“I’m always making sure like, do you have the right financial partner? And even from a wealth perspective? You know, do you have the right financial partner and then understanding like where you take that money to put it, so even if it isn’t MCA, so let’s say that you got, you know, you got hacked, and you now recognize that, okay, I got these loans. And now it’s like this cash cow. If you put it in the right place, like if you put it into hiring a person who can help generate more money, or if you put it in a place of like marketing and the right marketing channels to double down on the marketing that’s currently working, then that’s, you know, that’s definitely something that’s going to help you make back more money “
Welcome to a brand new episode of the Cash Flow CFO Podcast. Joining me today is Brandy Mabra. Brandy is a CEO of Savvy Clover Coaching and Consulting, and the CEO coach for private practice owners. Brandy has over 15 years of business management and leadership experience, turning healthcare practices into profitable machines. She holds a bachelor’s degree from The Ohio State University and a master’s in health administration from A.T. Still University. Brandy is also a certified professional coach and master energy leadership practitioner, receiving her credentials from the Institute for Professional Excellence in Coaching (IPEC). She has been featured in Forbes, Fast Company, Entrepreneur, Pop Sugar, Creative and Culture, and various podcasts. Brandy is the founder of Private Practice CEO, a school empowering private practice owners to streamline operations and build engaged teams.
Join us to learn the whole story!
“And so one of the things that we do tell them is to break it out by revenue stream, so that way they can see exactly how much money is coming in, what’s the expenses that are going out? What does this continue to make sense? Do you need to maybe put some additional resources in one revenue stream, so that way, you can beef it up”
Master the Art of Financial Planning:
The foundation of financial success in any business, including private practice, begins with solid financial planning. Start by creating a detailed budget that outlines your expected revenue and expenses. Consider all aspects, including rent, utilities, salaries, equipment costs, and marketing expenses. Having a clear financial plan will help you set realistic financial goals and track your progress.
Relying solely on one source of income can be risky. Explore different revenue streams within your practice. For example, you can offer various services, workshops, or online courses to generate additional income. Diversifying your revenue streams can provide stability and resilience to your practice.
Invest in Technology:
Embracing technology can streamline various aspects of your practice, leading to cost savings and improved efficiency. Consider adopting practice management software that can help you schedule appointments, manage patient records, and handle billing and insurance claims more efficiently. Additionally, telemedicine and digital marketing tools can help you expand your reach and attract new patients.
“I imagine working with a lot of health care, in private practice, they’re really good at whatever it is that they do. And the whole side of running a business is something that they’re not taught in school. “
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