Therapy For Your Money

Therapist Finances in 2025: What's Working, What's Risky, and What to WatchIn this quarterly recap, Julie Herres sits down with Green Oak Accounting's Jacquie Carter for a candid conversation about the financial realities therapy practice owners are facing in 2025. From insurance shifts to hiring woes, this episode is packed with no-fluff guidance for navigating uncertainty.You'll hear:Why now isn't the time to drop insurance panels (even if you want to)What “people pleasing” looks like in payroll—and how it can tank your profitsWhen a new revenue stream is the right move (and when it's just a shiny distraction)If you've been wondering whether to grow, pivot, or hold steady—this episode is for you.Highlights:00:44 – Why private-pay practices are pivoting to insurance (and how to think about the tradeoff)03:39 – Summer slowdown or summer surprise? How to plan for seasonal shifts04:37 – Why marketing is becoming non-negotiable—and how to track your ROI07:11 – “The math has to math”: The cost of people pleasing in your payroll strategy08:52 – The truth behind that controversial Facebook ad about overpaying clinicians10:20 – Is group practice really the path to passive income? (Spoiler: No.)12:37 – Why chasing $1M revenue doesn't always make sense15:37 – What to do when you ignore professional advice—and how to recover18:24 – Are you spending money to look successful instead of being profitable?20:09 – One of the riskiest financial decisions Julie has ever seen a client make25:01 – “You might be the problem”—the hard truth about self-sabotage in business29:33 – Why “boring” financial advice often leads to long-term successLinks and ResourcesMoney for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Understanding Tax Inequities: Why Billionaires Pay LessIn this episode of 'Therapy for Your Money,' host Julie Herres, an accountant and owner of Green Oak Accounting, delves into the often-asked question of why billionaires seem to pay so little in taxes compared to small business owners. Julie explains the U.S. tax system's design to benefit the ultra-wealthy and explores the 'buy, borrow, die' strategy that allows billionaires to leverage their assets without triggering taxable events. She also discusses estate taxes and how complex legal structures enable the wealthy to pass on fortunes tax-free. This episode aims to educate listeners about these discrepancies and inspire more informed conversations around tax reform.Show Highlights00:00 Introduction to Therapy for Your Money00:44 Why Do Billionaires Pay Less in Taxes?03:18 Understanding the Buy, Borrow, Die Strategy10:46 The Impact of Tax System on Small Business Owners11:55 Estate Tax and Wealth Transfer15:04 Conclusion and Final ThoughtsResourcesMoney for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio

Smart Money Moves for Therapists in a Shaky EconomyFeeling nervous about the economy? You're not alone—and you're not powerless. In this episode, Julie Herres welcomes financial planner David Frank back to the show for a calming and practical conversation about what therapists can do when things feel financially unstable.You'll learn why panic doesn't serve your practice—and what to do instead. Whether you're watching the market dip, worried about Medicare or Medicaid cuts, or just feeling the pressure of team payroll, this episode is packed with tools and reassurance.Why listen:Understand what market volatility really means.Learn how to protect your business from revenue concentration risks.Get proactive steps to ease anxiety and make grounded decisions.Show Highlights:01:45 – Why anxiety is rising and what's really happening in the market03:00 – Zooming out: what history tells us about bear markets and recovery05:00 – Julie's “set it and forget it” investing strategy08:00 – Dollar-cost averaging explained—and why it works09:30 – How to think like a CEO if you rely on Medicaid/Medicare10:40 – Revenue concentration risk: what it is, and why it matters11:30 – Using “fear-setting” to prepare without panicking14:00 – The value of securing a line of credit before you need it20:00 – The difference between tracking for action vs. emotional reassurance22:00 – How missing a few big days in the market can hurt long-term returns23:00 – Julie's closing reminderClosing Thought: “If you're feeling unsure, that's okay. You don't have to hustle harder, but you can plan smarter. You've got this—and I'm cheering you on.”Links and ResourcesTurning Point HQ – David Frank's Financial Planning Services https://turningpointhq.com/Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Episode SummaryThinking about switching your group practice from 1099 contractors to W-2 employees? You're not alone—and you're not crazy for feeling overwhelmed by it.In this episode, Julie talks with group practice owner and consultant Amy Dover about her real-life journey making this transition. Amy shares what triggered the change, the surprises along the way, and what she wishes she knew from the start. Labor laws, compensation shifts, team dynamics, and aligning your business model with your values...it's all in this episode!Here's why this episode is a must listen:You'll learn what to expect (including some hard truths) when you make the W-2 switchYou'll understand how misalignment between your business model and operations can shrink your profit marginYou'll get honest insight into what happens after the dust settles—and why Amy has no regretsEpisode Highlights 00:45 – Why this is one of the most requested topics among therapists 02:00 – Amy's rapid growth—and early red flags 03:40 – The legal wake-up call: “This is a W-2 setup in disguise” 05:50 – Choosing alignment: why Amy shifted to employees 07:15 – Rolling it out: legal prep, communication, and transparency 08:30 – When kindness isn't enough to avoid legal risk 10:00 – The emotional weight of leadership and unexpected team changes 11:50 – Over half the team left—what Amy learned through attrition 16:00 – Julie: “We can't invest in growth if the numbers don't work” 18:20 – “No one keeps their full fee”—a reality check for therapists 20:00 – Life after the storm: alignment, faith, and steady referrals 22:00 – Transition timelines: why 12+ months is realistic 23:00 – Julie and Amy: the sooner you decide, the smoother it goes ResourcesWise Practice Consulting – Amy Dover's Bio & ServicesMoney for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Scale Your Therapy Practice Fast: Clinicians, Clients, Cash & Space In this episode, Julie walks you through the four critical systems you need to grow your therapy practice quickly and sustainably. You'll learn how to recruit clinicians before you need them, attract a steady stream of clients, plan for cashflow dips, and optimize your office space.By the end, you'll have a clear roadmap to coordinate all four factors—so your practice can expand without burning out your team or your bank account.Listen for solutions:If you're hiring more clinicians but are worried about cash flow, you'll learn how to budget and finance growth.If you need a reliable client‑generation system, you'll discover the metrics and processes to track.If your office feels maxed out, you'll get practical tips to squeeze more value from every square foot.Highlights: 00:00 – Julie opens Therapy for Your Money and today's growth topic 00:32 – Introducing Profit First for Therapists book 00:45 – The four pillars of fast scaling: Clinicians, Clients, Cash, Space 01:25 – Building recruiting systems and runway planning 03:19 – Why you must start hiring months before you need capacity 04:23 – Factoring team attrition into your hiring goals 05:00 – Budgeting for clinician recruitment ads (Indeed, LinkedIn, ZipRecruiter) 05:59 – Setting up client‑attraction systems (ads, referrals, tracking) 07:48 – Speed of response: converting inquiries in 24 hours 10:01 – Planning for a temporary profit dip during rapid growth 11:39 – Financing options: owner's pay, lines of credit, loans 14:00 – Maximizing physical space: shifts, weekend hours, telehealth 15:46 – Knowing when to add locations or telehealth roles 16:53 – Integrating all systems for efficient, profitable expansion 17:46 – Key takeaways and next steps for scaling successNeed Help Growing:Need a tailored growth plan? Visit Green Oak Accounting for free guides and tools. If you found this episode helpful, share it with a colleague or leave a review!Links and ResourcesMoney for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio

Adding Supervision to Your Therapy Practice for Financial StabilityIn this episode of 'Therapy for Your Money,' host Julie Herres welcomes Brittany Schank to discuss the benefits of incorporating supervision into therapy practices. Brittany, a group practice owner from Fargo, North Dakota, shares her journey of adding supervision to create financial stability amidst the unpredictable nature of insurance payments. They delve into the logistical aspects of providing supervision, including the establishment of fair rates, group versus individual supervision dynamics, and advertising strategies. The discussion also covers key considerations for practice owners, such as liability insurance, setting up contracts, and potentially separating supervision services from the core practice for legal and business reasons. This episode provides valuable insights into expanding revenue streams by offering supervision, making it a must-listen for therapy practitioners looking to enhance financial security.Show Highlights 00:00 Introduction to Therapy for Your Money01:01 Meet Brittany Schank: Group Practice Owner01:59 The Financial Benefits of Supervision03:30 Setting Up Supervision Services04:30 Determining Supervision Rates06:44 Group Supervision: A Profitable Approach10:38 Advertising and Finding Supervisees12:09 Legal and Logistical Considerations18:35 Final Thoughts and ResourcesLinks and ResourcesSolace Directory: https://solacecodirectory.com/Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio

Budgeting vs. Investing: Smart Financial Decisions for Therapy Practice OwnersIn this episode of 'Therapy for Your Money,' host Julie Herres, owner of GreenOak Accounting, discusses how therapy practice owners can navigate the challenging decision of when to be frugal versus when to invest in growth. Julie offers a step-by-step guide on setting up a startup budget, allocating funds, and revisiting financial milestones. She also explores the pros and cons of taking on debt and the importance of marketing investments in the early stages of a practice. Key action steps include knowing your startup budget, dividing funds strategically, and continuously evaluating financial needs as your practice grows. Julie emphasizes the need for using accounting software and saving for taxes to ensure a financially healthy practice.Show Highlights00:00 Introduction to Therapy for Your Money00:45 Deciding When to Spend or Save in Your Practice01:57 Setting Up Your Startup Budget03:32 Allocating Your Budget Wisely09:22 Marketing and Growth Strategies11:43 Managing Debt and Financial Caution15:18 Final Tips and Resources16:57 Disclaimer and Legal InformationLinks and ResourcesMoney for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comGreenOak Courses: https://www.greenoakaccounting.com/coursesProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio

Adding an online course or coaching offer can feel like a natural next step for private practice owners—but it comes with its own financial considerations. In this episode, Julie Herres walks through how to manage revenue from a course or other non-clinical income stream without creating chaos in your books.You'll learn how to separate course finances from your practice, when it might be time to set up a separate entity, and how to use Profit First principles to allocate funds for development, marketing, taxes, and your own pay. Whether you're just getting started or already selling, Julie offers grounded guidance to help you build a profitable and sustainable second stream of income.Listen in to learn:Why courses won't fix a struggling practice—and what to do firstWhat legal and licensing implications to consider when launching a non-therapy offerHow to structure bank accounts using Profit First to track course income clearlyEpisode Highlights00:45 – Why a course isn't the solution to a struggling practice02:50 – How to evaluate whether your course should be part of your practice or a separate entity04:15 – The potential risk of licensing board oversight for non-clinical offerings05:40 – When it's worth creating a separate LLC06:50 – Using Profit First to allocate a start-up course budget08:10 – Why separate bank accounts give you clarity and control09:00 – Treating your course income like a solo practice inside a group model10:00 – How to handle taxes, reinvestment, and owner's pay for your course12:00 – Final thoughts on making your course pay you back—not just take your timeLinks and ResourcesMoney for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation StudioIf this episode resonated with you, consider sharing it with a fellow clinician or checking out our free resources at GreenOak Accounting. Your financial clarity starts with a single step—and you don't have to take it alone.

Optimizing Insurance for Therapy Practices with Jeremy ZugIn this episode of Therapy for Your Money, host Julie Herres speaks with Jeremy Zug, co-founder of Practice Solutions, about the intricacies of insurance for therapy practices. They discuss the reasons for taking insurance, navigating reimbursement rates, the steps in the credentialing process, and managing the revenue cycle. Jeremy emphasizes the importance of being strategic when selecting insurance providers and highlights the hurdles therapists may face. They also discuss the significance of choosing the right electronic health record (EHR) system and the benefits of having structured billing processes. Jeremy introduces his new book as a resource for maximizing insurance revenue and offers practical advice for therapy practice owners.Show Highlights00:00 Introduction to Therapy for Your Money00:44 Welcoming Jeremy Zug: Discussing Insurance01:34 Why Take Insurance in Private Practice?03:20 Navigating Insurance Reimbursement Rates05:07 The Credentialing Process: Start Early06:07 Hurdles in Accepting Insurance09:11 Managing the Revenue Cycle12:32 Insurance vs. Private Pay: Making the Decision17:00 Practice Solutions: Maximizing Insurance Revenue24:07 Conclusion and Final ThoughtsLinks and ResourcesPractice Solutions: https://www.practicesol.com/Special Deal for Therapy For Your Money Listeners: https://www.practicesol.com/therapyforyourmoneyMoney for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Navigating Finances and Tech for Your Therapy PracticeIn this episode of Therapy for Your Money, Julie Herres, owner and accountant at GreenOak Accounting, discusses how technology impacts financial management for therapy practice owners. This episode was recorded after the unexpected closure of Bench.co, a popular bookkeeping service, which sparked this important conversation about owning your financial data and the potential risks of relying solely on cheap, tech-driven accounting options.Julie breaks down some of the challenges with services like Bench, such as their proprietary software that can make it hard to move your data elsewhere, and those "free" tax services that might not be as thorough or accountable as you'd hope. She also draws parallels to what's happening in the mental health industry, where venture capital-backed tech companies are influencing pricing and reimbursement rates. This episode will help you feel more informed and empowered to make the best decisions for your practice's financial health and to choose accounting services you can truly trust.What We Covered:00:00 Welcome to Therapy for Your Money!00:48 Let's talk about technology and your practice's finances.02:03 What was up with Bench.co closing?03:30 What does this mean for us small business owners?04:19 Are those super low-cost bookkeeping services really worth it?05:34 Why owning your financial data is so crucial.07:47 A quick comparison: QuickBooks Online vs. other options.08:46 The real deal with "free" tax services.11:55 How venture capital can affect pricing.15:24 Wrapping things up with some final thoughts.Links and ResourcesMoney for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio

Maximizing Income in Private Therapy PracticeIn this episode of Therapy for Your Money, host Julie Herres shares valuable tips on how therapists in private practice can predict their income and maximize their take-home pay. Julie explores three controllable factors in a practice: the number of sessions, the rate per session, and the percentage of income retained.By understanding personal capacity, examining historical data, and accounting for yearly variability, Julie provides concrete steps for financial planning. Additionally, she offers insights into the expected profit margins for various practice sizes and the potential impact of strategic decisions on overall profitability. Julie concludes by introducing a KPI tracker to help therapists manage their finances effectively.Show Highlights00:00 Introduction to Therapy for Your Money00:46 Today's Topic: Predicting Income and Maximizing Take-Home Pay02:51 Understanding the Three Main Levers04:12 Lever 1: Number of Sessions06:47 Lever 2: Session Rates15:48 Lever 3: Income Percentage23:20 Using the KPI Tracker27:19 Conclusion and Final ThoughtsLinks and ResourcesKPI Tracker and Calculator: https://calculator.greenoakaccounting.comMoney for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Navigating Tax Considerations for Multi-State Telehealth PractitionersIn this episode of 'Therapy for Your Money,' host Julie Herres addresses a listener-submitted question about tax considerations for clinicians providing telehealth services across state lines. Julie highlights the complexities introduced by factors such as nexus, the location of clients, and state-specific tax laws. She offers valuable advice, emphasizing the importance of consulting with a tax preparer, maintaining clear client location records, and understanding state-specific regulations. Julie also discusses registration requirements for hiring across states and the impact of multi-state telehealth practice on business structures and tax filings.Show Highlights00:00 Introduction to Therapy for Your Money00:45 Listener Question: Tax Considerations for Telehealth02:35 Understanding Nexus in Taxation03:53 State-Specific Tax Thresholds07:40 Registering as a Foreign Entity09:57 Recap and Final Advice12:57 DisclaimerLinks and ResourcesMoney for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio

