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Do you need to readdress your relationship with money? Are there some money blocks that are holding you back from investing in the growth of your group practice? Why should you start with the end in mind?
In this podcast episode, LaToya Smith speaks about the profitable performance playbook with Alan Pruitt, CPA.
Podcast Sponsor: Therapy Notes
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Meet Alan Pruitt, CPA
Alan Pruitt is the Owner and CEO of Pruitt Prep CPA, a dynamic CPA firm dedicated to empowering and informing individuals and businesses on the best ways to minimize their tax liability, improve growth potential, and implement efficient and effective processes. He takes a proactive approach with his clients to not only implement valuable tax-saving strategies but also serve as an advisor and valuable resource anytime they have questions or need assistance.
Visit Pruitt Prep CPA and connect on Facebook, Instagram, and LinkedIn.
FREEBIE: Private Practice Profitable Performance Playbook download
In This Podcast
- Start with the end in mind
- Working past money fears
- Leveling up your practice
- The profitable performance playbook
Start with the end in mind
When I talk about 10, 15 years down the road, I want to break that down … where do you want to be in two years? Then we backtrack and say, “Okay, to be in this place in two years, where do I need to be at the end of the year, where do I need to be at the end of this quarter?” (Alan Pruitt)
Before you launch something new and try to create momentum in your practice, you need to know in which direction you are traveling in.
Have your long-term goal in mind and break it down into actionable steps.
Now, you need to know your numbers.
I do think that’s one of the key things to know because the last thing you want is to start building on something when you have a shaky foundation, so you have to build that foundation first. (Alan Pruitt)
Meet with and work with someone who knows numbers if they are not your strong point, and let them help you build a healthier relationship with numbers and money.
Working past money fears
A lot of people have trauma behind money. Again, break it down and make it simple for yourself.
Approach this [un]learning with a compassionate, qualified money professional who can help you to see money for what it is, a building block, and take some of the emotion away.
First, look at how much money is coming in.
Then, what are the necessary expenses?
What is the revenue? What’s the income? Let’s figure that piece out and then we can branch off from there. (Alan Pruitt)
Leveling up your practice
To level up your practice, you need to level up your approach to money. There will be necessary spending that may make you feel nervous but is nevertheless integral to building your practice.
Invest in a good EHR system, in a good onboarding process, and in creating smooth systems within the practice.
What does your first, second, and third therapist need in your new ground practice? Again, look at your income and necessary expenses, and work backward from your point of success to where you are now.
The profitable performance playbook
This is a guide on how to get sustainable profit performance running in your practice.
It includes passages on:
- How to get your money mindset right
- Learning how to delegate
- Creating a board of directors that guides your company
And more! Find your free copy by clicking on this link.
Useful links mentioned in this episode:
Check out these additional resources:
Meet LaToya Smith
LaToya is a consultant with Practice of the Practice and the owner of LCS Counseling and Consulting Agency in Fortworth Texas. She firmly believes that people don’t have to remain stuck in their pain or the place they became wounded. In addition to this, LaToya encourages her clients to be active in their treatment and work towards their desired outcome.
She has also launched Strong Witness which is a platform designed to connect, transform, and heal communities through the power of storytelling.
Visit LaToya’s website. Connect with her on Facebook, Instagram, Strong Witness Instagram, and Twitter.
Apply to work with LaToya.
Email her at email@example.com
Thanks For Listening!
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The Grow A Group Practice Podcast is part of the Practice of the Practice Network, a network of podcast seeking to help you market and grow your business and yourself. To hear other podcasts like the Practice of the Practice podcast, go to www.practiceofthepractice.com/network.You are listening to the Grow A Group Practice podcast, a podcast focused on helping people start, grow, and scale a group practice. Each week you’ll hear topics that are relevant to group practice owners. I’m LaToya Smith, a practice owner, and I love hearing about people’s stories and real-life experiences. So let’s get started.Hey, welcome back to the Grow A Group Practice podcast. I’m LaToya Smith, your host for season two. Today my special guest is Mr. Allen Pruitt. I’m so excited to have him on. I met him, I found him, shall I say, through LinkedIn. I want to say it was a video he was doing, but whatever it was, I was drawn to it and I was like, I need to get connected with him and his business for my practice. We chatted a couple times since then, so I was like, he’s definitely somebody I want to have on the podcast. So Alan, welcome to the Grow A Group a Practice podcast.
