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How do you find the balance between bootstrapping and spending money to launch your new practice? Are there any limiting beliefs that could be holding you back from stepping into success? Do you want to transition to cash pay from insurance?
In this podcast episode, Joe Sanok speaks about how to start a private practice and transition off insurance with Carrie Bock.
Podcast Sponsor: Heard
As a therapist, the last thing you probably want to think about is doing your own bookkeeping and taxes. Heard is here to help with that. Heard is the financial back-office built specifically for therapists in private practice. They combine smart software with real humans to handle bookkeeping, taxes, and payroll.
Regardless of whether you’re a seasoned clinician or are in the first year of your practice, Heard will identify areas for growth and streamline best financial practices for your business. When you sign up with Heard, you’ll be matched with an accountant who will help you track your income and expenses, file taxes online, and maximize tax savings.
You’ll also receive financial insights such as profit and loss statements and personalized monthly reports. You can say goodbye to poring over spreadsheets and guessing your tax deductions or quarterly payments. Focus on your clients, and Heard will take care of the rest.
Pricing begins at $149 per month for solo practices and can easily be tailored to fit your business’ financial needs. Sign up for a free, 15-min consult call today at www.joinheard.com.
Meet Carrie Bock
Carrie Bock is a Christian, Licensed Professional Counselor, host of the Hope for Anxiety and OCD podcast, and writer loving life just south of Nashville, TN. For many years she has had a passion for the intersection of mental health, the Bible, and the church.
Unfortunately, the church often hasn’t responded in a sensitive and biblical way to those with mental health issues. Carrie’s desire is to use her platform to spread messages of love, hope, and biblical truth. She wants to see Christians be healed from the shame of feeling “not enough” because they are struggling with anxiety, OCD, or any other mental health issue.
Visit Hope for Anxiety and OCD and By The Well Counseling. Connect with Carrie on Facebook and Instagram.
FREEBIE: Get Carrie’s Free Relaxation Audio Download!
In this Podcast:
- Spending versus bootstrapping
- Taking off
- Let go of false beliefs
- Transitioning from insurance
- Carrie’s advice to private practitioners
Spending versus bootstrapping
My budget was zero so I pretty much did [everything] myself in the very beginning. (Carrie Bock)
At the beginning of starting a business, spending money feels terrifying because you don’t know yet whether you will get a return on your investment.
Finding the balance between spending and bootstrapping can be tough, but there is a middle ground that you can make use of.
Consider outsourcing basic tasks to experienced people on sites like Upwork to save you some time to work on the important stuff, and it won’t cost you an arm and a leg.
I have hired people to help me with the website and help me learn different things [like] how to do the website myself [and] how to build things on WordPress. (Carrie Bock)
Taking off
Building a practice is the first step, getting clients is the next, hiring a clinician is the next big step, and hiring a second person is the next bigger one.
Each step helps you to build momentum to keep your business running. There may be spaces within these steps, and that’s where the work that you do matters.
My business has changed quite a bit. There’s been a lot of ups and downs in terms of getting clients. (Carrie Bock)
Taking insurance to start a client base is a great way to build a caseload, and then to start to slowly wean off insurance and only take private pay once you have a caseload of clients that trust you and want to work with you.
Let go of false beliefs
I had a shift [from] the mindset of, “I have to help everybody”. I think that was a false belief that I had held onto. (Carrie Bock)
The simple truth is that you cannot help everybody. It is impossible, and if you try to do it, you may fail those that you can help who are in front of you.
Even though it feels difficult, as a therapist, to be successful in the work you do and the business you run you, will need to let go of the false belief that you need to help everyone who calls.
Make space for those that you can, make space for the rest on a waiting list, and then refer the rest out to other available and qualified therapists.
Transitioning from insurance
Take it step by step.
Stop working with one insurance at a time until you have only one or two left, if any.
The clients that want to work with you will make the switch to private pay, and you can offer superbills or reduced rates at your discretion.
Carrie’s advice to private practitioners
This is your practice and you can do what you want to with it. Ultimately, as you start doing new things, you will find the rhythm and the workflow that works best for you.
Useful Links mentioned in this episode:
- When you sign up with Heard, you’ll work directly with financial specialists to track your income and expenses, file taxes online, and grow your business. Sign up now at www.joinheard.com.
- Visit Hope for Anxiety and OCD and By The Well Counseling. Connect with Carrie on Facebook and Instagram.
- Check out Upwork.com and WordPress
Check out these additional resources:
- How I got through betrayal, divorce, and a religious transition with Emily Runyan | POP 752
- Apply to work together
- Events – click on the event’s dropdown
- Sign up to join the free webinars and events here
- Podcast Launch School
- Practice of the Practice Podcast Network
- Free resources to help you start, grow, and scale
- Apply to work with us — a decision-making matrix for your next steps
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.
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