Therapy For Your Money

Julie Herres

Welcome to Therapy for your Money, a podcast about all things money and finance for private practice owners! If you are ready to feel confident and in-control of your financial life, then you are in the right spot. Therapy for our Money is hosted by Julie Herres, the CEO and Founder of GreenOak Accounting. She and her firm specialize in working with private practice owners across the United States, and have assisted hundreds of private practices with increasing their financial stability and profitability. She is on a mission to share her best practices she's learned along the way through her successful career as an accountant, discusses financial topics with a wide variety of guests, and help her listeners make data driven decisions to help their businesses. read less
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Episodes

Episode 145: Buying Real Estate for your Practice
5d ago
Episode 145: Buying Real Estate for your Practice
Navigating the World of Buying Real Estate for Your PracticeIn this episode of Therapy For Your Money, host Julie Herres, an accountant and the owner of Green Oak Accounting, explores the complex decision of buying real estate for therapy practice owners. She delves into the reasons for and against purchasing a building, embracing the principle that such a significant financial step should align with one's long-term goals rather than be influenced by the actions of peers. Julie discusses the upfront and ongoing financial commitments of owning versus renting, including the potential for higher expenses and the responsibility of repairs and property taxes. She highlights the importance of financial readiness, advising against the purchase if it jeopardizes the practice's financial health or if funds for the down payment would otherwise contribute to underfunded retirement savings. The episode also covers the nuanced differences between commercial and residential loans, the process and expectations for securing a commercial loan, and the strategic legal and tax implications of owning commercial real estate. Julie provides a thorough overview of the potential tax benefits and pitfalls, especially the impact of depreciation and depreciation recapture on future tax bills. She concludes by reflecting on the shifting landscape of commercial real estate, particularly post-2020, and its implications for practice owners considering this investment. Julie advises listeners to seek professional guidance tailored to their unique situation, as the episode contains general opinions on accounting and tax matters rather than personalized advice.Episode Highlights00:00 Welcome to Therapy For Your Money00:49 The Big Decision: Buying Real Estate for Your Practice02:12 Understanding the Financials: Costs, Equity, and Loans07:24 Navigating the Loan Process for Commercial Real Estate10:01 Legal and Tax Considerations When Buying a Building15:03 The Future of Commercial Real Estate and Final ThoughtsLinks and ResourcesGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy
Episode 144: Your sales funnel: Who is your Ideal Client Avatar? (with Jenn Fredette)
May 31 2024
Episode 144: Your sales funnel: Who is your Ideal Client Avatar? (with Jenn Fredette)
Therapy for Your Money: Unveiling the Power of Marketing in Therapy PracticesIn this episode of Therapy for Your Money, host Julie Herres, an accountant and owner of Green Oak Accounting, explores the crucial yet often avoided topics of money and marketing for therapy practice owners. Joined by guest Jenn Fredette, a psychotherapist and marketing enthusiast, the discussion delves into overcoming the challenges associated with financial management and marketing within a private practice. Jenn shares her journey from psychotherapist to marketing mentor, emphasizing the similarities between clinical work and marketing and the importance of authentic connection with potential clients. The episode covers strategies for effective marketing, the significance of visibility, dealing with self-sabotage and avoidance, and crafting messages that resonate with ideal clients. Furthermore, Jenn introduces her flagship program aimed at helping therapists achieve a full and fulfilling caseload. The show concludes with Jenn's book recommendations for business owners and provides information on how listeners can access her programs.Show Highlights00:00 Welcome to Therapy for Your Money00:49 Introducing Jen Fredette: A Psychotherapist's Journey into Marketing01:07 The Psychology of Marketing for Therapists03:56 Overcoming Marketing Avoidance and Embracing Visibility07:26 Crafting a Successful Marketing Funnel18:13 Effective Strategies for Crafting Your Message23:09 Unlocking a Full Caseload: Strategies and Soul26:05 Jen's Favorite Business Books and Closing ThoughtsGuest ResourcesFull Caseload Unlocked A Thinker’s Guide on Instagram: @athinkersguideA Thinker’s Guide on Tiktok: @athinkersguideBook RecommendationsBuilding a Storybrand by Donald Miller Do Less by Kate Northrup Links and ResourcesGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi
Episode 143: My Experience, Insights, and Best Practices for Navigating a Department of Labor Audit
May 24 2024
Episode 143: My Experience, Insights, and Best Practices for Navigating a Department of Labor Audit
In this episode of 'Therapy for Your Money,' hosted by Julie Herres, the focus is on understanding Department of Labor (DOL) audits through the lens of a therapy practice owner. Julie shares her personal experience with a DOL audit in 2023, emphasizing the rarity of such audits for small businesses and outlining what triggers them. She provides a detailed account of the audit process, what the DOL investigates, and the kind of information they request, ranging from employee data to time and payroll records. Highlighting the challenges and emotions involved, Julie offers practical advice for handling audits, including the importance of EPLI insurance, rights during the audit, and the potential outcomes. The episode aims to prepare listeners for the unlikely event of a DOL audit, ensuring they're informed and protected.Show Highlights00:00 Welcome to Therapy for Your Money00:49 Navigating a Department of Labor Audit: A Personal Journey03:52 Understanding the Scope of DOL Audits05:55 Preparing for and Responding to a DOL Audit10:20 Rights and Tips for Handling a DOL Audit12:33 The Importance of EPLI Insurance and Final ThoughtsLinks and ResourcesEpisode 133: Contractor vs Employee: Understanding the new DOL rulesGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation Studio
Episode 142: The 5 Steps to Successful Delegation (with Uriah Guilford)
May 17 2024
Episode 142: The 5 Steps to Successful Delegation (with Uriah Guilford)
Mastering Delegation: A Guide for Therapy Practice OwnersThis episode of 'Therapy for Your Money' features host Julie Herres and guest Uriah Guilford discussing the importance of efficiency, delegation, and reducing stress for therapy practice owners. Uriah, a group practice owner and the founder of Productive Therapist shares his personal mission of making work and life easier and more fun. He introduces a five-step process for successful delegation: 1) Create a clear goal, 2) Create a written procedure (SOP), 3) Do effective training, 4) Give clear feedback, and 5) Maintain good accountability. Throughout the conversation, both speakers emphasize the significance of delegated tasks to prevent burnout, improve business efficiency, and ensure practice profitability.Show Highlights00:00 Welcome to Therapy for Your Money: Introducing the Host and the Mission00:47 Efficiency and Delegation: A Conversation with Uriah Guilford04:03 The Art of Delegation: Uriah's Mini Manifesto and the Importance of Team Building07:03 Breaking Down the Steps to Successful Delegation11:24 Exploring the First Step of Delegation: Setting Clear Goals14:49 Creating SOPs: The Foundation of Effective Delegation19:17 The Importance of Training in the Delegation Process21:30 Unlocking the Secrets of Effective Training22:13 Introducing Therapy Intake Pro: A Game-Changer for Training23:10 The Art of Feedback: Navigating the Delicate Balance25:48 Celebrating Success: The Power of Positive Feedback26:54 The Magic of Mini Awards: Boosting Morale and Recognition30:14 The Final Frontier: Accountability in Delegation37:06 Discovering the Best Business and Productivity BooksGuest LinksProfit First for Therapists: https://amzn.to/3V9Eax3Feel Good productivity: https://amzn.to/425rxoh SOP tool: www.waybook.comThe Magic Call Script: https://productivetherapist.com/magic/ Links and ResourcesGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi
Episode 141: What it Takes to Be a Wealthy Therapist
May 10 2024
Episode 141: What it Takes to Be a Wealthy Therapist
Therapy for Your Money: Becoming a Wealthy TherapistIn this episode of 'Therapy for Your Money,' host Julie Herres discusses her insights on wealth accumulation for therapists. The economic rules discussed include spending less than what one earns, saving at least 10% of annual income, using debt wisely, having term life insurance if one has dependents, having emergency funds personally and in business, and ensuring one has a will. Lastly, she emphasizes the need for consistency in practicing these habits and that becoming wealthy is usually gradual.Episode Highlights00:00 Introduction to the Podcast00:51 The Wealthy Therapist: Breaking Down the Stigma02:39 The Six Rules to Financial Success02:39 Rule 1: Spend Less Than You Make04:31 Rule 2: The 10 Percent Rule12:03 Rule 3: Term Life Insurance for Dependents15:58 Rule 4: The Importance of Having a Will16:31 Rule 5: The Necessity of an Emergency Fund17:46 Rule 6: Using Debt Wisely18:39 Book Recommendation Links and ResourcesBook Recommendation: The Wealthy Barber, Everyone's Common Sense Guide to Becoming Financially IndependentGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi
Episode 140: Behind the Numbers of Self-Publishing: Profit First for Therapists Turns One
May 3 2024
Episode 140: Behind the Numbers of Self-Publishing: Profit First for Therapists Turns One
Behind the Numbers of Self-Publishing: Profit First for Therapists Turns OneIn this Therapy for Your Money episode, host Julie Herres, an accountant and owner of Green Oak Accounting, celebrates her book's first anniversary, Profit First for Therapists. She discusses the comprehensive details of self-publishing a niche book, including the financial and time commitments required. Julie provides insights into the costs associated with developmental editing, proofreading, typesetting, audiobook production, marketing, and promotional materials for the all in total. She sheds light on the book's sales performance, revealing that despite the significant upfront costs, the book has sold over 8,000 copies, surpassing her initial goal of 5,000 sales in the first year. The episode also highlights the importance of aligning book projects with broader business goals rather than expecting direct financial returns from book sales alone. Julie encourages listeners with a book idea to pursue self-publishing, equipped with realistic expectations about the process and potential outcomes.Episode Highlights00:00 Welcome to Therapy for Your Money00:49 Celebrating One Year of Profit First for Therapists01:00 The Realities of Self-Publishing a Book03:01 The Journey from Manuscript to Market03:45 The Hidden Costs of Self-Publishing12:32 Marketing: The Unexpected Marathon20:30 The Impact and Future of Profit First for Therapists24:53 Final Thoughts and Advice for Aspiring AuthorsLinks and ResourcesProfit First for Psychotherapists - https://www.facebook.com/groups/1274972945933485/GreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi
Episode 139: In Search of You - an interview with Kasey Compton
Apr 26 2024
Episode 139: In Search of You - an interview with Kasey Compton
Finding Joy and Understanding Self-Love with Kasey ComptonIn this episode of 'Therapy for Your Money', host Julie Herres, an accountant and owner of Green Oak Accounting, talks with three-time guest Kasey Compton about her new book, 'In Search of You'. They delve into the journey of writing the book, its personal nature, and the process of self-discovery and vulnerability Compton experienced. 'In Search of You' explores themes of self-love, the quest for joy beyond achievements, and the impact of one's past on the present.  Kasey shares insights into her own life, including challenges with motherhood and personal growth, and discusses the importance of self-acceptance and understanding what true joy means. The conversation also touches on Compton's older work, highlighting the personal transformation and insights she has gained through writing and therapy.Highlights00:00 Introduction to the Podcast and Host00:46 Introduction to the Guest and Discussion Topic01:13 The Journey of Writing a New Book01:36 The Challenges and Vulnerabilities in Writing04:09 The Process of Deciding What to Include in the Book06:55 The Core Message and Ideal Reader of the Book08:59 Personal Reflections and Realizations12:30 The Impact of Personal Growth on Relationships24:49 The Takeaway Message from the Book26:43 Where to Find the Book28:08 Podcast DisclaimerLinks and ResourcesIn Search of You: https://www.kaseycompton.com/insearchofyou GreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi
Episode 138: Understanding Retirement Plans: Options for Business Owners
Apr 19 2024
Episode 138: Understanding Retirement Plans: Options for Business Owners
Understanding Retirement Plans: Options for Business OwnersIn this episode of Therapy for Your Money we discusses the different retirement plans available to business owners. She details four main business retirement plans: traditional 401k, Safe Harbor 401k, Simple IRA, and SEP IRA. Julie outlines the benefits, limitations, and eligibility criteria for each plan, highlighting how these can align with various business scales and circumstances. She also introduces two personal retirement plans, the IRA and the Roth IRA, noting that business owners may have restricted eligibility for these. Lastly, Julie discusses the concept of ‘backdoor Roth,’ an option for high-income earners who don’t qualify for regular Roth IRAs, and mentions the impact of state-mandated retirement plans. She urges listeners to plan their retirement savings wisely by considering their financial situation and business scale.Episode Highlights00:04 Introduction to the Podcast and Host00:49 Understanding Retirement Plans for Business Owners01:06 Exploring Traditional and Roth Retirement Plans03:54 Deep Dive into 401k Retirement Plans08:45 Exploring Simple IRA Retirement Plans10:41 Understanding SEP IRA Retirement Plans14:37 Personal Retirement Plans: IRA and Roth IRA16:35 The Concept of Backdoor Roth18:01 Importance of Consistent Retirement Savings19:28 State-Mandated Retirement Plans21:07 Conclusion and Legal DisclaimerLinks and ResourcesGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation Studio
Episode 137: The #1 Thing You Must Do To Get More Private-Pay Clients (with Deb Legge)
Apr 12 2024
Episode 137: The #1 Thing You Must Do To Get More Private-Pay Clients (with Deb Legge)
Unlocking the Power of Private Pay Practice: Expert Insights and AdviceIn this episode of 'Therapy for Your Money', host Julie Herres discusses the importance of private pay practices for therapists with guest Deb Legge, a mental health professional and business coach. Deb shares her experiences shifting towards private pay practices, emphasizing the importance of understanding value, the necessity of effective marketing, and the benefit of identifying and reaching out to key target markets. Furthermore, she discusses strategies for dealing with potential clients' insurance questions and reminds practitioners that their ultimate goal is to provide effective service to clients. Deb also shares information about her 'Private Pay Practice Program' and a special podcast series giveaway. In this episode, you will discover insights on: 1. Niche Services: Deb Legge emphasizes the importance of offering unique and specialized services that set you apart. She reveals strategies to identify niche markets and provide services that clients can't find elsewhere. 2. Expert Insights: As an industry expert, Deb Legge shares her wealth of knowledge on positioning yourself as the go-to professional in your niche market. She discusses the power of being the best choice for your target audience and provides practical tips on building trust and credibility. 3. Connect with Your Ideal Clients: Deb explains why focusing on a specific target market leads to better results and a stronger connection with clients. Discover the secrets to making your practice more memorable and effective by following Deb's advice in this episode.Episode Highlights00:04 Introduction to the Podcast00:51 The Importance of Private Pay Clients01:04 Guest Introduction: Deb Legge02:26 Understanding the Benefits of Private Pay04:16 Addressing Accessibility Concerns05:17 The Importance of Niche Specialization07:40 Effective Marketing Strategies10:35 Increasing Referrals13:47 Overcoming Barriers to Private Pay17:51 Starting the Transition to Private Pay17:59 Understanding Your Value18:55 The Role of Mindset in Private Pay21:49 The Importance of Professional Services24:02 Deb's Private Pay Practice Program27:15 Conclusion and Final ThoughtsLinks and ResourcesPrivate Pay Practice: More Information about Deb Legge and her servicesBook Recommendation: All In Startup: Launching a New Idea When Everything Is on the LineGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi
Episode 136: Creating a Million-Dollar Therapy Practice
Apr 5 2024
Episode 136: Creating a Million-Dollar Therapy Practice
In this Therapy for Your Money episode, host Julie Herres, an accountant specializing in private practices, shares insights on creating a million-dollar therapy practice. She clarifies that a million-dollar practice generates gross annual revenue, not profit. She illustrates how practices achieve this, noting it involves robust systems around marketing and client acquisition, ongoing recruitment, and strategic delegation. Moreover, she warns against unsustainable hiring and compensation practices. Julie also promotes her webinar on common hiring mistakes made by practice owners.Episode Highlights00:00 Introduction to the Podcast00:49 Understanding a Million-Dollar Practice01:00 The Reality of a Million-Dollar Practice01:44 The Journey to a Million-Dollar Practice03:03 The Financial Implications of a Million-Dollar Practice04:56 The Structure of a Million-Dollar Practice06:48 The Systems Needed for a Million-Dollar Practice08:46 The Mindset Shift for a Million-Dollar Practice09:39 Common Mistakes in Building a Million-Dollar Practice10:32 Conclusion and Additional Resources11:28 DisclaimerWebinar5 Most Common Mistakes Practice Owners Make When Hiring - https://www.greenoakaccounting.com/webinar Links and ResourcesGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production by www.coursecreationstudio.com
