Episode 160: Overcoming Financial Obstacles in Private Practice [featuring Michael Fulwiler]

In this episode, I talk with Michael Fulwiler, Director of Brand at Heard, about the financial challenges therapists face in private practice and how to overcome them.Here are 3 key takeaways:Understanding Insurance's Impact: Insurance companies keep therapists in the dark about reimbursement rates, leading to financial uncertainty and an average of 25% lower earnings compared to out-of-network providers.Strategies for Financial Growth: It's essential for therapists to set fees based on personal financial needs rather than industry benchmarks. Confidence and strategic fee management can alleviate financial strain and improve practice sustainability.Embrace Financial Support: Outsourcing financial management tasks can save precious time and reduce stress. Utilizing services like Heard can streamline bookkeeping, tax estimations, and filing, allowing therapists to focus on their core mission.It's time to break the taboo around money in private practice and empower therapists to build sustainable, thriving businesses.More about Michael:Michael Fulwiler is the Director of Brand at Heard, the financial back office for therapists, and the host of Heard Business School, a new show for therapists building their own businesses. He’s also the creator of Therapy Marketer, a popular newsletter for therapists. Previously, he was the Chief Marketing Officer at the Gottman Institute.Heard website: joinheard.comTherapy Marketer: therapymarketer.coReport: joinheard.com/resources/downloads/the-heard-2024-financial-state-of-private-practice-report–––––––––––––––––––––––––––––––––––––––––––––––––––––––––🎙️Listen to more episodes of the All Things Private Practice Podcast🎙️Spotify🎙️Apple🎙️YouTube Music▶️ YouTube✈️ Learn about Retreats🗨️ Join the free Empowered Escape FB Community🗨️ Join the free All Things Private Practice FB Community–––––––––––––––––––––––––––––––––––––––––––––––––––––––––Thanks to Our Sponsors: The Receptionist for iPad, Alma, & All Things Private Practice + Empowered Escapes 2025 Retreats & Summits!✨ The Receptionist for iPadThanks to 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.✨ AlmaThanks to Alma for sponsoring this episode.Building and managing the practice you want can be challenging. That’s why Alma offers tools and resources to help you build not just any practice, but your private practice. They’ll help you navigate insurance, access referrals who are the right fit for you, and efficiently manage administrative tasks — so you can spend less time on the details, and more time delivering great care. You support your clients. Alma supports you. Visit helloalma.com/ATPP to learn more.✨ All Things Private Practice + Empowered Escapes 2025 Retreats & SummitsLearn about retreat opportunities at allthingspractice.com and empoweredescapes.com. Doubt yourself, do it anyway.Mentioned in this episode:The Receptionist for iPad The Receptionist for iPad is a HIPAA-ready digital check-in system that eliminates the need to walk back and forth from your office to the waiting room to see if your next appointment has arrived. Clients or patients can check in for their appointments, and you'll be immediately notified by text, email, or your preferred channel. Break free from interruptions and make the most of your time, because it is valuable. Start a free 14-day trial of the Receptionist for iPad by going to https://thereceptionist.com/privatepractice. Make sure to start your trial with that link to get your first month free if you decide to sign up.AlmaI want to thank Alma for sponsoring this episode. Building and managing the practice you want can be challenging. That’s why Alma offers tools and resources to help you build not just any practice, but your private practice. They’ll help you navigate insurance, access referrals who are the right fit for you, and efficiently manage administrative tasks — so you can spend less time on the details, and more time delivering great care. You support your clients. Alma supports you. Visit helloalma.com/ATPP to learn more.