Welcome to Therapy for Your Money, a podcast dedicated to all things money and finance for therapy practice owners. I'm Julie Herres, an accountant and owner of Green Oak Accounting. With years of experience working with private practice owners, my goal is to share the best practices I've learned to help you build a profitable private practice. In this episode, I talk about starting your year off right by implementing Profit First. In this episode, you will discover:

• What is Profit First: You will gain a clear understanding of what Profit First is and how it differs from traditional accounting methods. By flipping the accounting equation and prioritizing profit, you'll discover how this cash flow management system can help you make better financial decisions for your therapy practice.
• The Benefits of Implementing Profit First: This episode highlights the advantages of implementing the Profit First system in your practice. You'll learn how it can increase your creativity in managing expenses, reduce unnecessary spending, and ultimately lead to higher profitability. By setting up multiple bank accounts and allocating funds strategically, you'll gain control over your cash flow.
• The Importance of Regular Assessments and Adjustments: The episode emphasizes the importance of conducting regular assessments of your practice's financial health. You'll learn how to perform an instant assessment to understand your current financial standing. Moreover, this episode highlights the need for ongoing adjustments as your practice evolves, allowing you to align your Profit First system with your changing goals and priorities.

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

Podcast Production and Show Notes by Course Creation Studio

We've got an exciting new episode of our Live Stream Launch Party Series! On May 2nd, 2023, Julie released her book, Profit First for Therapists. We threw a huge online launch party with GreenOak Accounting team members, real practice owners who tell their stories in the book, and the original creator of Profit First, Mike Michalowicz to celebrate this exciting event. We wanted to share the stories told during our launch event with our podcast listeners so you could be part of the celebration with us!

On today’s episode, we’re joined by none other than the creator of Profit First, Mike Michalowicz! Julie chats with Mike about her experience writing Profit First for Therapists and the impact it’s had on the therapy community, as well as some exciting new projects that Mike has in the works.

Check out the new book by Mike Michalowicz:

All In

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

Setting Effective Financial Goals for 2024

In this episode of 'Therapy for Your Money', host Julie Herres discusses tips on how to make 2024 the most productive financial year yet for private practice owners. She encourages listeners to evaluate previous successes and align future goals with their personal ambitions, focusing on both financial and non-financial targets. Additionally, she emphasizes the effectiveness of setting SMART goals. Finally, she announces an upcoming 'Make 2024 Your Best Year Yet Workshop' where attendees can work on their goals and financial plans.

Aligning Personal Goals with Financial Goals: When setting financial goals, it's essential to align them with your personal aspirations. While having a revenue target can be motivating, it's equally important to consider what truly matters to you. Increasing your take-home pay or achieving a better work-life balance may be more significant than merely attaining a specific revenue milestone

The 10X Goal Mindset: Embracing the 10X goal mindset can be transformative. It challenges you to rethink everything in your business. Setting a goal that is significantly beyond your current position forces you to examine what needs to change to make that goal possible.

Putting Goals into Action: Once your goals are set, it's time to develop a plan to achieve them. Utilize the SMART goal framework – Specific, Measurable, Achievable, Relevant, and Time-bound. By creating goals that meet these criteria, you can clearly track your progress and make necessary adjustments along the way.

Monitoring Progress and Making Adjustments: Regularly review your progress and ensure that you're on track to achieve your goals. At the end of each month, evaluate your outcomes and make any necessary adjustments.

Conclusion:

As we enter a new year, take the time to set financial goals that align with your personal aspirations. Reflect on your past accomplishments, consider audacious 10X goals, and develop a plan using the SMART goal framework. By setting clear and actionable goals, you can make 2024 your best year yet. Remember, your financial success is within reach when you combine intentionality, strategic planning, and the drive to reach new heights.

LINKS & RESOURCES

• Workshop: Make 2024 your best year yet!
• 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 podcast episode, host, Julie Herres discusses the challenges faced by therapy practice owners. Topics covered include the ongoing trends of low referrals and low conversions in the fall of 2023, difficulty in achieving productivity goals, and the importance of tracking metrics and establishing robust financial systems. Julie goes on to recommend solutions that can improve the financial conditions of therapy private practices, underlining the importance of clarity and accessibility in financial systems while noting the difference between accounts receivable from different practices. The episode also delves into the significance of having an effective billing system for maintaining regular cash flow in a practice.