Awesome. Thank you so much, LaToya. It’s an honor to be here.
Yes, I know this is important with the consulting I do with Practice of the Practice. A lot of times, every time finances and money is going to come up and so I definitely want to use our chat today to discuss that. But before we even jump into all that, I want you to introduce yourself to the honest, tell us a little bit more about you.
Sure thing. Absolutely. So I am Allan Pruitt. I’m a CPA, and so I run my own firm, Pruitt Prep CPA, where we focus a lot on helping mental health professionals doing exactly what you’re doing and running, managing and growing their group practices. That’s something that we are very passionate about. We love business, we love finances, unlike most therapists, we love spreadsheets and therefore, it’s a perfect harmonizing factor where we try to come in help and help you to understand where your money is going.A little bit about me. I graduated from Trinity University in San Antonio, Texas. Then I went on and got my MBA from University of Houston Clear Lake and then after that I became a CPA and started my own firm. So I have a true passion for business and throughout that journey. Also, my wife that I’ve been married to for 11 years now, she’s actually ALPC and so she runs her own private practice. So in helping her with me having the financial aspect of it and helping her set up and grow her group practice that got me indoctrinated into the community, learning a lot about what what therapists go to, what mental health professionals need done on their end. So as I mentioned, I found out that a lot of therapists don’t like to talk about money, don’t like to dig into their finances or spreadsheets and that’s where I try to come in and be a helpful resource to make sure that you know where your money is going, you know how much you’re making in your practice, and to ultimately create the private practice of your dreams and that you’ve always wanted.
Yes, that’s good. You said about, you dropped a few nuggets in there. I’m looking through my computer when you said people don’t like spread and I’m like, it’s me. I do not like spreadsheet. That is me. But this is great because oftentimes you want to know, okay, well what’s your connect to private practice? Why is your niche there? But your wife is a therapist and so firsthand what it takes to grow and build and to look at the finances of a therapist, man, that’s why, I think that’s when I learned that about you too, just helping me more drawn to the firm that you have. And shout out to all the CPAs, especially you, because I’m talking to you right now, but like, don’t you all have to take a bunch of tests anyway, that’s like woo, woo, and you take them tests.
Major applause to you. Even when it comes to switching gears back to mental health, but even when somebody, I heard you say talk about the money or understand where your money is going. So what does it look like? How do you help people who are like, hey, Alan, I’m Allan. I’m a therapist. I have a private practice, but now I am ready to start a group practice. What do the finance need to look like? Because a lot of times I hear people say, and even for myself when I got started, okay, now we got to look at money different now, like something, but what’s your take on that when somebody comes to you says, “Hey, I want to level up to a group practice?”
Yes, absolutely so, first let’s say congrats. That’s a great move because that will certainly help you to generate more revenue. But I tell people this, keep in mind when in business and also in life, it’s never just one thing. It’s a culmination of things strung together. So in making that step and going to a group, first, remember it doesn’t have to be perfect. Everybody’s journey’s going to be a little bit different but there are a few different things that you need to do. One, you need to dig into your own books and finances for yourself and know, hey, one of the biggest things I tell all therapists that you need to know, you need to know what your revenue procession is and what your profit procession is.Those are two big factors in breaking down how profitable you can be and how profitable you can make a group practice. So without knowing those numbers, it’s hard to go from there. To me, you always have to know where you are to get to where you want to go. It’s hard to say, hey I want to have this thriving group practice. I’m making a million dollars a year, I have this many therapists. Well, we can get there, we can get to that Z but where you at right now? We have to figure out what your A is right now and where you’re at. So digging into your numbers making sure that one, you are even profitable by yourself. What’s your total income? What’s your profit procession? How much is going out?We need to know your net profit. We need to be breaking down taxes of course, as well. So we need to look at all these things and jumping into a group, because you have to figure out yourself first. Then once you do get to that point to where you want to bring in other therapists to create this group practice, we need to be tracking those numbers for them as well. To me one of the biggest things is that data drives decisions. So it’s hard to make decisions in a business if you don’t have the data behind it, because then you’re just making decisions blindly. So when you bring others in, you need to know your numbers, know your revenue, know your expenses, and unfortunately dig into those spreadsheets and know everything because that’ll help you get to where you want to go
So just say somebody doesn’t have any of that, but they come to you and say, hey, Alan, or like me, I saw you on LinkedIn and somebody’s ready to grow their practice, they don’t know the numbers or anything. So now what does that look like? Because again, that’ll be something either they press full stream ahead and then deal with it on the back end or stop and they never start the practice. So what do you, when it’s time to sit down with you, what does that even look like?
