191: Adjusting Your Private Practice in a Changing Economy (Part 1) with Julie Herres

Lately, so many of us are feeling the ripple effects of a shifting economy. You might notice yourself being a little more careful with your grocery budget… or you may be seeing clients cancel, space out, or step back from therapy to save money. These changes can feel unsettling, especially when you’re responsible for running a private practice, caring for clients, and supporting your own household. 

In this episode, I sit down with my good friend and trusted financial expert, Julie Herres, to talk through what so many practice owners are experiencing right now.  

“If you're going to see someone once a week, that's probably $800 a month [...] by eliminating that, that's a lot of money coming back into the household. We are seeing sometimes that is no longer sustainable or folks are going to every other week. Right? Kind of changing the cadence of what they do. But we're also seeing practice owners just not wanting to make a lot of changes.” - Julie Herres 

Together, we explore the very real challenges—cash flow tightening, rising costs, and major changes in client behavior—that are showing up for both solo and group practice owners. 

What This Shift Means for Solo and Group Practices 

For group practice owners: 

Some of you are navigating painful cash-flow stress, wondering how to manage payroll or what to do if a few clinicians leave all at once. When there isn’t a financial cushion, even small disruptions can feel overwhelming. 

For solo practitioners: 

Many therapists who were booked solid for years are now noticing more openings in their calendars. That doesn’t mean you’ve done anything wrong. It’s part of a broader, nationwide shift in therapy demand. 

Inflation, Reimbursement Rates, and Changing Client Needs 

Julie and I talk through why everything feels “tighter” right now—and why so many therapists are questioning their next steps. 

We explore how inflation, stagnant insurance reimbursement, and economic fear are impacting your practice, your income, and the clients you care for. 

(00:06:18) Therapy Demand Trends in Economy 

(00:09:58) Reflections on Consumer Behavior 

(00:11:06) Certainty Drives Prosperity 

(00:13:57) Therapy Resistance and Cultural Shifts 

(00:18:52) The Hidden Struggles of Ownership 

Key Takeaways for Therapists Navigating Today’s Economy 

Here’s what Julie and I unpacked together: 

Inflation + Uncertainty 

Clients are becoming more price sensitive. Many are weighing therapy against essential household expenses. At the same time, therapists are facing rising overhead with little movement in insurance reimbursement. It’s no wonder things feel tight. 

A Post-COVID Market Correction 

The surge in therapy demand during COVID has eased. Even seasoned clinicians are seeing more openings, more competition, and shifting client priorities. 

Hiring + Retention Challenges 

Group practice owners are struggling to keep clinicians as compensation expectations rise but profitability doesn’t. For some, this has triggered a deeper reflection about whether their current business model is sustainable. 

If you’ve been feeling unsettled, or noticing more uncertainty in your finances or schedule, I want you to know there’s nothing wrong with you and you’re not behind. You’re responding to a larger economic shift that’s affecting therapists everywhere. 

In Part Two, Julie and I will move into action—sharing guidance, grounded strategies, and compassionate next steps to help you adjust your practice with clarity and confidence.

Ready to Improve your Business Money...