Aug 26, 2024
In this episode of the Practice of Therapy Podcast, Nate emphasizes the importance of understanding your practice's financial health, or "financial story," to reduce stress and uncertainty. He highlights the common issue of relying on intuition instead of accurate data for financial decisions. Nate offers practical steps for therapists, who often lack financial training, to manage their finances confidently. He introduces a simple monthly process: reviewing profit and loss statements and cash flow reports to establish a financial baseline, analyzing clinician metrics for profitability, and creating a comprehensive dashboard to track key metrics. This approach helps practice owners transition from financial anxiety to a clear, data-driven understanding of their financial health, enabling better decision-making and planning.
Meet Nate Hendrikse, Profit First Professional, QuickBooks ProAdvisor:
Nate Hendrikse does not like math, but he does love finance, accounting, and helping practice owners find their financial story. He is the owner and founder of Navigator Bookkeeping and spends most of his days speaking with private practice owners about their practice's financial story. His favorite things are seeing practice owners move from cash flow stress to cash flow confidence, profitable practices, and tax savings accounts.
Resources Mentioned In This Episode:
- Read the full show notes here
- Gusto: Earn $100 when you run payroll
- Use the promo code "GORDON" to get 2 months of Therapy Notes free
- Start Consulting with Gordon
- Send me the FREE Podcasting Roadmap PDF
- The PsychCraft Network
- The Practice of Therapy Community
- Mental Health Wear
- Navigator Bookkeeping
- Nate on Facebook
- Nate on LinkedIn
- Free Clinician Profitability Session - 45 Minutes with Nate to do a deep dive on how you pay your clinicians, whether your pay structures are profitable, and/or whether the different locations of your practice are profitable
- Clinician Profitability Tool
- Email: nate@navigatorbookkeeping.us