherings, frequent restaurant outings, etc. - which have given people a sense of normalcy after a very strange couple of years
- This can affect many things, including hiring, team retention, overhead costs, which all end up altering your overall cash flow
- Solo vs Group Practices
- Solo practices tend to be in a more "cruise control" setting
- Once you enter into a group practice, there are so many additional factors that affect your finances
- If you don't have a solid plan for sustainable growth in place, your expenses can very quickly outgrow your profit
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
There are many different avenues you may travel when it comes to your marketing journey... you may focus on getting on a variety of insurance panels, investing in online marketing, or taking a simple approach with local print advertisements. Today, we've brought in the expert to share exactly how to get the most bang for your buck in marketing your private practice.
Joshua Brummel is the co-founder of Therapy Flow and is based out of Chicago with his wife and son. For the last 5 years, Joshua has been helping counseling practices develop modern marketing, create value-driven sales processes and build sustainable operations that produce 6 & 7-figure practices. His team has worked with over a thousand practices and has managed more than 3 million dollars of paid advertising for counseling practices.
Pre-order your copy of Profit First For Therapists by clicking here!
EPISODE HIGHLIGHTS
- Do you have to spend money to make money?
- No! There are plenty of ways to market your practice without having to invest a large (or even any!) amount of money
- The key to "spending money to make money" is being intentional and strategic with where you're putting your dollars
- Start with the basics
- Calculate the lifetime value of your average client
- Select the correct platform that fits your values/intentions
- Google Ads and Facebook Ads are the most common
- Keep it simple!
- Keep your message short and sweet
- The key to a good ad is to reel the viewer in with a picture
- The picture will lead them to the text, the text will lead them to a link, the link will engage their action item (booking a consult, signing up for your mailing list, etc.)
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Therapy Flow - www.MyTherapyFlow.com
Deep Work by Cal Newport
Digital Minimalism by Cal Newport
Welcome to the Therapy For Your Money School of Accounting! Today, Julie's going over key financial terms that are vital to running a successful business.
Pre-order your copy of Profit First For Therapists by clicking here!
EPISODE HIGHLIGHTS
- A = Asset
- Any resource owned or controlled by a business
- B = Burn Rate
- Measures your outgoing cash flow based on the money your practice typically spends each month
- C = Cash Accounting
- Method of accounting that only reflects transactions at the time the payment is actually received or made (versus accrual accounting method)
- D = Double-Entry Bookkeeping
- When each transaction has both a debit and a credit - this ensures accuracy, and balances your financial statement at all times
- E = Expenses
- Any cost associated with running your practice (includes a variety of things - payroll, office supplies, technology costs, rent/utilities, taxes, etc.)
- F = Fiscal Year
- The timeline that you use to budget your finances
- G = General Ledger
- Where every single transaction is accounted for in order to prepare budgets, taxes, audits, etc.
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Your private practice and personal finances are more intertwined than you may think! Figuring out what you need to maintain a comfortable lifestyle directly correlates to the revenue your business needs to generate in order to maintain that lifestyle. Today, Julie's sitting down with Nicholle Overkamp of PowHERhouse Money Coaching to talk about making your money work for you, your lifestyle, and your practice.
Nicholle Overkamp is a personal finance expert and business coach for women She's the Founder and CEO of both Wilcox Financial Group and PowHERhouse Money Coaching. Nicholle uses her money mastery skills to foster no-judgement environments where women can be open and shameless about their finances and habits. She knows that a critical factor in growing wealth is one's mindset and sense of self-worth - it's about setting boundaries, having discipline, and knowing you are worth every dollar you invest in yourself, your future, and your life.
EPISODE HIGHLIGHTS
- Do you need to be wealthy in order to build wealth?
- If you look at the majority of wealthy individuals in the world, most of them started from the ground up with nothing
- They key to building long-term wealth is discipline and consistency
- Even if you start with a small amount every week, the numbers will add up over time - anything is better than nothing!
- Out of sight, out of mind
- Being able to automate finances can make growing your wealth so much easier
- Automating setting aside money for taxes, reserves, and even future business needs as if you're setting aside money for bills will change your mindset about investing in growing your wealth
- Building a legacy is a relative term
- Legacy planning looks different for every business and is very individualized based on your circumstances, wants, and needs
- Who are you picturing as your successor? What do you need to implement in order to make that happen successfully?
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Atomic Habits by James Clear
PowHERhouse Money - www.PowerHERhouseMoney.com
Wilcox Financial - www.WilcoxFinancialGroup.com
If you've ever had a feeling of doubt that you deserve to have a successful practice after all the hard work you've put into running your business, you may be experiencing Imposter Syndrome. Today, Julie's chatting about how Imposter Syndrome may affect your finances and a few tips for how to combat it!
Click here to check out our Starting A Group Practice Workshop! Use the coupon code "LASTCALL" to get 25% off your registration until February 26th, 2023!
EPISODE HIGHLIGHTS
- What is Imposter Syndrome?
- A feeling of self-doubt that your success has been legitimately earned or achieved through your own hard work - people who struggle with imposter syndrome cannot internalize/recognize their own success
- Imposter Syndrome usually leads to burnout, anxiety, and ultimately quitting
- It most commonly happens in small practices that experience rapid, successful growth - the owner is not used to such a large influx of money and feels they haven't put in enough hard work to have earned it
- How can you beat Imposter Syndrome?
- Celebrate your small wins
- Give yourself permission to sit down once a week/month and take a look at your numbers and budget to ensure you are on track, then give yourself a pat on the back when you've been successful!
- Don't be too hard on yourself to make a mistake! Mistakes can be fixed and you can always re-tackle the problem tomorrow from a different angle.
- Recognize and celebrate when you achieve milestones in your practice
LINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
As a business owner, there can be a lot of hoops and hurdles you have to jump through to run a successful business... It's time to change that mindset by owning your CEO status and learning how hiring and delegation can be used as powerful tools to build your dream practice. Julie's chatting with Brandy Mabra of Savvy Clover about how your money mindset and role as the CEO of your practice can help you grow your dream team.
Brandy Mabra is the CEO of Savvy Clover Coaching & Consulting and a CEO Coach for private practice owners in healthcare. She has 15+ years of business management and leadership experience, where she has worked in diverse business climates and has turned hot mess practices into well oiled and profitable machines. Brandy has spent her career building, growing and leading multi-million dollar practices and now uses her skill set to help other women private practice owners to scale their practices for growth, sustainability and profit. She has a bachelors from The Ohio State University and a Masters in Health Administration from A.T. Still University. She is also a Certified Professional Coach and Master Energy Leadership Practitioner, receiving her credentials from the Institute for Professional Excellence in Coaching (iPEC). Brandy was part of the 2022 Forbes Coaches Council, and is a part of Entrepreneur Leadership Network. She has been featured in Forbes, Fast Company, Entrepreneur, PopSugar, Create & Cultivate and several well known podcasts. She is the founder of Private Practice CEO™ - the CEO school for private practice owners - which empowers her clients to own their CEO status as the leader of their business so they can have a practice with streamline operations and an engaged team that can run without them. Brandy loves to travel and spend time with her family. She believes you cannot build a business on fumes and CEO breaks are required.
EPISODE HIGHLIGHTS
- Your CEO Status & Money Mindset Correlation
- When you take hold of your role as the CEO, it’s important to focus on the overall vision you have for the business in order to determine what your budget will look like and the financial metrics you need to track in order to achieve said goals
- It can be easy to fall into the “worker bee” role and focus on small, daily tasks that are productive but don’t necessarily push the business forward
- Tips For Refocusing Your Role
- Sit down and figure out your end game! From there, build actionable tasks to drive yourself to your goal within a reasonable time frame
- What might be holding you back?
- If you're in the weeds with billing, scheduling, following up with clients, providing customer service, etc. - it's time to outsource/hire/delegate!
- While all of those tasks are important for running a successful business, your time is better spent focusing on the bigger picture
LINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Savvy Clover - www.SavvyClover.com
Beyond Entrepreneurship 2.0 by Jim Collins
Expansion can be a scary (but exciting!) time for private practices. We believe that having a data-driven plan is the best way to approach growing your business! Make sure to listen to the full episode to hear some tips from Julie's upcoming book, Profit First For Therapists, available for pre-order now!
EPISODE HIGHLIGHTS:
* Businesses that grow rapidly are at a higher risk of running out of cash
+ Payroll will increase, overhead will increase, and the demand for cash may outgrow the speed in which revenue is coming in
* 3 Phases of Growth
+ Planning & Analysis
- The longest phase - how much exactly is the expansion going to cost and where is the money going to come from?
+ Growth
- It's important to recognize that you may be responsible for many roles during this phase and could potentially take home a less than typical pay
+ The New Normal
- This is when the financials and roles of the practice begin to stabilize
* Make sure to listen through the entire episode for some Profit First For Therapists bonus tips!
CLICK HERE if you are interested in pre-ordering your own copy of Profit First for Therapists
Also, make sure to visit www.ProfitFirstForTherapists.com to register your pre-order and gain access to your bonus content!
LINKS & RESOURCES:
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Drumroll please... Julie is ecstatic to announce that her book, Profit First For Therapists, is available for pre-order! Take a listen to Julie’s personal Profit First journey, her process with writing the book, and all the special bonus offers available to anyone who pre-orders a copy.
CLICK HERE if you are interested in pre-ordering your own copy of Profit First for Therapists
Also, make sure to visit www.ProfitFirstForTherapists.com to register your pre-order and gain access to your bonus content!
LINKS & RESOURCES:
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Have you ever wondered what your retirement options are as a practice owner? Well, your questions are about to be answered! Today, Julie is sitting down with Gulielma Fager of the Toler Financial Group to talk about all things retirement.
Before Gulielma because a licensed financial advisor, she spent 20 years in the reproductive health and sex education field, helping individuals, couples, and families answer embarrassing questions and solve deeply private problems. The interpersonal and communication skills she gained have proven to be incredibly useful in talking with people about money. For the last 5 years, she has owned a public health consulting practice, working with a variety of organizational clients to improve health equity and outcomes. Additionally, she managed her husband's private therapy practice, growing the business, instituting payroll and retirement plans, and ensuring compliance with Maryland state regulations. She, her husband, and their two dogs live in the historic mill village of Hampden/Woodberry in Baltimore (Go O's!), where she trains for and competes in triathlons. She also loves to travel, especially by Amtrak sleeper car.
EPISODE HIGHLIGHTS
- What mistakes do therapists usually make when saving for retirement?
- Keeping their salary really low to reduce their social security liability
- Only having one way to save for retirement instead of expanding their portfolio
- When saving for retirement, we always say "something is better than nothing" - what are some options practice owners have for retirement accounts and when does it make sense to look into additional options?
- Typically, practice owners will have a Roth IRA and a 401K
- When practice owners have free cash flow available, it's important to explore additional retirement accounts such as SEP IRAs
- What do you recommend practice owners do with an old retirement plan from a previous job/company?
- Depending on your employer's contribution, you can definitely maintain the old account and open a new account through the same company
- Rolling over your benefit over into a new account is also a great option to keep you account consolidated
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Toler Financial Group - www.TolerFinancialGroup.com
Deduct It!: Lower Your Small Business Taxes by Stephen Fishman J.D.
To wrap up 2022, we wanted to switch things up and bring you a brand new episode that highlights our listeners' favorite Therapy For Your Money moments!
EPISODE HIGHLIGHTS:
- Episode 56: How to Diversify Your Income and Get More Out of Group Programs (with Annie Schuessler)
- Episode 61: The Pros + Cons of Different Income Streams for Therapists (with Nicole Liloia)
- Episode 63: Treat Your Practice Like an Investment (with Eric Miller)
- Episode 64: Distilling Your Dreams into Business Ideas (with Diane Tarshis)
- Episode 73: 3 Reasons to Take A Vacation
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Managing a group practice can sometimes feel like an uphill battle, but maximizing your revenue can take a lot of the pressure off your shoulders! When it comes to running a healthy business, it's important to take a look at your numbers and ensure your clinicians are meeting your expectations. Today, Julie's chatting with Jacquie Kiefer of GreenOak Accounting about her expertise in helping clinicians maximize their revenue!
Jacquie Kiefer is an Accounting Manager at GreenOak Accounting. She is passionate about helping her clients see the big picture and how their companies are progressing. She lives in the details of each client's day-to-day business, and prides herself in helping them achieve their goals! Originally from Colorado, she now calls Florida home, spending most of her free time adventuring with her boyfriend and their five dogs, fishing, hunting, and enjoying the outdoors.
EPISODE HIGHLIGHTS
- Figure out the expectations for each team member
- Roles can vary in a practice, from employees to contractors, to part-time and full-time clinicians, and even administrative team members
- It’s important to collaborate with team members to ensure they understand the expectations and any questions they may have will be answered
- Having those conversations may be difficult, but can definitely strengthen your relationship with your employees when they feel supported and heard in their own concerns
- Calculate your numbers
- If your team members aren’t meeting their expectations, your business could suffer financially
- It’s important to track metrics and KPIs in order to ensure the financial health of the practice
- What’s the general breakeven point for clinicians in a group practice?
- For an independent contractor, a general breakeven point is about 8 clients
- For a W-2 employee, a general breakeven point is about 10-12 clients
- There are different breakeven points depending on if the clinician is full-time or part-time
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Calling all solo practice owners! If you're interested in expanding into a group practice, today's episode is for YOU. There are so many things to think about when it comes to expanding your practice, so we've compiled some information that we think is most useful when setting up your expansion for financial success!
Today's guest is Carolyn Chrestman of GreenOak Accounting. Carolyn is an Enrolled Agent and one of the Accounting Managers at GreenOak, and she loves helping her clients expand their businesses! She enjoys educating and empowering her clients to understand their finances. Carolyn came to finance by way of a career in education, and has the superpower to translate "accountant-speak" into terms a normal human can understand. In her spare time, Carolyn can be found running after her 3 kids, hiking, or reading.
EPISODE HIGHLIGHTS
- What are some of the biggest concerns we look at when helping a solo practice expand into a group practice?
- Sticking to a budget and creating a savings nest in advance to ensure healthy, stress-free growth
- Understanding what is going on with your money - How is money being allocated? Are there any unnecessary expenses?
- Figuring out the COMPLETE compensation package
- What can be included in a complete compensation package?
- Financial compensation
- Insurance benefits
- PTO
- Advertising/Marketing
- Administrative hours
Don't forget to use code "EARLYBIRD" to get a discount on our Starting A Group Practice Workshop! Click HERE to register!
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
This week's episode is all about unique strategies you can implement into your private practice in order to provide more accessible care within your community! Julie's sitting down with Vanessa Newton of Colors of Austin Counseling Group and Brave and Well to chat about the many ways she has expanded her outreach and accessibility within her own community.
Vanessa Newton, LCSW-S is a first generation Latina and Entrepreneur. She is the Owner and Founder of Colors of Austin Counseling, a group practice in Austin, TX that provides mental health services to clients in the state of Texas. She also created Brave and Well as a community for therapists seeking to launch or expand their private practice and believes in supporting clinicians in building businesses that are sustainable, profitable, and value-aligned. She has spent over a decade working with teens, survivors of trauma, LatinX women and communities of culture. Her training in EMDR and the curriculum of Brené Brown has helped transform the way clients heal. She believes in removing barriers of access to mental health treatment for all and uplifting the future generation of therapists so that together we can decolonize mental health and business.
