Scaling a Group Practice (Part 2)
Cat Moon joined us several weeks ago to share about her journey with growing East Atlanta Counseling (ICYM Part 1, check it out here).
In continuation of our conversation, one of the next big topics Cat hit on was the numbers!
As she put it: “I didn't realize that it's not simple math to add clinicians! You don't just add one and make more money with the resources you currently have. It costs a good bit of time and money to onboard a clinician as well as finding more office space, furnishing it, and making sure it’s being utilized for optimal - or at least breakeven - value.”
When it comes to scaling, it’s vital to have a strong grasp of your:
Fixed Expenses
Variable Expenses
New Line Item Expenses
Cash Flow
Books like Profit First for Therapists and Building your Ideal Private Practice are great resources for learning and creating your own financial projections, along with accounting technology like Heard and growth coaching like CAC Advisors that can offer industry-specific guidance through your finances.
Cat also reinforced the importance of collaboration with consult groups at the scaling phase.
“Create community with other local group practice owners! My consult group had a profound impact on our scaling efforts. Those that knew our location could soundboard around lease agreements, building space, hiring, and referrals. Those a step or two ahead could talk through their budgets vs. actuals to help me set realistic expectations, or discuss helpful policies and operations.”
Her consult group also helped her recognize ways that her role would begin shifting as an owner, so she could begin allocating the time and funds needed to successfully adjust.
Some that may come up:
Shifting from individual to dyadic supervision, or from weekly to bi-weekly
Adjusting number of clients in client load
Adding more time for internal development (both operationally and culturally)
Investing more intentionally in meeting with individual team members to support them in their personal goals (this was critical for Cat!)
Time-blocking to put out customer service fires, answer weekend crisis calls of supervisees, and dig into business and marketing strategies
For those in the scaling phase - lean in, ask questions, prepare to be flexible, know your numbers. You can do this!
