Your Private Practice Money Mindset

I’m wondering….

Do you find yourself feeling exhausted from all the decisions that you have to make in your practice? If you do, know that you’re not alone.

Having spoken to many other practice owner, I know that one of the most common areas of struggle around decision-making is often related to BILLING… and I’m thinking this could also be an issue for you.

When I say ‘billing’ I’m talking about decisions such as…

HOW are we going to DO billing (eftpos, Stripe, bank deposit, tyro, etc etc)?

Should we offer DISCOUNTS (for who, when, how)?

How often and with how much to increase our fees?

What schedule of fees should I have for my different team members?

How do I ensure we actually get paid (i.e. debt collection process)?

The reality is that the topic of billing and the practices around it within the allied and mental health industry can be highly confusing.

Combine that with all the other stuff that’s going on with increases in telehealth consults and other changes and it’s no wonder that private practice owners are always exhausted and may hence be making bad decisions as a result.

Billing can be a mentally, physically, and emotionally exhausting area of your practice. Do you remember, the last time you increased your fees and how long you ruminated on whether to increase or not and with how much…? Not to even mention your concern about how clients might react?

When you drill down to it, the struggle around this particular decision is most often (and yes, I’m going to say it) you falling victim to your personal money mindset.

Each of us have our own beliefs around money – beliefs that often have its roots in childhood issues, learnings and experiences. As such, it has been around for quite some time and therefor it requires a significant amount of emotional capacity in order to be vigilant around how we allow these money beliefs to impact our business decisions.

My advice?

Take some time and ask yourself…

How are my personal money beliefs showing up in the billing decisions I am making at my practice?

How am I allowing other people’s opinions around money to trigger or impact me?

How much potential impact am I leaving on the table because I don’t allow myself to obtain the financial resources needed to help more people in better ways?

By being more mindful and aware of your money mindset, you can prevent personal triggers from affecting how you manage your business.

If you know that you need help with your money mindset, billing, cash flow, and or practice numbers (KPIs) and you are sick of the strain it is causing you, then please do reach out as I can help. 

In order for me to know how to best help and support you, all you need to do is take the 5 minutes it will require for you to complete our Triage Application. In this form, I will ask you a few questions that will allow me to assess your needs and determine how I can help you best. You can do that by clicking this link.

I can’t wait to hear from you ?

Here’s to helping you build a private practice you can’t stop smiling about!

Warm regards,

Gerda

ABOUT THE AUTHOR

After starting her PhD on the topic of "Psychologists as Practice Owners: Current Challenges, Coping & Success Predictors", Gerda was appalled at the lack of support for Allied Health Professionals going into Private Practice and decided to do something about it. This was the start of Private Practice Success Australia.

 E: [email protected] | W: gerdamuller.com.au

WINNER: National Allied Health Private Practice Excellence Award

WINNER: Queensland MENTAL HEALTH Achievement Award for Best Small Business 

WINNER: Logan Business Distinction Award