How to manage cash flow as a mental health private practice owner?

Profit First by Mike Michalowicz is a must read for business owners - He flips accounting: Sales - Profit = Expenses. Instead of profit last, take it first. Julie Herres wrote an adapted Profit First for Therapists in private practice. A must-read for financial clarity!

Profit First for Therapists targets therapists, tackling uneven income, insurance woes, & solo practice chaos with a simple cash flow and revenue system.

Profit First for Therapists is for therapists tired of living session-to-session. It uses ~4 bank accounts (Profit, Pay, Taxes, Expenses) to manage cash flow. Herres shows how to pay yourself first & reduce financial stress, prioritizing profit first and then expenses

Ex: $10k from sessions. Profit First for Therapists splits it: ~10% Profit ($1k), ~50% Pay ($5k), ~15% Taxes ($1.5k) (depending on your situation), ~25% Expenses ($2.5k). Adjust as needed. It’s built for therapists’ unique circumstances.

Your profit account can be your practice emergency fund that you build over time, but involves taking 50% of it quarterly as a bonus for all your hard work as owner.

Therapists: Profit First for Therapists frames your practice as a business. It must be financially healthy to thrive & keep serving your community. Less stress, more impact.

If you want to learn more about launching a private practice, sign up for my live webinar on April 5th 10am EST - Academic Pivot2Practice.

Get the book today: https://www.amazon.com/Profit-First-Therapists-Framework-Financial/dp/B0BQT7CGNB