Highlights:

• 02:11 Challenges Faced by Practice Owners
• 02:55 The Importance of Productivity and Setting Expectations
• 04:39 The Paradox of Earning More by Working Less
• 05:29 The Importance of Tracking Metrics and Systems
• 06:18 The Role of Financial Systems in Your Practice
• 09:54 The Importance of Billing Systems

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 enlightening episode of “Therapy for Your Money,” we had the pleasure of hosting Emily and Julie Herres. Both experts dive deep into the intricacies of state taxes, the importance of hiring tax professionals, and the potential pitfalls of self-preparation. Their insights are particularly valuable for those in the counseling and therapy fields, aiming to strike a balance between their passion for helping others and the practicalities of running a profitable business.

The Complexity of State Taxes

Emily emphasizes the complexity of state taxes, noting that they can be even more intricate than federal taxes. She points out, "Your state taxes are probably even more complex and unique than the federal taxes." As businesses expand or deal with clients and employees across state lines, understanding multi-state apportionment becomes crucial. Julie adds, "Multi-state apportionment is extremely complex...every state has a different formula for it." This underscores the importance of being well-versed in the tax requirements of not just one's home state, but potentially multiple states.

The Value of a Tax Professional

Both Emily and Julie champion the benefits of hiring a tax professional. As Emily states, "Your tax professionals can help you save money and save tax." They are equipped with the knowledge of all possible deductions, tax credits, and strategies that can be leveraged to one's advantage. Julie further elaborates on the potentially costly mistakes one might make when self-preparing, such as missing due dates or filing the wrong tax form. She mentions, "Filing the wrong return...can be a really, really expensive mistake."

Time is Money
One of the standout points of the discussion is the value of time. Emily succinctly puts it as, "It's not worth your time." For business owners, especially those in the therapy field, their expertise lies in their practice, not in tax preparation. Julie observes that successful practice owners surround themselves with experts in various fields, allowing them to focus on what they do best. She notes, "They are not trying to be experts at everything."

Tips:

• Always consider the implications of state taxes, especially if you have a presence in multiple states.
• Invest in a tax professional to avoid costly mistakes and to ensure you're maximizing your deductions.
• Prioritize your time. Focus on your core competencies and let experts handle specialized tasks.

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

On Episode 118, join our host, Julie Herres, and special guest, Jacquie Kiefer of Green Oak Accounting, for a guiding discussion about the fourth-quarter financial trends and challenges faced by therapy practice owners. In this captivating dialogue, they delve into issues that are impacting the industry's monetary climate, from dwindling referrals to the implications of accelerating inflation on private practices. The conversation also sheds light on the rising popularity of therapy applications, such as BetterHelp, and its corresponding effects on the industry.

The discussion concludes with valuable end-of-year financial strategies designed specifically for private practice owners, aimed at ensuring monetary sustainability and resilience in unpredictable times. Through this episode, gain critical insights into the financial realities within the therapy sector and pick up substantial advice on managing your practice's finances.

In this episode, you will discover:

• Trend Analysis: Slowing Referrals - Get a deep understanding of the present trend of slow referrals during the 2nd and into the 3rd quarter. Recognizing these market trends early can allow practice owners to plan better and optimize their marketing strategies.
• The Impact of Inflation on Private Practices:  Unearth how heightened inflation levels impact private practices, particularly those that are solely private pay, and strategies to manage these impacts. Learning how to navigate this economic wave can result in a more robust, resilient practice.
• The Rise of Therapy Applications: Dive into the examination of therapy applications like BetterHelp and debate their growing dominance in the sector. Knowledge about these apps' impact on private practices can help owners plan their strategies more effectively.

Fuel your practice's financial health by arming yourself with the knowledge presented in this eye-opening episode! Stay informed, keep learning, and let's face it together because we want you to have a profitable private practice—let's make that journey together.

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

We've got an exciting new episode of our Live Stream Launch Party Series! On May 2nd, 2023, Julie released her book, Profit First for Therapists. We threw a huge online launch party with GreenOak Accounting team members, real practice owners who tell their stories in the book, and the original creator of Profit First, Mike Michalowicz to celebrate this exciting event. We wanted to share the stories told during our launch event with our podcast listeners so you could be part of the celebration with us!
 
 On today's episode, we're joined by Jessica Tappana, Whitney Owens, Uriah Guilford, and Gordon Brewer! These industry leaders have expanded their businesses from private practice to podcasting to consulting and so much more. They were so excited to share their stories with our Launch Party viewers, and are even more excited to share with our podcast listeners today.

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

In the ever-challenging landscape of the mental health industry, private practice owners often grapple with burnout. Julie Herres highlights the significance of having a clear financial goal or "number" to navigate these challenges. "It has been a hard couple of years in the mental health industry," Julie remarks, emphasizing the power of a financial target to bring clarity and direction.

What You'll Learn:

• The importance of balancing income with liquid assets for financial security.
• The "comfort number": Why having 3-6 months' worth of personal expenses and 1-2 months of business expenses can be a game-changer.
• Why it is good to have a conversation about the different comfort numbers from the other people in your household

Conclusion:
Financial well-being transcends mere numbers. It's rooted in the peace of mind derived from financial security. By grasping the balance between income and assets and pinpointing a personal "comfort number," practice owners can confidently face industry challenges. As Julie succinctly states, "Knowing your financial goals and working towards them can provide the motivation and security you need to thrive in your practice."

Links and Resources

• Green Oak Accounting
• Therapy for your Money Podcast
• Profit First for Therapists
• Profit First Academy

Podcast Production and Show Notes by Course Creation Studio

We have another exciting new episode today all about a game changing strategy that can significantly boost your ROI as a private practice owner – collaboration. Mental health professionals often emphasize the importance of collaboration in their therapeutic work, but have you considered how collaboration can extend beyond therapy sessions and positively impact the financial health of your practice? Whether you're a seasoned practitioner or just starting, the power of collaboration can't be underestimated. Julie is joined by Stephanie Korpal and Christy Pennison of the Practice Collab to talk about their successes through the power of collaboration.

Stephanie Korpal and Christy Pennison are both group practice owners with multiple locations. Both women are passionate about their group practices, teams, and communities they serve--Stephanie in St. Louis and Chicago, Christy in central Louisiana (Alexandria and Natchichoes to be exact). That passion also extends to fellow group practice owners, a role they both know takes so much! Together, they have founded and launched a unique, special place for group practice bosses to connect, collaborate, and crush it. Their business, The Practice Collab, is designed to help practice owners work less, make more, and live most.

EPISODE HIGHLIGHTS

• How can collaboration make you a better practice owner?
  • Having someone to talk to about the difficult emotions or experiences that come along with being a practice owner can take such a weight off of your shoulders
  • When you aren't sure where you can find the solution to a problem, it can be helpful to turn to your community who can point you in the right direction
  • Sharing resources with one another when it comes to scheduling, finances, EHRs, etc. can benefit your practice in so many ways

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
The Practice Collab - www.ThePracticeCollab.com
Traction by Gino Wickman
The Culture Code by Daniel Coyle

In today's episode, we'll be exploring a new topic - 529 College Savings Plans! We believe that every child's potential deserves to be nurtured, and that includes paving the way for their educational aspirations. Together, let's navigate the world of 529 plans... not just as a financial tool but as a means to cultivate a sense of security and confidence for your family.

EPISODE HIGHLIGHTS

• What are some benefits of a 529 plan?
  • Currently, in 30 states, you can get an income tax break when you contribute to a 529
  • The funds grow tax-free and are not taxes when you pull the money out (as long as you are using the money towards education - tuition, textbooks, etc.)
  • If your child decides not to pursue college, gets a scholarship that covers their college expenses, or maybe decides to go to a less expensive trade school and there is still money left over in their 529, you are able to transfer that money to another child’s 529 or allow it to continue to grow and pass it on to a grandchild
•  Who can contribute money to the 529?
  • Anyone! If you have grandparents, aunts, uncles, or other extended family who would like to contribute to your child’s 529, they are absolutely able to do so
  • If you have a wealthy relative that is interested in contributing to your child’s 529, they may have the additional benefit of offloading some of their estate tax and doesn’t require them to file a gift tax return (when gifted below a certain amount)

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