EPISODE HIGHLIGHTS
- What are 4 ways that practice owners can provide more accessible care to their communities?
- Accepting insurance
- Capping sliding scales
- Partnering with organizations and non-profits
- Offering groups and workshops
- Accepting Insurance
- By becoming paneled with multiple insurances, you open the door to clients who many not be able to afford out-of-pocket sessions
- Capping Sliding Scales
- Creating a policy within your practice ensures that your clinicians are taken care of and your clients still have access to services
- You can cap sliding scale rates as well as the number of sliding scale spots that each clinician can offer
- Partnering with Organizations
- Consistency is key when searching for partnerships that align with your values and can target your ideal client
- Some non-profits can create grants to help members of the community to receive services through your practice, which allows them to service the community and also help you grow your business
- Offering Groups and Workshops
- Being able to offer groups and workshops can allow clients to gain access to services they otherwise may not be able to afford
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Brave and Well - www.braveandwell.com
Colors of Austin Counseling - www.colorsofaustincounseling.com
Emergent Strategy by Adrienne Maree Brown
We know practice owners are always on the hunt for new tax tips to help reduce their taxes, and this episode is full of them! We want to make sure you have ample time to maximize your tax savings for 2022 and better prepare for your taxes in 2023. Julie's joined by the Tax Manager of GreenOak Accounting, Emily Grauerholz, and enjoys a chat all about her favorite end-of-year tax saving tips!
Emily Grauerholz is the Tax Manager on the GreenOak Accounting team. She enjoys problem-solving and is passionate about helping others because she loves to see clients succeed. In her spare time, Emily enjoys spending time with her kids and helping her husband on the family farm.
EPISODE HIGHLIGHTS
- Tax season can sneak up on your if you haven't fully prepared - but there's no time like the present to start saving!
- Tip #1 - Accelerating Expenses in Cash-Pay Practices
- Deductions occur in the year that you pay them - if you can accelerate any necessary expenses in December rather than wait until January, that could save you from having to wait a whole calendar year to deduct your January expenses
- Examples - rent, software fees, subscriptions, etc.
- Tip #2 - Retirement Planning
- Traditional IRA or Roth IRA - do have income limitations
- SEP Contributions
- All retirement contributions must be made prior to the end of the year
- Tip #3 - Business Use of a Personal Vehicle
- Can use the standard IRS deduction
- Mileage needs to be tracked meticulously - you can use the Mileage IQ app or the QuickBooks app to track your miles
- To hear all tips included in this episode, make sure to take a listen!
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
If you are starting to grow your solo practice (or are looking to restructure your current group practice compensation model) then today's episode was made for you! Julie's chatting with a member of the GreenOak Accounting team, Jacquie Kiefer, about all things compensation and some common problems you can easily avoid when creating a compensation model for your practice.
Jacquie Kiefer is an Accounting Manager at GreenOak Accounting. She is passionate about helping her clients see the big picture and how their companies are progressing. She lives in the details of each client's day-to-day business, and prides herself in helping them achieve their goals! Originally from Colorado, she now calls Florida home, spending most of her free time adventuring with her boyfriend and their five dogs, fishing, hunting, and enjoying the outdoors.
EPISODE HIGHLIGHTS
- The simpler the compensation structure, the easier it will be to run & grow your practice!
- Having a solid, simple compensation structure in place will cut down on administrative time, the frustration that comes along with tracking payroll, and will help you manage the overall finances of the practice with ease
- Interns & pre-licensed clinicians can be supervised by a clinical director
- The weight the clinical director is taking off your shoulders, along with the added income of the inters/pre-licensed clinicians help compensate for the director's overall salary and still leaves room for growth
- What percentage should you start new clinicians at in order to sustain your practice in the long run?
- The ideal percentage for a pre-licensed clinician is around 40% while a full licensed clinician is around 45-50%
- This leaves room for benefits, raises, bonuses, insurance, etc.
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
There's been a lot of talk about a recession lately... Are we currently in one? When will the next one be? How long will it last? While we don't have a crystal ball with all the answers, we do have some awesome tips to help you prepare for an inevitable recession!
EPISODE HIGHLIGHTS:
- Tip #1: Make sure you have a business AND personal emergency fund
- For your practice, we recommend no less than 2 months worth of expenses (including payroll!)
- For your personal fund, we recommend having at least 3-6 months of expenses at minimum
- Tip #2: Consider opening a line of credit
- There are times when having an open line of credit can give you peace of mind in case of an emergency
- "If I have a line of credit, do I still need an emergency fund?" Absolutely! A lone of credit should be for emergencies only, not your first line of defense against financial trouble
- Tip #3: If you have high interest debt, focus on paying it NOW
- Interest rates may continue to increase throughout a recession, which can make paying things off more difficult in the long run
- For tips #4-8, make sure to listen to the full episode!
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
At Therapy For Your Money, we're big believers in supporting the therapists and clinicians that make such a great impact on our communities. Today, we're talking about a great way to increase your revenue, offer new opportunities to your clinicians, and widen the impact your practice can have through the Clinical Supervision Directory! Today, Julie's chatting with Dr. Amy Parks all about the Clinical Supervision Directory and how you can implement it into your practice.
Dr. Amy Parks has over 30 years of experience working with children, adolescents, and families as both an educator and psychologist. She has a Doctorate in Educational Psychology with a specialty in developmental neuroscience. She is a Child & Adolescent Psychologist as well as the founder and Clinical Director of WISE Mind Solutions LLC and The Wise Family Counseling, Assessment & Education in Virginia. She is also the founder of the Clinical Supervision Directory - an online platform for supervision-seekers working toward licensure to match with a supervisor in the US that best fits their needs.
EPISODE HIGHLIGHTS
- What is the Clinical Supervision Directory?
- A one-stop shop to take away the hassle of finding a clinical supervisor throughout the United States!
- There is a lot more work to supervision than people may think...
- Major time dedication
- Liability of their practice/license
- Thorough review of your work & notes
- Finding a supervisor should be an intentional process - it's important to make sure your supervisor fits your needs in order to have a great experience
- What are the benefits of opening up your practice to supervision?
- Bringing an intern or resident into your practice provides you with great opportunities to expand your caseload and revenue, train your staff for leadership and supervision, and also growing your impact within the community
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
The Clinical Supervision Directory - www.TheClinicalSupervisionDirectory.com
Atomic Habits by James Clear
Since the inception of Therapy For Your Money, we have received so many requests to do this episode, so here it finally is... all about selling your private practice! Julie collaborated with a Development & Acquisition Specialist to answer all of our listener's burning questions about what it entails to sell their practices. If you're interested in finding out where to start, how to go into negotiations confidently, and what all a buyer might be looking for, then today's episode is for you.
DISCLAIMER - The details of this episode should not be used for professional advice. Please seek out an acquisition specialist and an attorney if you are interested in selling your practice. Any scenarios or advice provided in this episode may not pertain to the specific needs of your practice.
EPISODE HIGHLIGHTS
- What kind of practices are most valuable for corporate buyers?
- Large group practices with multiple full-time clinicians that are 1099 contracts are what attracts most corporate buyers
- It is harder to sell a private-pay practice, though not impossible
- Solo practices are less likely to hold a significant market value
- What do corporate buyers want to look at when negotiating?
- Up-to-date books & financial records
- At least 2 to 3 years of tax returns
- List of insurance panels & the rates for each
- List of clinicians & their individual annual revenue
LINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Welcome back to Season 3 of Therapy For Your Money! We're kicking off this season with a unique episode composed of some personal questions our listeners have asked over our previous 2 seasons, and Julie's sitting down today to answer them.
Julie is the owner of GreenOak Accounting, an accounting firm dedicated to helping private practice owners and therapists grow their financial knowledge and expand their businesses. Over the years, Julie's niche client group came naturally (and by total accident!), but it turned out to be a blessing in disguise! GreenOak Accounting has allowed Julie to expand her reach through this podcast, the writing of Profit First for Therapists, and by growing her diverse team of driven team members who share a common passion - helping people who help others.
Take a listen to today's episode to learn more and Julie and her journey building GreenOak Accounting from the ground up.
LINKS & RESOURCES:
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
We couldn't think of a better way to wrap up Season 2 than with a vacation episode! Today, we're kicking back and looking forward to the summer ahead, and want you to do the same.
Make sure to check out our summer reading list at the end of this episode!
Episode Highlights:
- Reason #1 To Take A Vacation - You need it!
- Running and managing a private practice can be exhausting and overwhelming... You deserve a break!
- It's important to relax, recharge, and refresh
- Reason #2 To Take A Vacation - Find inspiration!
- Ideas tend to come to you when you least expect them
- Bring along a pad of paper, or use the notebook app in your phone, and jot down ideas that pop into your head for your business
- It's important not to act on these ideas while you're on vacation so you can enjoy yourself!
- Reason #3 To Take A Vacation - Do you know how your business operates while you're away?
- Removing yourself from the day-to-day operation of the business can give you a glimpse into what is working correctly and what could use some tweaking
- Are you able to actually step away? Do you still need to log in to check emails or answer questions for your team? Are there processes that could be automated?
- Not everything will run perfectly when you allow yourself to take your first vacation, but this is an opportunity to better your business!
- BONUS Reason #4 To Take A Vacation - Lead by example!
- If you are responding to emails, overseeing operations, and aren't able to step away from your phone or computer, your team sees that!
- They will think that is expectation that will be placed on them when they decide to take a vacation, so it's important to show them that they are allowed to take a step back, just like you are!
- Summer 2022 Reading List
- Get Different by Mike Michalowicz
- Write a Must-Read by AJ Harper
- The $100 Start-Up by Chris Guillebeau
- Profit First For Therapists by Julie Herres - launching Spring 2023
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
Did you know there are TWO ways you can track your income and expenses? If you're unsure which method of accounting would work best for your private practice, today's episode is for you! We always recommend meeting with your tax professional to discuss this ins and outs of your finances, determine which method is best for you, and ensure your income and expenses are moving smoothly with your business needs.
Episode Highlights:
- What is cash-based accounting?
- Your income and expenses are recognized when the money is received or disbursed
- What is accrual-based accounting?
- Your income and expenses are recognized when they are incurred regardless if money has been received or disbursed
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
Having a CFO (Chief Financial Officer) as a part of your business team can make all the difference! Along with offering their expertise of the financial world, they can provide budgets, forecasts, and metrics to help grow your business. Today's episode is all about CFOs and why you should consider bringing one on in your practice.
Episode Highlights:
- What exactly is a CFO?
- A Chief Financial Office (in the context of a small business) is a person that has significant accounting experience, but split their time between multiple companies
- They are not typically on your payroll but are hired through an accounting firm or as a contractor
- A CFO doesn't necessarily have to be a CPA or EA, but will definitely have a significant amount of time and experience in the accounting field
- What are some things a CFO might do?
- They are a key player in making financial decisions
- They will provide financial reports, projections, and forecasting scenarios for you to make the best-informed decisions for your practice
- 5 reasons you should work with a CFO:
- Budgeting
- Forecasting
- Expert Guidance
- Establish KPIs
- Financial Reports
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
We have our last Tax Deduction episode of Season 2! If you've been wondering if you can consider your own personal therapy as a tax deduction, we've got the answer. Julie is joined again by Heidi Stepzinski, and they are talking about the different instances where meeting with a fellow therapist can be a tax deduction!
Episode Highlights:
- Most of the time, personal therapy does NOT count as a tax write-off
- Personal therapy is a personal expense, not something related to your business
- When can meeting with a therapist be considered a tax deduction?
- When meeting with a colleague for professional advice regarding a client
- When meeting for supervision, education, or training
- When meeting with a business coach for the purpose of your practice
- When researching a service a therapist offers in order to recommend it to your own clients
- A good rule of thumb is - if it's not business related, it is considered a personal expense and cannot be considered a deduction
- Always keep thorough documentation when meeting with a therapist for business reasons in order for the meeting to be eligible as a tax deduction
DISCLAIMER: Always consult with a tax professional to determine what tax deductions you are eligible for.
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
Dogs, cats, hamsters... Oh my! We're back with another episode in our Tax Deduction Series! Today, we are joined again by the wonderful Heidi Stepzinski of the GreenOak Accounting team to talk about therapy animals and how you could potentially save some money on your taxes if you have them!
Episode Highlights:
- What is a therapy animal considered tax deductible for the practice owner?
- When there is a practice purpose and need to have the animal at the practice and to work directly with clients
- What types of expenses are included in the deduction?
- All training the animal receives for their work in the practice is 100% deductible
- Veterinary visits and purchases for daily care are deductible at a rate based on how much the animal is interactive in the business
DISCLAIMER: Always consult with a tax professional to determine what tax deductions you are eligible for.
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
As the "iron triangle" saying goes - "You can have it fast, you can have it good, you can have it cheap... but you can only pick two".
Making an investment in a variety of facets in your business can definitely prevent you from running into issues in the long-term or having to reinvent the wheel. Specifically, when it comes to accounting and bookkeeping, paying for quality services from the get-go can save you so much hassle (and possibly a lot of cash!) in the future.
Click HERE to listen to Episode 50: What should you look for in a bookkeeper, accountant, or CPA?
Episode Highlights:
- When you're just starting out, DIY-ing the many different components to your business could make sense
- Administrative work
- Insurance & Billing
- Payroll processing
- Bookkeeping & Accounting
- If you want to grow your business, it's important to focus on what you are best at, which will typically be the clinical/management side of the practice
- You'll eventually want to outsource for services such as bookkeeping, insurance, website design/maintenance, etc.
- When you buy a cheap tangible good, you are likely going to have to replace it much faster and more often than if you invest in a more expensive tangible good - the same goes for services!
- For example - DIYing your bookkeeping may work in the short-term, but you could come across a multitude of problems come tax season and end up having to pay penalties, fees, or fines for mistakes that could've been avoided. You will likely have to pay double (or even triple!) for an accounting firm to apply for an extension on your taxes, clean up your entire year's worth of books, and re-file.
- However, if you invest in a reputable bookkeeping service or accounting firm from the start, this relieves you of the burden of having to pay a higher price for services down the road, helps you avoid all those penalties and fees, AND gives you peace of mind that your finances are in safe hands if you are audited.
- Another benefit of paying for quality services upfront is opening up many hours for you to focus on what you do best for your practice!
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
Whether your team is growing or your practice is going through leadership changes, there can be a number of reasons why it might seem efficient to share the financial picture of the business with certain team members. However, this can definitely be a slippery slope! Julie's chatting with Heidi Stepzinski of the GreenOak Accounting team to talk about when it makes sense to share the finances of the business, and some alternative solutions that can help keep your finances private.
Heidi Stepzinski is the Accounting Director and one of the licensed CPAs at GreenOak Accounting. Heidi is passionate about guiding her clients to meet their financial goals and helping them make data driven decisions to overall benefit their practice. In her spare time, Heidi enjoys spending time with her family, is an advisor for her college sorority, and loves being outdoors.
Episode Highlights:
- What are some reasons you might be interested in sharing your practice's finances?
- Wanting to take a step back from the business and appoint a new leadership role
- Taking a leave of absence and needing someone to temporarily take over
- What situations should you try to find other solutions?
