Understanding the Implications of Hiring Contractors vs Employees in Therapy Practices

In this episode of 'Therapy for Your Money,' host Julie Herres discusses the implications of employing contractors versus employees in therapy practices. She unpacks a recent ruling from the Department of Labor and its six factors for determining employment relationships. She emphasizes that legislation is moving towards favoring employee relationships. While the immediate impact on therapy practices may be limited, it is prudent for owners to begin considering the transition from contractors to employees. Julie also shares useful resources to help small businesses stay compliant and highlights a webinar on clinician compensation for sustainable and profitable practices.

Episode Highlights

• 00:00 Welcome to the Podcast
• 00:49 The Age-Old Question: Contractors or Employees?
• 01:49 Understanding Audits and Their Implications
• 04:50 The New Department of Labor Ruling
• 06:52 Breaking Down the Six Factors of the New Rule
• 16:36 Potential Liabilities for Misclassification
• 17:25 What Does This Mean for Your Practice?
• 21:19 Final Thoughts and Resources
• 24:02 Disclaimer

Links and Resources

• New DOL rules: https://www.dol.gov/agencies/whd/flsa/misclassification/rulemaking
• Small entity compliance guide: https://www.dol.gov/agencies/whd/government-contracts/small-entity-compliance-guide
• Free webinar: https://www.greenoakaccounting.com/webinar
• 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

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In this episode, Julie Herres and her guest Davia Roberts discuss the differences between the nonprofit and corporate mindsets in the therapy field. They explore the challenges faced by therapists working in nonprofits, such as low pay, unrealistic expectations, and the guilt associated with prioritizing financial security. They also debunk the stigma around therapists transitioning from nonprofit to corporate settings.

Financial Challenges in Nonprofit Settings
The conversation highlights the financial challenges faced by therapists working in nonprofit settings. Many therapists in these settings are overworked and underpaid, with unrealistic workloads and limited resources. Struggles include making a living wage, paying off student loans, and the overall financial stress that impacts the well-being of therapists. On top of that, there is the guilt associated with charging higher fees for services, despite the value and importance of their work.

The Impact of Stigma
Davia highlights the perception that going corporate is seen as being greedy or money-focused, while nonprofit work is viewed as selfless and dedicated to helping others. The conversation challenges these stereotypes, pointing out the importance of financial security and acknowledging that therapists should not be expected to sacrifice their own well-being for their clients. They discuss the need to break free from the guilt and reframe the conversation around the value and worth of mental health services.

Shifting the Mindset
The transition from a nonprofit mindset to a corporate or private practice mindset involves a critical evaluation of goals, motivations, and expectations. This process is crucial for therapists considering such a shift. They need to align their financial goals with their career aspirations, highlighting the significance of negotiating appropriate pay and understanding their worth. Additionally, the conversation addresses the necessity of financial planning and budgeting. Awareness of the seasonal fluctuations in income that can occur in an entrepreneurial or private practice setting is also a key aspect of this transition.

LINKS & RESOURCES

• Book Recommendation: The Wealthy Speaker 3.0 
• More than a Therapist: Listen to the Podcast and join the community!
• 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

Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi

Lessons from Successful Business Owners: Strategies and Habits for Profitable Practices

Host Julie Herres discusses the habits and strategies common among the most successful business owners. She emphasizes not to equate the appearance of wealth with actual success. She suggests that successful business owners often do not overextend their resources but smartly use credit cards and plan investments. Successful business owners rarely take uncalculated risks. They value their time and spend it wisely on the business. They have emergency funds, focus on perfecting one revenue stream before moving on to others, and rely on experts for various business requirements. These strategies have helped drive their businesses forward in a financially sustainable way.

Episode Highlights

• 00:00 Introduction and Background
• 00:50 Lessons from Successful Business Owners
• 01:24 Understanding Wealth and Spending Habits
• 03:27 The Importance of Planning and Saving
• 05:28 Evaluating Return on Investment
• 06:13 Taking Calculated Risks
• 07:50 Valuing Time and Focus
• 09:20 Maintaining Financial Security
• 11:16 The Power of Focus and Expertise
• 14:29 Conclusion and Final Thoughts

LINKS & RESOURCES

• 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

Episode Summary:
In this episode, Maira Holzmann and Julie Herres delve deep into the intricacies of managing finances in the world of therapy practice. They discuss the challenges and revelations they've faced, from reevaluating their perceptions of debt to the importance of joy spotting amidst the stresses of business. Maira shares her transformative journey with money, emphasizing the need for prioritization and respect in handling finances. Julie offers insights into the dual-edged nature of business ownership, highlighting the balance between control and uncertainty.

Episode Highlights:

• Talk very plainly about fears. This clears the way for growth.  
• The shift in perception regarding debt, recognizing it not just as a burden but also as a potential tool for growth.
• Look for joy: Maira's technique of “joy spotting” and savoring what you have right now as a means to alleviate the stresses of business, emphasizes its physiological benefits.
• Embrace what you love: Embrace simple small pleasures like reading, cooking, or taking care of what you have. 

Links and Resources:

• More Thriving Therapists 
• Somatic Therapy partners 
• 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

Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi

How to Increase Your Income in Private Practice: Three Levers All Practice Owners Can Use

In this podcast episode of Therapy for Your Money, host Julie Herres discusses levers that therapy practice owners can control to increase their income. 

• The first lever is the number of sessions provided by the practice, in which an increase should generate higher profits. 
• The second lever is the average fee per session, increasing rates should lead to higher income, assuming overheads don't rise. 
• The final lever is the allocation of income, more specifically, how much owner's pay they assign themselves. 

By skillfully managing these levers and expenses, practice owners can improve their personal income without necessarily needing to increase their gross earnings.

Highlights

00:04 Introduction to the Podcast

00:15 About the Host and Her Mission

00:35 Introduction to the Book 'Profit First for Therapists'

00:51 Increasing Your Private Practice Income

01:08 Three Levers to Increase Your Income

01:44 Lever 1: Increasing the Number of Sessions

03:38 Lever 2: Increasing the Average Fee per Session

05:05 Lever 3: Managing Your Expenses and Allocation

06:40 How to Use These Levers to Your Advantage

07:25 The Importance of a Profitable Practice

08:16 Using the 'Reverse Engineer Your Practice' Tool

09:09 Conclusion and Legal Disclaimer

LINKS & RESOURCES

• 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

During this podcast episode, the hosts discuss the shifting mindset from viewing intake coordinators strictly as administrative support to seeing them as essential salespeople in mental health practices. By redefining the role, conversion rates can increase, benefiting the practice and the clients.  When it comes to putting the right person in the role, it's important to hire someone with a sales mindset capable of tackling tasks like efficient follow-ups and exploring all possible patient options while still being likable and relational.  

Three questions this episode will answer are:

• What are some past jobs to look for when hiring an intake coordinator
• What are some jobs that might not be a good fit for experience (it's not what you think)
• What are some of the skills to look for when hiring an intake coordinator

Timeline:

• 00:04 Introduction and Welcome
• 00:50 Guest Introduction: Niki Ramirez
• 01:37 The Role of an Intake Coordinator in Therapy
• 04:31 The Importance of Sales Skills in Intake Coordination
• 07:57 Identifying Potential Candidates for Intake Coordinator
• 15:51 Structuring the Job Description and Compensation
• 25:05 Encouraging People to Think About a Carrot in Any Industry
• 25:34 Favorite Business Book and Its Impact
• 26:36 Connecting with HR Answers
• 27:08 Introducing the Concept of Intake Coordinator as a Salesperson
• 27:52 The Role of Business Development Manager at Green Oak Accounting
• 28:37 Changing the Perception of Sales in the Industry
• 35:36 The Importance of Persistence in Sales
• 38:29 Potential Sales Positions for Intake Coordinators
• 40:29 Compensation Structures for Sales Positions
• 44:07 Addressing Ethical Concerns About Sales in Therapy Practices
• 46:36 Wrapping Up the Discussion and Looking Forward to the Next Episode

Guest Resources

• HR Answers
• LinkedIn

Links and Resources

• 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

Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi

In this episode, Julie Herres, the host of 'Therapy for Your Money' speaks with Sarah Riley, the business development manager at Green Oak Accounting, about reimagining the role of an intake coordinator to work more like a salesperson. They discuss how a sales-oriented approach can significantly improve a therapy practice's conversion rates, making it more profitable. They also explore practical tips on how to implement this approach, deal with ethical concerns, and how choosing the right person with a sales mindset can help provide better service to clients.

