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

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 & RESOURCES
GreenOak 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 & RESOURCES
GreenOak 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