38 min
Episode 3: Why Great Clinicians Fail at Private Practice (with Gordon Brewer) Therapy For Your Money
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- Business
Why and how do clinicians start and sustain a private practice, when so many others fail at it? Too few resources and opportunities to financially succeed and stay in business. Private practice is not for everyone.
Today’s guest is Gordon Brewer, a licensed marriage and family therapist. He started a part-time private practice in 2005 that has grown into a group practice named Kingsport Counseling Associates in northeast Tennessee.
Click here to download our handout for this episode!
Episode Highlights:
Listen and Learn: When resources are limited, find or make your ownPractice of Therapy: Blog and podcast purpose is to help people start private practiceBiggest Mistakes: Know your numbers and charge enough to understand profit and lossMoney Mindset: Therapists should not feel ashamed or guilty about making moneyTop vs. Bottom Line Bookkeeping: Don’t procrastinate or outsource to avoid huge tax billReserves: Prepare and plan ahead by having 2-6 months of income saved for expensesStartup Expenses: Avoid debt and make the practice pay for itself from the beginningBootstrapping: Spend money to make money because doing it all is not a good ROIOutsource Opportunities: What is not your area of genius?Administrative/clerical workWebsite developmentSocial media marketingBookkeeping/accountingContractors vs. Clinicians: Don’t pay first hire too much but a fair, competitive wageFinancial Advice: Focus on percentages over dollar amounts and know your ‘why’Links and Resources:
Money Matters in Private Practice Course
(Coupon Code: Julie2020 for 20% off)
Practice of Therapy Blog
Practice of Therapy Podcast
Free Private Practice Start-up Guide from Gordon Brewer
Kingsport Counseling Associates
QuickBooks
Schedule K-1 Form 1065
Schedule C
Affordable Care Act (ACA) Insurance
Free to Focus from Michael Hyatt
Health Insurance Portability and Accountability Act (HIPAA)
Profit First by Mike Michalowicz
Company of One by Paul Jarvis
Google G Suite
GreenOak Accounting
Therapy For Your Money Podcast
Why and how do clinicians start and sustain a private practice, when so many others fail at it? Too few resources and opportunities to financially succeed and stay in business. Private practice is not for everyone.
Today’s guest is Gordon Brewer, a licensed marriage and family therapist. He started a part-time private practice in 2005 that has grown into a group practice named Kingsport Counseling Associates in northeast Tennessee.
Click here to download our handout for this episode!
Episode Highlights:
Listen and Learn: When resources are limited, find or make your ownPractice of Therapy: Blog and podcast purpose is to help people start private practiceBiggest Mistakes: Know your numbers and charge enough to understand profit and lossMoney Mindset: Therapists should not feel ashamed or guilty about making moneyTop vs. Bottom Line Bookkeeping: Don’t procrastinate or outsource to avoid huge tax billReserves: Prepare and plan ahead by having 2-6 months of income saved for expensesStartup Expenses: Avoid debt and make the practice pay for itself from the beginningBootstrapping: Spend money to make money because doing it all is not a good ROIOutsource Opportunities: What is not your area of genius?Administrative/clerical workWebsite developmentSocial media marketingBookkeeping/accountingContractors vs. Clinicians: Don’t pay first hire too much but a fair, competitive wageFinancial Advice: Focus on percentages over dollar amounts and know your ‘why’Links and Resources:
Money Matters in Private Practice Course
(Coupon Code: Julie2020 for 20% off)
Practice of Therapy Blog
Practice of Therapy Podcast
Free Private Practice Start-up Guide from Gordon Brewer
Kingsport Counseling Associates
QuickBooks
Schedule K-1 Form 1065
Schedule C
Affordable Care Act (ACA) Insurance
Free to Focus from Michael Hyatt
Health Insurance Portability and Accountability Act (HIPAA)
Profit First by Mike Michalowicz
Company of One by Paul Jarvis
Google G Suite
GreenOak Accounting
Therapy For Your Money Podcast
38 min