Episode 118: Q4 Industry Updates

On Episode 118, join our host, Julie Herres, and special guest, Jacquie Kiefer of Green Oak Accounting, for a guiding discussion about the fourth-quarter financial trends and challenges faced by therapy practice owners. In this captivating dialogue, they delve into issues that are impacting the industry's monetary climate, from dwindling referrals to the implications of accelerating inflation on private practices. The conversation also sheds light on the rising popularity of therapy applications, such as BetterHelp, and its corresponding effects on the industry. The discussion concludes with valuable end-of-year financial strategies designed specifically for private practice owners, aimed at ensuring monetary sustainability and resilience in unpredictable times. Through this episode, gain critical insights into the financial realities within the therapy sector and pick up substantial advice on managing your practice's finances. In this episode, you will discover: Trend Analysis: Slowing Referrals - Get a deep understanding of the present trend of slow referrals during the 2nd and into the 3rd quarter. Recognizing these market trends early can allow practice owners to plan better and optimize their marketing strategies. The Impact of Inflation on Private Practices: Unearth how heightened inflation levels impact private practices, particularly those that are solely private pay, and strategies to manage these impacts. Learning how to navigate this economic wave can result in a more robust, resilient practice. The Rise of Therapy Applications: Dive into the examination of therapy applications like BetterHelp and debate their growing dominance in the sector. Knowledge about these apps' impact on private practices can help owners plan their strategies more effectively. Fuel your practice's financial health by arming yourself with the knowledge presented in this eye-opening episode! Stay informed, keep learning, and let's face it together because we want you to have a profitable private practice—let's make that journey together. LINKS & RESOURCES GreenOak Accounting - www.GreenOakAccounting.com Therapy For Your Money Podcast - www.TherapyForYourMoney.com Profit First for Therapists - www.ProfitFirstForTherapists.com Profit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio