Episode 3: Why Great Clinicians Fail at Private Practice (with Gordon Brewer)

Why and how do clinicians start and sustain a private practice, when so many others fail at it? Too few resources and opportunities to financially succeed and stay in business. Private practice is not for everyone. Today’s guest is Gordon Brewer, a licensed marriage and family therapist. He started a part-time private practice in 2005 that has grown into a group practice named Kingsport Counseling Associates in northeast Tennessee. Click here to download our handout for this episode! Episode Highlights: Listen and Learn: When resources are limited, find or make your own Practice of Therapy: Blog and podcast purpose is to help people start private practice Biggest Mistakes: Know your numbers and charge enough to understand profit and loss Money Mindset: Therapists should not feel ashamed or guilty about making money Top vs. Bottom Line Bookkeeping: Don’t procrastinate or outsource to avoid huge tax bill Reserves: Prepare and plan ahead by having 2-6 months of income saved for expenses Startup Expenses: Avoid debt and make the practice pay for itself from the beginning Bootstrapping: Spend money to make money because doing it all is not a good ROI Outsource Opportunities: What is not your area of genius? Administrative/clerical work Website development Social media marketing Bookkeeping/accounting Contractors vs. Clinicians: Don’t pay first hire too much but a fair, competitive wage Financial Advice: Focus on percentages over dollar amounts and know your ‘why’ Links and Resources: Money Matters in Private Practice Course (Coupon Code: Julie2020 for 20% off) Practice of Therapy Blog Practice of Therapy Podcast Free Private Practice Start-up Guide from Gordon Brewer Kingsport Counseling Associates QuickBooks Schedule K-1 Form 1065 Schedule C Affordable Care Act (ACA) Insurance Free to Focus from Michael Hyatt Health Insurance Portability and Accountability Act (HIPAA) Profit First by Mike Michalowicz Company of One by Paul Jarvis Google G Suite GreenOak Accounting Therapy For Your Money Podcast