Episode Details

Overcoming Financial Obstacles in Private Practice

Season 1 Episode 160 Published 1 year, 2 months ago

Description

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.