Every private practice owner should make sure that their practice is financially taken care of in every way possible. Here are a few tips that therapists I work with have found helpful for the financial side of their practice.
Know how to price your business services
Make sure your rate is fair and profitable. Your time is valuable. Charing a fair rate will help you to be able to financially thrive in your practice and services those that need help. Keep in mind to find out what you will need to charge to be fair yet profitable there are a lot of things to consider. Be sure to refer to your monthly budget to start.
Have a credit card on file
Requiring clients to keep a credit card on file will help your practice financially. Some practices will even ask a client to put a credit card on file when scheduling their first appointment. Doing this will almost guarantee that you will be paid for all services including late cancellations and missed appointments.
Create an implement your no-show fee
It would be a good idea to go over this in the first session. Having it in your paperwork oftentimes isn't enough. If you also explain it to them in the first session then it is clear and they will not be upset when they are charged for a missed appointment or a late cancellation. Oftentimes clients feel wronged when they are charged for a no-show appointment if the policy is not discussed beforehand.
Focus on client retention strategies
It costs more to find new clients than it does to retain them. Making sure clients are happy should be a priority. Here are 2 ways you can implement client retention (to make sure clients stay happy):
Client's preference. Ask clients how they would like to receive their appointment reminders. If you ask them what they prefer they are more likely to actually receive the appointment reminders.
Set appointment reminders. Be sure to send out appointment reminders to their preferred method. This will remind them of the appointment and the chances of them showing up are more likely.
Market effectively and efficiently
Marketing effectively is one of the most important ways to keep your practice financially taken care of. If you attract the right client your chances of keeping that client are higher. Be sure to market in a way that expresses your approach, values, and specialty. This will be one of the most effective ways to retain your client base.
Feel free to check out this Financial Health Calculator provided by Simple Practice EHR platform. Click here to get the Financial Health Calculator.