167. Exploring the Psychology of Money with David Frank

In this episode of the Private Practice Elevation podcast, Daniel Fava sits down with Michael J. Silva to discuss strategies for building a successful private practice without heavily relying on low-paying insurance contracts.    Silva shares his journey from experiencing early career burnout in corporate healthcare to establishing a flourishing cash-based sports medicine practice.    Alongside offering practical advice for navigating the transition to a cash-based model, Silva highlights the importance of finding your niche and over-delivering value to clients.   Michael details his process of identifying and eliminating unprofitable insurance contracts, emphasizing the importance of knowing your numbers.    By focusing on a motivated and health-conscious clientele, Silva and his team were able to build a thriving practice with a low cancellation rate and highly satisfied clients.    Silva’s insights provide valuable lessons for mental health therapists, physical therapists, and other healthcare providers aiming to enhance their business models and client relationships.    For those interested in scaling their practices successfully, this episode serves as an excellent resource. Key Takeaways: Identify and Focus on Your Niche: Michael emphasizes the importance of targeting a specific, motivated clientele to reduce cancellations and increase job satisfaction. Know Your Numbers: Understanding the costs of running your practice versus what you get reimbursed by insurance companies is crucial for financial health. Build a Superior Client Experience: Over-deliver on value and create an exceptional customer experience to retain clients and build a strong reputation. Gradually Transition Away from Low-Paying Contracts: Start by weeding out the least profitable insurance plans while ensuring you provide referrals for clients you can no longer serve. Leverage Community Roots and Network: Utilize your local connections and provide content that positions you as an expert in your specific niche to attract cash-paying clients. Links mentioned in this episode: https://michaeljsilva.com   

In this episode of the Private Practice Elevation podcast, host Daniel Fava sits down with Dr. Elisabeth Morray to delve into the critical topic of niching in therapy.  As they discuss the journey from being a generalist to identifying and embracing a niche, Elisabeth provides actionable insights for private practice owners looking to grow their businesses authentically.  They explore the balance between general practice and specialization, how continuing education plays a critical role, and the fear of potentially losing clients by narrowing one’s focus. Throughout the conversation, Elisabeth shares her career journey, from her early focus on eating disorders and women's health to her current roles at Alma and her private practice.  This episode is packed with website ideas and insights related to niching down in therapy, the importance of finding a niche that resonates deeply with one's values, and how to market authentically.  By highlighting real-world applications and personal experiences, Daniel and Elisabeth offer valuable guidance for therapists looking to elevate their practice. Key Takeaways: The Power of Continuing Education: Investing time in ongoing learning, both in familiar areas and new fields, can bridge the gap between interest and expertise. Importance of Community: Building a network of professionals with shared interests can expand perspectives and provide support. Balance Between Personal and Professional: Utilizing one's lived experiences and personal journey can deeply enhance professional practice and authenticity. Flexibility in Niching: Adopting a niche doesn’t have to be an all-or-nothing approach—therapists can pivot and evolve based on their experiences and seasons of their life. Authentic Marketing: Sharing relatable, educational content on your website can resonate more with potential clients and help normalize their experiences. Links mentioned in this episode: Alma Website Elisabeth’s LinkedIn Profile  

In this episode of The Private Practice Elevation Podcast, Daniel Fava chats with David Frank, founder of Turning Point Financial Planning, about the intricate relationship between money and psychology.    Both professionals share their journeys, showing how their careers transitioned towards serving the mental health community.   David provides insights into his role in assisting therapists with their financial planning, covering both personal finance and business structures.   Throughout the episode, David Frank delves into the psychology of money and common mindsets that arise for business owners, particularly therapists.    He explains how deep-seated beliefs and patterns from childhood influence financial behaviors and decisions. David also discusses the crucial role of conversation and speaking with trusted individuals in overcoming financial shame and anxiety. The importance of community, having professionals like financial planners on your team, and maintaining a stance of curiosity and non-judgment about financial matters are emphasized.    The episode wraps up with actionable advice for therapists and business owners on managing their financial lives more effectively and with greater insight.   Key Takeaways: Influence of Childhood on Money Mindset: Childhood experiences significantly shape financial behaviors and attitudes. Awareness and exploration of these can help in overcoming financial blocks. The Role of Community and Conversation: Sharing financial concerns with trusted individuals or professionals can alleviate shame and provide new perspectives, reducing anxiety. Curiosity and Non-Judgment: Adopting a curious, non-judgmental approach to financial issues can foster better understanding and more effective decision-making. Investing and Patience: Success in investing often requires patience and the ability to endure market fluctuations without reactive decision-making. Financial Planning for Therapists: Tailored financial planning services can bridge the gap between personal and professional finances, providing clarity and reducing stress for therapists.   Links mentioned in this episode: Turning Point Financial Life Planning  

In this episode of the Private Practice Elevation podcast, host Daniel Fava dives deep into the differences between WordPress.com and WordPress.org, helping private practice owners make informed decisions about their website platforms.    Daniel seeks to remove the confusion that many people face when choosing between these two WordPress platforms.   In fact, some don’t even know that WordPress has TWO options for building a website with their platform.   But there are, and many folks get confused or choose the wrong platform when building their first website for their private practice.   In this episode, Daniel demystifies WordPress by breaking down the four main differences between Wordpress.com and Wordpress.org: ownership and control, cost, customization and flexibility, and maintenance and security.    Each aspect is crucial for private practice owners to consider as they plan their online presence.    With insightful comparisons and real-world examples, he guides listeners through the complexities of WordPress choices, making the decision clearer and more strategic for long-term practice growth.   Key Takeaways: Ownership and Control: WordPress.org offers full control over customization, themes, and plugins, while WordPress.com provides a more managed but restrictive environment. Cost Considerations: WordPress.org requires paying for hosting and domain services, whereas WordPress.com uses a tiered pricing model with different levels of functionality. Customization and Flexibility: WordPress.org allows unlimited customization, making it ideal for growing practices, while WordPress.com is limited to predefined themes and plugins. Maintenance and Security: WordPress.org demands active management of updates and security, but offers complete control, while WordPress.com handles this for you in exchange for reduced flexibility. Future Proofing Your Practice: Starting with WordPress.org provides room for growth and prevents the need for future platform shifts, making it a robust option for long-term private practice elevation.   Links mentioned in this episode: Article: What’s the Difference Between WordPress.com & WordPress.org? Episode 131. Secure, Reliable, and Fast: The Benefits of Managed WordPress Hosting for Your Private Practice Website Our WordPress Care Plans & Hosting Get started with our services by scheduling a call  

In this episode of the Private Practice Elevation podcast, your host, Daniel Fava, dives deep into the simple essence of content marketing plans tailored for private practice growth.    In the ever-evolving landscape of private practice, engaging with and attracting clients goes beyond face-to-face therapy sessions.    An integral part of this modern approach to building a successful practice lies in a solid content marketing strategy. This means that you’re consistently publishing and sharing new content on your website.   But content marketing is not just about producing content; it's about creating a strategic roadmap to reach and engage with your target audience effectively.    Daniel breaks down the concept into an easily digestible 3-step plan, showcasing the importance of having a structured approach to increase website traffic and highlight your services.   Daniel underscores the key reasons for adopting a content marketing plan, emphasizing trust-building, client education, attracting the right clientele, maintaining connection with current clients, and distinguishing oneself from competitors.    Later, he provides a simplified, yet potent three-step strategy Key Takeaways: Content is Key: A substantial content marketing plan cultivates trust, educates potential clients, attracts the right fit, keeps you connected with clients, and sets you apart from the competition. Three-Step Approach: Daniel lays out an approach starting with creating detailed service pages, supporting them with targeted blog posts, and then sharing the content across social media and Google Business profiles. Simple Execution: Daniel simplifies the concept of content marketing and suggests using a Google Sheet for blog post ideas, ensuring consistency in execution. SEO Focused: Emphasizing the importance of SEO, the content should be geared towards showcasing expertise in specific service areas. Commitment to Clients: A content marketing plan should resonate with your dedication to your clients by clearly communicating services and providing valuable information.   Links mentioned in this episode: Schedule a Free Clarity Call today

In this episode of the Private Practice Elevation podcast, host Daniel Fava welcomes David Sturgess, a seasoned mental health professional and business consultant, to discuss the pivotal shifts required when transitioning from therapist to business owner.  The journey from being an agency therapist or employee to becoming a business owner of your private practice is filled with unique challenges and opportunities.    For therapists considering this path, understanding the nuances of business, the value of time and money, and the intricacies of marketing can be the difference between thriving and merely surviving.   David Sturgess has a compelling background in mental health, with over 16 years of experience in the field. His journey began as a 911 operator and first responder, which unfolded into a strong interest in psychology and led his current career.    David worked for several years in youth residential treatment facilities and transitioned into private practice six years ago as a result of desiring to be more present for his family and to alleviate burnout.    Currently, David is a consultant with Wise Practice Consulting, where he focuses on helping solo practice owners navigate the transition from clinical work to business ownership.   In this episode, David imparts his insights on three major changes that are crucial for therapists ready to delve into the entrepreneurial world and see lasting success. Key Takeaways: Recognizing the need for assistance in business matters is critical for therapists transitioning into business ownership. Clinicians must adopt a realistic approach to time management and financial planning, ensuring their practice remains profitable. Investing in professional services such as website design can have a significant ROI and is essential for effective marketing. Understanding the role of a quality website as an always-on marketing tool can help improve visibility and attract potential clients. A niche focus can evolve and needs to be communicated effectively to reach the intended audience.   Links mentioned in this episode: http://www.wisepracticeconsulting.com  Schedule a free 30-minute consultation with David  