Understanding Financial Health: A Guide for Therapy Practice LeadersIn this episode of 'Therapy for Your Money,' host Julie Herres tackles the crucial issue of financial literacy for group practice leaders and clinicians. Julie, an accountant and the owner of Green Oak Accounting offers insights gleaned from her experience with private practice owners across the United States. The episode highlights the significance of grasping the financial realities involved in running a group practice, including how clinical sessions affect the practice's income, the dynamics of profit margins, and the difficulties caused by rising costs and stagnant insurance reimbursements. Julie also presents the concept of the Healthcare Hierarchy of Needs from Kasey Compton's book 'Fix This Next for Healthcare Providers,' emphasizing the importance of sales, profit, and order for a successful practice. This episode is essential listening for leaders aiming to align their financial choices with the overall health of their practice.Show Highlights00:00 Introduction to Therapy for Your Money00:45 Today's Topic: Financial Literacy for Practice Leaders02:00 Understanding Financial Realities in Group Practices05:10 The Importance of Profit Margins07:16 Challenges Faced by Group Practices09:35 The Role of Practice Owners and Leaders12:15 Hierarchy of Needs in Healthcare Practices14:07 Final Thoughts and Recommendations15:58 Conclusion and DisclaimersLinks and ResourcesMoney for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio

Join host Julie Herres on Therapy for Your Money as she sits down with Jamie Schrier to discuss the essentials of relationship marketing for therapy practice owners. They delve into why marketing is crucial for bringing dollars into your practice and the challenges many therapists face when it comes to self-promotion. Jamie shares his journey from a busy physical therapist to a successful coach and explains how vulnerability and authenticity can strengthen your marketing efforts. Jamie also introduces his concept of relationship marketing, emphasizing the importance of creating awareness, identifying specific target audiences, and building strategic partnerships. Key takeaways include tips on how to build trust with potential clients and referral sources, and the value of measuring the return on investment for your marketing efforts. A key quote from Jamie: 'Vulnerability is a superpower.' Tune in to learn how to leverage your expertise to grow your practice.Episode Highlights00:00 Introduction to Therapy for Your Money00:45 Welcoming Jamie Schrier: Relationship Marketing01:10 Understanding the Importance of Marketing04:17 Jamie Schrier's Journey: From Physical Therapist to Coach10:18 Diving into Relationship Marketing16:32 Building Referrals and Clientele24:28 Measuring Return on Investment28:36 Conclusion and Contact InformationLinks and ResourcesPractice Freedom with Jamie Schrier: https://practicefreedomu.comMoney for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Navigating Financial Challenges in 2025: Insights and Strategies for Therapy Practice OwnersIn this episode of 'Therapy for Your Money,' host Julie Herres, owner of Green Oak Accounting and author of 'Profit First for Therapists,' is joined by frequent guest Jackie Carter to discuss various financial topics relevant to therapy practice owners. They cover a quarterly recap focusing on the challenges and changes faced by private practices in 2024, the importance of optimizing marketing efforts, and the critical role of administrative efficiency. They also stress the necessity of active participation from practice owners, especially during tough financial times, and explore affordable self-care practices to avoid burnout. As Jackie eloquently states, 'It just takes one small thing a day to make a difference in the long run.'Show Highlights00:00 Welcome to Therapy for Your Money00:45 Quarterly Recap with Jackie Carter01:43 Challenges Faced by Practice Owners in 202405:31 Marketing Strategies for Group Practices07:44 The Importance of Timely Responses10:35 Facing Financial Realities13:55 Managing Administrative Costs19:16 Balancing Self-Care and Business Needs26:11 Looking Forward: Optimism for Private Practices29:52 Conclusion and Final ThoughtsLinks and ResourcesMoney for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Increase Client Conversions with Effective Website StrategiesIn this episode of 'Therapy for Your Money,' host Julie Herres is joined by Daniel Fava from Private Practice Elevation to discuss the importance of investing in a well-designed website for therapy practices. Daniel shares common mistakes therapists make with their websites and emphasizes the return on investment a professional site can bring. Listeners will learn about the essential features every therapy website needs, such as clear calls to action and quality content that speaks directly to potential clients. Julie and Daniel also delve into the benefits of having a blog, the importance of SEO, and how to ensure your site meets both potential and current client needs. 'It's about the client, not just about you,' says Daniel, highlighting the need to focus on client benefits rather than just therapist credentials.Episode Highlights00:00 Introduction to Therapy for Your Money00:49 Meet Daniel Fava from Private Practice Elevation01:55 The Importance of Investing in Your Website04:12 Real-World Examples of Website Success07:14 When to Consider a Website Redesign10:39 Essential Website Features for Conversion21:45 The Role of Blogging in Private Practice27:23 Conclusion and Call to ActionLinks and ResourcesPrivate Practice Elevation:  privatepracticeelevation.comMoney for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Mastering Marketing Strategies for Therapists with Avivit FisherIn this episode of Therapy for Your Money, host Julie Herres dives into marketing strategies with Avivit Fisher, founder of Redd Strategy. They discuss practical steps for attracting clients and transitioning from insurance to private pay. Avivit shares insights on setting up and scaling a practice, emphasizing the importance of local marketing, crafting a brand strategy, and organizing marketing tasks using project management tools like Basecamp. As Julie notes, 'When everything is a priority, nothing is a priority.' Tune in for actionable tips to boost your practice's visibility and profitability.Show Highlights00:00 Welcome to Therapy for Your Money00:49 Today's Topic: Marketing Strategies00:59 Meet Our Guest: Avivit Fisher02:10 Marketing for New Practices04:11 Scaling Your Practice: Marketing Tips06:38 Local Marketing for New Locations07:53 Setting Marketing Goals09:41 Project Management in Marketing14:45 DIY vs. Professional Help in Marketing18:22 Free Marketing Resources for Therapists19:35 Conclusion and Final ThoughtsLinks and ResourcesRedd Strategy Marketing Guide and Services - https://www.reddstrategy.com/Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio

Adding a Nonprofit to Your Therapy Practice: Pros, Cons, and ComplianceIn this episode of Therapy for Your Money, host Julie Herres, owner of Green Oak Accounting, discusses the considerations and challenges of adding a nonprofit alongside your for-profit therapy practice. Julie explains the logistics of setting up a nonprofit, such as establishing a C corporation and obtaining nonprofit status from the IRS. She outlines the advantages, like tax-deductible donations and eligibility for grants, and the disadvantages, including compliance requirements and the need for board members. Julie emphasizes the importance of staying in compliance and provides practical tips for managing finances between the nonprofit and for-profit entities. By understanding these factors, you can decide if adding a nonprofit is the right choice for your practice. "If you're just talking about getting a few hundred or a few thousand dollars in donations each year, it might not actually make sense for you to have a non profit alongside your business."Show Highlights00:00 Introduction to Therapy for Your Money00:45 Adding a Nonprofit to Your Practice01:31 Understanding Nonprofits03:36 Pros of Starting a Nonprofit05:00 Cons and Challenges of Nonprofits10:57 Compliance and Management Tips13:50 Final Thoughts and RecommendationsResources and LinksMoney for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio

Navigating Pay Raises in Therapy Practices: Key ConsiderationsIn this episode of Therapy for Your Money, host Julie Herres explores critical factors therapy practice owners need to consider when team members request raises. Julie highlights the importance of ensuring the business's financial health before rewarding employees and provides a comprehensive analysis of different compensation models, including salary, hourly rates, and commission-based structures. She shares practical tips on aligning raises with business profitability, evaluating team performance, and having transparent conversations with employees about financial realities. Julie also touches upon the pros and cons of offering bonuses as a short-term motivation tool. Quote: 'Your most important role as the business owner is to ensure the survival of the business.' Tune in to gain valuable insights on maintaining a profitable practice while fairly compensating your team.Highlights00:00 Welcome to Therapy for Your Money00:42 Listener-Suggested Topic: Handling Raise Requests01:09 Key Considerations for Granting Raises03:55 Evaluating Team Performance and Financial Health07:13 Insurance vs. Cash Pay Practices14:13 Communicating with Your Team15:47 Exploring Additional Income Opportunities18:20 Conclusion and Final ThoughtsLinks and ResourcesDo you have a question or idea for an episode - https://www.therapyforyourmoney.com/contactMoney for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio

Integrating Ketamine-Assisted Psychotherapy into Your PracticeIn this episode of Therapy for Your Money, host Julie Herres delves into the logistics and financial benefits of adding ketamine-assisted psychotherapy (KAP) to a therapy practice. Joined by experts Dr. Sophia Branstetter and Karen Smith, they explore the minimal training requirements, income-generating opportunities, and how KAP can help manage seasonal income fluctuations. They also discuss the importance of community and consultation in navigating this emerging field. Tune in for practical advice and insights. Show Highlights00:00 Introduction to Therapy for Your Money00:42 Introducing Today's Topic: Ketamine-Assisted Psychotherapy 01:08 Meet the Experts: Dr. Sophia Brandsetter and Karen Smith02:13 Financial and Educational Investments for KAP03:54 Overcoming Hesitations and Starting KAP07:25 Income Opportunities with KAP09:54 Marketing and Scheduling for KAP13:33 Charging Models and Packages for KAP22:00 Risks and Considerations for Adding KAP24:52 Resources and Support for KAP Integration28:46 Conclusion and Final ThoughtsLinks and ResourcesKetamine-Assisted Psychotherapy - https://psychedelictherapists.co/Full Living - https://fullliving.com/Prepare Your Self, Your Clients, and Your Practice for Ketamine Assisted Psychotherapy: A Step-by-Step Guide - https://a.co/d/9H3xWf5Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Embracing Technology Trends in Therapy Practices with Amity CooperIn this episode of Therapy for Your Money, host Julie Herres discusses the intersection of technology and mental health with Amity Cooper, the owner of Clinical Career Collective. They explore the impact of emerging technologies like OpenAI, ChatGPT, and virtual reality on therapy practices. Amity highlights the potential these tools have for improving accessibility and client engagement, noting that immersive technologies are already transforming therapeutic approaches. They also delve into practical insights on how practice owners can incorporate these innovations cost-effectively and enhance their service offerings. Julie emphasizes the importance of adopting a 'curious business owner' mindset to leverage these advancements effectively. As Amity puts it, "It's beyond just the dollars and cents. I think you're investing in yourself as a business owner."Show Highlights00:00 Introduction to Therapy for Your Money00:53 Meet Amity Cooper: Clinical Career Collective02:31 Technology Trends in Mental Health05:13 Immersive Technologies in Therapy08:02 Adoption and Financial Considerations18:04 Evaluating ROI for New Technologies21:09 Conclusion and Contact InformationLinks and ResourcesAmity Cooper's Clinical Career Collective - https://clinicalcareercollective.com/Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio

In the first episode of 2025, Julie Herres, host of Therapy for Your Money and owner of Green Oak Accounting, focuses on empowering therapy practice owners to take control of their finances. Julie provides practical tips to help listeners take charge of both personal and business finances, including:Maintain individual login credentials and use two-factor authentication for all accounts.Regularly review credit reports, bank statements, and financial transactions.Limit access to sensitive financial information in your business.Keep a comprehensive financial checklist for both personal and business accounts.Collaborate with a trusted accountant to spot red flags and ensure accountability.And more!Julie emphasizes that financial independence is more than just money—it's about creating peace of mind, security, and the freedom to make informed decisions.Podcast Highlights00:00 Introduction00:47 The Importance of Financial Independence03:25 Building Financial Awareness05:35 Personal Finance: Practical Tips08:45 Securing Your Accounts10:48 Business Finance: Common Risks14:30 Setting Boundaries in Your Business17:20 Conclusion: Taking ControlLinks and ResourcesMoney for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Find the Perfect Balance of Growth in your BusinessIn this episode of Therapy for Your Money, host Julie Herres dives into the importance of effective delegation in private practices with guest Casey Gromer of C-Suite Boutique. Discussing the EOS framework, Casey emphasizes the distinction between visionaries and integrators. Key insights include the importance of delegating ownership rather than just tasks, understanding metrics, and the financial impacts of effective delegation. One notable quote: 'Right person, right seat.' Casey also shares tips on hiring the right people and offers services to help private practices streamline their operations. Tune in to learn how to make your practice more profitable through smart delegation.Episode Highlights00:00 Introduction to Therapy for Your Money00:50 Meet Casey Gromer, Expert in Practice Management02:04 Understanding the Visionary and Integrator Roles05:17 Common Delegation Mistakes in Private Practice07:18 Effective Delegation Strategies08:46 The Importance of Metrics in Practice Management17:51 Challenges in Delegating Clinical and Administrative Tasks23:08 Working with C-Suite Boutique25:50 Conclusion and Key TakeawaysLinks and ResourcesCSuite Boutique Resources: https://c-suiteboutique.com/category/free-downloads/Casey Gromer on LinkedIn: https://www.linkedin.com/in/caseygromer/Hire Slow, Fire Fast: https://podcasts.apple.com/us/podcast/hire-slow-fire-fast/id1565264470?i=1000633433445Female Founders Breaking Boundaries Podcast: https://podcasts.apple.com/us/podcast/female-founders-breaking-boundaries/id1565264470Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Financial Success at Any AgeIn this episode of 'Therapy for Your Money,' host Julie Herres talks with CJ DeMarco, a therapist who transitioned to private practice later in life. They discuss setting up for financial success using the Profit First system. Key topics include the advantages of private pay, the importance of niching, and the potential of intensives for trauma therapy. DeMarco shares her journey from educator to trauma therapist, highlighting that it's never too late to achieve financial security. A must-listen for therapists venturing into business and those curious about Profit First strategies. "Today's the best time to then make decisions that are going to impact your life in the best of ways," says Julie Herres.Show Highlights00:00 Introduction to Therapy for Your Money00:55 Meet CJ DeMarco: A Non-Traditional Path to Private Practice02:36 Financial Strategies for Late Career Transitions04:27 Specializing and Setting Rates in Private Practice07:09 Retirement Planning and Financial Security10:30 Exploring Semi-Retirement and Marketing Strategies26:48 Considering Group Practice and Passive Income Options34:00 Conclusion and Final ThoughtsEpisode Highlights00:00 Welcome to Therapy for Your Money00:48 Common Financial Mistakes in Private Practice01:17 Mistake #1: Short-Term Thinking04:12 Mistake #2: Underestimating Startup Effort07:11 Mistake #3: Misunderstanding Fee Retention09:08 Mistake #4: Ignoring Taxes11:02 Mistake #5: Feeling Guilty About Profit13:45 Introducing the Money for Therapists Practice Startup Course16:23 Conclusion and DisclaimerLinks and ResourcesMoney for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Planning for Your Best Year Yet: Financial Goal Setting for 2025In this episode of 'Therapy for Your Money,' host Julie Herres, an accountant and the owner of Green Oak Accounting, shares valuable insights on planning for a prosperous 2025. With her extensive experience working with therapy practice owners across the US, Julie emphasizes the importance of reflecting on the past year to set realistic financial goals. She discusses various financial targets, like revenue and profit margins, and the significance of creating a detailed plan to achieve them. Julie advises focusing on one or two specific goals and tracking progress regularly to ensure success. As she wisely states, 'What gets measured gets attention.' Listeners will learn the importance of aligning business goals with personal aspirations and making necessary adjustments to ensure a balanced and fulfilling year ahead.Episode Highlights00:00 Welcome to Therapy for Your Money00:52 Planning for Your Best Year Yet01:22 Reflecting on the Past Year05:14 Setting Clear Financial Goals07:57 Creating a Plan for Success12:13 Conclusion and Final ThoughtsLinks and ResourcesMoney for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio

Why I believe Whole Life Insurance is a Bad InvestmentIn this episode of 'Therapy for Your Money,' host Julie Herres, owner of GreenOak Accounting, shares her strong opinion that whole life and universal life insurance policies are poor financial products. Julie delves into her personal experience with these policies, explains why they don't make financial sense for most people, and advocates for term life insurance. Focusing on keeping finances straightforward, she emphasizes separating life insurance from investments. Listeners will learn about the pitfalls of whole-life policies, the substantial savings with term life insurance, and how to protect their loved ones properly.Show Highlights00:00 Introduction to Therapy for Your Money00:47 Unpopular Opinion: Whole Life and Universal Life Insurance01:50 Personal Experience with Universal Life Insurance05:46 The Case for Term Life Insurance07:56 How to Choose the Right Life Insurance14:20 When Whole Life Insurance Might Make Sense15:49 Conclusion and Final AdviceLinks and ResourcesMoney for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio

Marketing Strategies for Therapy Practices with Joshua BrummelIn this episode of 'Therapy for Your Money,' host Julie Herres dives into the intricacies of marketing with Joshua Brummel, the founder of Therapy Flow. They explore how therapy practice owners can optimize their marketing spend, categorizing it into infrastructure and ongoing activities. Joshua shares crucial metrics such as cost per lead and client acquisition cost, emphasizing the impact of these on overall profitability. They also discuss the importance of setting a marketing budget per clinician and the effectiveness of non-traditional marketing avenues like email campaigns, networking, and social media. This episode is packed with actionable tips for both maintaining and expanding a therapy practice.Show Highlights00:00 Introduction to Therapy for Your Money00:51 Meet Joshua Brummel: Marketing Expert01:54 Understanding Marketing Categories03:23 Determining Your Marketing Budget04:36 Key Marketing Metrics: Cost Per Lead and Client Acquisition06:57 Marketing Strategies for Private Practices11:20 Optimizing Marketing Spend Per Clinician23:24 Non-Traditional Marketing Investments25:51 Conclusion and Contact InformationLinks and ResourcesTherapy Flow: https://mytherapyflow.com/Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Navigating Retirement Plans: Avoiding Costly Financial PitfallsIn this episode of Therapy for Your Money, host Julie Herres dives into the complexities of retirement plans, focusing on the pitfalls of cash balance plans and the benefits of simpler options like 401ks and IRAs. Triggered by a recent client experience, Julie passionately argues against high-fee plans pushed by financial planners who are more interested in commissions than client welfare. She offers actionable advice, including three critical questions to ask your financial planner, and highlights the importance of choosing low-cost, high-value options like Gusto's integrated 401k plans. As Julie puts it, 'If anyone tries to force you into a cash balance plan, you need to run away. Do not walk, run.'Three Questions to Ask Your Financial PlannerWhat are the alternatives to the item you are suggesting?Ask them to explain other options, how they compare in cost, and the details of each. A good financial planner should educate you on all available options and how each one works, including entry and exit details.How do you get paid on this product?They should clearly explain how they earn from recommending this product, including if they receive any commissions. If they're vague or avoid answering, it may indicate a conflict of interest.What happens if I decide later that this product isn't for me?Understanding the exit strategy is crucial. Ask if there are fees or penalties for terminating the product and what happens to the funds invested if you decide to discontinue the plan later.Episode Highlights00:00 Introduction to Therapy for Your Money00:47 A Rant on Cash Balance Plans01:41 Understanding Retirement Plan Options04:02 Questions to Ask Your Financial Planner06:24 The Pitfalls of Cash Balance Plans08:20 Simple and Effective Retirement Solutions12:13 Client Success Story13:42 Conclusion and ResourcesLinks and ResourcesGusto: https://gusto.com/r/julie4343Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio

Financial Mastery for Therapy Practice Owners: Investing, Retirement, and Real Estate InsightsIn this episode of Therapy for Your Money, host Julie Herres discusses essential financial strategies for therapy practice owners with certified financial planner David Frank. The discussion spans various areas, including the importance of emergency funds, distinguishing between personal and business finances, and the advantages of fee-only financial planners. Listeners will gain valuable insights into managing excess cash, understanding tax-advantaged accounts, and setting up business emergency funds. Simplified retirement planning is also covered, emphasizing target date funds and consistent savings. The episode touches on the intricacies of financial planning, including risk management, estate planning, and real estate investments. Practical advice on life insurance options and detailed resources on retirement plans are provided to help ensure the financial stability and growth of therapy practices.Episode Highlights00:00 Welcome to Therapy for Your Money00:50 Introducing David Frank: Financial Planner for Therapists01:15 Investing Basics for Business Owners04:34 Emergency Funds: The Foundation of Financial Security08:14 Navigating Taxable Brokerage Accounts15:10 Retirement Planning: Choosing the Right Accounts20:01 Solo vs. Group Practice Financial Strategies21:03 Calculating Your Retirement Number22:04 Approaching Retirement: Financial Tips23:52 Overcoming Financial Anxiety25:41 Risk Management and Insurance26:40 Real Estate Investments: Pros and Cons34:33 Life Insurance for Practice Owners38:04 Free Webinar and ResourcesLinks and ResourcesGet a Free Initial Fit Meeting: https://turningpointhq.com/ Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Mastering Tax Debt: Strategies and Solutions for Therapy Practice OwnersIn this insightful episode of 'Therapy for Your Money,' host Julie Herres of Green Oak Accounting provides therapy practice owners with essential guidance on managing tax debt. Julie covers crucial steps for addressing IRS notices, exploring payment plans, and applying for offers in compromise. She warns about the potential consequences of neglecting tax responsibilities and explains IRS procedures before drastic actions like wage garnishment or account seizure are taken. The episode also highlights the importance of timely payments, strategies for managing large debts, recognizing tax-related scams, and common IRS errors like misplaced payments. Additionally, Julie promotes a detailed tax course designed to help business owners better manage their finances. Tune in to gain control over your financial situation, avoid pitfalls, and keep your practice profitable.Episode Highlights00:00 Welcome to Therapy for Your Money00:45 Dealing with Tax Debt: An Overview01:41 Understanding IRS Power and Consequences03:01 First Steps: Responding to IRS Notices05:18 The Importance of Professional Help06:31 Options for Managing IRS Debt08:10 Importance of Timely Payments08:46 Offer in Compromise: When and How10:01 Requesting More Time from the IRS10:32 IRS Mistakes and How to Handle Them12:40 Beware of Scams14:50 Conclusion and Additional ResourcesLinks and ResourcesEverything you need to know about taxes as a business owner: https://www.greenoakaccounting.com/taxMoney for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation Studio

GreenOak Accounting Manager Jacquie Carter joins the conversation for this quarterly episode mainstay - Industry Updates!  Julie and Jacquie cover the latest issues that are on practice owners' minds and advise how to wisely manage the financial side of business ownership in these latest industry hurdles. Also find out what's recommended for end of year financial security!Episode Highlights00:00 Welcome to Therapy for Your Money00:45 Quarterly Recap with Jacquie Carter01:23 Current Trends and Challenges in Private Practices03:17 Insurance and Payment Delays04:49 Struggles of Private Pay Practices06:13 Hiring Difficulties in Group Practices07:58 Expectations and Realities of Group Practice Ownership14:14 Challenges for Solo Practice Owners22:50 Advice for the End of the Year26:24 Conclusion and DisclaimerLinks and ResourcesMoney for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Avoiding Common Financial Pitfalls in Private Therapy PracticeIn this episode of 'Therapy for Your Money', host Julie Herres shares insights into common financial mistakes made by private therapy practice owners. As an experienced accountant and owner of Green Oak Accounting, Julie emphasizes the importance of foresight in business planning, preparing for entrepreneurship's financial and operational intricacies, and properly accounting for taxes. The episode highlights the necessity of focusing on profit without guilt, advising on setting the right structures from the start, such as forming a legal entity like an LLC, and recognizing business costs that reduce the perception of a full income from fees. Julie also introduces her new course, 'Money for Therapists Practice Startup', to provide essential financial knowledge for new therapy practice owners.Episode Highlights00:00 Welcome to Therapy for Your Money00:48 Common Financial Mistakes in Private Practice01:17 Mistake #1: Short-Term Thinking04:12 Mistake #2: Underestimating Startup Effort07:11 Mistake #3: Misunderstanding Fee Retention09:08 Mistake #4: Ignoring Taxes11:02 Mistake #5: Feeling Guilty About Profit13:45 Introducing the Money for Therapists Practice Startup Course16:23 Conclusion and DisclaimerLinks and ResourcesMoney for Therapists Practice Startup - https://www.greenoakaccounting.com/startupGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation Studio