- Profit Sharing
- Team Accountability
- Metrics
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
Not all EHRs are created equal, and there are pros and cons to each software, which can make it difficult to decide which one is the best fit for your practice. Today, we're sitting down to discuss the top 4 EHR softwares we come across over at GreenOak Accounting, and give you a cost breakdown of each!
Hannah Rich is the Business Manager (and tech wizard!) at GreenOak Accounting. She works hand-in-hand with our team members and clients to ensure a seamless service experience, and handles oversight of the day-to-day operations. She holds a degree in Business Administration and enjoys expanding her vast knowledge of technology to implement efficient systems at GreenOak each day. In her free time, she loves binging a good Netflix show with her husband, partner, and cats!
*Disclaimer - We are evaluating these EHR systems based only on the cost. Each practice is different based on their needs so make sure to research what is best for your practice.
Episode Highlights:
- Top 4 EHR Softwares at GreenOak Accounting
- Simple Practice
- Therapy Notes
- Jane
- TheraNest
- Cost shouldn't be your only consideration!
- The software should provide you any reports necessary for your practice, including payroll reports
- You should feel comfortable with using the software and teaching others in your practice how to use it
- Customer Service can play a big roll in your experience with the software
- Ensure that the software can integrate with your current technology, such as scheduling softwares
- Scale-ability is important if you are planning on growing and expanding into a group practice
Links & Resources:
GreenOak Accounting
Therapy For Your Money
We're coming back this week with another episode of our Tax Deduction mini series all about International Business Travel! Julie's inspiration for this episode came from an invitation to participate in an international conference, which got her thinking about how international travel for business may be deductible.
Take a look at IRS Publication 463 by clicking here!
Episode Highlights
- Most areas of tax are usually black and white; however, deductions pertaining to international travel for business can fall in a bit of a grey area so it's always important to consult your tax professional!
- Your vacation is not a business trip!
- If the international trip is primarily for personal reasons, such as a short one-day conference, an hour-long seminar, or a short meet-and-greet, then the trip cannot be considered as a deduction on your taxes
- Mixing business with pleasure can be tricky...
- If your international trip is primarily spent on business activities, but there are a couple of personal activities enjoyed, you can generally deduct MOST of the travel on your taxes
- These deductions can include transportation, lodging, and meals
- There are a lot of rules when it comes to spending certain days/times on business activities versus personal. It's vital to make sure to keep receipts and detailed records of what portions of the trip are business or personal.
- There are 4 exceptions to these deductions...
- You have no substantial control over the trip
- You are outside of the United States for no more than 7 consecutive days
- You spend less than 25% of your time on personal activities
- Vacation was not a major consideration even if you have substantial control over arranging the trip
Make sure to check out our blog post over at the GreenOak Accounting website all about international travel!
Links & Resources
GreenOak Accounting
Therapy For Your Money Podcast
When you have an idea for an expansion to your business - such as an online course or a therapy retreat - it can be difficult to know where to start! Julie's chatting with Diane Tarshis of Startup Distillery to talk about how to focus on your ideas, create a plan, and turn to experts in places you may need help.
Use code "therapy" to receive 1 FREE hour of consulting with Diane!
Diane Tarshis is a seasoned business advisor and the founder of Startup Distillery. Working with entrepreneurs across the US and around the globe, Diane uses her unique mix of finance, retail, manufacturing, and operations experience to help entrepreneurs distill their ideas into profitable, growing businesses.
Episode Highlights:
- What are some of the biggest blunders you hear from your own clients?
- The numbers aren’t the only thing that matters… your product or service is what matters!
- Sitting down to focus on your product to create something great will add value to your business and become a great asset to your clients
- Take your numbers and schedule a meeting with a professional to discuss your budget, goals, and projections
- How should someone go about adding a new extension to their business?
- Do your homework - What exactly do you want to odder? Who is your target audience? How do you plan on reaching them? What are all the costs involved?
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
Startup Distillery
Content Chemistry by Andy Crestodina
The Hundred Dollar Startup by Chris Guillebeau
One of the biggest investments you will make in your life is your practice! In order to make sure you get the most out of your investment down the road, it's important to sit down with a financial advisor and figure out how to increase the value of your investment and transition it into a forever plan. Today, Julie's chatting with Eric Miller of Econologics Financial Advisors about approaching financial planning with your best future in mind.
Eric Miller has been in the financial planning industry for over 20 years. He is Co-Owner of Econologics Financial Advisors and Chief Financial Advisor. He has a degree from Capital University and is a Registered Financial Consultant® (RFC) and Licensed Insurance Agent. He has managed over 500 Practice Owner Clients in various fields of healthcare. As the Chief Financial Advisor for the firm, Eric has had the good fortune to have had over 20,000 financial conversations with private practice owners guiding them into a more optimum financial condition using their proven system.
Episode Highlights:
- View your household as your "parent company"
- This is the best mindset to start when it comes to financial planning
- Owning real estate or having a 401K is considered an asset to your household
- In order to make the most of your investment, think about running your life like a business
- Track metrics like you do in your business to keep track of spending
- Minimize or eliminate debt
- Ensure your income exceeds your expenses
Link & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
Econologics Financial Advisors
The next episode of our Tax Deductions mini-series is focusing on organizational and operation expenses! If you're thinking about opening up your own private practice, but aren't sure where to start when it comes to deducting start-up expenses, take a listen to this episode.
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
There are many opportunities to create a source of passive income in the therapy industry! Today, Julie’s sitting down with Business Coach & Strategist, Nicole Liloia, to talk about the pros & cons of passive income streams and how to decide which avenue would be best for your business.
Nicole Liloia's first business was a private practice where she worked with counseling clients and supervised other therapists, but she quickly added in new income streams so that she could travel while still running her business online. She got her Master's in Social Work from Columbia University and has contributed to Forbes, Huffington Post, Mind Body Green, and more. Nicole spends her free time shopping at Costco and loves a glass of wine.
Episode Highlights:
- Where should you get started?
- Starting with leveraged income can be a great first step in moving toward passive income
- Creating a group or workshop for multiple people at once, rather than focusing entirely on one-on-one sessions, can free up a lot of time on your schedule to focus on creating passive streams
- Passive income is not entirely hands-off - there is a lot of work still involved
- In order to create passive income, there is a lot of time that must be dedicated to the initial set-up and marketing work
- Once you've finalized the passive stream, you also need to continually check in for maintenance, marketing, improvements, and continuity
- What are some income streams therapists can offer?
- Online workshops and courses are the most popular forms of passive income
- Expanding into a group practice can also increase income
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
Nicole Liloia
Get Rich, Lucky Bitch! by Denise Duffield Thomas
Today launches a new mini-series... Tax Deductions! Meals & Entertainment is the most common deduction we get questions about, and Julie's here to give you the scoop on which meals you can deduct, what kinds of entertainment qualify, and examples of some meals that aren't deductible.
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
The language of investing seems so foreign to many people, and it's very common to feel confused learning how to speak it! The problem is that being slammed with so much information at once can make navigating investments overwhelming and an unnecessary challenge. This week we're joined by a fantastic returning guest, David Frank from Turning Point HQ, to talk about the many ways you can invest as a private practice owner.
David is the owner of Turning Point Financial Life Planning located in California and works specifically with therapists in private practice. He strives to bring therapists and private practice owners a plan of action to meet their goals and help them lead more authentic lives.
Episode Highlights:
- Investing does NOT need to be overwhelming!
- The main misconception about investing is that it’s challenging when it only seems that way because the world of investing throws a lot of information at you all at once
- Realistically, successful investing involves very few steps and little monitoring – you don’t need to stress about having a “strategy”
- Don't put all your eggs in one basket
- It's important to diversify your portfolio with a variety of investments, both domestic and international
- Different types of investments:
- Stocks & Equities
- Bonds
- Crypto Currency
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
David Frank - Turning Point HQ
Having those financial conversations with your clients can be difficult if you aren’t sure where to start! It’s important to have an open conversation with your clients, rather than shift your values, in order to offer them the best care possible. Your services can be effective, affordable, AND profitable – we’re here to teach you how!
Miranda Palmer and Kelly Higdon are the founds of ZynnyMe, a company that is dedicated to teaching therapists to build valuable businesses while living a healthy, happy, and sustainable life. Their team is passionate about the mental health field, and enjoy serving the private practice community to help increase incomes and improve outcomes.
Episode Highlights:
- How are money and clinical outcomes tied together?
- Money is a part of the therapeutic relationship! It can be an opportunity to deepen trust and to model how to have financial conversations moving forward.
- Money is a resource and how you personally interact with it can be the bigger issue - your money story can greatly affect your decisions to set your fee or offer discounted rates. It is important for you to place a value on the resource you are offering.
- What are some ways to respond to the question, "Is this the best fee you can offer?"
- Respond with a question to get a bigger picture of the client's situation and gauge what the client is able to handle - "This is my fee, but tell me more about what you are able to do knowing we will be meeting once a week."
- The frequency you meet with a client can greatly affect the clinical outcome, so it's important to factor that into the finances of your business.
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
ZynnyMe - Private Practice Experts
Making data driven decisions for your private practice can be greatly influenced by your individual money story, so it’s important to identify your relationship with money! We’re joined by Cassie Parks, the queen of manifesting your ideal money story, to talk about how your financial story can make a great impact on your private practice and different ways you can re-write your story.
Cassie Parks is the fairy godmother for people who struggle to manifest more than parking spaces. Through her positive reality podcast, books, and online coaching program, she shakes up your approach to using the law of attraction while making it all feel easy, practical, and of course fun. Her insights have been featured on Colorado's best, in the Huffington Post, and on one of the most downloaded episodes of Primal Blueprint.
Episode Highlights:
- What exactly is a money story? What are the 5 different money storylines?
- A money story is your personal narrative about finances, and generally makes up your beliefs, values, and behaviors about money.
- The 5 most common money storylines are:
- The Survivalist
- The "Just Enough"
- The Money Chaser
- The Money Hot Mess
- The Hold-Tights
- How do you figure out your money story, and what can you do to re-write it?
- First, ask yourself where you want your money to be going. Once you have that list of wants, you can work backwards in order to see what your money is actually being spent on and how to redirect it where you actually want it to go.
- "The story you tell today is the life we live tomorrow" - When you tell yourself, "I'm getting better with managing my money", you start to choose a different path for your story
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
Cassie Parks
Manifesting Success Stories Podcast
Rich Dad, Poor Dad by Robert T. Kiyosaki
Many private practice owners seek out different revenue streams through group programs or online coaching services... but it can be difficult to start! Today, Julie's chatting with Annie Schuessler about diversifying your income and giving you some tips for finding your niche.
Annie Schuessler is a business coach and the host of the podcast Rebel Therapist® Podcast. With her Rebel Therapist® Programs, she helps therapists, healers and coaches make an impact beyond a traditional private practice.
Episode Highlights:
- Once private practice owners diversify their practice with additional programs or services, how do they go about keeping their audiences engaged?
- Always keep your ideal client avatar in mind and focus on their niche needs
- Ask yourself – where does the niche shape itself? The needs of your clients may change over time so always check in and evolve
- Is the best structure to a new program an evergreen approach or an entirely hands-on approach?
- This depends on the content that you’re putting out, but it’s recommended that you take a more hands-on/live approach to begin and then roll into more evergreen content
- Not only does this benefit your audience, but it also helps you gauge your content and how well it is received and implemented
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
Rebel Therapist
The Art of Gathering by Priya Parker
It's time for another episode in our Q&A Series! Julie's sitting down with the Business Development Manager of GreenOak Accounting, Sarah Riley, to answer YOUR questions about taxes, savings, and buying property!
If you're interested in submitting a question for a future Q&A episode, click HERE to visit our submission page on our website!
Links & Resources:
GreenOak Accounting
Schedule a Consultation
Therapy For Your Money Podcast
SEO (Search Engine Optimization) is a critical piece to your private practice's marketing puzzle - especially if you're a private-pay practices. SEO can greatly improve the traffic that comes to your website and increase your leads, but is it worth the money? Julie is sitting down with Jessica Tappana of Simplified SEO Consulting to talk about all things SEO!
Jessica Tappana understands both the world of private practice & SEO. She is a Licensed Clinical Social Worker with a private pay group psychotherapy practice in Missouri. In the course of building her practice, she learned SEO and founded Simplified SEO Consulting. She now leads a small team of professionals who are completely focused on helping private practice owners rank better on Google so they have more of the right clients calling.
Episode Highlights:
- What is the biggest difference between Google Ads and SEO?
- Google Ads - you pay for Google to place your website listing higher on the search page
- SEO is organic - you utilize certain tools to enhance your website's footprint in order to place your listing higher on the Google search page without paying Google directly
- What can you do to enhance your SEO organically?
- Post regular blog posts
- Update your Google Business page often
- Add new external links to your website
- Monitor your SEO regularly to understand trends
- How much should you spend on SEO optimization?
- We recommend going with the speed of your business - there is no need to go in to debt in order to optimize your website's SEO.
- There are numerous free tools you can utilize when starting on SEO optimization, and those tools can continue to be utilized as your practice grows
Links & Resources:
Simplified SEO Consulting
Profit First by Mike Michalowicz
StoryBrand by Don Miller
GreenOak Accounting
Therapy For Your Money Podcast
2022 is right around the corner and we want to make sure you are fully prepared to close out your books and start the year out fresh! Julie's gathered her top tips to make closing out your 2021 books a breeze.
Episode Highlights:
- Step 1: Make sure that all of your transactions are captured and your books have been reconciled
- Step 2: If you have a payroll provider, take some time to sit down and do an annual payroll review
- Step 3: Prepare to send out 1099's to any service vendor you have paid more than $600 to through the entire year by January 31st
- Step 4: Ensure that your employees have received copies of their W2 forms by January 31st
Links & ResourcesGreenOak Accounting
Therapy For Your Money Podcast
On today’s episode, we’re following up with our friend Dr. David Goode-Cross from his last Coaching episode! He’s added some new team members and is ready to tackle some new challenges he’s facing in his practice, like expanding to a new location.
Dr. David Goode-Crosse is the owner and a psychotherapist at East Towson Psychological Services, located outside of Baltimore, Maryland. His practice specializes in working with the LGBTQ+ community, as well as people of color. David also enjoys mentoring new clinicians who are entering their professional fields from their educational programs, and offers them a vast amount of knowledge to help them excel their competence with working with BIPOC and LGBTQ+ clients.
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
East Towson Psychological Services
Tax season is right around the corner! Julie's sitting down with two members of the GreenOak Accounting Tax Team, Emily and Linda, to discuss our top tax tips for reducing your tax liability and optimize your benefits.
Episode Highlights
- Tax Planning v. Tax Preparation
- Tax Planning – proactive look at the business to evaluate opportunities to legally reduce the tax burden at the beginning of the year
- Tax Preparation - happens after the year is over and there are limited opportunities to change your tax amount owed
- Tip #1 – Accelerating Expenses
- If you’re a cash-based business, it is more beneficial to pay certain normal, ongoing business expenses in December rather than January in order to take full advantage of the tax deduction
- Tip #2 – Retirement Planning
- There are a number of contributions you can make to a Roth IRA, traditional IRA, or even your 401K
- Tip #3 – Business Use of Your Personal Vehicle
- Download an app on your phone to track the mileage on your car for business use
- Make sure to take a listen to the episode to get the FULL list of 2021 tax tips!
Links & Resources
GreenOak Accounting
Therapy For Your Money Podcast
Balancing your books is definitely a challenge, and we always recommend consulting with a professional to ensure it's done right! We're breaking down the differences between a bookkeeper, accountant, CPA (Certified Public Accountant), and EA (Enrolled Agent), and giving you our recommendations on traits you should look for when choosing a financial professional for your business.
Episode Highlights
- What is an accountant?
- Accountants typically hold an accounting degree and have several years in the accounting field. They are not required to be credentialed (like hold a CPA license) but they can be. There are many types of accountants, such as CPAs, EAs, and Specialty Accountants.
- CPAs (Certified Public Accountant) have passed a 4-part exam and hold a license from the Board of Accountancy.
- EAs (Enrolled Agent) have passed a 3-part test and have a licensed that is issued by the IRS that specializes them in working with taxes and representation.
- Accountants typically hold an accounting degree and have several years in the accounting field. They are not required to be credentialed (like hold a CPA license) but they can be. There are many types of accountants, such as CPAs, EAs, and Specialty Accountants.
- What is a bookkeeper?
- Bookkeepers can have a certification in bookkeeping, but it isn’t always necessary, and they’re typically very skilled in balancing books and running payroll. Bookkeepers do not handle any taxes or IRS notices or audits.
- What characteristics should you look for in your accounting professional?
- Familiar with your industry
- Familiar with your business size
- Experience
- Attentive & Responsive
- Focused on your business needs
Links & Resources
GreenOak Accounting
Therapy For Your Money Podcast
It's the most wonderful time of the year! Holidays are right around the corner and we are in the holiday mood, so this week we are talking about throwing holiday parties for your team, different types of bonuses you can offer to your employees, and what kind of gifts you can deduct on your taxes!
*Disclaimer: This episode applies to the 2021 tax year. Always consult with your tax preparer.
Episode Highlights
- Holiday Parties
- Holiday parties are 100% tax deductible
- Holiday parties must be open to your entire team, not just the highest earners, in order for it to be considered 100% tax deductible
- A celebratory meal at a local restaurant or a gathering at your office are both great options for bringing your entire team together at the end of the year
- Bonuses
- Any cash bonus (be it cash, check, or giftcard) is considered taxable income
- Employee bonuses must be reported on their W2
- Contactor bonuses must be reported on their 1099
- If you want your employee to receive a specific amount in full (for example, you want them to receive $250) you can go into your payroll system and increase the net payment to include the taxes so the employee's gross payment will be the entire $250
- Different Types of Bonuses
- Discretionary Bonuses - a set amount that is divided per person or across the entire team
- Performance Bonuses - a flat dollar amount or percentage that is decided ahead of time based on the employee's performance throughout the year
- Longevity Bonuses - a set dollar amount given to an employee for reaching certain milestones
- Gifts
- Most of the time, gifts are only deductible up to $25
- Always make sure to keep your receipts for all gift purchases
- Branded team uniforms can be a great gift and entirely deductible
Links & Resources
GreenOak Accounting
Therapy For Your Money Podcast
Incentivizing your team members by incorporating PTO, insurance, and even retirement plan benefits into your private practice can greatly improve your overall employment retention and strengthen your relationship with your employees. Today, Julie's chatting with Kristen Ballard of The Ballard Clinic about the many ways she can incorporate benefits into her business in a cost-effective way.
Links & Resources
GreenOak Accounting
Therapy For Your Money Podcast
Ballard Clinic
Coming up with creative ways to market your private practice can be challenging, but today we're chatting with Ernesto Segismundo of FYLM IT: The Creative Group all about video marketing. Using videos to market your practice can help you expand your reach to new potential clients and solidify your brand.
Ernesto Segismundo is a licensed marriage and family therapist. Ernesto received his undergraduate degree in psychology from Biola University and received his Masters of Science degree in Clinical Psychology from Vanguard University. He has over 10 years of clinical counseling experience working in settings such as group homes, domestic violence shelters, churches, and outpatient programs. Ernesto treats marriage and family relationship problems. He also treats individuals suffering from depression, anxiety and addiction. Along with Ernesto's counseling experience, he has conducted various classes and seminars concerning relationships and mental health related topics such as parenting, substance abuse, maintaining healthy marriages, private practice social media and video marketing and managed care practices.
Episode Highlights
- Many online platforms offer easy to use video marketing services
- Google is 50% more likely to showcase your website on the first page of search results if you have a video included on your homepage
- Social media sites, such as Facebook, Instagram, and LinkedIn, offer video marketing through live streaming and posted content
- Video marketing is more than just a preview of your business
- Utilizing videos for client or partner testimonials, training or promotional content, or even live streaming can benefit your practice by generating referrals
- You don't need to splurge to get started
- Start by using a free platform, like YouTube or Zoom
- There are countless free video editing softwares online
- Facebook, Instagram, and LinkedIn all offer a free platform to post your content, and they also offer very affordable advertising rates as well
Links & Resources
GreenOak Accounting
Therapy For Your Money Podcast
FYLM IT - The Creative Group
Ernesto Segismundo Facebook Group
Your practice is a very valuable asset, and it's important to know how much it's worth! Whether you're interested in selling your practice in the next year, or you'd like to get a head start on increasing the value of your practice, today's episode is for you.
Episode Highlights:
- Key Drivers in Increasing the Sale Value of Your Practice
- Profit & Owner's Compensation
- More profit = more cash generated for your buyer
- Minimizing Debt
- Paying off business credit cards and closing loans both increase the value of your practice tremendously
- Organize Your Expenses to Paint the Best Picture
- To ease the transition, you want to make sure your expenses make sense to your buyer, and this is an easy step to be proactive about!
- EBITA = Earnings Before Interest, Tax, and Amortization
- Profit & Owner's Compensation
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
It’s that time of year again! We are receiving a TON of questions about adding benefits to your group practice for your team members, and there are several factors that play in to adding benefits in successfully. Julie’s talking through the 5 most common benefits added to group practices and which benefits could be a great fit for your business!
*Disclaimer: We always recommend consulting with an employment attorney to make sure you are meeting all requirements of your state before implementing benefits for your employees.
Episode Highlights:
- Continuing Education
- This is usually the first added benefit for many group practices.
- There are typically not a lot of restrictions for implementing.
- Continuing Education doesn’t have to be expensive and can be capped at whatever amount you are comfortable with!
- Paid Time Off
- It’s easier to combine vacation and sick time into one category, but you can differentiate between the hours if you would like.
- Some states do require you to offer a certain amount of leave time based on an employee’s status.
- Typically, you will see a set number of hours per year for each employee, or there can be an accrual based on the number of hours the employee has worked.
- Retirement
- The cost to the employer is at a minimum the cost of managing the plan.
- There is usually an employer match, that isn’t required, but is definitely a nice benefit for your team.
- Offering retirement benefits is a great recruiting tool and retention bonus.
- Health/Dental/Vision Insurance
- This can be an expensive benefit to add so a lot of times, smaller group practices don’t tend to offer this up front.
- In most cases, you are not required to offer insurance to your part-time employees, but we still recommend consulting with any employment attorney.
- Short-Term/Long-Term Disability Insurance
- This is the least common benefit that we see in group practices. It still adds great value to your practice, but it is more common to see PTO or medical insurance.
- There are some states that still require employers to offer short and long term disability options to this employees so always consult with your attorney.
- Short term usually covers your employee for about 3-6 months, with a typical waiting period of about 14 days (all plans can vary). Long term usually can cover your employee from 2 years to a lifetime, with a waiting period of usually 3-6 months (again, plans can vary).
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
Your patient’s confidentiality is one of the most important aspects of their therapy experience… so how do you ensure that all of your technology and softwares are HIPAA compliant without breaking the bank? That’s where Person Centered Tech comes in!
We’re chatting with Roy and Liath, the co-founders of Person Centered Tech, about their company and how they use technology and security as a lens to evaluate and update your operations for simplicity, usability, and cost effectiveness in your practice.
Roy Huggins, LPC NCC was an independent web developer for many years before making the transition to a therapy private practice. He quickly found that the mental health profession needed expert guidance on technology topics. Roy founded Person-Centered Tech (PCT) in 2010 after helping answer a colleague’s questions about legal and ethical use of email. His research to answer that first question exposed him to the industry’s difficulties applying the HIPAA-mandated risk assessment perspective to issues of technology.
Liath Dalton is PCT’s deputy director and a co-owner. As the group practice service plan manager, Liath is especially passionate about helping group practice leaders be resourced and supported in navigating the security compliance process and identifying the solutions and processes that meet the particular needs of their practices. Liath’s consultation area of expertise is focused on selecting the right combination of services and tech that not only meet the legal-ethical needs of mental health practices, but also the functionality, efficiency and cost-effectiveness needs as well.
Episode Highlights:
- The Intersection Between HIPAA Compliance & Financial Security
- There is a usually a concern for an expense or cost for HIPAA violations/complaints
- Having your practice set up on a robust security foundation from the start is optimal to make a greater impact on saving money in the long run
- There are a number of factors within your group practice that require HIPAA compliance, and some softwares for each function are more affordable than others
- Team meetings, virtual sessions, online communication, etc.
- It is essential to have the right tools to make sure you maintain your client’s confidentiality, but that shouldn’t have to break the bank
- How do you determine the most cost-effective and efficient services for your specific group practice?
- Most therapists rely on their colleagues and other professionals in their community for suggestions on what services to use
- While the services you’re being recommended may be great – they may not be the best fit for YOUR business – that’s where Person Centered Tech comes in!
Links & Resources:
Person Centered Tech
Group Practice Tech Podcast
Radical Acceptance by Tara Brach
Burnout by Emily Nagoski, PhD
GreenOak Accounting
Therapy For Your Money Podcast
We want you to feel 100% confident about your finances when opening your first private practice! Julie has curated her top financial building blocks for therapists and is sharing them in today's episode.
Episode Highlights:
- Take (A)ction
- If you are wanting to open your practice... go for it!
- The sooner you open, the faster you can start making money
- You do not need to spend a lot of money on equipment or space to get started (especially in a world where teletherapy is growing!) - it's better to come up with an intentional plan on action to open your practice rather than focus on the material things
- (B)ootstrap Your Business
- Invest quality time in the beginning of your practice in order to build the equity of your practice in the future
- You do not want to become burnt out from doing everything yourself, so make sure that as the business grows, you can outsource tasks effectively
- (C)runch Your Numbers
- There are 5 main ways that you will spend money in your practice:
- Operating Expenses
- Payroll/Salary
- Investments
- Taxes
- Emergency Fund
- Make sure to keep ALL business and personal expenses separate
- Start out by using an accounting software - we recommend QuickBooks Online
- There are 5 main ways that you will spend money in your practice:
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
Episode 40: All About Quarterly Estimated Taxes
Episode 13: Profit First in Private Practice (with Mike Michalowicz)
Audits are COMPLICATED. There are a number of audits that can be performed at the local, state, and federal levels, and Julie is here to break them down. Today's episode gives you the 4-1-1 on different kinds of audits, steps to take when you're being audited, and some info on how to avoid a scam audit.
As always, we recommend consulting with a CPA, an EA, or a tax attorney for any legal advice.
Episode Highlights:
- What are some common types of audits?
- Worker Classification Audit - employee v. contractor
- Income Tax Audit - matching 1099s and W2s against your tax forms
- Income Tax Audits are the most common audits
- Unemployment Audit - former employee/contractor has filed for unemployment
- Worker's Compensation Audit - employee/contractor has filed for worker's compensation
- What should you do if you are under an audit?
- Don't let the notices pile up!
- Open all mail you receive from the IRS and read through it carefully
- Most mail from the IRS will include action items and deadlines to complete the action items
- Find appropriate representation
- Contact a CPA, EA, or tax attorney
- The right representation can help guide you and provide best practices
- Find representation with audit experience
- Respond to the IRS correctly and on time
- Your representation can assist you with this
- Appeal any incorrect findings discovered during the audit
- Don't let the notices pile up!
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
Today, we're introducing a new series to the podcast - Client Coaching! Julie is chatting with Dr. David Goode-Cross about the challenges in his own business and how to tackle each problem including onboarding new clinicians, best practice when scaling his practice, and investing in real estate.
Dr. David Goode-Crosse is the owner and a psychotherapist at East Towson Psychological Services, located outside of Baltimore, Maryland. His practice specializes in working with the LGBTQ+ community, as well as people of color. David also enjoys mentoring new clinicians who are entering their professional fields from their educational programs, and offers them a vast amount of knowledge to help them excel their competence with working with BIPOC and LGBTQ+ clients.
Episode Highlights:
- Client Coaching Focus #1 - Onboarding New Clinicians & Their Pay
- When onboarding new clinicians on a part-time of full-time basis, it's important to determine if you will pay them immediately or once services have been completed
- If you would like to be proactive in building your new clinician's case loads, you can start a wait list ahead of time specifically for new clinicians. This can also help you prepare for client retention and can give the clinician a great baseline to develop their own market of clients.
- Client Coaching Focus #2 - Scaling
- When you're determining how large you want to scale your business, it's important to look at your values and how you see your business growing within those values.
- It is also important to take into account your work-life balance when it comes to scaling into a larger practice.
- Client Coaching Focus #3 - Saving For Real Estate
- In theory, purchasing commercial real estate would be an investment that would appreciate value. However, the downside is that commercial real estate can sit empty for long periods of time.
- In the therapy industry, sometimes practice owners try to make the business fit into their building rather than fit the building to the business, or finding the best space for your business.
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
East Towson Psychological Services
Adaptive Leadership by Ronald Heifetz
Federal Quarterly Estimated Taxes can be tricky. You may not be sure if you’re required to pay them, how much or when to pay, or even how to make the payments… but that’s what we’re here for! Today, Julie talks about all things E.T.P. (Estimated Tax Payments) and how to navigate them.
Episode Highlights:
- Who is required to make Federal Quarterly Estimated Tax Payments?
- If you are self-employed, a house-hold employer (nanny, landscaper, etc.), or have a high income household
- If you're going to owe above $1,000 in taxes for the following year, you're going to need to pay E.T.P.s
- How much should you pay?
- If your AGI (Adjusted Gross Income) is more than $150,000 per year, you have to pay 110% of the previous years taxes
- Usually, you pay either 90% of the tax you're going to owe for the following year OR 100% of the tax from the previous year
- When are Estimated Tax Payments due?
- April 15th for Q1, June 15th for Q2, September 15th for Q3, and January 15th of the following year for Q4
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
IRS Form 1040-ES for Estimated Tax Payments
TFYM Episode 13 - Profit First with Mike Michalowicz
We know how difficult it can be to place a dollar value on your private practice… you’ve built it from the ground up, and you want to make sure you’re getting a fair offer. Today, we’re chatting with Craig Goldslager of Utterly Financial, who has a passion for helping private practitioners prepare a strategy for retirement and exiting their business!
Craig Goldslager is a graduate of the University of Miami Herbert Business School and has received a Master of Business Administration from Nova Southeastern University. He is also the creator of Utterly Financial, a financial company that was founded on helping private practice owners plan for an exceptional retirement.
HIGHLIGHTS:
- What is an Exit Plan?
- Creating a strategy to exit your business - can be a written-out plan or a general outline
- Generally developed with a financial team and the private practice owner
- "Begin with the end in mind!"
