Is Private Practice Worth It Financially? February 2019 Monthly Income Report

Is Private Practice Worth It Financially? February 2019 Monthly Income Report

Financially this month was a regular month, but we had a number of huge expenses and they’re going to keep coming next month. We still made a profit, but only by a touch. The deposit for Slow Down School was due, the magazine launched, and we sent out a bunch of swag to some of the Next Level Practice people.

Sometimes you reinvest and sometimes you just take money out of a business, this month we reinvested. We hope it helps! We also ran about $1,500 in FB ads to send people to our coming webinars. With that said, I’d be lying if I didn’t say the money side kind of freaks me out.

Whenever you push yourself, you walk that tightrope, but it’s important to have clear numbers to return to, that will give clarity.

Read more about the Big Ideas Mastermind Group starting spring 2019. 

How to Get to the Next Level of Private Practice

In trying to make money in private practice you have to know what stage you are in, are you:

Private Practice Videos and Highlights

Top Private Practice Stories

Growth Tips For Office-less Private Practices

Growth Tips For Office-less Private Practices

Most counseling practices invest a lot of time and energy in creating a safe and comforting environment in their workplace. For therapists based within a clinical environment, the regulations of each hospital and clinical center can affect their interior environment. Indeed, many medical centers can feel cold for therapy visitors.

How To Run And Maintain Your Business Effectively

Running a business is no easy feat and maintaining the success and functionality of your business can be hard work. No matter how old your company may be, there will always be challenges along the way, so how can you run and maintain your business effectively. Here is a helpful guide on how to do just that.

Building Your Billing Systems: Part 2

In my last article, we talked about the importance of credentialing and payment reconciliation. These are important systems for the insurance-based practice. In this article, we will talk about the importance of following-up on claims and verifying benefits. Fair warning, this is the hard part of a DIY practice or a practice that is taking insurance.

Private Practice Podcasts

Jon Vroman Wants You To Live in The Front Row | PoP 353

In this podcast episode, Joe Sanok speaks with Jon Vroman about living life in The Front Row, what it takes to be a Front Row Dad, being your true self and how being a healthy version of yourself can benefit everyone around you.

 

Angelina Jolie, Sean Connery, Tony Robbins, and Stephen Covey all Were Coached by Arthur Joseph | PoP 354

In this podcast episode, Joe Sanok speaks with Arthur Joseph about vocal awareness and how to speak correctly in a way that makes you stand out.

 

David Shriner-Cahn Helps People Make Stable, Predictable, and Recurring Revenue | PoP 355

In this podcast episode, Joe Sanok speaks with David-Shriner Cahn about how he helps people make stable, predictable and recurring revenue and why it’s important that your business has multiple revenue streams.

 

How to Rank Higher in Google with Jessica Tappana | PoP 356

In this podcast episode, Joe Sanok speaks with Jessica Tappana about starting a group practice and how you can rank higher in Google.

 

David Morgan Started an Online Anger Management Course | PoP 357

In this podcast episode, Joe Sanok speaks with David Morgan about how he went beyond his practice and started an online anger management course.

How to Rebuild a Practice When People Leave with Dr. Larry Beer | PoP 358

In this podcast episode, Joe Sanok speaks with Dr. Larry Beer about how he rebuilt his practice when people left and what he is doing differently now.

 

Past Monthly Income Reports

People often ask me why I disclose all this information? To me, I am inspired when other people are open and honest. Then I can learn from how they succeed or fail. My hope is that this helps others to grow in their businesses!

2019 Private Practice Income

2018 Private Practice Income $587,618.41

2017 Private Practice Income: $456,983.53

2016 Private Practice Income: $323,047.89

2015 Total Private Practice Income $234,969.14 (working 25-30 hours per week)

2014 Total Private Practice Income $110,736.79 (working 10-15 hours per week)

2013 Annual Counseling Income: $54,513.97 (January-December 2013)

February 2019

Disclosure: many of the links below are affiliate links that will earn me a commission if you purchase through them, it’s one way that I help support the work I put into the website. Please click on them to help support Practice of the Practice.