Yes, absolutely so. The first thing I always want to start with is start with the end in mind. As I mentioned I want to know what that’s used, where do you want this to go? When I sit down with clients, I always tell them, what is your vision for your practice in two years? So we’re not talking about 10, 15 years down the road. I want to break that down and where do you want to be in two years? Then we backtrack and say, okay, to be this place in two years, where do I need to be at the end of the year? What do I need to be at the end of this quarter? So you stairstep it to make small achievable goals to get there. So if you don’t know all your numbers and you’re wanting to start this group, then it’s time to start digging in and looking, okay, look at my bank account.Looking at if, you don’t have an online accounting system, something like QuickBooks or something like Zero, well it’s time to start looking at that and dig into those numbers so we can really see. If you haven’t started on that, it’s never too late. We can go in and figure it out but I do think that’s one of the key things to know, because the last thing you want is to start building on something when you have a shaky foundation. So you have to build that foundation first. It’s not easy It’s tough. It’s not what clinicians go to school for, but there’s help, there’s resources out there. That’s where someone like me comes in and I often love to do consultations with people starting a practice or starting a group so we can dig through these things and figure out what all we need to do first, because as I said, it’s hard to build a house on a shaky foundation. So you have to get that foundation straight first.
Yes, absolutely. Even when you said it’s like that part, so it’s hard to build in a shaky foundation, but a lot of times, and I’ll even speak for myself, I know we always talk about, well, it’s said like, okay, money trauma, or what’s your issues, feeling or looking at money and things of what we learned or how we were taught about money when we were younger. So a lot of that still pops up and you don’t realize it until it just hits you. So how do you work past people’s money fears too? Because I even imagine that’s a hindrance. Some people even wanted to reach out for help, like, ooh, I don’t want to talk about, even though it’s part of the foundation and it’s going to crumble, or you’re going to hit some bumps in the rules. I know I have if it’s not taken care of correctly. How do you even help a client who’s a therapist and understands the work, but how do you help a client work past the money fears?
That is a great question and I definitely run into that. You’re right, because in growing up, you often, a lot of people have trauma behind money. It is a very, very scary thing and so one of the things that I try to do when someone comes in with that is just break it down and make it simple. We don’t have to have, I talk about spreadsheets, but we don’t have to have this big glorious spreadsheet with all these formulas to start because that can be intimidating, very, very intimidating for someone who has that money trauma and those fears straight off the bat. So we just have to make it simple honestly.We have to, we do have to get into it but I try to have an approach to where I want to listen, I want to learn, I want to understand what’s going on, but then give you my best advice. So I say, take it slow. The first thing we have to look at is how much money you’re making. What is your income? Looking at your bank account and seeing what’s coming in from your practice, from your session. So I think that that’s the first step, taking a look at that. Everything else we can figure out as we go but you do have to take that first step to getting over those money fears.It can be a big one. I certainly understand there’s a lot of people out there, and I’ve had clients just like that come to me and be like, “Oh my gosh, I never want to talk about money. It’s always been something that I shy away from.” So I was like that’s okay. We can, we do have to dive into it and make the first step, but it doesn’t have to be scary. We don’t have to have it all figured out right now. We can take baby steps into it. So the first thing is just looking at, boom, what is the revenue? What’s the income? Let’s figure that piece out and then we can branch off from there.
Then you said another part, too, understanding where exactly the money is going. Like how much of the time. I imagine some of the time needs to be spent looking at how much a person is spending on certain things. Like if too much money is going out, not enough coming in, if you’re spending a whole lot on, I don’t know, Google Ads or something, either you need it or you don’t need it or add someplace else. But how do you work with somebody who’s definitely putting their money in the wrong spaces, that’s not bringing them any profit or using their time, that’s not bringing them, like how those conversations look. Because again, as an owner, we wear so many hats and a part of community scaling is taking those hats off. But then also sometimes we get so caught up in the things that matter in that moment that we miss the easiest little things that are in front of us. So how do you help somebody out with saying, listen, you may have the money, but you’re spending it wrong, or it’s going different places. So what does that conversation look like or how does that practice, how do you help turn that around?
Absolutely so. Yes, we definitely have to take a look at that because that is definitely something I’ve heard and seen with a lot of clients feel like, I’m making the money, but I look at the end of the month and I don’t know where it all goes. There’s more month than there is money? I get that a lot of times. So we have to take a look and like I say, look at the numbers and go, okay, we’re spending money on advertising. How many leads are we actually getting from the advertising? What is our true cost there? Are we spending $500 a month on Google Ads and getting one to two people in the door?That’s another thing to look at is looking at all the variables and looking where we’re spending money and what is generating revenue on that money spent and what’s not generating revenue. Some things, obviously some overhead items you’re going to have to pay for, you’re going to have to pay for your EHR, you’re going to have to pay for malpractice insurance, things like that. Great. So let’s pair it down. What I tell clients now, first coming in, setting it up, we need to build a budget. We need to look at what is the basics that we need that we have to get going because yes, when you’re first starting, it’s probably not the best. If you haven’t even had your website set up, let’s jump on Google Ads and start spending money here. Well, those two things go hand in hand, so we need to discuss and talk about that.The first step is building a budget, building a reasonable budget for starting off and then looking at everything else that goes into it. So one of the things that, and especially in this day and age that we have to look at is, hey, are you spending, what are you spending on rent? Do you want to be a hundred percent virtual? A lot of my therapists are now going to hundred percent virtual. Or do you still want to have it in office space? Oftentimes it’s a huge overhead number there in office. So some people rather enjoy it, that aspect. That’s fine. We can work around that, but those are the things that we need to be discussing. We’re like, okay, what are the key essential items that we have to pay for right now and what can we hold off on?Often say we need to put things into three different phases, especially when starting off, what has to be purchased before you see your first client? What can be purchased while you’re in the middle of your seeing clients just getting started, and then what can be spent once you’re well established? So we categorize those expenses into those three sub buckets and go from there. We start off with the basics and figure out what we have to spend money on and then the other things we can figure out as we go
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I love that. So again, go back to what you said, first start with a budget. Then look at what has to be purchased right now, what can be purchased as I’m growing and then what can I spend or what can I once now get once I am established? What about somebody who has a practice or practice is going well and now a group practice, now they’re ready to just build, expand go up another level? Is there another set? Is it the same set of three or am I just now going off, well-established and I’m spending a bunch of money? Or do I back up the one and say, I’m going to act like I’m starting all over again. What needs to be purchased now?
It almost, yes, in that aspect it does almost reset itself in a different way. So then once you are in that established group area, it’s like, okay, so if I’m bringing somebody in, let’s start back at number one. So what does this therapist need before seeing their first client as I’m bringing them in, okay, obviously we need to add them. If we’re paying for, we need to add them to our EHR system. We need to make sure that they have all their licensure, all those things in place. So once again, if we’re going to have like a physical office space, we need to make sure that we have that set for them. When you’re bringing someone in, you have to look at those items to truly determine, okay, what do they need as they’re coming into my practice to see someone on day one?Once again, going back to, to your point, going back to that first step one, okay, boom, they need A, B, and C before they can start seeing clients. Then once we get them started, then we can look at as they’re building their clientele with us, okay, what else do we need to add for them? Yes, that’s a great question. You do start over again once you go to that group aspect and just look at what does that next therapist need? What does that first, second, third therapist need in each one of those steps?
