- Part One: Paying Clinicians
- Part Two: Money Mindset
What to expect to invest and get in your practice.
This is the last of our e-course mini series. I hope you learned some things, grew a bit, and feel more clear about the direction your group practice should go in.
Today we will talk about money. Investing in your practice, income, and how to make sure you are investing in your business wisely.
For simplicity sake, I will be discussing income and expenses for a practice that employs therapists as employees that makes on average $100/hr (through self pay or insurance). I will give expected income for a 3 office, 5 office, and 7 office space.
Pro tip: If you have employees, you want them to work more hours, as each employee costs you money (billing, EHR system, unemployment, malpractice insurance, workers comp, psychology today profiles or marketing, google apps for work, phone lines, etc. What I mean is, this. In my practice I use TherapyNotes ($30 per clinician/month), Google Apps for Work ($5 per clinician/month), Virtru ($5 per clinician/month), Psychology Today ($30 per clinician/month), malpractice insurance (about $117 per year per clinician), All Call Technologies for phone system ($10 per clinician per month). There’s more, but I want to keep this simple. So, I spend, according to this, about $100 per month per clinician. Whether that therapist works one hour a week or 100 hours a week. My group practice has a requirement for all employees to work at least 2 days at 15 hours per week minimum. That makes having them as an employee worth it financially. Make sense? So my suggestion is to not hire anyone who can’t do at least two days. That also helps on the clinical side because if they can only come in one day a week, if a client cancels or the therapist is sick, that client has to wait 2 weeks to get back in.
OK, back to the money. Below is my spreadsheet! I hope it helps!
I am basing the income off of 5 days a week at the office being used for 8 hours a day.
Select “Paying Clinicians” from the menu to the right to move onto the next module.