Private Practice: This was one of the lowest months ever. I’ve stopped seeing most of my clients to work on more consulting and bigger things. It’s a really odd transition! $1,115.50

Other counselors: In 2015 we launched the Addictions Treatment: Intensive Recovery Program, which has started to bring in more clients that need additions help. I have four counselors that work for my Traverse City counseling private practice as 1099 contractors and I get a portion of what is brought in. In the past I reported just my portion, but I’m going to be reporting the gross sales that came in. Click the link if you want to add clinicians to your practice with my 1099 contracts: $7,313.80

Private Practice Paperwork Packet: $1,342.92

Consulting: (this sometimes includes building a website as part of the private practice coach session) I do private practice coaching. Usually there are three parts to private practice consulting:

  1. Evaluating KPIs of time and income
  2. Creating systems to scale the business
  3. Evaluating big ideas to generate non-time income and increase innovation, influence, and impact

$2,037

Podcast Sponsorship: $7,715

Hiring out my virtual assistant: $1,454.06

Practice of the Practice Consultants: $6,760.90

Next Level Mastermind Group: Aimed at people above $70k that are scaling, adding clinicians, looking to save time and increase money, and have big ideas we have just a couple spots left and it includes Slow Down School, click here to apply: $2,764.50

Million Dollar Practice Mastermind: This is a mastermind group lead by Kasey Compton and myself. To apply and read more click here. $5,238

E-books these sales are down since I started giving my book away for free, click here to get Practice of the Practice: A start-up Guide to Launching a private practice for free, instead of spending $9.99:  $20.88

One Year Private Practice Plan: This is the weekly newsletter that walks people through exactly what they need to do when starting a private practice. I dropped the price from $149 annually to $17 as a one time fee $405.25

Start a Group Practice MastermindThis Mastermind Group is limited to 12 people and is focused on the beginning stages of starting a group practice. How do you add a W2? How do you add a 1099? What contracts should you have in a private practice? How to set up systems? Alison Pidgeon teaches about group practice, does Q&A, and also you get hot seats. $4,375.67

Next Level Practice: This is the premier supportive community that combines webinars, community, and practical tools to help start a practice.  $10,590.15

Blogging CourseThis is the best 12-part course on how to blog to rank higher in Google for therapists. $0

Passive Income Sources

Aweber: This is the service I use to create emails, manage lists, and create follow-up emails where they can be in order for the person. It’s super cool! $44.70

BlueHost Referrals: If you are setting up a website, this is the best hosting because of their customer service and the ability to have unlimited websites hosted! $150

VA Referrals: $279

Amazon Affiliate Referrals: If you are buying something on Amazon, it’d be great if you clicked the link. I get a small commission without you having to pay anything more: $9.67

SwiftFile: I just started using them instead of LegalZoom, they’re cheaper and way better with customer service! $715

Grasshopper: This is the amazing virtual phone system I use, rather than an expensive land line system. I have the $12/month one and it is awesome. At least check them out and watch some videos. $0

Psychology Today: It’s a great way to build your practice. $0

Harris Group: Accountant for therapists $0

Practice Solutions: The best billing company for your private practice. $835.60

Gross Total: $53,167.85

Private Practice Expenses

1099 Counselors: $4,802.50

Rent and Utilities: $2,200

Marketing FB+YouTube+Twitter: $1,599.97

Charter Internet/website: $110

MeetEdgar: $49

Grasshopper: $81

Practice of the Practice Profit Sharing: $0

Upwork: $111.11

Aweber: $149

Lyft: $0

Teachable: $39

Google Suite: $52.73

Libsyn:$35

Zoom: $69.98

Dropbox: $0

Jamendo: $59

Magazine Postage: 1,018.91

Slow Down School Lodging: 10,801.50

50% of Practice of the Practice Magazine: $2,333.01

Next Level Practice Swag: $988.89

Virtual Assistants: $5,594.89

Drinks for the Office: $0 (see my blog post about should I offer drinks in my private practice)

Travel: $305.65

Shipt: $12

Moo: $0

IT Support and Hosting: $95

Family Health Insurance: $603.36

QuickBooks + Harris Group CPA: $11

Other Consultants: $9,300.97

TOTAL EXPENSES: $40,423.47

Monthly Income Totals

Gross Income:$53,167.85 –  Expenses: $40,423.47 =  Total Net: +$12,744.38

REACH YOUR AMBITIOUS RESULTS

Let’s do some consulting.

CLICK HERE to discover more about my private practice consulting. 

Some of the numbers from Google Ads, Amazon, NameCheap, and my e-books will not be paid until they reach a certain amount or 60-90 days after the sale.  

 Joseph R. Sanok, MA, LLP, LPC, NCC

joe-sanok-private-practice-consultant-headshot-smaller-version

Joe Sanok is an ambitious results expert. He is a private practice business consultant and counselor that helps small businesses and counselors in private practice to increase revenue and have more fun! He helps owners with website design, vision, growth, and using their time to create income through being a private practice consultant. Joe was frustrated with his lack of business and marketing skills when he left graduate school. He loved helping people through counseling but felt that often people couldn’t find him. Over the past few years, he has grown his skills, income, and ability to lead others, while still maintaining an active private practice in Traverse City, MI. To link to Joe’s Google+ .

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