In this episode, Patrick is joined by special guest Julie Herres, CEO of GreenOak Accounting, specifically designed for therapists and counselors in private practice. They talk about some of the big questions and concerns that private practice owners face with taxes, finances, and ensuring that they see a profit at the end of the year.
You may have been told you don’t become a therapist to make money, but setting up your business to earn it is an important part of sustaining yourself so that you can help others.
Some Key Takeaways:
- Financial Insecurity in Private Practice: Many therapists and counselors struggle with feeling guilty about making money in the mental health field, which can lead to undercharging for services and not paying themselves a fair wage. This episode addresses the importance of therapists being able to make a good living and feel comfortable with their finances, offering practical tips and advice on aligning business revenue with personal financial needs.
- Lack of Financial Knowledge: Private practice owners may feel overwhelmed by the complexities of managing their finances, including filing taxes and making important financial decisions for their practice. The podcast episode discusses the significance of working with a professional team, such as a tax professional, to prevent costly mistakes and ensure the sustainability of the business.
- Pricing and Fee Setting Challenges: Many practice owners may struggle with determining their rates and setting fees for services due to comparing themselves to others or feeling pressured to conform to standard market rates. This episode advocates for setting rates based on individual financial needs and lifestyle goals, emphasizing the importance of staying true to oneself and making business decisions that align with personal goals.
More about Julie:
Julie Herres is the founder and CEO of GreenOak Accounting, a firm that exclusively serves therapists, psychologists, and counselors in private practice across the United States. Over the years, Julie and her team have worked with hundreds of private practice owners and developed serious knowledge about what makes a practice financially successful. GreenOak’s goal is to help practice owners feel comfortable with the financial side of their businesses and have profitable practices. Some of the firm’s biggest success stories were achieved through implementing Profit First.
Julie is an accountant and an enrolled agent (EA). She is also a speaker, author of Profit First for Therapists, and the host of the Therapy for Your Money podcast.
Julie, an accountant and enrolled agent, is the author of "Profit First For Therapists" greenoakaccounting.com/compensation-strategies
–––––––––––––––––––––
🎙️Listen to more episodes of the All Things Private Practice Podcast
🎙️Spotify
🎙️Apple
🎙️YouTube Music
▶️ YouTube
✈️ Learn about Retreats
🗨️ Join the free Empowered Escape FB Community
–––––––––––––––––––––
✨ The Receptionist for iPad
Thanks to The Receptionist for iPad for sponsoring this episode.
The Receptionist for iPad is a HIPAA-ready digital check-in system that eliminates the need to walk back and forth from your office to the waiting room to see if your next appointment has arrived. Clients or patients can check in for their appointments, and you'll be immediately notified by text, email, or your preferred channel. Break free from interruptions and make the most of your time, because it is valuable. Start a free 14-day trial of the Receptionist for iPad by going to thereceptionist.com/privatepractice. Make sure to start your trial with that link to get your first month free if you decide to sign up.
Free Gifts for Our Listeners
✨ Free Podcasting Workbook
Get a practical podcasting workbook for therapists considering starting a podcast, created by Patrick Casale, host of the podcasts All Things Private Practice and Divergent Conversations.
You'll get a practical structure for therapists who want to start a podcast but don’t want to rush, perform, or build something they can’t sustain.
Grab your free copy of the Podcasting Workbook: atppod.com/free-podcasting-workbook
✨ Move Beyond Private Practice As A Neurodivergent Entrepreneur
Move Beyond Private Practice As A Neurodivergent Entrepreneur is a FREE 5-part mini-course designed for therapists who want sustainable financial independence beyond one-on-one work.
Access your free mini-course here: atppod.com/move-beyond-private-practice-free
Mentioned in this episode:
The Receptionist for iPad
The Receptionist for iPad is a HIPAA-ready digital check-in system that eliminates the need to walk back and forth from your office to the waiting room to see if your next appointment has arrived. Clients or patients can check in for their appointments, and you'll be immediately notified by text, email, or your preferred channel. Break free from interruptions and make the most of your time, because it is valuable. Start a free 14-day trial of the Receptionist for iPad by going to https://thereceptionist.com/privatepractice. Make sure to start your trial with that link to get your first month free if you decide to sign up.
