Episode 122: Profit First For Therapists: Making Money Work [featuring Julie Herres]
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.
- Check out Julie's new course on hiring clinicians, where she shares all of her knowledge on evaluating what you can afford, as well as includes templates and calculators. greenoakaccounting.com/compensation
- Find Julie on social media using: @julie.herres and @greenoakacct or check out her Facebook: facebook.com/greenoakacct
- Join the free Profit First for Therapists FB group: facebook.com/groups/1274972945933485
Julie, an accountant and enrolled agent, is the author of "Profit First For Therapists" greenoakaccounting.com/compensation-strategies
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Thanks to Our Sponsors: The Receptionist for iPad
I want to thank The Receptionist for iPad for sponsoring this episode.
The Receptionist offers an iPad list check-in option where clients can scan a QR code to check in, which negates the need for you to buy an iPad and stand. Go to thereceptionist.com/privatepractice and sign up for a free 14-day trial. When you do, you'll get your first month free. And don't forget to ask about our iPad list check-in option.
