In this conversation, Gordon Brewer, a therapist and podcast host, discusses the challenges therapists face in optimizing profitability. He shares his personal experience of struggling with financial management in his therapy practice and how implementing the profit first system transformed his business. Brewer emphasizes the importance of understanding insurance contracts, setting realistic goals, and diversifying income streams. He also addresses the balance between doing good in the world and achieving profitability, highlighting the need to change money mindsets. Overall, this conversation provides valuable insights for therapists and entrepreneurs in the healthcare industry. 

Takeaways 

• Implementing the profit first system can transform the financial management of therapy practices. 

• Understanding insurance contracts and negotiating rates are crucial for optimizing profitability. 

• Setting realistic goals and diversifying income streams are key to long-term success. 

• Changing money mindsets is essential for balancing the desire to do good in the world with achieving profitability. 

Chapters 

00:00 Introduction 

01:38 Background and Experience 

03:02 Struggles with Financial Management 

06:31 Insurance-Based Practice 

08:36 Challenges with Profitability 

10:42 Key Performance Indicators 

17:52 The Impact of Insurance on Profitability 

21:21 The Importance of Mental Health 

25:00 Balancing Profitability and Purpose 

28:47 Changing Money Mindset 

30:07 Investing for the Future 

34:15 Diversifying Income Streams 

35:19 Contact Information 

To connect with Gordon, visit his website at https://practiceoftherapy.com/

Welcome to The Profit Talk! In this show, we're going to help you explore strategies to help you maximize profits in your business while scaling and creating the lifestyle that you want as an entrepreneur. I am your host, Susanne Mariga! I’m a CPA, a Fractional CFO, and a Certified Profit First Professional Mastery Level providing tax strategies to 7 and 8-figure entrepreneurs. Let's dive into strategies to maximize profits in your business! 

Visit my FREE Facebook Group, The Profit First Masterclass, where I'll be sharing additional exclusive trainings to members of the community.  

If you're excited about what's next for your business and upcoming episodes, please head to our itunes page and give us a review! Your support will help me to bring in other amazing expert interviews to share their best tips on how to powerfully grow in your business! 

DISCLAIMER: The information contained within these videos is provided for informational purposes only and does not constitute, an accountant-client relationship. While we use reasonable efforts to furnish accurate and up-to-date information, we assume no liability or responsibility for any errors, omissions, or regulatory updates in the content of this video. Any U.S. federal tax advice contained within is not intended to be used for the purpose of avoiding penalties under U.S. federal tax law.