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.

Pre-order your copy of Profit First For Therapists by clicking here!

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.

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!

Pre-order your copy of Profit First For Therapists by clicking here!

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 - [email protected]

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