In this episode, you will discover:

• The role of intake coordinators as salespersons in therapy offices
• The benefits of having a sales-minded intake coordinator
• Different sales positions that could be a good fit for an intake coordinator role
• The importance of a sales mindset for intake coordinators
• How a sales-minded intake coordinator can improve conversion rates
• The potential impact of a sales-focused intake coordinator on practice caseloads
• Different compensation structures for sales-minded intake coordinators, and ethical considerations in sales tactics.

Section Highlights

• 00:04 Introduction to the Podcast
• 00:15 About the Host and Her Mission
• 00:49 Introduction to the Topic: Intake Coordinator as a Salesperson
• 01:31 Guest Introduction: Sarah Riley
• 02:05 Understanding the Sales Role in Therapy Practices
• 04:07 The Importance of a Sales Mindset in Intake Coordination
• 08:14 Benefits of a Sales Mindset in Therapy Practices
• 17:47 Potential Concerns and Ethical Considerations
• 20:15 Conclusion and Preview of the Next Episode

LINKS & RESOURCES
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

In this episode of "Therapy for Your Money," Julie Herres and Linzy Bonham discuss the various types of financial professionals that therapy practice owners might work with or encounter. They highlight the importance of understanding the roles and responsibilities of these professionals to make informed decisions for one's business.

Bookkeepers and Accountants for Therapists
The discussion starts with an overview of bookkeepers and accountants. Bookkeepers manage the financial records, transactions, and basic financial tasks, while accountants have a more comprehensive understanding of taxes, bookkeeping, and payroll. Accountants might also provide forward-looking analysis, helping business owners plan for the future.

Fractional CFOs (Chief Financial Officers) for Therapists
The hosts introduce the concept of fractional CFOs, who are like strategic financial partners for businesses. Fractional CFOs help with big financial decisions, budgeting, measuring financial key performance indicators, and achieving financial goals. They play a vital role in guiding businesses through periods of growth and keeping them on track.

Financial Coaches and Profit First Professionals for Therapists
Financial coaches focus on educating and empowering business owners to manage their finances effectively. They address mindset and emotional aspects related to money, helping business owners develop skills and habits for informed financial decisions. Profit First Professionals specifically use the Profit First methodology to prioritize profit in business finances.

Payroll Services and Financial Planners
Payroll services automate payroll-related tasks, ensuring compliance and accuracy. Financial planners, on the other hand, offer guidance on investments, retirement planning, and insurance products. It's important to distinguish between fee-for-service financial planners and those who may also sell financial products, as this can affect the advice and recommendations they provide.

Tips for Practice Owners: 

• When seeking financial professionals, make sure to clarify their roles, responsibilities, and compensation models upfront. 
• Assess your business's needs and goals to determine which professionals align best with your requirements.
• Regular communication with your chosen professionals can help you make informed financial decisions and stay on track toward your objectives.

LINKS & RESOURCES
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
Money Nuts and Bolts - Learn More about Linzy and her services

Podcast Production and Show Notes by Course Creation Studio

In this enlightening episode of "Therapy for Your Money," host Julie Herres dives into the crucial topic of embracing your full fee as a therapist and getting comfortable with it. She is joined by Alyse Freda Colon, a seasoned therapist with 18 years of experience in private practice. 

Shifting the Mindset Around Fees
Alyse encourages therapists to recognize the immense value they provide through their work and to overcome the fear of charging their worth. As she aptly puts it, "We are doing kick-ass life-changing work, and you need to acknowledge that you are providing a very valuable service."