Episode 135: Are you Avoiding your Money? (with Khara Croswaite Brindle)
Mar 29 2024
Episode 135: Are you Avoiding your Money? (with Khara Croswaite Brindle)
In this episode of the 'Therapy for Your Money' podcast, host Julie Herres talks to mental health therapist and financial therapy practitioner Khara Croswaite Brindle. They discuss the prevalent issues of money avoidance and insecurity among private practice owners, often stemming from deeply ingrained beliefs and traumas about money. The conversation delves into the concept of 'noble poverty' in the industry, misconceptions around the pursuit of profit, and the importance of addressing these issues through financial therapy. Khara describes her approach to helping clients, often fellow therapists, to gradually confront their fears and cultivate a healthier relationship with money.Highlights00:00 Introduction to the Podcast00:48 Understanding Money Blocks in Therapy Practice01:21 Guest Introduction: Khara Croswaite Brindle02:12 Discussing Money Avoidance in Therapists04:05 Exploring Financial Therapy05:04 Unpacking Money Beliefs and Their Origins06:46 Addressing the Concept of Noble Poverty10:15 The Role of Financial Therapy in Addressing Money Issues13:24 The Impact of Avoiding Financial Responsibilities19:06 Khara's Money Momentum Group for Therapists20:54 Closing Remarks and Legal DisclaimerLINKS & RESOURCESBook Recommendation: Start with Why and The Road Back to YouCroswaite Counseling, PLLC: Alleviating Pain Points for Mental Health Therapists & Financial TherapistsGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation Studio
Episode 134: Strategies for Making Retreats Profitable (with Patrick Casale)
Mar 22 2024
Episode 134: Strategies for Making Retreats Profitable (with Patrick Casale)
In this episode of 'Therapy for Your Money,' host Julie Herres and retreat planning expert Patrick Casale delve deep into the world of retreats. They discuss strategies for successful retreat planning, including creating a detailed budget, understanding the true costs, setting realistic prices, developing effective marketing strategies, and offering add-ons such as CEUs (Continuing Education Units), excellent accommodation, and local experiences to attract participants. Patrick's experience planning retreats and his tips for overcoming common challenges provide invaluable insights for anyone considering launching their own retreats.Show Highlights00:04 Introduction to the Podcast00:47 Guest Introduction: Patrick Gasol00:55 The Concept of Profitable Retreats02:00 Patrick's Journey into Retreat Hosting05:48 Challenges and Learnings in Retreat Planning09:41 Financial Aspects of Retreat Planning15:53 Marketing Strategy for Retreats25:15 The Role of Sponsors in Retreats28:19 Stressful Moments in Retreat Planning31:08 Advice for First-Time Retreat Planners32:44 Conclusion and Contact InformationLinks and ResourcesAll Things Private Practice - Podcast All Things Private Practice - InstagramAll Things Private Practice - WebpageGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi
Episode 133: Contractor vs Employee: Understanding the new DOL rules
Mar 15 2024
Episode 133: Contractor vs Employee: Understanding the new DOL rules
Understanding the Implications of Hiring Contractors vs Employees in Therapy PracticesIn this episode of 'Therapy for Your Money,' host Julie Herres discusses the implications of employing contractors versus employees in therapy practices. She unpacks a recent ruling from the Department of Labor and its six factors for determining employment relationships. She emphasizes that legislation is moving towards favoring employee relationships. While the immediate impact on therapy practices may be limited, it is prudent for owners to begin considering the transition from contractors to employees. Julie also shares useful resources to help small businesses stay compliant and highlights a webinar on clinician compensation for sustainable and profitable practices.Episode Highlights00:00 Welcome to the Podcast00:49 The Age-Old Question: Contractors or Employees?01:49 Understanding Audits and Their Implications04:50 The New Department of Labor Ruling06:52 Breaking Down the Six Factors of the New Rule16:36 Potential Liabilities for Misclassification17:25 What Does This Mean for Your Practice?21:19 Final Thoughts and Resources24:02 DisclaimerLinks and ResourcesNew DOL rules: https://www.dol.gov/agencies/whd/flsa/misclassification/rulemakingSmall entity compliance guide: https://www.dol.gov/agencies/whd/government-contracts/small-entity-compliance-guideFree webinar: https://www.greenoakaccounting.com/webinarGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi
Episode 132: Nonprofit to Corporate Mindset (with Davia Roberts)
Mar 8 2024
Episode 132: Nonprofit to Corporate Mindset (with Davia Roberts)
In this episode, Julie Herres and her guest Davia Roberts discuss the differences between the nonprofit and corporate mindsets in the therapy field. They explore the challenges faced by therapists working in nonprofits, such as low pay, unrealistic expectations, and the guilt associated with prioritizing financial security. They also debunk the stigma around therapists transitioning from nonprofit to corporate settings.Financial Challenges in Nonprofit SettingsThe conversation highlights the financial challenges faced by therapists working in nonprofit settings. Many therapists in these settings are overworked and underpaid, with unrealistic workloads and limited resources. Struggles include making a living wage, paying off student loans, and the overall financial stress that impacts the well-being of therapists. On top of that, there is the guilt associated with charging higher fees for services, despite the value and importance of their work.The Impact of StigmaDavia highlights the perception that going corporate is seen as being greedy or money-focused, while nonprofit work is viewed as selfless and dedicated to helping others. The conversation challenges these stereotypes, pointing out the importance of financial security and acknowledging that therapists should not be expected to sacrifice their own well-being for their clients. They discuss the need to break free from the guilt and reframe the conversation around the value and worth of mental health services.Shifting the MindsetThe transition from a nonprofit mindset to a corporate or private practice mindset involves a critical evaluation of goals, motivations, and expectations. This process is crucial for therapists considering such a shift. They need to align their financial goals with their career aspirations, highlighting the significance of negotiating appropriate pay and understanding their worth. Additionally, the conversation addresses the necessity of financial planning and budgeting. Awareness of the seasonal fluctuations in income that can occur in an entrepreneurial or private practice setting is also a key aspect of this transition.LINKS & RESOURCESBook Recommendation: The Wealthy Speaker 3.0 More than a Therapist: Listen to the Podcast and join the community!GreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi
Episode 131: Lessons learned from highly successful business owners
Mar 1 2024
Episode 131: Lessons learned from highly successful business owners
Lessons from Successful Business Owners: Strategies and Habits for Profitable PracticesHost Julie Herres discusses the habits and strategies common among the most successful business owners. She emphasizes not to equate the appearance of wealth with actual success. She suggests that successful business owners often do not overextend their resources but smartly use credit cards and plan investments. Successful business owners rarely take uncalculated risks. They value their time and spend it wisely on the business. They have emergency funds, focus on perfecting one revenue stream before moving on to others, and rely on experts for various business requirements. These strategies have helped drive their businesses forward in a financially sustainable way.Episode Highlights00:00 Introduction and Background00:50 Lessons from Successful Business Owners01:24 Understanding Wealth and Spending Habits03:27 The Importance of Planning and Saving05:28 Evaluating Return on Investment06:13 Taking Calculated Risks07:50 Valuing Time and Focus09:20 Maintaining Financial Security11:16 The Power of Focus and Expertise14:29 Conclusion and Final ThoughtsLINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation Studio
Episode 130: Tips for Weathering the Storm in Your Group Practice (with Maira Holzmann)
Feb 23 2024
Episode 130: Tips for Weathering the Storm in Your Group Practice (with Maira Holzmann)
Episode Summary:In this episode, Maira Holzmann and Julie Herres delve deep into the intricacies of managing finances in the world of therapy practice. They discuss the challenges and revelations they've faced, from reevaluating their perceptions of debt to the importance of joy spotting amidst the stresses of business. Maira shares her transformative journey with money, emphasizing the need for prioritization and respect in handling finances. Julie offers insights into the dual-edged nature of business ownership, highlighting the balance between control and uncertainty.Episode Highlights:Talk very plainly about fears. This clears the way for growth.  The shift in perception regarding debt, recognizing it not just as a burden but also as a potential tool for growth.Look for joy: Maira's technique of “joy spotting” and savoring what you have right now as a means to alleviate the stresses of business, emphasizes its physiological benefits.Embrace what you love: Embrace simple small pleasures like reading, cooking, or taking care of what you have. Links and Resources:More Thriving Therapists Somatic Therapy partners GreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi
Episode 129: Make more money in your practice
Feb 16 2024
Episode 129: Make more money in your practice
How to Increase Your Income in Private Practice: Three Levers All Practice Owners Can UseIn this podcast episode of Therapy for Your Money, host Julie Herres discusses levers that therapy practice owners can control to increase their income. The first lever is the number of sessions provided by the practice, in which an increase should generate higher profits. The second lever is the average fee per session, increasing rates should lead to higher income, assuming overheads don't rise. The final lever is the allocation of income, more specifically, how much owner's pay they assign themselves. By skillfully managing these levers and expenses, practice owners can improve their personal income without necessarily needing to increase their gross earnings.Highlights00:04 Introduction to the Podcast00:15 About the Host and Her Mission00:35 Introduction to the Book 'Profit First for Therapists'00:51 Increasing Your Private Practice Income01:08 Three Levers to Increase Your Income01:44 Lever 1: Increasing the Number of Sessions03:38 Lever 2: Increasing the Average Fee per Session05:05 Lever 3: Managing Your Expenses and Allocation06:40 How to Use These Levers to Your Advantage07:25 The Importance of a Profitable Practice08:16 Using the 'Reverse Engineer Your Practice' Tool09:09 Conclusion and Legal DisclaimerLINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation Studio
Episode 128: Why your intake coordinator should be a sales person - Part 2 (with Niki Ramirez)
Feb 9 2024
Episode 128: Why your intake coordinator should be a sales person - Part 2 (with Niki Ramirez)
During this podcast episode, the hosts discuss the shifting mindset from viewing intake coordinators strictly as administrative support to seeing them as essential salespeople in mental health practices. By redefining the role, conversion rates can increase, benefiting the practice and the clients.  When it comes to putting the right person in the role, it's important to hire someone with a sales mindset capable of tackling tasks like efficient follow-ups and exploring all possible patient options while still being likable and relational.  Three questions this episode will answer are:What are some past jobs to look for when hiring an intake coordinatorWhat are some jobs that might not be a good fit for experience (it's not what you think)What are some of the skills to look for when hiring an intake coordinatorTimeline:00:04 Introduction and Welcome00:50 Guest Introduction: Niki Ramirez01:37 The Role of an Intake Coordinator in Therapy04:31 The Importance of Sales Skills in Intake Coordination07:57 Identifying Potential Candidates for Intake Coordinator15:51 Structuring the Job Description and Compensation25:05 Encouraging People to Think About a Carrot in Any Industry25:34 Favorite Business Book and Its Impact26:36 Connecting with HR Answers27:08 Introducing the Concept of Intake Coordinator as a Salesperson27:52 The Role of Business Development Manager at Green Oak Accounting28:37 Changing the Perception of Sales in the Industry35:36 The Importance of Persistence in Sales38:29 Potential Sales Positions for Intake Coordinators40:29 Compensation Structures for Sales Positions44:07 Addressing Ethical Concerns About Sales in Therapy Practices46:36 Wrapping Up the Discussion and Looking Forward to the Next EpisodeGuest ResourcesHR AnswersLinkedInLinks and ResourcesGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi
Episode 127: Why your intake coordinator should be a sales person Part 1 (with Sarah Riley)
Feb 2 2024
Episode 127: Why your intake coordinator should be a sales person Part 1 (with Sarah Riley)
In this episode, Julie Herres, the host of 'Therapy for Your Money' speaks with Sarah Riley, the business development manager at Green Oak Accounting, about reimagining the role of an intake coordinator to work more like a salesperson. They discuss how a sales-oriented approach can significantly improve a therapy practice's conversion rates, making it more profitable. They also explore practical tips on how to implement this approach, deal with ethical concerns, and how choosing the right person with a sales mindset can help provide better service to clients.In this episode, you will discover:The role of intake coordinators as salespersons in therapy officesThe benefits of having a sales-minded intake coordinatorDifferent sales positions that could be a good fit for an intake coordinator roleThe importance of a sales mindset for intake coordinatorsHow a sales-minded intake coordinator can improve conversion ratesThe potential impact of a sales-focused intake coordinator on practice caseloadsDifferent compensation structures for sales-minded intake coordinators, and ethical considerations in sales tactics.Section Highlights00:04 Introduction to the Podcast00:15 About the Host and Her Mission00:49 Introduction to the Topic: Intake Coordinator as a Salesperson01:31 Guest Introduction: Sarah Riley02:05 Understanding the Sales Role in Therapy Practices04:07 The Importance of a Sales Mindset in Intake Coordination08:14 Benefits of a Sales Mindset in Therapy Practices17:47 Potential Concerns and Ethical Considerations20:15 Conclusion and Preview of the Next EpisodeLINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation Studio
Episode 126: Financial Professionals 101: Practice Owner edition! (with Linzy Bonham)
Jan 26 2024
Episode 126: Financial Professionals 101: Practice Owner edition! (with Linzy Bonham)
In this episode of "Therapy for Your Money," Julie Herres and Linzy Bonham discuss the various types of financial professionals that therapy practice owners might work with or encounter. They highlight the importance of understanding the roles and responsibilities of these professionals to make informed decisions for one's business.Bookkeepers and Accountants for Therapists The discussion starts with an overview of bookkeepers and accountants. Bookkeepers manage the financial records, transactions, and basic financial tasks, while accountants have a more comprehensive understanding of taxes, bookkeeping, and payroll. Accountants might also provide forward-looking analysis, helping business owners plan for the future.Fractional CFOs (Chief Financial Officers) for Therapists The hosts introduce the concept of fractional CFOs, who are like strategic financial partners for businesses. Fractional CFOs help with big financial decisions, budgeting, measuring financial key performance indicators, and achieving financial goals. They play a vital role in guiding businesses through periods of growth and keeping them on track.Financial Coaches and Profit First Professionals for TherapistsFinancial coaches focus on educating and empowering business owners to manage their finances effectively. They address mindset and emotional aspects related to money, helping business owners develop skills and habits for informed financial decisions. Profit First Professionals specifically use the Profit First methodology to prioritize profit in business finances.Payroll Services and Financial PlannersPayroll services automate payroll-related tasks, ensuring compliance and accuracy. Financial planners, on the other hand, offer guidance on investments, retirement planning, and insurance products. It's important to distinguish between fee-for-service financial planners and those who may also sell financial products, as this can affect the advice and recommendations they provide.Tips for Practice Owners: When seeking financial professionals, make sure to clarify their roles, responsibilities, and compensation models upfront. Assess your business's needs and goals to determine which professionals align best with your requirements.Regular communication with your chosen professionals can help you make informed financial decisions and stay on track toward your objectives.LINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyMoney Nuts and Bolts - Learn More about Linzy and her servicesPodcast Production and Show Notes by Course Creation Studio