Understanding Your Money in Private Practice: An Interview with Jennie Schottmiller
Curt and Katie interview Jennie Schottmiller, LMFT, CPA, about understanding your numbers when starting a private practice. We explore the simple math that can help you create consistent income and decrease your anxiety about running a business.
Transcripts for this episode will be available at mtsgpodcast.com!
In this podcast episode, we talk about how therapists can handle their private practice finances
We reached out to our friend, Jennie Schottmiller, to talk about the basics of bookkeeping in private practice.
What are the business decisions therapists need to make when starting a private practice?
- Bookkeeping platforms
- Types of business
- How to stabilize their income
- What to pay themselves
How do therapists create consistent income?
- Understanding the ebb and flow of the business
- Identifying how to pay a consistent income every month
What are the fears that many private practice owners have? (And how can they deal with them?)
- What do I need to plan for (i.e., rational fears)
- What do I need to talk myself of the ledge about (i.e., irrational fears)
- The fear of math can keep folks from figuring out how to make the money work
- The benefits of starting slow and managing your expenses from the beginning
- Creating financial cushions to avoid freaking out
What are best practices for addressing your books in private practice?
- How often should you look at your books?
- What numbers are you looking at?
- When should you hire a bookkeeper?
- What should you know about your books before you hire a bookkeeper?
- How to design your books to best monitor your unique business
- Managing expenses and understanding what you’re paying for
- Looking at year over year changes and trends to plan
How can a therapist navigate their neurodivergence and starting a business?
- Understanding your capacities and what your challenges are
- Creating a plan to get stuff done
- Putting systems in place to address your challenges that works for how your brain works
Resources for Modern Therapists mentioned in this Podcast Episode:
We’ve pulled together resources mentioned in this episode and put together some handy-dandy links. Please note that some of the links below may be affiliate links, so if you purchase after clicking below, we may get a little bit of cash in our pockets. We thank you in advance!
Simple Profit website
Simple Profit on Instagram
Simple Profit on Facebook
Free Facebook group: Simple Profit for Mental Health Clinicians
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Modern Therapist’s Survival Guide Creative Credits:
Voice Over by DW McCann https://www.facebook.com/McCannDW/
Music by Crystal Grooms Mangano https://groomsymusic.com/