- Set yourself up for success by creating an exit strategy early
- Ask yourself...
- Who will be my successor?
- How do you want to exit your business?
- How much will you sell the business for?
- How to determine your value?
- Sellers Discretionary Earnings - tells you the health of the business and provides you with a number that your financial advisor will use to develop the value based on a number of additional factors
LINKS & RESOURCES:
GreenOak Accounting
Therapy For Your Money Podcast
Utterly Financial - Craig Goldslager
SLP Money Podcast
Rocket Fuel by Gino Wickman
Summer is finally here! To kick off the holiday weekend, we wanted to give our listeners some of the BEST business books to add to your reading list. We know that business sometimes slows down in the summer, which makes this season the perfect time to brush up on some knowledge and maybe get some new ideas of systems, processes, and financial tricks you can incorporate into your business.
Episode Highlights
- E-Myth by Michael Gerber
- This book will help you be intentional and set aside time to be the owner of your business and create strategies that will help your business thrive in the long run
- Profit First by Mike Michalowicz
- By using the genius Profit First financial system, you can help your private practice by managing your money efficiently and still having peace of mind that your business is thriving
- Clockwork by Mike Michalowicz
- Automating your business in order to take a step back (or a much needed vacation) is essential! Clockwork will teach you how to streamline and implement processes/systems into your private practice.
- Fix This Next for Healthcare Providers by Kasey Compton
- Coming Summer 2021 - pre-orders are available now!
- Through being an industry titan, Kasey has created a variation of Fix This Next that is designed for healthcare professionals! Separating the needs of your business into a hierarchy system in order to remove any bottlenecks and point the needle of your practice into the direction of success is what Fix This Next is all about.
- Who by Geoff Smart & Randy Street
- This book provides a framework for interviewing potential candidates for any position in your business, be it an admin, clinician, or leadership role
- Who Not How by Dan Sullivan and Benjamin Hardy
- Rather than asking yourself, "How do I get to this point?"... you should be asking yourself, "Who can help me get to this point?". This shift in mindset can open an door of opportunities in the therapy industry.
Links & ResourcesGreenOak Accounting
Therapy For Your Money Podcast
The most important part of running your private practice is being compliant! There are a number of things, from intake forms to your legal entity, that you are responsible for maintaining legal compliance.
After working in the same Greater Baltimore community for some time, Dan Mayer, an attorney, and Melissa Wesner, a counselor, decided to join forces in order to offer mental health providers the information they need to protect their practices. Coming from two different backgrounds, Dan and Melissa, bring a wealth of knowledge for listeners who want to learn all about the legal and clinical aspects of running a practice. We can assure you that you definitely won’t be bored with these two high-energy guests!
Episode Highlights:
- The basics of practice compliance
- Make sure you are fully aware of what your license ethics entail
- Be aware of the laws in the state(s) where you practice - some states have additional privacy laws outside of HIPAA compliance
- Consult with an accountant and attorney to ensure financial and legal compliance
- Legal documents every practice should have
- An operations manual
- Intake Forms and Informed Consent Forms
- Private Practice
- Why do you need an attorney?
- There are countless reasons why it's a good idea to keep an attorney in your arsenal - such as receiving a subpoena in the mail, creating legal documents for your clinicians/clients, or general consultations for questions you may not know the answer to
- Attorneys can also point you in the right direction for a number of problems you may encounter throughout the life of your private practice
Links & Resources
Melissa Wesner
Dan Mayer
The Counselor and the Law
The Happy Attorney
GreenOak Accounting
Therapy For Your Money Podcast
There are countless ways to expand your therapy expertise into additional streams of income! If you're interested in starting an online coaching program, creating evergreen digital content, or building your online presence, then today's episode if just for you. We're going to break down the "what", "how", and "when" for expanding your income online!
Marissa Lawton is a licensed counselor who also happened to graduate from a top 20 business school - and she really loves integrating both her hard and soft skills. She is a corporate trained strategist, marketer, and offer-creation whisperer who lights up walking fellow clinicians through building aligned businesses beyond private practice. Marissa is the creator of Side Hustle Support Group, a 9-month mentorship that helps therapists repackage and repurpose their current clinical skills into an impactful online income stream. She also hosts a self-study program called Space Holder that captures therapists’ creative energy and teaches them to develop their fist lucrative container outside of the therapy room. When she’s not working, she’s playing with her two kids, planning cross-country moves, and dreaming about Mexican beaches.
Episode Highlights:
- Let's get your online side hustle started!
- Getting started might seem scary, but you don't have to start from scratch!
- Utilize the skills you've developed through your education and experience to create an online offering that doesn't re-invent the wheel
- What should you evaluate before you begin?
- High touch vs. low touch
- Creating a service that is low touch means you should focus on an offering that will be more "passive" for your audience - like an evergreen online course
- Creating a service that is high touch means you want to be more involved with your audience - like a live webinar or coaching group
- Marketing
- How much time do you want to spend on marketing? You could choose to run automatic ads on social media platforms, or get more involved with your community/audience in order to spread the word
- Income
- You can create a high-value service offering that continues to bring in income, such as a membership service or subscription, or a one-time offering that will bring in a set amount based on how many you sell, like an online webinar with a select number of seats available.
- High touch vs. low touch
Links & ResourcesMarissa Lawton
The Empath Rising Podcast
Summer Slowdown Series
The Success Principles by Jack Canfield
GreenOak Accounting
Therapy For Your Money Podcast
Being a therapists can be tough on it's own... then add on being a business owner, manager, and administrator... and you just might end up getting burned out! This can also take you away from other aspects of your life, such as your family, friends, and personal goals. In order to achieve more in your business in the long, take a listen to today's episode for some tools for dealing with financial burn out!
Maegan is a business coach, licensed therapist, group practice owner, and self-diagnosed business-building addict. She's on a mission to help overwhelmed service providers create unique, burnout-proof businesses that honor their needs and bankroll their lifestyle. As an ambitious introvert and highly sensitive person, Maegan is intimately familiar with the struggle that arises when your energetic limitations conflict with your desire to build the business you know you’re capable of creating. In addition to managing her own profitable businesses (+ taking lots of naps), you’ll find her neck deep in the Outlander universe (seriously, send help!), snuggling with her three furry Beagles, and consuming dangerous amounts of sea salt & vinegar Kettle chips.
Episode Highlights:
- Firstly, you should be familiar with your business AND personal finances
- For your business: How money flows in and out, how much to pay yourself/employees, how much to pay in taxes, etc.
- For your personal finances: What you're saving for, what is your livable wage, retirement plan, etc.
- Add a financial professional and a business coach to your utility belt!
- If you feel overwhelmed with the finances in your business, you may not have the right financial professional for your business.
- Do some research and find an accountant or bookkeeper that specialized in the therapy industry (hint, hint - check out GreenOak Accounting!)
- A business coach can help walk you through making huge decisions for your business like adding additional sources of income or expanding to new locations
- Feeling financial burn-out is very common!
- Therapy skill sets don't always align with understanding business finances - and it definitely isn't something that is emphasized during your education!
- Build a financial team that will not only handle the day-to-day work, but will also take the time to educate you in order to help you better understand your business
Links & Resources:Megginson Consulting
4 Business Building Mistakes Guide
Profit First by Mike Michalowicz
Clockwork by Mike Michalowicz
Rocket Fuel by Gino Wickman and Mark C. Winters
Burnout: The Secret to Unlocking the Stress Cycle by Amelia and Emily Nagoski
GreenOak Accounting
Therapy For Your Money Podcast
Are you ready to begin your next chapter and step into retirement? You may not be sure how to start transitioning yourself into your retirement phase, but this episode will take away the fear of stepping away from your business and give you some great tips to get started!
Murs Tariq is a Certified Financial Planner and a partner at Peace of Mind Wealth Management. With over a decade of expertise in retirement planning, Murs is dedicated to helping clients pursue their ideal retirement. As an author and co-host of "Secure Your Retirement" show, Murs speaks on investing with risk management, income planning, and tax planning for and during retirement. As a first generation American, Murs was brought up with a different perspective on the value of the dollar and the importance of proper budgeting, saving, and overall financial planning. It is the upbringing that led him to his Finance Degree from North Carolina State University and eventually finding his passion in shaping the financial future of others.
Episode Highlights:
- Retiring does NOT have to be scary!
- The most common question asked is "Do I have enough?"
- Through years of hard work and investing, you want to make sure you are taken care of in the future, and that all of your "What if?" questions are answered - that's where a financial planner can come in!
- Each retirement plan is unique to the person
- There is no set formula or dollar amount that is required to retire - it's all dependent on how you picture your retirement and how you'd like to spread your money out
- The earlier your plan, the BETTER!
- Understand what you have now and how you can make it work for you in the future
- There are a number of investment strategies available - 401K, Roth IRAs, and GIAs are a few examples
- Working with a financial planner can help you take a look at the bigger picture early on, which can take away the stress and give you peace of mind when you enter retirement
Links & Resources
Peace of Mind Wealth Management
Secure Your Retirement - Podcast
Secure Your Retirement by Murs Tariq and Radon Stancil
Flash Boys: A Wall Street Revolt by Michael Lewis
GreenOak Accounting
Therapy For Your Money
Your relationship with money has a lot of similarities to your relationship with a partner! You have to set boundaries, focus on communication (with yourself), and be present in the moment when making big decisions. Just like you might need a couples counselor for relationship trouble, you might benefit from having a business coach for your money!
Jane Carter is a counselor and business coach who is committed to helping solopreneurs have more money, fun, and freedom in their businesses. She helps therapists and other service-based business owners feel inspired in their work, to use their creativity, and to successfully balance the roles of clinician & entrepreneur through a focus on both strategy and mindset. She lives in the mountains of Asheville, NC, where she's an outdoorswoman, food-and-wine lover, and coffee-shop connoisseur.
Episode highlights:
- How to keep the momentum with money moving
- Set boundaries to keep your healthy habits going!
- Set a date night with your money – pour yourself a drink and review your budget
- Celebrate your money wins
- Coming in under budget, paying off a bill, or setting aside some savings are all big wins that should be celebrated
- Set boundaries to keep your healthy habits going!
- Practice money rituals!
- Focus on your language that surrounds money - keeping things positive will change your overall outlook
- If you have a negative thought, reframe it to find a positive!
- Be present when you enjoy a purchase or a treat
- Create a financial support system
- Having a business coach, accountant, and bookkeeper can help you hold yourself accountable to make healthy financial decisions
Links & Resources:Jane Carter Coaching
This is Marketing by Seth Goden
The Soul Sourced Entrepreneur by Christine Kane
GreenOak Accounting
Therapy For Your Money Podcast
Do you find yourself struggling with your relationship with money? This can lead to shame-spending and financial frustration! Just like you would set time aside for personal self care, you should also focus on your financial self-care. Setting a date with yourself to pour a glass of wine and figure out a sustainable budget can make the world of a difference.
Jo is all about connecting people to purpose through inspiration and innovation. Author of The Entrepreneurial Clinician and creator of The Book Of Evidence she is also the Founder and CEO of PurpleCo - a team of specialist allied health consultants dedicated to helping people who experience injury illness and trauma reclaim their lives through work. Jo graduated from the University of Sydney with a Bachelor of Health Science, Rehabilitation Counselling in 1994. Jo is passionate about the health benefits of work and truly believes that everyone has the right to meaningful and rewarding employment including health professionals who choose to work in private practice. She is a much sought after international coach, mentor, consultant and speaker on how private practice, when done effectively will be the change to health care that we are all seeking.
Episode Highlights:
· Evaluate your history and relationship with money
· How did your relationship with money growing up effect your current financial habits? Do you find yourself falling into the same habits as your family/peers?
· Financial self-care takes TIME
· Start by tracking the money coming into your bank account for 21 days - take a look at your paycheck, refunds, interest payments, etc.
· Calculate your budget based on your wants/needs - give yourself permission to spend on categories that you enjoy (examples: clothing, coffee, collectibles, etc.)
· Figure out how much you would need to charge per session each week in order to meet the needs of your budget - you may need to increase your rate, add on some additional clients, or take a look at your scheduling
· Find someone to do it with you - having someone by your side to help you along can take the fear out of doing it along
· Money is a TOOL
· Don't utilize it by paying for the most expensive and "name brand" items/services just for the flash - start with something simple and generic so you don't start out by breaking the bank
Links & Resources:Jo Muirhead
The Entrepreneurial Clinician by Jo Muirhead
The Richest Man in Babylon by George S. Clason
Essentialism: The Disciplined Pursuit of Less by Greg McKeown
GreenOak Accounting
Therapy For Your Money Podcast
When you build a solid financial foundation into your private practice, you set yourself up for success in the future! There are a number of ways you can begin building your foundation, such as automating financial systems, providing yourself a consistent paycheck, and familiarizing yourself with key business financial terms and practices.
Linzy Bonham is a therapist in private practice, a consultant who helps therapists feel calm and in control of their finances, and the creator of the Money Skills for Therapists course. As the daughter of an accountant, Linzy inherited a good dose of bookkeeping brain. She's half therapist, half bookkeeper! So when she went into private practice, she dug right into all the ways to build a healthy business that pays for her life and always has extra money in the bank. Now Linzy helps therapists develop peace of mind about their money. Since so many therapists were never taught about money, she focuses on the 'how' of making the financial side of private practice doable, and even super satisfying!
Episode Highlights:
- Figuring out your financial "baggage"
- What is your money story? Do you have a habit of overspending and then feeling guilty immediately? Do you find yourself anxiously setting aside so much money that you aren't allowing yourself a comfortable income?
- Once you determine your financial habits and the emotions that are tied to them, you can figure out what changes you would like to make and learn the skills to make those changes possible
- Separating yourself from the emotion of money
- Therapists often feel guilty when putting a price on their services - often times, this leads to feeling a lot of fear and anxiety around your finances
- Rather than focusing on the negative, take the time to value your skills - the work you do is very important, and you deserve to afford to eat well and take a vacation every once in a while!
Links & Resources:Linzy Bonham
Money Nuts & Bolts
Profit First by Mike Michalowicz
GreenOak Accounting
Therapy For Your Money Podcast
Are you looking for ways to level up your private practice? Well, look no further! We're sitting down with Kasey Compton to talk about her new book, Fix This Next for Healthcare Providers. She breaks down the hierarchy of needs for private practices and provides you with an awesome workbook of activities to help you apply the concepts in the book!
Kasey Compton is on a mission to help business owners find entrepreneurial confidence. She went from bankrupt to Boss Babe when she took her first company from zero to three million in less than three years without ditching her life to do it. She owns three other businesses that have accumulated assets of over three million and growing by the day. Her superpowers include cutting through the clutter to identify a strategic starting point, increasing efficiency through systems, and tapping into a person's highest potential. She helps others by designing maps for their entrepreneurial journeys, while she stands confidently as their guide.
Episode Highlights:
- Fix This Next for Healthcare Providers Hierarchy of Needs
- Notice the present problems in your practice
- Understand your baseline
- Use the PASS Method (or your own method) to brainstorm interventions
- Write a treatment plan for your goals
- Evaluate your progress
- Healthcare providers face unique problems in their businesses that require unique solutions
- Treat your practice like a patient
- Separate yourself from the emotion of money
- Make sure profitability comes FIRST
Links & Resources:Kasey Compton
Consulting with KC
Fix This Next for Healthcare Providers Book
Fix This Next for Healthcare Providers Workbook
GreenOak Accounting
Therapy For Your Money
Today, we're tackling a polarizing topic - Dave Ramsey's Baby Steps! We're looking at how each step can be applied to your personal life, as well as your business.