I love that. I love that system. Then I’m thinking, even as we’re talking about that, okay, build as the people come, build as a therapist comes, but then what if in those difficult moments when hey, maybe a therapist leaves or something happens, unforeseen circumstance where money has to go and whatever, now are we going back on the steps? How do we manage those unexpected financial issues?
Yes, absolutely. In situations like that, and in starting a group, what I was saying earlier, I think this becomes ever more important, is to be tracking your numbers, to be knowing where your revenue is coming from. One of the things that I always encourage group practice owners to do is you need to be tracking each one of your staff members, each one of your employees, look at how much they’re bringing in. You need to be to those numbers I mentioned, your revenue procession, your profit procession. You need to have that for every therapist in your practice. You need to know that, and you need to have that all together. The reason why you do that is because when a therapist does leave and a therapist does drop off, if you have those numbers in place, you know exactly how much revenue you’re losing.So by having those numbers there, you can plan and adjust, be like, okay, does anybody else have any more capacity? If not, then so be it. Then, hey, we look at the bottom-line numbers and say, okay, Susie therapist was bringing us, she was seeing 25 clients per week. She was bringing in this much money because of that and we were spending this much on her. Well, now that she leaves, we know exactly what our number is. That’s going to drop off. So we plan accordingly around that. That helps us to plan into the future to make sure that we are not in an awful spot when someone does leave, because as you mentioned, unexpected things are going to happen. But we try to plan for those as best we can by knowing these different amounts and figures so we can plan accordingly.
Okay. Any set percentages? A lot of times we hear that either people use the Profit First model and there’s percentages that are set and the money has to be allocated, this over here, is over here. Does it have to be that rigid? Do you think it has to be that rigid or is it more about the budget in monitoring the money, the revenue? You know what I’m saying? Does it have to be that budget and that stiff?
No, I don’t think it has to be that rigid overall. I know every situation is a little bit different. Every practice is a little bit different and so I think that allows for a certain amount of leeway in there. So when I talk to clients, I want to essentially create a customized plan for you. So, yes, absolutely. I love the Profit First model and making sure that we are paying ourselves that we’re getting all of our expenses covered, make sure we’re setting money aside for taxes at the same time. Obviously, something big that I always tell clients to do on my end. So yes, so all those things definitely need to be taken care of and managed but I don’t think it has to be overly strict except for paying for taxes, setting that aside.We know Uncle Sam’s going to get his cut, and so we definitely want to do that, but everything else can be fluid. Once again, depends on the practice. If you’re someone who has an overhead, you have a big office, you’re paying that, well, hey, we need to make sure we have so many months of rent saved up. You know if you’re someone that’s virtual, then if you’re someone who’s a hundred percent virtual in a group, well, that changes. So different factors like that play into it. Well, yes, it can definitely be a more fluid model, just depending. So I would always say that we need to look at what your revenue is figure out, and this is where talking to clients and figuring out where you want to go, what your vision is for your practice plays into it. Because hey, if you’re trying to grow and grow, well then, hey, as we’re getting that revenue each month, we need to start saving that. We need to be reaching out and hiring for therapists, so on and so forth.
Tell me, and I love that, just understanding it doesn’t have to be, but you still got to understand everything. You don’t have to be so rigid with percentages but, and if that, I know that works for some people. Some people just love it, but then also just understanding the budget, the revenue, where you want to go. Alan, talk to us about your, because I know you have a free giveaway for those listening, definitely find the link in the show notes but the Private Practice Profitable Performance playbook, that’s a whole lot of, tell us Private Practice Profitable Performance playbook.
Why all those Ps in there? Let’s talk about that. Is it Pruitt? Is it, let’s talk about last P in last name, or what is that?
