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