24: Cash Flow Basics for Speech Therapy Private Practice

When you have a speech therapy private practice, you’ve got to have cash in the bank to operate appropriately.  Keep in mind, if you don’t have enough money to cover your expenses, then you’re really working for someone else, and that someone else is the bank.  In this episode, I discuss the basics of cash flow, AR and billing  for speech therapy private practice.

In this episode:

01:02 – + 11,866 listeners

02:58 – Importance of asking questions

04:31 – The Perfect Student

05:05 – Cash Flow: Billing and AR

07:28 – Closed internet communities

10:36 – Cash flow is money movement

13:25 – Importance of cash in the bank for operations

13:50 – More about 1099s + taxes

Anybody can bill, billing is the easiest thing in the world but it’s how you get that money it’s called AR. That’s when you get the money and follow up after you bill.

[Commercial]

Well, Hello everyone! You’re listening to the Speech therapy Private practice Startup Podcast; this is episode number 24. My name is Kyle Meades and I’m a speech pathologist since 1993 and these podcasts are designed to help you improve your business and your life one podcast at a time.

Welcome back to the show everyone today is Tuesday morning, March 21st 2017 and as of today we have over 11,866 listeners to the show and its really nice to have you guys on-board and if you are new to the show Welcome. And thanks again for all the questions and comments. Keep them coming in. And I really appreciate it. Right now when you’re looking at the demographics of the show lets say from the worldview, you have the United States listening, UK, Australia, Canada, India, Japan, Singapore, Israel and the Philippines. Now when you breakdown the United States some of the Top states that are listening in is California, Texas, Arizona, New York and Florida. Then we’ve got Pennsylvania, Illinois, Georgia and Massachusetts. So it’s really cool to have you guys listening, and again if you are new Welcome to the show.

As always if you need some questions answered about your Private practice or if there is something you just want to talk to me about, go to www.privateslp.com/contact and there is a link to send an email to me. Also at the bottom of the page there is a little SpeakPipe application where you can send a voice message directly to me, nobody else would hear that. And right now its setup for it will come right to my Inbox. So if you want to ask a lengthy question and you just don’t want to type that out because I hate emails and I hate typing. A lot of time I just like to speak and let things get transcribed. So if that something you would like to do just go to the bottom of the Contact me page, there is a SpeakPipe application and you just hit Start recording, and you just say what you want to say or ask me your question. I’ll take that question out and answer for you.

I wanted to remind you guys this is a really need thing where you can ask questions and get the feedback that you are looking for when it comes to starting a Private practice, because when I was starting out my own business there wasn’t much out there we have some PDF files we had a few things on the internet about Speech therapy Private practice, but it was very rare. There were a lot of things like on Chiropractic and physical therapy, a couple of things on occupational therapy there were a few older books out there on Private practice,