Do you want to grow your practice into a million-dollar practice? Do you know what financial formulas you need to be focusing on? Do you have an understanding on what percentages you’re spending on all of your expenses?
In this podcast episode, Joe Sanok speaks with Kasey Compton on how to start a million dollar practice and make a profit.
This might not be for everybody. But, some of you out there want to start a million-dollar practice. You know inside of you that you could scale huge, you could impact your community, you could make a lot of money, but, even more importantly, you could be able to serve so many more people.
If you want to start a million-dollar practice. If you want to grow, know the systems, and have us help you, Kasey Compton and I are launching a brand new Mastermind starting soon. It’s called: How to Start a Million-Dollar Practice.
It’s going to include:
- Having time at Kasey’s office learning directly from her
- Coming to Traverse City with me to learn about marketing a practice
- A year of us teaching and walking you through exactly how to set it up so you can have a million-dollar practice
To apply for this Mastermind Group, head on over to practiceofthepractice.com/milliondollarpractice.
Meet Kasey Compton
My area of specialization is in anxiety and panic disorders. I work with clients from early childhood to ages 65+. I use a very successful treatment program to reduce and/or eliminate the anxiety and panic that you are experiencing in your life. All of my clients who have completed this program have experienced significant results. I look for people who are dedicated and willing to commit to the treatment process. These clients are always the most successful!
- Website: https://www.mindsightbehavioral.com/
- Facebook: https://www.facebook.com/mindsightbehavioral/
Kasey Compton’s Story
In This Podcast
In this episode, part four of five in the podcast series, ‘How to Start a Million-Dollar Practice’, Kasey Compton provides an overview of the five phases of starting a million-dollar practice. These include purpose, planning, process, profit, and people. In this podcast episode, Kasey provides a step-by-step guide on how to make a profit.
5 Phases of Starting a Million-Dollar Practice
- Purpose – knowing what your purpose / passion is & how you choose to impact your community. Define your ‘why’.
- Planning – market research, knowing reimbursement rates etc. if you’re insurance-based, cost of living, what insurance do most people have?
- Process – in order to make your private practice scalable and effective, you need to have processes and systems in place.
- Profit – looking at your numbers, i.e.: top-line revenue versus profit margins, looking at your profit and loss statements – seeing everything from a percentage-based point of view.
- People – finding people that support your other 4 ‘P’s’, that support your purpose, that are team-players and that are willing and excited to be participants in your process. People that are hungry for growth and share your perspective in the field.
You’re going to need to start by working backwards from how much you’re going to charge clients and then how much you’re going to pay your clinicians, etc.
- Know what the average gross and net profits are per clinician per year.
- Know how to determine your annual gross profit.
Have an understanding – in percentage – of what you’re spending on all your expenses. Viewing your expenses in percentages makes it easier to scale your business. Learn how to look at your numbers and understand them.
- Apply for the Million Dollar Practice Mastermind
- How to Start a Million Dollar Practice with Kasey Compton: Processes to Scale 3 of 5 | PoP 303
Meet Joe Sanok
Joe Sanok helps counselors to create thriving practices that are the envy of other counselors. He has helped counselors to grow their businesses by 50-500% and is proud of all the private practice owners that are growing their income, influence, and impact on the world. Click here to explore consulting with Joe.
Thanks For Listening!
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