In this episode of the Private Practice Elevation podcast, host Daniel Fava interviews special guest Steve Cuffari, a marriage and family therapist and current client of Private Practice Elevation about his experience investing in SEO for his private practice.   Daniel and the Private Practice Elevation team have been helping Steve expand his practice’s visibility through SEO (Search Engine Optimization) for about two years now.    Steve shares his journey of transitioning from working at an organization to starting his own private practice - without taking insurance from the get-go.    He discusses the importance of investing in a website and SEO to attract clients and shares valuable insights on honing your message, tracking numbers, and staying competitive.    Steve's story is a testament to the power of facing fears and investing in yourself to achieve success in private practice.    Tune in to learn from his experiences and gain valuable tips for your own practice. In This Episode, You’ll Learn: What led Steve to invest in a new website and especially place a high emphasis on SEO Why he chose to work with Private Practice Elevation The importance of facing his own fears and realizing that his own growth was worth investing in What made Steve stay the course and continue working on SEO for two years running The challenges he faced over the course of long-term SEO strategy building How we had to pivot his SEO approach at times to make sure his ideal local client could find him How SEO has impacted Steve’s business for the better The key lessons Steve learned and things you need to know before you invest in SEO for your private practice The importance of knowing your numbers and tracking the data related to your website and conversions This Episode Is Brought To You By   Alma is on a mission to simplify access to high-quality, affordable mental health care by giving providers the tools they need to build thriving in-network private practices. When providers join Alma, they gain access to insurance support, teletherapy software, client referrals, automated billing and scheduling tools, and a vibrant community of clinicians who come together for education, training, and events.   Learn more about building a thriving private practice with Alma at helloalma.com/elevation. Links mentioned in this episode: In Touch Family Counseling - Steve’s Private Practice Private Practice Elevation’s SEO services Book - Donald Miller’s Building A Storybrand (affiliate link)   

Work-life balance is a myth! But rhythms of life and the changing of seasons are something that we can all embrace. In this episode, I sit down with Amy Dover, a seasoned therapist and successful group practice owner.  Amy has an inspiring story of transitioning from various practice settings to building her own flourishing group practice in Enterprise, Alabama. Throughout our conversation, Amy opens up about the rapid growth of her practice and the different seasons she's experienced as an entrepreneur.  We dive into the challenges of maintaining a healthy work-life balance and why Amy prefers to think in terms of finding a rhythm rather than balance. Because, honestly, balance never comes and only creates frustration.  She shares her insights on how to adapt to the changing demands of personal life and business, providing valuable advice for anyone looking to grow their practice while staying grounded. Key Takeaways Rethinking Balance: Amy encourages us to move away from the rigid idea of work-life balance and instead find a rhythm that works for both our personal and professional lives. Embracing Seasons: Understanding and embracing different seasons—whether it's a time of rapid growth or a slower period—can help in managing personal and business development effectively. Managing Growth: Amy’s journey emphasizes the importance of being a savvy businessperson. Knowing the financial and administrative aspects of your practice is essential for success, and requires a mindset shift from therapist to business owner. Leadership Lessons: Transitioning from a solo practice to a group practice requires continuous learning and adaptation in leadership styles and team dynamics. Consulting and Support: Having a mentor or joining a consulting group can provide crucial support and guidance through the stages of growing your practice. Amy's experience and wisdom offer a roadmap for navigating the complexities of practice growth while staying true to your values.  Links mentioned in this episode: Wise Practice Consulting FREE Webinar: Is It Time To Grow? Should I Start a Group Practice? This Episode Is Brought To You By   Alma is on a mission to simplify access to high-quality, affordable mental health care by giving providers the tools they need to build thriving in-network private practices. When providers join Alma, they gain access to insurance support, teletherapy software, client referrals, automated billing and scheduling tools, and a vibrant community of clinicians who come together for education, training, and events.   Learn more about building a thriving private practice with Alma at helloalma.com/elevation.

