Understanding Financial Health: A Guide for Therapy Practice Leaders
In 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 Highlights
00:00 Introduction to Therapy for Your Money
00:45 Today's Topic: Financial Literacy for Practice Leaders
02:00 Understanding Financial Realities in Group Practices
05:10 The Importance of Profit Margins
07:16 Challenges Faced by Group Practices
09:35 The Role of Practice Owners and Leaders
12:15 Hierarchy of Needs in Healthcare Practices
14:07 Final Thoughts and Recommendations
15:58 Conclusion and Disclaimers
Links and Resources
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
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