Episode 92: What's going on in the therapy world? (with Jacquie Kiefer)
March 03, 2023
We've got a short and sweet episode today with one of our fantastic team members over at GreenOak Accounting who has a pulse on what's going on in the therapy world! Our teams have just wrapped up their quarterly client meetings and we wanted to give you an inside scoop on some of the common problems private practices are facing at the moment.
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.
If you're interested in schedule a consultation with GreenOak Accounting, click here!
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- Inconsistent Insurance Issues
- There are many problems a practice may face when it comes to working with insurance companies including inconsistent payment schedules, long credentialing periods, and troubleshooting billing
- Delays in payments or credentialing can greatly affect your practice's finances if you don't have a plan in place
- We recommend diversifying the insurance companies you are paneled with, budgeting your money based on the worst case scenario, and always having an emergency fund for those tricky situations that may arise
- Overall demand for mental health services are declining
- As we've eased our way back into a post-COVID world, there has been a slow decrease in the need for therapy
- The world is going back to it's usual routines - traveling, family gatherings, frequent restaurant outings, etc. - which have given people a sense of normalcy after a very strange couple of years
- This can affect many things, including hiring, team retention, overhead costs, which all end up altering your overall cash flow
- Solo vs Group Practices
- Solo practices tend to be in a more "cruise control" setting
- Once you enter into a group practice, there are so many additional factors that affect your finances
- If you don't have a solid plan for sustainable growth in place, your expenses can very quickly outgrow your profit
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com