Navigating Partnerships in Therapy Practices: Risks and ConsiderationsIn this episode of 'Therapy for Your Money,' host Julie Herres explores the complexities of forming partnerships in private practice. While partnerships seem like a good idea to share costs and responsibilities, they often come with significant risks. Julie dives into why about 80% of partnerships fail, compared to 50% of solo businesses. She discusses the importance of having detailed partnership agreements, covering crucial aspects such as profit sharing, administrative duties, and unforeseen events like disability, death, divorce, addiction, and disinterest. Julie provides real-world examples and insights into the legal and financial considerations essential for partnership success. This episode aims to equip therapy practice owners with the knowledge to make informed decisions about entering or exiting partnerships.Show Highlights00:00 Introduction to Therapy for Your Money00:48 The Risks of Partnerships in Therapy Practices02:14 Common Issues in Partnerships06:59 The Five D's of Partnerships13:00 Alternatives to Partnerships15:21 Ending a Partnership17:09 Conclusion and Next StepsLinks and ResourcesGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation Studio

Navigating Partnerships in Private Therapy PracticesIn this episode of 'Therapy for Your Money,' host Julie Herres discusses the intricacies of partnerships in therapy practices with attorney Dan Mayer and practice owner Dave Yood. They explore the importance of having a well-crafted partnership agreement, key elements that need to be included, and potential sources of friction among partners. Dan and Dave share their experiences and share the key ingredients to maintaining successful partnerships.Episode Highlights00:00 Introduction to Therapy for Your Money00:49 Today's Topic: Partnerships01:26 Meet the Guests: Dan Mayer and Dave01:31 Dan Mayer's Expertise in Mental Health Practices02:36 Dave's Journey in Forming a Partnership04:12 The Importance of Partnership Agreements07:27 Key Elements of a Partnership Agreement10:46 Legal and Tax Considerations16:18 Dave's Experience and Advice on Partnerships17:06 Navigating Partnership Agreements18:20 Tax Challenges and Solutions18:56 The 'Eat What You Kill' Model19:30 Avoiding Partnership Conflicts20:44 Handling Partner Exits and Deaths24:05 Importance of Clear Rules and Roles27:42 Final Thoughts on Partnerships31:23 Where to Find UsLinks and ResourcesProtecting Your Practice - https://www.protectingyourpractice.com/GreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Understanding the Value of Your Therapy Practice: Essential Tips for SellingIn this episode of 'Therapy for Your Money,' Julie Herres, an accountant and owner of Green Oak Accounting, concludes a two-part series on selling your therapy practice. Julie delves into how to evaluate the worth of a practice, emphasizing the importance of practice size and the role of net profit in determining value. Listeners learn about EBITDA, economic conditions' impact, and multiples' significance in practice valuation. Julie also stresses the need to consult an accountant, attorney, and financial planner before accepting offers. Access a free webinar replay on exit planning for a more detailed guide.Show Highlights00:00 Introduction to Therapy for Your Money01:53 Welcome and Episode Overview02:02 Understanding the Value of Your Practice04:23 Factors Affecting Practice Valuation06:35 Determining Your Practice's Multiple09:48 Considering Offers and Making Decisions13:47 Professional Advice and Resources15:15 Conclusion and Additional ResourcesWebinar ReplayUnlocking Your Exit Strategy ReplayLinks and ResourcesGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation Studio

Exiting Your Group Practice: Insights and StrategiesIn this episode of 'Therapy for Your Money,' host Julie Herres, owner of Green Oak Accounting, discusses the intricate process of selling a group therapy practice with Nicole McCance, a retired psychologist who successfully sold her group practice. The conversation covers Nicole's initial reluctance to sell, her eventual decision influenced by seeing a peer's successful sale, and the detailed steps she took to ensure her business was attractive to buyers. Key topics include the importance of systemizing your practice, ensuring profitability, retaining a strong team, and the significant role professional advisors play in navigating the sale process. Nicole shares her personal journey of scaling her practice to 55 therapists, her experiences with the actual sale, and the emotional and practical considerations of exiting a business she built from the ground up. The episode provides valuable insights for private practice owners contemplating or embarking on the sale of their practice.Episode Highlights00:00 Introduction to Therapy for Your Money02:02 Welcoming Back Nicole McCance02:23 Discussing the Challenges of Group Practice Ownership02:52 Nicole's Journey to Selling Her Practice08:34 The Importance of Systems and Profitability12:52 Team Retention and the Selling Process14:32 Nicole's Experience Post-Sale15:19 Reflecting on the Transition16:12 Communicating the Change16:46 Employee Reactions and Benefits18:29 Preparing to Sell the Practice20:14 The Importance of Professional Help23:31 Post-Sale Reflections and New Beginnings26:04 Nicole's New Venture28:14 Conclusion and Contact InformationLinks and ResourcesWebinar: Unlocking your Exit Strategy  https://www.greenoakaccounting.com/exit-replayGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyThe Business Savvy Therapist podcast: https://podcasts.apple.com/ca/podcast/the-business-savvy-therapist/id1681659688Free Training: https://mccancemethod.com/webinar-free-masterclass-from-solo-to-superteam/Instagram: https://www.instagram.com/nicole.mccancemethod/Podcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Navigating Challenges in Therapy Practices: Insights and StrategiesThis episode of 'Therapy for Your Money' features host Julie Herres and GreenOak Accounting team manager Jacquie Carter discussing the financial challenges therapy practices faced in the year's second quarter. They explore themes of cautiousness among practice owners due to low intakes and referrals, the impact of external factors such as the Change Healthcare incident, and strategies for maintaining financial health, including prudent cash flow management and clinician compensation. The discussion also covers the importance of professional advice in navigating business decisions and thoughts on what the future may hold for the industry, emphasizing the need for caution, preparation, and sustainable growth strategies amidst ongoing economic uncertainties.Episode Highlights00:00 Welcome to Therapy for Your Money: Empowering Financial Confidence00:48 Introducing the Season's Final Episode with Jackie Carter01:28 Q1 Insights: Navigating Challenges and Embracing Caution04:24 The Impact of Change Healthcare and Financial Preparedness07:43 Strategies for Q1 Challenges: Cashflow and Client Intakes13:14 The Importance of Professional Advice and Sustainable Practices16:43 Clinician Compensation and Retention in Uncertain Times23:34 Looking Ahead: Industry Predictions and Final TakeawaysLinks and ResourcesTherapy Intake ProGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Navigating the World of Buying Real Estate for Your PracticeIn this episode of Therapy For Your Money, host Julie Herres, an accountant and the owner of Green Oak Accounting, explores the complex decision of buying real estate for therapy practice owners. She delves into the reasons for and against purchasing a building, embracing the principle that such a significant financial step should align with one's long-term goals rather than be influenced by the actions of peers. Julie discusses the upfront and ongoing financial commitments of owning versus renting, including the potential for higher expenses and the responsibility of repairs and property taxes. She highlights the importance of financial readiness, advising against the purchase if it jeopardizes the practice's financial health or if funds for the down payment would otherwise contribute to underfunded retirement savings. The episode also covers the nuanced differences between commercial and residential loans, the process and expectations for securing a commercial loan, and the strategic legal and tax implications of owning commercial real estate. Julie provides a thorough overview of the potential tax benefits and pitfalls, especially the impact of depreciation and depreciation recapture on future tax bills. She concludes by reflecting on the shifting landscape of commercial real estate, particularly post-2020, and its implications for practice owners considering this investment. Julie advises listeners to seek professional guidance tailored to their unique situation, as the episode contains general opinions on accounting and tax matters rather than personalized advice.Episode Highlights00:00 Welcome to Therapy For Your Money00:49 The Big Decision: Buying Real Estate for Your Practice02:12 Understanding the Financials: Costs, Equity, and Loans07:24 Navigating the Loan Process for Commercial Real Estate10:01 Legal and Tax Considerations When Buying a Building15:03 The Future of Commercial Real Estate and Final ThoughtsLinks and ResourcesGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy

Therapy for Your Money: Unveiling the Power of Marketing in Therapy PracticesIn this episode of Therapy for Your Money, host Julie Herres, an accountant and owner of Green Oak Accounting, explores the crucial yet often avoided topics of money and marketing for therapy practice owners. Joined by guest Jenn Fredette, a psychotherapist and marketing enthusiast, the discussion delves into overcoming the challenges associated with financial management and marketing within a private practice. Jenn shares her journey from psychotherapist to marketing mentor, emphasizing the similarities between clinical work and marketing and the importance of authentic connection with potential clients. The episode covers strategies for effective marketing, the significance of visibility, dealing with self-sabotage and avoidance, and crafting messages that resonate with ideal clients. Furthermore, Jenn introduces her flagship program aimed at helping therapists achieve a full and fulfilling caseload. The show concludes with Jenn's book recommendations for business owners and provides information on how listeners can access her programs.Show Highlights00:00 Welcome to Therapy for Your Money00:49 Introducing Jen Fredette: A Psychotherapist's Journey into Marketing01:07 The Psychology of Marketing for Therapists03:56 Overcoming Marketing Avoidance and Embracing Visibility07:26 Crafting a Successful Marketing Funnel18:13 Effective Strategies for Crafting Your Message23:09 Unlocking a Full Caseload: Strategies and Soul26:05 Jen's Favorite Business Books and Closing ThoughtsGuest ResourcesFull Caseload Unlocked A Thinker's Guide on Instagram: @athinkersguideA Thinker's Guide on Tiktok: @athinkersguideBook RecommendationsBuilding a Storybrand by Donald Miller Do Less by Kate Northrup Links and ResourcesGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

In this episode of 'Therapy for Your Money,' hosted by Julie Herres, the focus is on understanding Department of Labor (DOL) audits through the lens of a therapy practice owner. Julie shares her personal experience with a DOL audit in 2023, emphasizing the rarity of such audits for small businesses and outlining what triggers them. She provides a detailed account of the audit process, what the DOL investigates, and the kind of information they request, ranging from employee data to time and payroll records. Highlighting the challenges and emotions involved, Julie offers practical advice for handling audits, including the importance of EPLI insurance, rights during the audit, and the potential outcomes. The episode aims to prepare listeners for the unlikely event of a DOL audit, ensuring they're informed and protected.Show Highlights00:00 Welcome to Therapy for Your Money00:49 Navigating a Department of Labor Audit: A Personal Journey03:52 Understanding the Scope of DOL Audits05:55 Preparing for and Responding to a DOL Audit10:20 Rights and Tips for Handling a DOL Audit12:33 The Importance of EPLI Insurance and Final ThoughtsLinks and ResourcesEpisode 133: Contractor vs Employee: Understanding the new DOL rulesGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation Studio

Mastering Delegation: A Guide for Therapy Practice OwnersThis episode of 'Therapy for Your Money' features host Julie Herres and guest Uriah Guilford discussing the importance of efficiency, delegation, and reducing stress for therapy practice owners. Uriah, a group practice owner and the founder of Productive Therapist shares his personal mission of making work and life easier and more fun. He introduces a five-step process for successful delegation: 1) Create a clear goal, 2) Create a written procedure (SOP), 3) Do effective training, 4) Give clear feedback, and 5) Maintain good accountability. Throughout the conversation, both speakers emphasize the significance of delegated tasks to prevent burnout, improve business efficiency, and ensure practice profitability.Show Highlights00:00 Welcome to Therapy for Your Money: Introducing the Host and the Mission00:47 Efficiency and Delegation: A Conversation with Uriah Guilford04:03 The Art of Delegation: Uriah's Mini Manifesto and the Importance of Team Building07:03 Breaking Down the Steps to Successful Delegation11:24 Exploring the First Step of Delegation: Setting Clear Goals14:49 Creating SOPs: The Foundation of Effective Delegation19:17 The Importance of Training in the Delegation Process21:30 Unlocking the Secrets of Effective Training22:13 Introducing Therapy Intake Pro: A Game-Changer for Training23:10 The Art of Feedback: Navigating the Delicate Balance25:48 Celebrating Success: The Power of Positive Feedback26:54 The Magic of Mini Awards: Boosting Morale and Recognition30:14 The Final Frontier: Accountability in Delegation37:06 Discovering the Best Business and Productivity BooksGuest LinksProfit First for Therapists: https://amzn.to/3V9Eax3Feel Good productivity: https://amzn.to/425rxoh SOP tool: www.waybook.comThe Magic Call Script: https://productivetherapist.com/magic/ Links and ResourcesGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Therapy for Your Money: Becoming a Wealthy TherapistIn this episode of 'Therapy for Your Money,' host Julie Herres discusses her insights on wealth accumulation for therapists. The economic rules discussed include spending less than what one earns, saving at least 10% of annual income, using debt wisely, having term life insurance if one has dependents, having emergency funds personally and in business, and ensuring one has a will. Lastly, she emphasizes the need for consistency in practicing these habits and that becoming wealthy is usually gradual.Episode Highlights00:00 Introduction to the Podcast00:51 The Wealthy Therapist: Breaking Down the Stigma02:39 The Six Rules to Financial Success02:39 Rule 1: Spend Less Than You Make04:31 Rule 2: The 10 Percent Rule12:03 Rule 3: Term Life Insurance for Dependents15:58 Rule 4: The Importance of Having a Will16:31 Rule 5: The Necessity of an Emergency Fund17:46 Rule 6: Using Debt Wisely18:39 Book Recommendation Links and ResourcesBook Recommendation: The Wealthy Barber, Everyone's Common Sense Guide to Becoming Financially IndependentGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Behind the Numbers of Self-Publishing: Profit First for Therapists Turns OneIn this Therapy for Your Money episode, host Julie Herres, an accountant and owner of Green Oak Accounting, celebrates her book's first anniversary, Profit First for Therapists. She discusses the comprehensive details of self-publishing a niche book, including the financial and time commitments required. Julie provides insights into the costs associated with developmental editing, proofreading, typesetting, audiobook production, marketing, and promotional materials for the all in total. She sheds light on the book's sales performance, revealing that despite the significant upfront costs, the book has sold over 8,000 copies, surpassing her initial goal of 5,000 sales in the first year. The episode also highlights the importance of aligning book projects with broader business goals rather than expecting direct financial returns from book sales alone. Julie encourages listeners with a book idea to pursue self-publishing, equipped with realistic expectations about the process and potential outcomes.Episode Highlights00:00 Welcome to Therapy for Your Money00:49 Celebrating One Year of Profit First for Therapists01:00 The Realities of Self-Publishing a Book03:01 The Journey from Manuscript to Market03:45 The Hidden Costs of Self-Publishing12:32 Marketing: The Unexpected Marathon20:30 The Impact and Future of Profit First for Therapists24:53 Final Thoughts and Advice for Aspiring AuthorsLinks and ResourcesProfit First for Psychotherapists - https://www.facebook.com/groups/1274972945933485/GreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Finding Joy and Understanding Self-Love with Kasey ComptonIn this episode of 'Therapy for Your Money', host Julie Herres, an accountant and owner of Green Oak Accounting, talks with three-time guest Kasey Compton about her new book, 'In Search of You'. They delve into the journey of writing the book, its personal nature, and the process of self-discovery and vulnerability Compton experienced. 'In Search of You' explores themes of self-love, the quest for joy beyond achievements, and the impact of one's past on the present.  Kasey shares insights into her own life, including challenges with motherhood and personal growth, and discusses the importance of self-acceptance and understanding what true joy means. The conversation also touches on Compton's older work, highlighting the personal transformation and insights she has gained through writing and therapy.Highlights00:00 Introduction to the Podcast and Host00:46 Introduction to the Guest and Discussion Topic01:13 The Journey of Writing a New Book01:36 The Challenges and Vulnerabilities in Writing04:09 The Process of Deciding What to Include in the Book06:55 The Core Message and Ideal Reader of the Book08:59 Personal Reflections and Realizations12:30 The Impact of Personal Growth on Relationships24:49 The Takeaway Message from the Book26:43 Where to Find the Book28:08 Podcast DisclaimerLinks and ResourcesIn Search of You: https://www.kaseycompton.com/insearchofyou GreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Understanding Retirement Plans: Options for Business OwnersIn this episode of Therapy for Your Money we discusses the different retirement plans available to business owners. She details four main business retirement plans: traditional 401k, Safe Harbor 401k, Simple IRA, and SEP IRA. Julie outlines the benefits, limitations, and eligibility criteria for each plan, highlighting how these can align with various business scales and circumstances. She also introduces two personal retirement plans, the IRA and the Roth IRA, noting that business owners may have restricted eligibility for these. Lastly, Julie discusses the concept of ‘backdoor Roth,' an option for high-income earners who don't qualify for regular Roth IRAs, and mentions the impact of state-mandated retirement plans. She urges listeners to plan their retirement savings wisely by considering their financial situation and business scale.Episode Highlights00:04 Introduction to the Podcast and Host00:49 Understanding Retirement Plans for Business Owners01:06 Exploring Traditional and Roth Retirement Plans03:54 Deep Dive into 401k Retirement Plans08:45 Exploring Simple IRA Retirement Plans10:41 Understanding SEP IRA Retirement Plans14:37 Personal Retirement Plans: IRA and Roth IRA16:35 The Concept of Backdoor Roth18:01 Importance of Consistent Retirement Savings19:28 State-Mandated Retirement Plans21:07 Conclusion and Legal DisclaimerLinks and ResourcesGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation Studio

