Blog Posts About Private Practices

The Profit & Loss Statement for Therapists

03

Sep

The Profit & Loss Statement for Therapists

“... a wiser fella than m'self once said, sometimes you eat the bar and sometimes the bar, well, he eats you.”The Stranger from “The Big Lebowski,” (who was actually talking about bears) If you’re not a fan of the cult classic movie The Big Lebowski, the message here is, “You win some, you lose some.” But if you’re wondering how much you’re winning and losing in your therapy practice, it’s time to pull up the Profit & Loss Statement (the “P&L” for short, also known as the Income Statement). Once you understand how to use it, the P&L is likely…

How Do Health Savings Accounts (HSAs) Work?

https://youtu.be/BkLqM2xJp8A Employers have many options of providing health coverage for employees, one of which is a Health Savings Account. Health Savings Accounts, or HSAs, are intended to supplement a group health plan. A “group health plan” is the kind of traditional health plan with which we’re all familiar: monthly premiums, deductibles, copays, coinsurance, out-of-pocket maximums, and all the other ingredients you see in these kinds of plans. In general, the purpose of an HSA is to help employees pay for medical expenses by providing them a tax-advantaged way to save their own money in an account specifically made for medical…

Therapy Metrics: How to Hit Your Target Income

Gold Five: Stay on target. Gold Leader: We're too close! Gold Five: Stay on target! ~ Star Wars Episode IV: A New Hope Targets are important: they help us to focus our energies on what’s truly important to us. Sure, you might not be blowing up the Death Star right now, but you’re probably focused on something just as important as interstellar combat: meeting your target salary. Prefer to watch on YouTube? Press play: Let’s talk through this process step-by-step. Step One: Determine your Average Session Fee Before you start plotting how to hit your target salary, figure…