Episode 129: Make more money in your practice

How to Increase Your Income in Private Practice: Three Levers All Practice Owners Can Use

In this podcast episode of Therapy for Your Money, host Julie Herres discusses levers that therapy practice owners can control to increase their income. 

• The first lever is the number of sessions provided by the practice, in which an increase should generate higher profits. 
• The second lever is the average fee per session, increasing rates should lead to higher income, assuming overheads don't rise. 
• The final lever is the allocation of income, more specifically, how much owner's pay they assign themselves. 

By skillfully managing these levers and expenses, practice owners can improve their personal income without necessarily needing to increase their gross earnings.

Highlights

00:04 Introduction to the Podcast

00:15 About the Host and Her Mission

00:35 Introduction to the Book 'Profit First for Therapists'

00:51 Increasing Your Private Practice Income

01:08 Three Levers to Increase Your Income

01:44 Lever 1: Increasing the Number of Sessions

03:38 Lever 2: Increasing the Average Fee per Session

05:05 Lever 3: Managing Your Expenses and Allocation

06:40 How to Use These Levers to Your Advantage

07:25 The Importance of a Profitable Practice

08:16 Using the 'Reverse Engineer Your Practice' Tool

09:09 Conclusion and Legal Disclaimer

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