Episode 82: Maximizing Your Group Practice Revenue (with Jacquie Kiefer)
December 09, 2022
Managing a group practice can sometimes feel like an uphill battle, but maximizing your revenue can take a lot of the pressure off your shoulders! When it comes to running a healthy business, it's important to take a look at your numbers and ensure your clinicians are meeting your expectations. Today, Julie's chatting with Jacquie Kiefer of GreenOak Accounting about her expertise in helping clinicians maximize their revenue!
Jacquie Kiefer is an Accounting Manager at GreenOak Accounting. She is passionate about helping her clients see the big picture and how their companies are progressing. She lives in the details of each client's day-to-day business, and prides herself in helping them achieve their goals! Originally from Colorado, she now calls Florida home, spending most of her free time adventuring with her boyfriend and their five dogs, fishing, hunting, and enjoying the outdoors.
- Figure out the expectations for each team member
- Roles can vary in a practice, from employees to contractors, to part-time and full-time clinicians, and even administrative team members
- It’s important to collaborate with team members to ensure they understand the expectations and any questions they may have will be answered
- Having those conversations may be difficult, but can definitely strengthen your relationship with your employees when they feel supported and heard in their own concerns
- Calculate your numbers
- If your team members aren’t meeting their expectations, your business could suffer financially
- It’s important to track metrics and KPIs in order to ensure the financial health of the practice
- What’s the general breakeven point for clinicians in a group practice?
- For an independent contractor, a general breakeven point is about 8 clients
- For a W-2 employee, a general breakeven point is about 10-12 clients
- There are different breakeven points depending on if the clinician is full-time or part-time
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com