Episode 172: Tips to Predict Income & Increase Take-Home Pay in Private Practice

Maximizing Income in Private Therapy Practice In this episode of Therapy for Your Money, host Julie Herres shares valuable tips on how therapists in private practice can predict their income and maximize their take-home pay. Julie explores three controllable factors in a practice: the number of sessions, the rate per session, and the percentage of income retained. By understanding personal capacity, examining historical data, and accounting for yearly variability, Julie provides concrete steps for financial planning. Additionally, she offers insights into the expected profit margins for various practice sizes and the potential impact of strategic decisions on overall profitability. Julie concludes by introducing a KPI tracker to help therapists manage their finances effectively. Show Highlights 00:00 Introduction to Therapy for Your Money 00:46 Today's Topic: Predicting Income and Maximizing Take-Home Pay 02:51 Understanding the Three Main Levers 04:12 Lever 1: Number of Sessions 06:47 Lever 2: Session Rates 15:48 Lever 3: Income Percentage 23:20 Using the KPI Tracker 27:19 Conclusion and Final Thoughts Links and Resources KPI Tracker and Calculator: https://calculator.greenoakaccounting.com Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup 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