Episode Highlights:
- Dave Ramsey's 7 Baby Steps:
- Step 1: Save $1,000 for a starter emergency fund
- Step 2: Pay off all debt using the debt snowball (with the exception of your house)
- Step 3: Save 3-6 months of expenses in a fully funded emergency fund
- Step 4: Invest 15% of your household income into retirement
- Step 5: Save for your children's college fund
- Step 6: Pay off your home early
- Step 7: Build wealth and give
- How to apply each step to your business:
- Step 1: Having at least $1,000 set aside in a separate account could help during a slow period, to pay an unexpected bill, etc.
- Step 2: Start with paying off your lowest debt first (not the lowest interest rate), to pay off your credit cards or open loans
- Step 3: Calculate how much your expenses are for a 3-6 month period to keep your business afloat - don't forget about payroll!
- Step 4: Taking extra draws from the business and investing into your retirement will help you better prepare for your future
- Step 5: This step can be used to offer extra benefits to your employees, such as PTO or a 401K match
- Step 6: If you decide to purchase an office space instead of lease, focus on increasing your payments in order to reap the benefits of ownership early
- Step 7: Watch your profits grow and give back to your community!
Links & Resources:GreenOak Accounting
Therapy For Your Money Podcast
Dave Ramsey's 7 Baby Steps
Tracking KPIs is VITAL to the health of your business! This week, we're here to breakdown some of the most common KPIs found in private practice, give you some examples of how the numbers work, and explain how to understand them.
If you're interested in learning more about what KPIs to track in your business, click HERE to check out our blog post all about KPIs!
Episode Highlights:
- KPIs - What are they?
- KPI stands for Key Performance Indicator
- They help you track different facets in your business, such as finances, capacity, profitability and so much more
- There are no right or wrong numbers
- Every business's KPIs look different based on what metrics the owner is focused on, so don't feel pressured to track the same KPIs as someone else! Focus on the goals of your business and decide what KPIs to track from there.
- KPIs will ebb and flow with your business - not everything will be stagnant and that's okay!
- Keep your focus specific
- In order to make effect changes in your business, focus on tracking 2-3 KPIs at a time - any more than that can get overwhelming and pull you in too many directions
- It is important to change the KPIs you're tracking as the needs of your business changes - trying to track everything at once will lose it's overall value to your business because you will be unable to make changes effectively
- Lagging vs. Leading
- Lagging indicators help you take a look back and evaluate what you can do differently in the future
- Leading indicators happen in advance of something else and give you a realistic look at what you can anticipate will happen within a certain amount of time
- Common KPIs to track in private practice
- Average fee per session
- Average profit per session
- Income per therapist
- Profit per therapist
- Cash on hand/cash reserves (in months)
- Capacity utilization (space vs. schedule)
- Marketing inquiries & conversion
Links & ResourcesGreenOak Accounting
Therapy For Your Money Podcast
Private Practice Budgets (Solo & Group)
This week, we’re answering YOUR questions! We asked our listeners to submit questions and we are excited to sit down and work through them. Today, we will be covering topics from credit card processing and Profit First, to compensation and legal entities.
If you are interested in submitting a question for a future Q&A episode, make sure to click HERE!
LINKS & RESOURCES:
GreenOak Accounting
Therapy For Your Money Podcast
Q&A Submission Form
As your group practice grows, you might assume that automatically increases your profits, but that isn’t always the case! Adding more clinicians to your team can increase your expenses in ways you might not have thought, which may eat away at the revenue you’re bringing in. This week, we’re chatting with John Clarke about how to build your group practice while being mindful maximizing your profitability.
John Clarke is a successful private practice owner and business coach! He offers coaching sessions and courses for group practice owners that are looking to become highly profitable. John is the host of the Private Practice Workshop Podcast, and has thousands of views on his Private Practice Workshop YouTube channel.
Episode Highlights:
- Every private practice has a number of processes that should be set-up with the intention to scale
- Types of processes: Financial, Marketing, Operations, Computer Systems, etc.
- Don't compare your practice to other practices - do what is best for YOUR business
- Take your time to be methodical about how you set your private practice up for financial success. Meet with a financial advisor to determine a compensation structure for yourself and your clinicians that your business can healthily manage. Once you have those pieces in place, you can focus on how to manage your remaining profit.
- There are a number of expenses that incur when bringing on new clinicians
- On top of paying your clinicians a fair compensation, you will also pay for software, advertisements, office space, upfront costs (such as headshots), training, and more. These costs can add up and quickly cause a reduction in profits.
Links & Resources:John Clarke
Private Practice Workshop
Private Practice Workshop Podcast
Private Practice Workshop YouTube
Total Money Makeover by Dave Ramsey
The Personal MBA by Josh Kaufman
Blue Ocean Strategy by W. Chan Kim
GreenOak Accounting
Therapy For Your Money Podcast
Are you looking for a new way to market your private practice? We've got a great idea for you! Utilizing TV appearances, such as morning news shows or reality TV, can be a great benefit for your practice. There are a number of ways to get your foot in the door to get started in TV, and we're here to help!
This week, Julie sits down with Esther Boykin to discuss TV appearances and how it's helped her grow her private practice! Esther Boykin is a psychotherapist who wants to live in a world where everyone believes that Therapy Is Not A Dirty Word. As the CEO of Group Therapy Associates, a private practice in the DC metro area, she works every day to make mental health accessible, innovative, and culturally relevant for all people. In 2017, Esther launched Therapy Is Not A Dirty Word, a brand new division of GTA designed to bring mental health conversation outside the traditional office setting and into the community through media, webinars, social events, and retreats. In addition to her role as a licensed marriage & family therapist and CEO, Esther is also an adjunct professor at Virginia Tech teaching the business of therapy, author of The Date Deck, and a sought-after relationship and mental health expert. She was recently named a top 21 relationship expert to follow by Cosmopolitan magazine and has appeared on Bravo's Real Housewives of Potomac, HuffPost, Good Morning Washington, the Wall Street Journal, Refinery 29, and a myriad of other media outlets.
Episode Highlights:
- If you want to get started, just say YES!
- Focus on social media to make connections - Follow TV hosts and their crew (producers, content creators, marketers, etc.) and introduce yourself. Expand your network and present opportunities to collaborate.
- If someone reaches out to you, step out of your comfort zone and say yes (even if it is something completely new to you!)
- Utilize freelance services to build up your skills
- You can use services, such as Help A Reporter Out, to connect with professionals that are looking for experts to quote in their work. This will help you develop talking points and become more confident speaking about your profession.
- Remember, YOU are the expert
- As you are reaching out (and people start to reach out to you), keep in mind that you are the expert in the segments you're being featured in. Confidence and energy are key.
Links & Resources:Esther Boykin
Group Therapy Associates
Therapy Is Not A Dirty Word
The Business of Therapy
The Date Deck by Esther Boykin
The E-Myth by Michael E. Gerber
Help A Reporter Out (HARO)
GreenOak Accounting
Therapy For Your Money Podcast
When it comes to growing your private practice, there may be a lot of obstacles you'll face! Making decisions when it comes to finances isn't always easy, so we break down some of the hurdles you might have to leap over when it's time to expand.
Kelly is apart of the accounting team at GreenOak Accounting. She is a team leader and strives to provide the best service to all of our clients. Kelly specializes in Profit First implementation and ongoing support, and enjoys teaching our team members her methods so they can also assist their clients with implementing Profit First!
Episode Highlights:
- Opening a new location doesn't fix cash flow issues
- The estimated cost/time of opening a new office is often greater than anticipated
- You have to consider upfront costs (like building out new spaces, furniture, deposits, legal fees, etc.), as well as ongoing expenses (such as rent, utilities, administrative hiring, etc.)
- While it will increase your profit down the road, it's best to make sure you have a decent safety net of cash in the beginning. Expanding prematurely can cause additional stress!
- When does it make sense to grow?
- Once you've reached about 70-80% space capacity (not schedule capacity), you should start to consider expanding
- Typically, when you are in that 70-80% range, you should be bringing in enough profit to set money aside for expansion
- Keep an eye on your KPIs
- We recommend taking a look at your overall capacity, how many days a week your practice is open, and how many sessions you take each day per clinician to get started
- How can Profit First help?
- The Profit First methodology includes utilizing 5 separate bank accounts, including Income, Profit, Owner's Pay, Tax, and Operating Expenses.
- You can set up additional accounts to assist with specific goals, such as a "Future Office Savings" account. You can set a specific percentage of money aside into this account to go directly towards your expansion.
Links & Resources:GreenOak Accounting
GreenOak Accounting Consultations
Profit First by Mike Michalowicz
Therapy For Your Money Podcast
Adding a Personal Financial Planner to your business team can help you better manage your business by guiding you in clearly defining your goals. They can also help you tie your business goals into your personal life by explaining how much profit you should be making at each stage of your business and how to use that money to live comfortably.
On this week's episode, Julie is joined by Ariel Ward! Ariel Ward, CFP® is a financial advisor at Abacus Wealth Partners. She has over a decade of experience in the field of personal financial services and in helping clients develop financial clarity. She is passionate about helping business owners grow their net worth and make better decisions with their money. Ariel helps her clients define their goals, stay focused on what's important and work toward building a more abundant financial future. She believes having a clearly defined financial plan gives her clients the ability to be more present with their families and friends and gives them the freedom to enjoy their life.
Episode Highlights:
- To get started, you want to sit down and picture how you would like your life to look. Family planning, retirement, emergency funds, vacations, and insurance are all things to take into consideration when sitting down with a financial planner.
- Accountability
- Your financial planner will refer back to the goals you set during your consultation when assisting you with making financial decisions. They will also help you determine all of your options and how each option can help you achieve your goals. They will also periodically sit down to revisit the original goals you set to make sure they are still relevant.
- When does it make sense to make a retirement plan?
- As soon as you can afford to! You want to begin a retirement plan once your business's net income has grown to a place that exceeds covering your basic needs and living expenses.
- Different types of retirement plans
- SEP
- 401K
- Simple IRA
- Roth IRA
- ... and so many more!
- What should you look for in a financial planner?
- How the person offers guidance
- How often you would like to work with them
- What kind of services do they offer? (Monthly, Quarterly, Annually, etc.)
- Someone who understands different business entities and how finances work for each entity
- Someone that will put your best interests first
Links & Resources:Ariel Ward - Abacus Wealth Partners
The E-Myth Revisited
GreenOak Accounting
Therapy For Your Money Podcast
While insurance companies take care of the majority of client referrals for insurance-based practices, marketing a cash-pay only private practice is a different ball game! Generating your own leads can be a challenge, and we want to give you the basics to get started.
Today, Julie is joined by Whitney Owens, a Licensed Professional Counselor and Private Practice Consultant in Savannah, Georgia. In addition to running her practice, she offers individual and group consulting through Practice of the Practice. Whitney places a special emphasis on helping clinicians start and grow faith-based practices. She hosts a podcast to help faith-based practice owners called the Faith in Practice Podcast!
Episode Highlights:
- Draw your clients in with an eye-catching website
- Focus on your SEO (Search Engine Optimization), hire a professional to make sure your website has an eye-catching look, make sure you clearly explain that you are cash-pay only on your website (not on the home page
- SEO Conversion
- Make sure to utilize your SEO on whichever website platform you use in order to generate organic leads
- Online reviews help boost SEO conversion - reach out to friends, family, and neighbors to leave you positive and genuine reviews in order to build up your SEO. Then, continue to ask your clients to write reviews towards the end of their sessions.
- Referral relationships are important
- Take time to attend functions to meet people
- Invite potential referral partners out for coffee
- Continue to reach out to prospective referral sources
- Consistency is key!
- Phone Services
- Make sure you have someone who can consistently answer the phones and turn those calls into clients
- Ensure your staff knows how to discuss being cash-pay only - they should be knowledgeable in explaining why you are cash-pay only, superbills, and how out of network benefits work
- How much should someone spend on marketing?
- This depends on how you are trying to grow
- SEO and website optimization is a great investment
- Focus more on creating genuine connections with referral sources rather than trying to run ads all over the place
- Make sure to measure your marketing
- Track metrics to know where your leads are coming from and what areas of your marketing are most effective - intake calls, Google searches, doctors referrals, etc.
- KPIs (Key Performance Indicators)
- Google Analytics
- Social Media (Facebook & Instagram offer metrics)
- Email Tracking
Links & Resources:
Water's Edge Counseling
Practice Of The Practice - Whitney Owens
Practice Of The Practice - Group Practice Boss
Faith In Practice Podcast
Clockwork by Mike Michalowicz
GreenOak Accounting
Therapy For Your Money Podcast
2021 started off with an administration change, which (potentially) means new tax policies! While there haven't been any policies put into effect as of yet, we wanted to make sure our listeners are prepared for changes that may come. From estate tax, income tax, and more, we've got everything you need to know in this episode.
(As of recording & uploading in February 2021, none of these changes are official. These are changes we are anticipating based on the Biden administration's tax proposals. Some of these changes may be retroactive, and could be applied beginning in January 2021.)
Episode Highlights:
- Capital Gains Tax Rates
- There are currently three capital gain tax rates- 0%, 15%, and 20%. The new administration is considering increasing the capital gains rate for high income individuals making over $1,000,000/year.
- Income Tax Rates
- The U.S. has a progressive tax bracket, meaning we have brackets between 10% and 37%, so your income threshold will depend on your income as well as your filing status (single, head of household, etc.). One proposed change is to increase the top bracket to 39.6% or add a whole other tax bracket on top of the 37% bracket.
- FICA - Social Security
- When you have employees, the employer pays and the employee has withheld 6.2% of their wages. There is currently a cap at $137,700. The proposed tax plan would increase that cap to $400,000.
- Pass Through Income
- There are proposed changes for the QBI deduction. The Tax Cuts and Jobs Act of 2017 allows eligible self-employed and small-business owners to deductup to 20% of their qualified business income on their taxes. Under the new administrations, the proposed change would phase out section 199A of the Tax Cuts and Jobs Act.
- Estate Tax
- Estate Tax in the United States is a tax on the transfer of the estate of a deceased person. As of now, current law has estate tax set at 40%, and the proposed changes would increase this to 45%. There are some exclusions to this, and the proposal would also reduce those exclusions. It is best to consult an estate attorney for these instances.
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
There are a number of financial hurdles you could face when transitioning from a solo to a group practice, and we're here to break them down for you! On this episode, we are joined by Alison Pidgeon to discuss the ins and outs of growing your team, handling compensation, and how to troubleshoot some problems before you even face them.
Alison Pidgeon is a licensed professional counselor and the owner of Move Forward Counseling. She is also a business consultant for Practice of the Practice, a community that helps therapists start, scale, and succeed in starting their own private practice. Alison finds passion in empowering private practice owners to achieve their dreams of being their own boss!
