Hey Therapist Entrepreneurs,
This week’s episodes are all about making sure the business you’re building actually works for you.
That means having systems that help you get paid, building a brand that people recognize and trust, and actually taking home the profit your practice earns.
Here are my three favorite episodes this week.
My 3 Favorite Episodes This Week
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For making sure we're getting paid…
In this episode, Nicole and her guest talk about the ways clinicians lose money because of small but important problems in their billing systems.
I think we’ve all had the experience of charging a client after a session, only to discover that the credit card on file no longer works. Nicole shares an interesting solution: charge the client while they are still in the waiting room before the session begins. That way, if there is a payment problem, you know about it before providing the service.
There is also an interesting discussion about insurance rates and negotiating with insurance companies. This does not apply to me as a private-pay practice owner, but I would absolutely want to understand it if I accepted insurance.
The broader point of the episode is that small financial leaks can add up quickly, especially in a group practice. Paying attention to them and continually improving our systems helps us build profitable practices while still taking excellent care of our clients.
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For thinking about branding differently.…
I listen to a lot of marketing podcasts for therapists, but this conversation with Joshua Brummel actually made me stop and take notes.
Joshua talks about the different pieces of building a brand and how they help potential clients get to know and trust you.
I’m very aware now that I’m building distinct brands with Thriving Child Center, PCIT Experts, and Worth It Practice. But a few years ago, the concept of branding was completely foreign to me. I was following my values and serving my clients well, but I wasn’t thinking intentionally about how all the pieces worked together.
Listen to the episode If you are new to the idea of branding or want to up-level the way that you're positioning yourself, this episode is worth a listen.
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For actually taking the profit you earn…
Do you have money sitting in your business account that you’re too afraid to touch?
Maybe your business is profitable, but transferring that money into your personal account still feels overwhelming, risky, or somehow taboo. You may even be struggling to pay bills at home while money continues to accumulate inside your business.
This is a surprisingly common problem among successful practice owners, including many of the psychologists I know and work with. There are so many reasons we become afraid to take out our own money, which is why I created this week’s episode of The Worth It Practice Podcast.
Your practice is supposed to support your life. If you know your business is making money but still feel afraid to take the profit you’ve earned, this episode is for you.
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Leah's Personal Story Time:
Why I'm Glad I Lost My iPad
I lost my iPad.
It’s somewhere in my house, but I have absolutely no idea where.
And now I’m glad I lost it.
That’s how I ended up on a flight to Sanibel Island, knitting a baby blanket for my sister and listening to the Traction audiobook instead of watching the latest season of Project Runway.
Guys, I got so much work done.
I’m implementing the Entrepreneurial Operating System, or EOS, in my practice right now, but I had never actually listened to the full book behind the system. As I sat there listening, I started noticing so many ways I could improve my practice. I kept pausing the book, opening my Notes app, and writing bullet point after bullet point about problems we were experiencing and how we could solve them.
It was the most productive flight I’ve had in years. In fact, I think I may have found a way to increase our revenue by 30%.
One of my biggest insights was about our rebooking rate.
Your rebooking rate is the percentage of your current clients who already have their next session scheduled. Ideally, it should be close to 100%. Every client who is actively being seen should have another session booked. If they have completed treatment or decided not to continue, they should no longer be considered an active client.
Right now, the rebooking rate in our practice is around 60%, despite the fact that my admin team already has a system designed to improve it. I shudder to think about what that number would be without the system.But here’s what I realized on the plane: I have never talked to our therapists about why rebooking matters.
I created an administrative system to address the problem, but I never helped our therapists understand that making sure clients can easily get back onto their schedules is part of the clinical work. In fact, I would argue that it's part of the clinical client care, not just an admin task.
Rebooking is not just about keeping a therapist’s schedule full. It helps clients receive the treatment they came to us for and reach the outcomes they want. If clients leave therapy before they've actually met their treatment gains, they have not received the kind of service that I want them to get. Most therapists don't think about rebooking because it was not part of our graduate school education. In fact, we were told that rebooking should be the client's responsibility, not ours, which I think is very outdated in this world of never-ending distractions and a strain on all of our executive functioning
I never would have had this one if I’d been watching Project Runway.
And the baby blanket? I knitted approximately five rows. My nephew will probably be 18 by the time I finish it.
If it's Worth It, pass it along!
Got a fellow therapist or practice owner who would love this info? Send them this email! They can also join the list by clicking on this link. Let's help more people thrive in their businesses.
Hope these resources help you grow your practice this week! Here's to your continued growth and success!
Warmly,
Leah
CEO of Thriving Child Center and PCIT Experts
Host of Educated Parent Podcast
Host of The Worth It Practice Podcast
CEO of Worth It Practice Consulting
