Hi!
This is Amy Neal from Private Practice Cents, and welcome to my newsletter!
Whether we've already connected through a webinar, coaching, or a Facebook group, or this is our first hello — I'm so glad you're here for this next step: learning more about starting and running a successful private practice.
Today, I wanted to share a bit about myself and my story as a therapist and as a business owner.
Confession time: I became a therapist because I'm bad at math.
I grew up thinking that I didn’t like math and that I was bad at it. The reality is that I had undiagnosed ADHD, which made it difficult to keep track of details. And since I didn’t have great math teachers to make it interesting and applicable, my ADHD brain shut down.
But in high school I took a Consumer’s Math class, and I remember really liking it! I learned how to calculate sales discounts and figure out the real percentage I was saving. I learned about IRS tax forms. Then a few years later in college, I deep dived on free tax software, filling out my taxes on 2-3 programs and comparing the 1040s to make sure I had it correct before submitting.
That class set me up to make informed, confident decisions, whether I’m comparing unit prices at the grocery store or filling out tax forms today. However, I still believed I was bad at math.
When it came time to pick a major, I knew exactly what I wanted to avoid. I was interested in helping people, so I chose a major in Pre-Counseling. I was delighted that I didn’t have to take a college math class and was able to substitute a science class for that elective.
When choosing grad schools, not having to take the GRE and taking minimal math classes was absolutely at the top of my requirements list! Go figure, Research Statistics was my lowest grade in my MA program.
When I graduated, I had no intention of going into private practice or taking on a role that required me to deal with any of the business side of therapy... oh the irony!
Throughout my career as a therapist, I’ve realized that I actually like math!
I like learning about saving and earning money, and how the numbers work in a business.
I believe it’s so important for business owners, to make sense of numbers, because that understanding helps us to achieve our goals- personal, career, and business.
So that’s one of the reasons why I landed on the name Private Practice Cents.
Because Cents do matter… The little numbers add up and do influence outcomes!
Whether it makes us uncomfortable or not, the reality is that money helps us achieve goals in our personal lives. Money isn’t everything, but it sure is stressful to live paycheck to paycheck!
Money helps us achieve career goals…
Increased reimbursement per session enables us to complete fewer sessions per week while earning the same amount (or more), giving us more time for our personal lives, and preventing burnout.
Increased income can enable us to afford trainings and certifications, without having to skip the mortgage payment!
Understanding business income can help us achieve new business goals...
such as moving into a nicer office, adding a larger space for a dedicated group room or play therapy room, or eventually expanding into a group practice!
So remember cents do matter– money and math are crucial to being successful in private practice. And if I can learn to love numbers and math, so can you!
...Stay tuned for the next newsletter for more about “Making Sense out of Making Cents”.
P.S. Want to swap notes on this stuff in real time? Come hang out in my Private Practice Cents Facebook group, where private practice owners talk through the ins and outs of running a private practice!
