Finding Firm Footing: Successful Practice and Financial Management

Running an independent practice requires a basic knowledge of principles of financial management. There are complex financial decisions that are required of the practice owner(s) around budgeting, negotiating contracts for services, hiring administrative and clinical staff, leasing office space, etc. These decisions can help the practice provide sustained service delivery to the communities served. Unfortunately, graduate training typically does not address the need for basic skills in this area. Moreover, some programs actually discourage students from considering the financial aspects of running a practice.

Using an interview format, supported by slides, this presentation will focus on identifying and discussing the core financial principles for managing a mental health service delivery organization (i.e., a mental health practice). Key concepts will be discussed and will address the importance of budgeting, financial forecasting, making major practice decisions by including financial considerations, using metrics, and having appropriate and sound financial policies to avoid costly errors and even embezzlement. Such concepts are especially important during these challenging times as the demands on practice owners and the nuances of practice are more substantial than they have been in the recent past. Additionally, when mental health providers create sustainable practices, they can provide services to the underserved. This will be discussed in detail in another program in the series (Session 7).

Webinars are converted to video on-demand programs with closed captioning after the live air date

• Describe basic financial principles and considerations for managing a mental health service delivery organization in a sustainable fashion.
• List processes that need to be established to promote sound financial management and the ability to offer services to the underserved.

Host: Jeffrey Zimmerman, PhD, ABPP

Presenter: Jennie Schottmiller, LMFT, CPA