The Private Practice Financial Advisor - Ryan Derousseau, CFP

03/12/2024

While every practice is unique, there are some common miscues.

I recently teamed up with The Private Practice Pro - Kelley Stevens to offer some guidance on how to watch out for common mistakes in managing the practice, and what to do about them if they arise.

How did you manage a financial miscue in your early days of running a practice?

Discover the top financial blunders therapists often make in their private practices. Learn how to differentiate business and personal expenses, prioritize long-term savings, manage financial risk, create a succession plan, and take ownership of your financial journey. Avoid these pitfalls and ensur...

03/11/2024

Why do we decide to do what we do for a living?

For many of us, there's a natural pull in a certain direction.

Why then do we decide to stop?

Often it isn't about what we choose, but the mechanics of working in the profession. Maybe it's low pay, long hours, terrible bosses or some other common work stressor.

Managing the stressors is key, however, to long-term success. It's also why self-employment is so enticing.

03/06/2024

If you're dealing with the Change Healthcare cyberattack, then you're not alone.

I've had multiple clients ask how to manage costs in the face of this hack. It's slowing repayments for work already finished.

If you're in this situation, look at:

1. Emergency fund
2. Talking to services and employees to see if payments can have some leeway
3. Look to cut any unnecessary expenses
4. Look for cheap, short-term lending options

Avoid HELOCs if possible. You don't want to turn your house into an asset that could be taken away because of your business finances.

One of the most serious cyberattacks to hit the health-care system in U.S. history is threatening the solvency of some hospitals, officials say.

02/29/2024

In my world, it's very common to speak to someone that wants to change careers.

Why?

Burnout. They feel burnt out in what they do and want to escape.

Depending on what you want to do next in your career will dictate the costs that you can expect. Planning for those costs will be key to your financial life.

02/28/2024

Have you heard of the phantom month?

Well it's something that could be holding back your plans when budgeting.

It's a mathematical quirk or mistake we make when budgeting, and it can destroy savings goals.

02/26/2024

45% of therapists say they're burnt out on the job.

I suspect that the number rises among private practice owners.

How do you manage this concern? FYI, career changes aren't always the answer (and this is coming from a career changer!).

02/21/2024

Feeling burnt out?

Why do you feel it?

Understanding the why behind the burn out, will give you a tool to address the issue.

There's a real problem with burnout in the therapy space. And it's almost certainly higher in private practice, since you're managing both clients and the bu...

02/21/2024

What's working well for you?

Often, no matter the social media platform, there's a constant conversation about what needs to change or what you can do differently.

In reality, you've done so much well. Yes, we all have things we need to adjust. But you've also taken tremendous strides to reach the point you're at right now.

Thinking about these - as opposed to areas you have come up short - will give you momentum and energy for reaching for the next thing and the next.

So, what's working well?

02/20/2024

Saving $10,000 all at once seems like an impossible feat.

Saving $833 a month seems much more doable.

Saving $192 a week seems even more possible.

Saving $27 a day seems almost simple.

Determine what you need, then break it down.

02/16/2024

The burnout is real.

The APA found that 45% of therapists were burnt out on the job.

My guess? The rate may be higher for private practice owners since they also have to manage the business, along with clients.

Figuring out the way to determine the cause for the burn out is vital.

I talk about the importance of this in the video below. How do you manage burnout?

There's a real problem with burnout in the therapy space. And it's almost certainly higher in private practice, since you're managing both clients and the bu...