In this episode of The Private Practice Elevation Podcast, Daniel Fava and Dr. Joshua Rosenthal dive deep into the transformative journey from solo practice to a thriving group enterprise.    Dr. Rosenthal shares his pearls of wisdom on leadership, emphasizing the importance of clarity in your professional and personal goals. He advocates for creating roles that align with your passions and strengths, a strategy that has proven successful for both him and his team.   Discover how Dr. Rosenthal navigated the complexities of scaling a business, from the inception of the Big Apple Day program—a summer camp for children ages 6-12 with developmental, social and/or learning difficulties.—to fostering a culture of continuous improvement and reflection within his team of over 300.    He candidly discusses the challenges of retention and the financial balancing act required to sustain growth.   Dr. Rosenthal also unveils his evolved leadership approach, where he focuses on growth and empowering a core leadership team, ensuring that the quality of service remains consistent across the board. This top-down approach underscores the critical role of leadership in shaping employee experiences and, by extension, customer satisfaction.   Join us in this episode as we unpack the highs and lows of growing in leadership as you step into private practice growth. Dr. Rosenthal's story is not just about the success of his practice but also about the resilience, adaptability, and strategic thinking that are the hallmarks of effective leadership.   Key Takeaways: Joshua Rosenthal, PsyD, shares several key takeaways from his experience in building and managing his private practice, then a summer camp, and later, his role as a CEO. Here are the main points:   Difficulty and Opportunity: Rosenthal emphasizes that the difficulty of starting a venture is essential, as it allows for the discovery of opportunities and growth. He acknowledges that the process was hard and that he could not replicate it now, but at the time, it was the right fit. Staff Retention and Financial Challenges: Hiring good people was only part of the challenge; retaining them as the camp grew and expenses increased became a significant issue. Despite increasing costs, there was a limit to how much the camp fees could be raised, leading to financial strain. Leadership and Team Dynamics: Rosenthal learned about leadership, team cohesiveness, and the importance of reflecting on what works and what doesn't. This iterative process was crucial for personal growth and improving the camp each year. Trust and Business Relationships: He discusses the importance of trust in business relationships, even though it comes with the risk of being hurt. His experiences shaped his decision-making and ultimately contributed to his success. CEO Role Evolution: Rosenthal's role as CEO evolved from micromanaging to focusing on supporting his leadership team. He stopped seeing patients to concentrate on business growth, profitability, and new service lines. He also highlights the importance of having a leadership team that can manage different aspects of the business, allowing him to focus on growth and strategic planning. Importance of Leadership: The CEO's mood and approach can significantly impact the entire company. Rosenthal stresses that leadership starts at the top and that the experiences customers have are a reflection of the company's leadership. Starting with an MVP: The camp began with a minimal viable product and evolved significantly over time. Rosenthal followed an organic growth approach, letting the project develop naturally without forcing it.   Free Guide From Our Sponsor: Building Your Dream Caseload Growing a caseload of clients you’re passionate about working with can help you build a career that’s both impactful and sustainable. But it’s often easier said than done — which is why our sponsor, Alma, has created a guide to help you identify and connect with clients who fit your practice.  

In this conversation with Steve Bisson, you’ll learn all about mentorship - both giving and receiving - within private practice.  Steve discusses both his personal experience and the broader implications of mentorship in the professional development of therapists and mental health workers.  The episode delves into the core facets of finding and offering guidance in an often complex and challenging career path. Throughout the episode, we unpack the nuanced differences between mentorship and other forms of professional development tools such as business coaching, as well as the organic nature of establishing pivotal mentoring relationships.  The discussion emphasizes the importance of authenticity and trust in these relationships, illustrating how mentorship can significantly influence personal growth and career progression.  The episode is filled with anecdotes and strategic advice, inviting both new practitioners and experienced professionals to consider the impact of mentorship on their journey through the mental health field. Key Takeaways: Mentorship can be a pivotal factor in the personal and professional development of mental health professionals, often provided informally and based on mutual respect. The difference between business coaching and mentorship lies in the financial component and the structure; mentorship is often more organic and less goal-oriented. Seeking out mentors or becoming a mentor is an exercise in generosity, leveraging one's experience and knowledge to empower others. It's crucial to establish mentoring relationships that feel authentic and comfortable for true growth and learning. Mentorship extends beyond monetary value and is deeply rooted in the spirit of giving and leaving a legacy.