Understanding Financial Health: A Guide for Therapy Practice Leaders
In 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