Maximizing Income in Private Therapy Practice
In 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 Highlights
00:00 Introduction to Therapy for Your Money
00:46 Today's Topic: Predicting Income and Maximizing Take-Home Pay
02:51 Understanding the Three Main Levers
04:12 Lever 1: Number of Sessions
06:47 Lever 2: Session Rates
15:48 Lever 3: Income Percentage
23:20 Using the KPI Tracker
27:19 Conclusion and Final Thoughts
Links and Resources
KPI Tracker and Calculator: https://calculator.greenoakaccounting.com
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
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
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