Transitioning from Insurance to Private Pay
The episode delves into the process of transitioning from accepting insurance to practicing on a private pay basis. Alyse's experience serves as a powerful reminder that therapists have the right to set their fee structures based on their own needs and circumstances.

Overcoming the Fear of Charging Your Worth
Challenging the notion that therapists shouldn't focus on making money, Alyse emphasizes the importance of confidently charging your worth. She advocates for therapists to take ownership of their fee structures without apology or hesitation. 

Action Steps

• 💡 Tip 1: Own Your Value "Therapists provide life-changing work. Acknowledge the value you bring and don't shy away from charging what you're worth." - Alyse Freda Colon
• 💰 Tip 2: Shift Your Mindset "Stop telling yourself you can't make money. Change your money mindset to attract abundance and financial success." - Alyse Freda Colon
• 🗣️ Tip 3: Confident Communication "When stating your fee, be firm and silent. Avoid justifying or apologizing. Your fee reflects your expertise." - Alyse Freda Colon
• 📆 Tip 4: Choose Sustainable Fees "Set a fee that supports your life and practice. Sustainability ensures you provide quality care while thriving financially." - Alyse Freda Colon
• 🚀 Tip 5: Embrace Specialization "Specialized therapists can confidently charge higher fees. Your expertise deserves appropriate compensation." - Alyse Freda Colon

The episode serves as a reminder that therapists provide invaluable services and deserve to thrive in their businesses. As Alyse aptly states, "We gotta stop all the shaming around therapists who want to do good work and make a good living." With determination and a renewed perspective, therapists can embrace their financial worth and achieve sustainable success in their private practices.

LINKS & RESOURCES

• GreenOak Accounting - www.GreenOakAccounting.com
• Therapy For Your Money Podcast - www.TherapyForYourMoney.com
• Profit First for Therapists - www.ProfitFirstForTherapists.com
• Profit First Academy - https://www.profitfirstfortherapists.com/academy
• Book Recommendation: You are a Badass at Making Money
• Get support from Alyse: Coaching WIth Alyse
• Alyse Freda-Colon Therapy Page

Podcast Production and Show Notes by Course Creation Studio

In this episode, we explore the intricacies of achieving financial freedom in the digital era with our guest, Adam Carroll. We discuss the changing dynamics of financial transactions and innovative strategies that have reshaped our relationship with money, making it seem less tangible and possibly affecting our spending habits. We also introduce the "Shred Method," a groundbreaking approach to debt management that offers a faster path to financial independence.

Highlights:

• The Illusion of Money in the Digital Age: In today's society, money feels less "real" due to the prevalence of digital transactions. This change in perception can influence spending habits, as people might not hesitate as much when spending digitally compared to using physical cash.
• The Shred Method: This new approach to financial management focuses on optimizing income efficiency, helping individuals avoid letting their money sit idle in checking accounts, and instead, using it in ways that foster financial growth.
• The Power of Compound Interest and Investment: Adam shares his experience of paying off a substantial mortgage in just over three years and the subsequent journey of building a significant investment portfolio through the strategic use of asset liquidity.
• Asset Liquidity and Future Planning: Emphasizing the importance of creating liquidity in assets and planning for future expenses as vital steps in avoiding debt accumulation and paving the way to financial freedom.

As we conclude, we reflect on the wealth of knowledge shared by Adam Carroll, highlighting the necessity to adapt to the changing financial landscape and utilize innovative methods for efficient debt and investment management. This conversation illuminates the potential of compound interest and the importance of flexibility in financial planning, encouraging listeners to make informed decisions for a prosperous future.

Join us in the next episode for more insights into shaping a financially secure future.

Links and Resources

• The Shred Method
• Money Mastery for Students 
• Winning the Money Game
• Green Oak accounting
• Therapy for your Money Podcast
• Profit First for Therapists
• Profit First Academy
• IG: @Adam.Carroll
• IG: @The.ShredMethod 
• TW: @AdamCarroll

Podcast Production and Show Notes by Course Creation Studio