Dr. Matthews, a licensed therapist, has been running her private practicefor five years. While she excelled in providing top-notch care to her clients,managing the financial aspects of her practice was a constant source of stress.Her client base grew every week, but Dr. Matthews found her bank account wasn’tmoving at all.
How was she not actually making more money?
The challenge was Cash Flow Management and profit maximization. Inconsistent cash flow made it difficult to plan for business growth and the absence of profitability abused her personal financial stability. In those five years, she never once ran a financial statement.
Dr. Matthews decided to partner with Healthy Coin, a boutique CPA firm specializing in accounting services for therapists in private practice. Our team conducted a thorough assessment of her practice's financial health and developed a customized plan to address her specific needs. We streamlined Dr. Matthews' bookkeeping processes using QuickBooks Online, a cloud-based accounting software, ensuring accurate and up-to-date financial records which illuminated all the issues that had been plaguing her firm. The revenue wasn’t increasing at a faster pace than expenses.
We provided detailed cash flow analyses and implemented strategies to stabilize her income, such as optimizing billing cycles and setting up a reserve fund. With a stable cash flow, Dr. Matthews could confidently plan for future investments in her practice, including hiring additional staff and expanding her services. Revenue has increased 170% and profitability is up 40%. Win Win!
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