Episode Highlights:
- Main Challenges You May Face While Transitioning From Solo to Group
- Adjusting to the increase in transactions being processed in your accounts
- Understanding the logistics around compensation
- Contractors vs. Employees
- Full Time Vs. Part Time
- What payroll software/system to use
- How/When to offer benefits to team members
- The first step to transitioning is having an established accounting software (such as QuickBooks Online) to ensure your business and personal finances are separate and organized
- Make sure you have a savings account of at least 3 months of expenses in order to give yourself some wiggle room while adjusting to hiring and adding compensation to your practice
- As you grow, make sure to monitor your schedule closely in order to plan ahead when hiring - you need to consider filtering through candidates, interviewing, credentialing, and building the new hire's schedule when gauging a timeline for bringing on new clinicians
- If you are looking to transition to a group practice in order to remove yourself from the clinical side of your business, it is recommended to slowly start reducing your clinical hours over time - this can take about a year or more!
- It is easier to do this over time as your case load will dwindle down naturally, rather than try to move your clients around to your new clinicians
Links & ResourcesAlison Pidgeon
Move Forward Virtual Assistants
Practice of the Practice
Group Practice Boss
Rich Dad Poor Dad by Robert Kiyosaki
GreenOak Accounting
Therapy For Your Money Podcast
Financial planning and life planning go hand in hand, which is why we wanted to break down the basics of life planning with our guest, David Frank! Lining up your life values with a financial plan can set you up for a successful future and give you peace of mind.
Today, we are joined by financial life planner David Frank! David is the owner of Turning Point Financial Life Planning located in California and works specifically with therapists in private practice. He strives to bring therapists and private practice owners a plan of action to meet their goals and help them lead more authentic lives.
Episode Highlights:
- Life planning = Financial planning
- Life planners help make sure you are spending/saving money based on your values
- They also help you adjust over time as your values may change or your focus may shift from spending to saving depending on your business stage
- How Life Planning Works
- First, you have a discussion about what you value and create an emotional map of what matters
- Then, you take that emotional map and plan to reach an overall financial goal
- Once you have your goal set, you then take the numbers and metrics you need to track in order to reach that goal
- David's 3 Phases
- Exploration - This is an open discussion about what is important to the client. He will provide some exercises to dive deeper into the client's overall values and what path they would like to take.
- Vision - David will review the exercises and focus on a more specific vision of the future and plan out in detail how to get there.
- Obstacles - After making a plan on how to reach the client's future vision, he sits down with them and assess the obstacles they may run into in order to prepare the client to encounter them and solidify a plan of action.
- There is a difference between an Accountant and a Financial Planner. They do work closely together, but an Accountant focuses more on the immediate financial health of the business, while a Financial Planner handles the long-term goals and health of your finances.
- 4 Components of Financial Life
- Business Cash Flow
- Personal Cash Flow
- Investments & Savings / Retirement
- Risk Management & Estate Planning / Insurance
Links & Resources:Turning Point Financial Life Planning
Big Magic by Elizabeth Gilbert
The Tim Ferriss Show - Episode #430
GreenOak Accounting
Therapy For Your Money Podcast
Adding groups into your private practice may seem intimidating or impossible, but in this week's episode, we make it easy! Julie sits down with Carrie Haynes, the genius behind The Art of Groups, and talks all about when it's a good time to implement groups into your practice, how to manage compensation of clinicians while adding groups, and some tips & tricks she's learned along the way!
Carrie Haynes is a Licensed Professional Counselor who has been practicing for over 10 years. She is a specialist in group therapy, and has led numerous therapy groups, workshops, and retreats. She is also a faculty member at Colorado State University and teaches courses in group therapy!
Episode Highlights:
- One of the many ways you can diversify the services your practices offers is by implementing group therapy
- Groups are a great way to increase your capacity to serve more clients, while offering an affordable solution for the client and a profitable service for your business
- Group therapy services can be the main source of a client's treatment, or it can be an additional treatment used alongside individual therapy work, making group therapy very versatile in a number of situations
- Getting started:
- You can expand your service offerings to include groups once you have around 10+ clients
- You want to create the groups based on looking at your existing clients that have similar needs and taking on new clients that could also participate in the groups
- Ask yourself, "What are the common themes we are seeing in our clients and what expertise can we offer them?"
- Dedicate one of your clinicians as the Group Coordinator
- This is not a position that you need to hire full-time for
- They will delegate a few administrative hours per week/month to create groups, schedule them, spread the message to clients about group offerings, and follow up once everything is up and running to make sure things are running smoothly or adjust as needed
- How long should you run your groups?
- The standard timeline of a group therapy service is around 12-16 weeks
- This timeframe gives clients enough time to get to know other group members in a comfortable setting while also giving you enough time to see if you are enjoying the group work, if the group is effective, and deciding if you need to extend/shorten the group timeframe in the future
Links & Resources:Carrie Haynes
The Art Of Groups - Website
The Art of Groups - Podcast
The Life Coach School Podcast
GreenOak Accounting
Therapy For Your Money Podcast
If you are wondering if it's time to shift your private practice to a non-profit, or if you're interested in adding a non-profit arm to your business, check out today's episode featuring Tosha Anderson! She and Julie chat all about non-profits in private practice from compliance to compensation. Tosha also mentions some great resources for when you are looking to get started!
Tosha Anderson is the founder of The Charity CFO, an accounting firm that specializing in working with non-profits across the United States. She has years of experience as an auditor, non-profit board member, and a consultant. Tosha enjoys sharing her knowledge and experience with non-profits of all sizes to help them better understand their finances and set them up for success!
Episode Highlights:
- When does it make sense to start a non-profit?
- When you want to create some kind of foundation to help your audience
- When you are looking for funding from specific sources that only offer support to non-profits (family foundations, some government entities, etc.)
- Compensation
- When you become a non-profit, you have to consult with your board about your compensation and any raises or bonuses you may receive
- Bonuses are sometimes frowned upon in the non-profit community, so take that into consideration if you plan on expanding your services or generating additional sources of income, you may not always be able to reap the financial benefits of doing so
- Your personal income becomes public knowledge when you have a non-profit, be aware that people will be able to comment or scrutinize your pay
- Compliance
- Annual Compliance
- Generally, every state requires you register as a non-profit but the federal government is who decides if you are a tax exempt entity
- You are required to file an annual tax return regardless of if you have made money or if your non-profit is even active
- Maintenance Compliance
- You are responsible for maintaining your board, meeting funder's requirements (trainings, reporting, etc.), and meticulous recordkeeping
- It is recommended that you seek professional accounting services when you run a non-profit in order to manage your books as efficiently and accurately as possible
- Annual Compliance
- Audits
- Audits are unique by state. Some states require audits while others don't.
- Non-profits are required to pay for their own independent auditor. Keep that extra expense in mind when starting your non-profit.
Links & Resources:Tosha Anderson - The Charity CFO
The Charity CFO Facebook
Passion to Execution by Lyn Scott
The EMyth by Michael E. Gerber
Atomic Habits by James Clear
GreenOak Accounting
Therapy For Your Money Podcast
Are you looking for some ideas of ways you can grow your private practice outside of regular clinical work? You're in luck! This week, Julie sits down with Katie Vernoy of Therapy Reimagined to talk about alternate revenues streams for you to incorporate into your own business!
Katie Vernoy is a therapist, coach, consultant, and co-founder of Therapy Reimagined! She is also the co-host of The Modern Therapist Survival Guide Podcast, a podcast created to teach therapists how to approach their roles in a modern age. She believes in empowering private practice owners to create businesses that they can healthily sustain and happily enjoy.
Episode Highlights:
- If private practice isn't quite enough to fulfill your business needs, there are many different options to explore to expand your brand
- Consulting - non-profit support, business mentoring, peer coaching, career advancement, etc.
- Networking - find support within your community, and learn ways you can help peers and colleagues as well
- Pricing - research to time and resources you will be utilizing in order to determine a ballpark price to start, don't be afraid to adjust as you go!
- Different options to expand your business & increase revenue:
- Podcasting
- Writing a book
- Training seminars
- Online webinars & courses
- Create a conference
- Recognize & adjust how you focus your attention to avoid burnout or distractions - set aside specific time to work on each aspect to stay organized and meet deadlines/goals with multiple facets of the businesses working
Links & Resources:Katie Vernoy
The Modern Therapist Survival Guide
Therapy Reimagined
When: The Scientific Secrets of Perfect Timing by Daniel H. Pink
GreenOak Accounting
Therapy For Your Money Podcast
Register for our FREE Live Profit First Webinar on Dec. 18th, at 1 PM EST - CLICK HERE!
Growing from a solo practice to a group practice doesn't have to be a challenge! This week, Julie breaks down common financial hurdles that most therapists encounter when growing their private practice, and different ways you can avoid them to make your transition easy.
Episode Highlights:
- Hiring: Your first hire is critical! You are setting the stage for all future hires
- Compensation: This will become the highest expense of your practice once you transition into a group. Setting up compensation correctly can make or break the business
- Take a look at your numbers and ratios (expenses based on your income) in order to hire at a proper compensation rate
- Make a Plan: Roughly calculating where you want to see your business financially in the future can help determine compensation rates that will help your business flourish
- Benefits: Slowly grows over time - you won't start out offering full benefits but will be able to make a plan to add vacation time, health insurance, etc. over time
Links & Resources:Gusto
GreenOak Accounting
Therapy For Your Money Podcast
"The goal of your business is always profitability, but the purpose of your business is to help people and impact the community." -Kasey Compton
Register for our FREE Live Profit First Webinar on Dec. 18th, at 1 PM EST - CLICK HERE!
Automating financial systems in your business is necessary in order to thrive! This week, we chat with Kasey Compton of Consult with Kasey and talk all things automation and systems. We cover systems to make your billing, payroll, accounting, and so much more a breeze.
(HINT: Make sure to listen to the full episode for the secret code to access Kasey's mentorship program!)
Episode Highlights:
- Change Over Time : Keep track of the systems you are using as your business grows and changes over time (you can use Google Docs for example)
- Growth: As your business expands, make sure to create systems in the beginning that can make transitions easier in the future
- Communication: Applying automatic systems will show you what areas of your business need attention at a specific time (hiring, target marketing, expansion, etc.)
- Data-Drive Decisions: Instead of making decisions for your business based on feeling, make sure you have data and numbers to make those decisions confidently
- The Order to Automate: The systems you implement will vary based on your business needs
- Marketing systems - generating leads and clients
- Billing systems - filing claims and making sure your business is bringing in money
- Onboarding systems - hiring your team and expanding your business
Links & Resources:Kasey Compton
Consult with Kasey
Mindsight Partners
Zapier
Profit First
Fix This Next
The Goal by Eliyahu Goldratt
GreenOak Accounting
Therapy For Your Money Podcast
"Every time revenue comes into your practice, you subtract a predetermined amount as profit, and you run your business on the remainder" - Mike Michalowicz
The Profit First methodology has transformed thousands of struggling businesses into money making machines! If you're interested in implementing Profit First into your private practice, today's episode is made for you.
Register for our FREE Live Profit First Webinar on Dec. 18th, at 1 PM EST - CLICK HERE!
This week, Julie sits down with the genius behind Profit First, Mike Michalowicz. Mike is a successful business owner, author, and keynote speaker. He has founded two multi-million dollar businesses where he researches and develops his methods for increasing profitability, automating systems, and prioritizing problems.
Episode Highlights:
- Basic Principle of Profit First: Sales - Profit = Expenses
- The 5 Bank Accounts:
- Income
- Profit
- Taxes
- Operating Expenses
- Owner's Draw/Payroll
- Transfer Schedule: Profit First recommends completing transfers every two weeks
- CAPS: Current Allocation Percentages
- TAPS: Target Allocation Percentages
- Do More With Less: Your business will tell you what is financially available to operate
- Parkinson's Law: Our demand for a resource increases to meet the supply of the resource. It can also mean that our work expands to fill the allotted given time for completion.
- Start Slow & Let It Grow: Profit First is a behavioral system. You must ease yourself into the process for it to be successful. Start with a low profit percentage and increase over time.
- Behavioral Intercept: The system needs to be set up naturally in order to make it for your patterns/schedule
Links and Resources:Mike Michalowicz
Profit First - Website
Profit First - Book
Clockwork
The Pumpkin Plan
Fix This Next
Influence: The Psychology of Persuasion
10-10-10: A Transforming Idea
Rejection Proof
GreenOak Accounting
Therapy For Your Money Podcast
Taxes can be a huge surprise if you haven’t planned how to pay for them. There’s no time like the present to start saving for taxes. You have until April 15 to come up with enough cash.
Today, Julie Herres of Greenoak Accounting shares year-end tax saving tips. Frequently, she is asked about what can be done to save on taxes. For private practice business owners—whether you are a sole proprietor or have a corporation, LLC, or partnership—it’s likely that a portion of your take-home income is not taxed.
Episode Highlights:
- Tip 1: Accelerate expenses on what you need (software, vehicles, office supplies)
- Tip 2: Plan for retirement (SEP, IRA, other retirement accounts)
- Tip 3: Tack business use of personal vehicles (reimbursable business mileage)
- Tip 4: Take home office deduction (if room is exclusively used for business)
- Tip 5: Regularly review entity structure (most beneficial from tax perspective)
- Tip 6: Hire your children (shift income from your high tax bracket to their low tax bracket)
- Tip 7: Use Augusta Loophole (rent primary residence tax-free for up to 14 days per year)
- Tip 8: Take self-employed health insurance deduction if eligible and contribute to HSA
- Year-End Tip: Treat yourself to business credit card points for personal presents
Links and Resources:
Tax Information for Retirement Plans
Tax Information for Business Types
Tax Cuts and Jobs Act (TCJA)
Augusta Loophole
QuickBooks
TurboTax
GreenOak Accounting
Therapy For Your Money Podcast
Most people experience financial anxiety, including private practice therapists. Why? Money is highly emotional and psychological. Learn how to manage and overcome financial blocks in today's episode.
Today’s guest is Lindsay Bryan-Podvin, a clinical social worker, financial therapist, and private practice owner. The clinical side of her business helps couples cultivate a happy and healthy relationship with money. Also, Lindsay’s coaching and consulting side helps private practice providers build a profitable and sustainable business.
Episode Highlights:
- Money Scripts: What are the benefits and strengths to your relationship with money?
- Four Financial Archetypes:
- Blissfully Ignorant: Doesn't look at money, pretends it exists and sorts itself out
- Admirer: Money solves problems and creates happiness
- Doomsday Prepper: Money means safety and security - hold on to it
- Spender: Money affords them to buy things to appear successful
- Personal vs. Business Life: Different financial archetypes show up, opposites attract
- Step 1: Acknowledge archetype to protect yourself
- Step 2: Is archetype helping or hurting you? Cultivate relationship with numbers
- Financial Literacy & Education:
- Avoid buzzwords and blank statements
- Fear, shame, and blame are not motivators
- Align ideals, values, and goals
- Basic Financial Advice: Have emergency fund, pay down debt, and invest in the future
- Financial House: Nobody's perfect; use power of your own journey to heal others
Links and Resources:
Mind Money Balance
Mind Money Balance on Instagram
The Financial Anxiety Solution by Lindsay Bryan-Podvin
Therapy Reimagined Conference
Brad Klontz - Your Mental Wealth
Chiron - The Wounded Healer
The Millionaire Next Door by Thomas J. Stanley and William D. Danko
GreenOak Accounting
Therapy For Your Money Podcast
Do you dream about growing and scaling your group practice from six to seven figures? It takes practice, partnerships, and profit. It’s a numbers game to add space and staff.
Today’s guest is Maureen Werrbach from The Group Practice Exchange. Maureen owns a group practice in three locations and started The Group Practice Exchange. Also, she partners with Mike Blumberg to present Group Practice Builders, an annual conference for group practice owners.
Episode Highlights:
- Starting Out Rule: When hired clinician is 70% full, onboard another provider
- Shift and Scale: Hire when you want and hire multiple people at the same time
- Staffing: Part-time people cost more for less work, full-times contribute more time and work
- Plan to Expand: Vision for group practice owners to add locations or expand space
- Work Culture: Minimal marketing by opening nearby locations and sharing clinicians
- Day-to-Day Decisions: Do what needs to be done, but add leadership to grow practice
- Tracking Metrics: Include clinician retention, intakes, inquires, and future appointments
- Decider vs. Delegator: Truly delegate by trusting those you hire to own the outcome
- Stressors: Going from six to seven figures? To scale and sell or not?
- Profit First: Maureen's favorite book to recommend when making financial decisions
Links and Resources:
The Group Practice Exchange
Group Practice Builders
Mike Blumberg
Profit First by Mike Michalowicz
GreenOak Accounting
Therapy For Your Money Podcast
Billing is the most important financial function in a practice. If there’s no money coming in, then you really don’t have a business.
Today’s guest is Jeremy Zug, owner of Practice Solutions, LLC, a billing and credentialing firm for mental health private practices. He talks about when it is a good time to DIY, outsource, or bring in-house billing and credentialing.
Episode Highlights:
- Practice Solutions: Started small and has grown significantly in mental health space
- TherapyNotes: Electronic Health Record (EHR) experts effectively impact billing
- Biggest billing mistakes:
- Incomplete progress notes mean claims don't go out or get paid
- Adding too many insurance companies/payors at a time
- Start with one insurance company, then add more over time
- Consider clinical objectives
- Research reimbursement rates for profitability and sustainability
- Determine ease of use working with an insurance company
- In- or Out-of-Network Insurance? Structure caseload that makes financial sense
- Discipline Processes: Go from good to great to meet expectations and avoid mistakes
- Benefit Checks: Call insurance company to determine eligibility and collect from clients
- Credentialing Methodology:
- Plan
- Gather Information
- Submit and track application
- Finalize contract and initial billing
- Solo and Group Practice Credentialing: Differences between EIN, NPI, and AIN models
- QuickBooks vs. EHR: Where to put financial and patient details for HIPAA compliance
- Accounts Receivable (AR): Cash or accrual basis for insurance write-offs and deductions
- Problems/Solutions: Call insurance company to understand claim denial or non-payment
Links and Resources:
Practice Solutions, LLC
Practice Solutions Blog: Your Private Practice Credentialing Process
TherapyNotes
Good to Great by Jim Collins
Chris Hogan
Affordable Care Act (ACA)
Employer Identification Number (EIN)
National Provider Identifier (NPI)
Alternate Identification Number (AIN)
QuickBooks
HIPAA Privacy
Grit by Angela Duckworth
GreenOak Accounting
Therapy For Your Money Podcast
“I didn’t want to be chasing my money.” - Katie Lemieux
Are you struggling to build a six-figure private practice? Build your brand and grow your dream private practice by having a money mindset focused on business marketing and finances.
Today’s guest is Katie Lemieux, a licensed marriage and family therapist (LMFT) and co-owner of the Private Practice Startup that features podcasts, paperwork, E-courses, and coaching.
Episode Highlights:
- Time for Change: Katie’s journey and relationship with money and finances
- Money Management Strategies: Profit First, JARS, and Envelope System
- Millionaire Mindset: Are you a money monk, saver, spender, or avoider?
- JARS System’s Play Pot: Learn to enjoy spending money every quarter on yourself
- COVID: Save money to feel calm, confident, and comfortable in certain circumstances
- Live Your Dream Life: Run your business, don’t let your business run you
- Advice: Get a great tax accountant and prepare a financial plan
Links and Resources:
Private Practice Startup
Private Practice Startup Podcasts
Private Practice Startup on Facebook
Profit First by Mike Michalowicz
Fix This Next by Mike Michalowicz
JARS System of Money Management
Dave Ramsey’s Envelope System
Google Ads
The Energy of Money by Maria Nemeth
Never Split the Difference by Chris Voss
Rich Dad Poor Dad by Robert Kiyosaki
Greenoak Accounting
Therapy For Your Money Podcast
"Not all policies are created equal" - Jake Mellor
What are the different kinds of insurance you might need for your business? You want to make sure you and your business are protected.
Today’s guest is Jake Mellor, owner of Mellor Financial Services, which specializes in insurance, wealth management, tax preparation, and tax planning. He describes insurance options at every stage of your business. Jake is not with State Farm, although he sometimes wears khakis. As an independent insurance agent, he represents the client, not the company.
Check out our handout for this episode by clicking here!
Episode Highlights:
- Prioritize: Insurance and wealth management maximizes return and minimizes risk
- Protect: Income, families, business, and future—everything you work for and care about
- Insurance for Small-Business Owners:
- Business Owner’s Policy (BOP): Covers the basics (property/premise insurance)
- Business Interruption Policy: Triggers when natural or economic disasters occur
- Income Replacement Policy: Provides income coverage for individuals/staff
- Life Insurance: Facilitates transition, merge, sale, or acquisition of ownership
- Key Person Policy: Business ops interrupted when specific person passes/leaves
- Malpractice Insurance: Get at least $1 million in general liability coverage
- Cyber Policy: Increasing rate of cyber crimes should be covered under HIPAA
- Short- or Long-term Disability Insurance: Makes sense to insure all employees
- Workers’ Comp: Business owners may be able to waive right to be included
- Employment Practices Liability Insurance (EPLI): Internal employees address ownership of various issues
- Key Indicators: Insurance premiums and number of patients determine total revenue
- Take Care of Yourself: Become an asset via proper personal and business planning
- Must-Have Options: Package deals, business auto insurance, term life insurance policy
- Most Common Missing Options: Cyber liability policy and EPLI
Links and Resources:
Strategic Insurance Agency
Strategic Insurance Agency: 1-800-773-1848
Mellor Financial
Health Information Privacy (HIPAA)
U.S. Department of Labor
GreenOak Accounting
Therapy For Your Money Podcast
Payroll is typically your biggest expense in a group practice. Think about your future before making decisions that have a long term impact.
Today's episode focuses on compensation models for group practices. How much is required to hire and retain employees? Every practice should be profitable.
Click here to download our handout for this episode!
Episode Highlights
- Contractors vs. Employees: What is the difference?
- Contractors: Set core hours, not supervised, self-employed, pay for own insurance
- Employees: Employer sets hours, supervised, costs more but more profit
- Compensation Structures:
- Commission: Percentage of fee collected
- Flat Fee Per Session: Specific amount for each session, including note time
- Hourly Rate: Paid at least minimum wage per hour
- Base Plus Commission: Earn regular payment and additional percentage
- Salary: Increased risk for practice owner to guarantee pay
- Reverse Contractor: Collects funds and pays practice owner flat fee/percentage
- Most Popular Benefits:
- Paid time off (PTO)
- Sick leave
- Health insurance
- 401(K)
Links and Resources:
GreenOak Accounting
Therapy For Your Money Podcast
Therapists tend to be great with emotions, but are sometimes scared of money. Believe in your self-worth by not feeling guilty, but good when making money in private practice. It’s just as easy to have a profitable practice, as a not-profitable practice.
Today’s guest is Tiffany McLain, who is a creator, founder, and teacher at the Lean In MAKE BANK Academy. Tiffany talks about how private practice therapists can build both emotional and financial wealth.
Episode Highlights:
● Conversations and Conflict: Get comfortable or be uncomfortable talking about money
● Clarity/Desire: Know what’s needed to work less, make more; not work more, make less
● Big Picture Plan: Anticipate anxiety to dream big or settle for big disappointment
● Sliding Fee Scale: State your fee and then shut your mouth, don’t make excuses
● Therapists: Who feels guilty? Women, those of color and from blue-collar backgrounds
● Social, Political, and Family of Origin: Is permission necessary to charge confidently?
● Insurance Reimbursement Rates: Run practice and still have life of freedom, flexibility
● Foundational Aspects: Surround yourself with supportive people and invest for success
● Area of Genius: Learn from others before you and spend money to make money
Links and Resources:
Fun with Fee Calculator
Tiffany McLain
Lean In MAKE BANK Academy
Psychology Today
We Should All Be Millionaires by Rachel Rodgers
Uriah Guilford
GreenOak Accounting
Therapy For Your Money Podcast
How can being intentional about productivity and outsourcing lead to increased profits of your private practice? Simply follow three keys to productivity as your business grows because successful therapists flirt with burnout.
Today's guest is Uriah Guilford, a licensed Marriage & Family Therapist (MFT) with Guilford Family Counseling in Northern California. Uriah is the founder of Productive Therapist, which provides virtual assistants (VAs) & support with delegating outsourcing to therapists. He also hosts the Productive Therapist Podcast to offer bite sized pieces of advice for therapists.
Click here to download our handout for this episode!
Episode Highlights
- 3 Keys to Productivity: Eliminate, Automate, and Delegate
- Generalized vs. Specialized VA: Virtual or in-house specialist for specific roles/responsibilities
- Zone of Genius: What do you excel at? What do you love to do? Outsource the rest
- ROI: Outsourcing expense always increases revenue; save time to make more money
- Reputation: Therapists don't answer their phones or get back to people who need help
- Value proposition: Focus on better customer service over 100% live answering
- COVID Convers: Stay connected and productive when working online & remotely
- Free Courses/Resources: Comprehensive list of support services for therapy practices
- To-Do List: Reflect on pain points to delegate tasks and set up systems to run business
Links and Resources:
Guilford Family Counseling
Productive Therapist
Productive Therapist’s Podcast
Productive Therapist’s Free Resources
The Master List
Basecamp
ClickUp
Asana
Belay Solutions
Michael Hyatt
Group Practice Owners Summit
Clockwork by Mike Michalowicz
GreenOak Accounting
Therapy For Your Money Podcast
What’s the bottleneck in your business? It’s time to work less and make more by designing your business to Run Like Clockwork.
Today’s guest is Adrienne Dorison, co-founder of Run Like Clockwork. Mike Michalowicz wrote the book, Clockwork, and Adrienne runs the company.
Click here to download our handout for this episode!
Episode Highlights:
- Operational Efficiency: Take corporate principles, apply them to small business owners
- Systemization: Small business owners need to get out of their own way, give up control
- Why design a business to run itself? Don’t make business dependent on business owner
- Reasons: Never know what may happen; take care of you, your family, clients, and team
- Time for Money: What is something only you can do? What is something you love to do? What is the vision for your company?
- Clockworking: Increase profit, grow business via free time to spend on valuable tasks
- Captain Vision: Stay on the deck, lead and guide the ship on what to do next
- ACDC Method: Identify and solve bottleneck problems; opportunities for progress
- Attract more leads to reach revenue goals
- Convert leads at average or above average conversion rate
- Deliver capacity and time for more of what you do
- Collect money and maintain cash flow
- Too Small for Clockwork? Sooner you understand how to remove things, focus on others
- 3T Framework: Trash and trim things to spend time in more valuable places
Links and Resources:
Run Like Clockwork
Clockwork: Design Your Business to Run Itself by Mike Michalowicz
Run Like Clockwork Accelerator
Run Like Clockwork Podcast
Profit First by Mike Michalowicz
Essentialism: The Disciplined Pursuit of Less by Greg McKeown
GreenOak Accounting
Therapy For Your Money Podcast
It’s time to break bad, repeatable habits. Replace them with financial habits that prove profitable for practice owners. It’s expensive to fix a mistake rather than to do it right in the first place.
Julie Herres, owner of Greenoak Accounting and host of the Therapy For Your Money Podcast, shares insider information about best practices that make profitable practice owners.
Click here to download our handout for this episode!Episode Highlights:
- Money Mindset: Measure profit not success of your practice
- What it means to be profitable? Depends on different practice levels and structures
- Four Financial System Pillars:
- Billing
- Payroll
- Accounting and Bookkeeping
- Tax
- Time Well Spent: Pay yourself intentionally and consistently for time spent in genius area
- Daily, Monthly, Quarterly, or Annually? Review financial data regularly to stay up to date
- Profit First: Plan ahead of time to save money for taxes and unexpected circumstances
- Vision: Think about future goals for your practice to grow, expand, and be profitable
Links and Resources:
QuickBooks
TurboTax
H&R Block
Profit First
Federal Insurance Contributions Act (FICA)
Schedule K-1
GreenOak Accounting
Therapy For Your Money Podcast
Why and how do clinicians start and sustain a private practice, when so many others fail at it? Too few resources and opportunities to financially succeed and stay in business. Private practice is not for everyone.
Today’s guest is Gordon Brewer, a licensed marriage and family therapist. He started a part-time private practice in 2005 that has grown into a group practice named Kingsport Counseling Associates in northeast Tennessee.
Click here to download our handout for this episode!
Episode Highlights:
- Listen and Learn: When resources are limited, find or make your own
- Practice of Therapy: Blog and podcast purpose is to help people start private practice
- Biggest Mistakes: Know your numbers and charge enough to understand profit and loss
- Money Mindset: Therapists should not feel ashamed or guilty about making money
- Top vs. Bottom Line Bookkeeping: Don’t procrastinate or outsource to avoid huge tax bill
- Reserves: Prepare and plan ahead by having 2-6 months of income saved for expenses
- Startup Expenses: Avoid debt and make the practice pay for itself from the beginning
- Bootstrapping: Spend money to make money because doing it all is not a good ROI
- Outsource Opportunities: What is not your area of genius?
- Administrative/clerical work
- Website development
- Social media marketing
- Bookkeeping/accounting
- Contractors vs. Clinicians: Don’t pay first hire too much but a fair, competitive wage
- Financial Advice: Focus on percentages over dollar amounts and know your ‘why’
Links and Resources:
Money Matters in Private Practice Course
(Coupon Code: Julie2020 for 20% off)
Practice of Therapy Blog
Practice of Therapy Podcast
Free Private Practice Start-up Guide from Gordon Brewer
Kingsport Counseling Associates
QuickBooks
Schedule K-1 Form 1065
Schedule C
Affordable Care Act (ACA) Insurance
Free to Focus from Michael Hyatt
Health Insurance Portability and Accountability Act (HIPAA)
Profit First by Mike Michalowicz
Company of One by Paul Jarvis
Google G Suite
GreenOak Accounting
Therapy For Your Money Podcast
Welcome to Therapy for Your Money! We are here to talk about all things money and finances in private practice. Our host, Julie Herres, has perfected the craft of financial management and profitability through her successful years as the Senior Accountant and CEO of her own firm, GreenOak Accounting. She is on a mission to share her best financial practices and make YOUR financial anxiety a thing of the past!
Therapy for Your Money will focus on an endless number of financial topics including budgeting, profitability, taxes, financial management. We are going to be sitting down with industry leaders in credentialing, efficiency, outsourcing, and much more!
Make sure you subscribe to Therapy for Your Money to get updates on when we put out new episodes, and check us out on the web at www.therapyforyourmoney.com. You can also find us on Instagram and Facebook at @therapyforyourmoney or use the hashtag #therapyforyourmoney to shout us out on social media.