Absolutely. It just flowed. Well, what can I say? I love alliteration. I love alliteration, so yes, the Pruit Prep Private Practice Profitable Performance playbook. Yes, a lot of Ps. What this does is it breaks down some of the items that we’re talking about on the best ways to start your private practice and to give you a playbook, a guide to go to get that done. So I talk about, talk a little bit about mindset. One of the things in starting a private practice is everyone thinks that they have to do everything themselves. When you’re starting off it is certainly going to feel that way but I tell people think of it this way, what do some of the most profitable companies in the world, your Amazons, your Googles, your Microsofts, what do they have at the very top of their hierarchy? They have a board of directors that guides that company into success and into profitability.Well, just because you’re a smaller company, why should you have any different model than that? So that’s one of the things I tell clients is that you need to have a small group of board of directors to help you, because none of us can be an expert at everything. You guys went to school to be clinicians, you learned all about CBT, you learned all of these things. However, did you learn how to break down balance sheets, look at cash flow models? No. So you need to pair with with professionals that are trusted to help guide you, because I’m always a big fan of learning from other people’s mistakes and so if there’s any way to do that, I want to make sure that we do that.My playbook gives you a little bit of that. It talks about a little bit of what we talked about on breaking down a budget when you’re first starting going through that. It talks about business entity structure. That’s a question that I get a lot, sole pro, versus LLC, PLLC, S-Corp which and when do I do it? How do I do it? So we talk a little bit about that. We also talk about the budgeting model that we were discussing, breaking down the most important items that we need to tackle first. It just gives you some of the more concise points that we need to be thinking about as we’re setting up our practice. Of course, for me, when things I love, taxes, breaking down different tax strategies, what are some of the best tax strategies for therapists in a private practice, in a group practice. So I’ll go into a little bit of detail about that just to make sure, because hey, we have to pay taxes. I understand. We’re big fans of tipping waitresses, however, we’re not fans of tipping the IRS. So we want to make sure that we are putting everything that we can to save you as much money as possible.
Basically get the playbook, break it out, then call you. Yes, I like that. I like the playbook. It sounds great. Definitely something that I am going to take advantage of as I build and grow my practice with you. So this is good. You really gave us some great stuff to take and to really get going. Most importantly, like I said, doesn’t have to be that rigid. When I’m talking to you and what I hear from you more so is just get an understanding, like relax, head back, understand where you want to go first, then really look at what you got because what you got is going to get you to where you want to go. If not, we got to get this playbook.
That is absolutely it. Like I said, we start with our Z, where we want to go. We know our A as if we’ve started our private practice already. Then, hey you talk to me, we can figure out the B through Y in between, so absolutely.
Awesome, awesome. Alan, tell people how can they get in touch with you, listen to the podcast, they download the playbook and they’re like, I need to work with this man because I need to fix my finances so I can build my group practice?
Absolutely. Best way is my website pruittprepcpa.com. I’m also on LinkedIn, as you mentioned. LinkedIn is the same as Instagram and Facebook. Yes, I have a real passion for helping the mental health community understand their finances, grow their practices, and just to be a knowledgeable resource in the tax, business, financial world and to help you guys grow and get to where you want to go. Definitely reach out to me on any of those platforms and we can certainly book a discovery call, free discovery call to see, what do I need? Of course, for everybody out there that download the playbook, go through that and then let me know if you have any questions. I’d be more than happy to help.
Awesome. Thank you so much, Alan. All of us therapists, group practice owners, we have listened. We now know the play is to contact you through your website, anywhere on social media, LinkedIn, like where I found you. I just thank you. I thank you for your strengths and your gifts of managing money. I love what you said. Have a team because we went to school good and well, we went for this clinical stuff and programs, if not, probably none are talking about money management. So have people around you that can talk that language that you can’t talk, and not to be afraid of the money, but understand your money. I thank you so much for your time with doing this. Make sure you all that are listening, download the playbook, review it, and then reach out for your free discovery call what Alan, so he can help you get to where you want to go with your group practice. All right. Thank you for listening and once again, have a great day.Thanks once again to Therapy Notes for sponsoring this episode. Use the promo code [JOE] to get three free months to try out Therapy Notes for free. No strings attached and remember, telehealth is included with every subscription for free.If you love this podcast, please be sure to rate and review.This podcast is designed to provide accurate and authoritative information in regards to the subject matter covered. It is given with the understanding that neither the host, the publisher, or the guests are rendering legal, accounting, clinical, or any other professional information. If you want a professional, you should find one.