Unlocking the Power of Private Pay Practice: Expert Insights and AdviceIn this episode of 'Therapy for Your Money', host Julie Herres discusses the importance of private pay practices for therapists with guest Deb Legge, a mental health professional and business coach. Deb shares her experiences shifting towards private pay practices, emphasizing the importance of understanding value, the necessity of effective marketing, and the benefit of identifying and reaching out to key target markets. Furthermore, she discusses strategies for dealing with potential clients' insurance questions and reminds practitioners that their ultimate goal is to provide effective service to clients. Deb also shares information about her 'Private Pay Practice Program' and a special podcast series giveaway. In this episode, you will discover insights on: 1. Niche Services: Deb Legge emphasizes the importance of offering unique and specialized services that set you apart. She reveals strategies to identify niche markets and provide services that clients can't find elsewhere. 2. Expert Insights: As an industry expert, Deb Legge shares her wealth of knowledge on positioning yourself as the go-to professional in your niche market. She discusses the power of being the best choice for your target audience and provides practical tips on building trust and credibility. 3. Connect with Your Ideal Clients: Deb explains why focusing on a specific target market leads to better results and a stronger connection with clients. Discover the secrets to making your practice more memorable and effective by following Deb's advice in this episode.Episode Highlights00:04 Introduction to the Podcast00:51 The Importance of Private Pay Clients01:04 Guest Introduction: Deb Legge02:26 Understanding the Benefits of Private Pay04:16 Addressing Accessibility Concerns05:17 The Importance of Niche Specialization07:40 Effective Marketing Strategies10:35 Increasing Referrals13:47 Overcoming Barriers to Private Pay17:51 Starting the Transition to Private Pay17:59 Understanding Your Value18:55 The Role of Mindset in Private Pay21:49 The Importance of Professional Services24:02 Deb's Private Pay Practice Program27:15 Conclusion and Final ThoughtsLinks and ResourcesPrivate Pay Practice: More Information about Deb Legge and her servicesBook Recommendation: All In Startup: Launching a New Idea When Everything Is on the LineGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

In this Therapy for Your Money episode, host Julie Herres, an accountant specializing in private practices, shares insights on creating a million-dollar therapy practice. She clarifies that a million-dollar practice generates gross annual revenue, not profit. She illustrates how practices achieve this, noting it involves robust systems around marketing and client acquisition, ongoing recruitment, and strategic delegation. Moreover, she warns against unsustainable hiring and compensation practices. Julie also promotes her webinar on common hiring mistakes made by practice owners.Episode Highlights00:00 Introduction to the Podcast00:49 Understanding a Million-Dollar Practice01:00 The Reality of a Million-Dollar Practice01:44 The Journey to a Million-Dollar Practice03:03 The Financial Implications of a Million-Dollar Practice04:56 The Structure of a Million-Dollar Practice06:48 The Systems Needed for a Million-Dollar Practice08:46 The Mindset Shift for a Million-Dollar Practice09:39 Common Mistakes in Building a Million-Dollar Practice10:32 Conclusion and Additional Resources11:28 DisclaimerWebinar5 Most Common Mistakes Practice Owners Make When Hiring - https://www.greenoakaccounting.com/webinar Links and ResourcesGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production by www.coursecreationstudio.com

In this episode of the 'Therapy for Your Money' podcast, host Julie Herres talks to mental health therapist and financial therapy practitioner Khara Croswaite Brindle. They discuss the prevalent issues of money avoidance and insecurity among private practice owners, often stemming from deeply ingrained beliefs and traumas about money. The conversation delves into the concept of 'noble poverty' in the industry, misconceptions around the pursuit of profit, and the importance of addressing these issues through financial therapy. Khara describes her approach to helping clients, often fellow therapists, to gradually confront their fears and cultivate a healthier relationship with money.Highlights00:00 Introduction to the Podcast00:48 Understanding Money Blocks in Therapy Practice01:21 Guest Introduction: Khara Crossway Brindle02:12 Discussing Money Avoidance in Therapists04:05 Exploring Financial Therapy05:04 Unpacking Money Beliefs and Their Origins06:46 Addressing the Concept of Noble Poverty10:15 The Role of Financial Therapy in Addressing Money Issues13:24 The Impact of Avoiding Financial Responsibilities19:06 Khara's Money Momentum Group for Therapists20:54 Closing Remarks and Legal DisclaimerLINKS & RESOURCESBook Recommendation: Start with Why and The Road Back to YouCroswaite Counseling, PLLC: Alleviating Pain Points for Mental Health Therapists & Financial TherapistsGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation Studio

In this episode of 'Therapy for Your Money,' host Julie Herres and retreat planning expert Patrick Casale delve deep into the world of retreats. They discuss strategies for successful retreat planning, including creating a detailed budget, understanding the true costs, setting realistic prices, developing effective marketing strategies, and offering add-ons such as CEUs (Continuing Education Units), excellent accommodation, and local experiences to attract participants. Patrick's experience planning retreats and his tips for overcoming common challenges provide invaluable insights for anyone considering launching their own retreats.Show Highlights00:04 Introduction to the Podcast00:47 Guest Introduction: Patrick Gasol00:55 The Concept of Profitable Retreats02:00 Patrick's Journey into Retreat Hosting05:48 Challenges and Learnings in Retreat Planning09:41 Financial Aspects of Retreat Planning15:53 Marketing Strategy for Retreats25:15 The Role of Sponsors in Retreats28:19 Stressful Moments in Retreat Planning31:08 Advice for First-Time Retreat Planners32:44 Conclusion and Contact InformationLinks and ResourcesAll Things Private Practice - Podcast All Things Private Practice - InstagramAll Things Private Practice - WebpageGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Understanding the Implications of Hiring Contractors vs Employees in Therapy PracticesIn 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 Highlights00:00 Welcome to the Podcast00:49 The Age-Old Question: Contractors or Employees?01:49 Understanding Audits and Their Implications04:50 The New Department of Labor Ruling06:52 Breaking Down the Six Factors of the New Rule16:36 Potential Liabilities for Misclassification17:25 What Does This Mean for Your Practice?21:19 Final Thoughts and Resources24:02 DisclaimerLinks and ResourcesNew DOL rules: https://www.dol.gov/agencies/whd/flsa/misclassification/rulemakingSmall entity compliance guide: https://www.dol.gov/agencies/whd/government-contracts/small-entity-compliance-guideFree webinar: https://www.greenoakaccounting.com/webinarGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet 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 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 SettingsThe 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 StigmaDavia 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 MindsetThe 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 & RESOURCESBook Recommendation: The Wealthy Speaker 3.0 More than a Therapist: Listen to the Podcast and join the community!GreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi