In this episode of the Wise Practice Podcast, host Whitney Owens introduces Nate Hendrikse, founder of Navigator Bookkeeping, to discuss the importance of understanding financial stories in private practices. Nate explains how practice owners can achieve financial confidence by analyzing their numbers and making informed decisions. He shares practical steps to manage bookkeeping, strategies for hiring, and optimizing clinician profitability. The episode emphasizes the need for good cash flow management and offers resources like the profitability dashboard tool and free tactical sessions for therapists. Whitney also updates listeners on her building purchase adventures and highlights upcoming events like the Wise Practice Summit.

01:46 Financial Stories in Practice Management 04:37 Introducing Nate Hendrikse from Navigator Bookkeeping 09:05 Understanding Your Financial Story 20:00 Discovering QuickBooks: A Game Changer 21:06 Challenges of Scaling a Practice 22:09 Hiring Your First Clinician: Key Considerations 23:02 Pay Structures and Profitability 25:49 The Importance of a Profitability Dashboard 30:27 Managing Cash Flow in Private Practice 35:02 Resources and Support for Practice Owners 36:57 Conclusion and Final Thoughts

Show Sponsor Twin Oaks Medical Management

Navigating credentialing and insurance contracts can be daunting. That's where Twin Oaks Medical Management steps in. Their expert team specializes in seamlessly guiding your practice through this intricate process. They take the headache out of insurance by making sure that you are credentialed and contracted with major insurers. Not only do they handle the paperwork, but Twin Oaks Medical Management also negotiates competitive fee schedules that work for your practice. Imagine having the peace of mind of knowing that your financial agreements are optimized to support your growth and sustainability.

Expanding your network and increasing patient access is crucial for any practice's success. With Twin Oaks Medical Management, you can focus on delivering exceptional care while they handle the administrative complexities.

To learn more about how they can help with credentialing and contracting by visit them today at www.twinoaksmm.com.

Show Sponsor Arc Integrated

Arc Integrated specializes in helping leaders navigate change with confidence. With personalized coaching, leadership training, and strategic planning, Arc Integrated helps clients to reduce stress, enhance communication, and build emotional intelligence within their teams.

Clients of Arc Integrated report results like...

• Improved leadership skills
• Increased team cohesion
• Enhanced organizational performance
• Increased retention of employees 

Visit www.arcintegrated.com/coaching to schedule a free leadership consultation. You'll have the chance to receive some tangible strategies to help drive the success of your practice.

Nate Hendrikse’s Resources

• Website
• LinkedIn
• Facebook
• Clinician Profitability Tool

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