When to Hand Off Your Books and How to Get Started
A Guide to Outsourcing Bookkeeping for Mental Health Practitioners Running a successful mental health practice in Canada involves more than just helping clients. As your practice grows, the administrative burden can quickly become overwhelming, especially when it comes to managing your books. Understanding when to outsource your bookkeeping and where to begin can be the […]
Stop Late Payments: Policies That Actually Get Invoices Paid
Payment Policies to End Late-Invoice Stress for Mental Health Practices Late payments can seriously hurt your mental health practice’s cash flow. In Canada, 46% of B2B invoices are overdue on average, negatively impacting cash flow. For solo practitioners, lost revenue can mean the difference between thriving and just surviving. Fortunately, you can dramatically reduce late […]
Three Signs Your Practice Should Incorporate Next Year
Incorporate Your Mental Health Practice at the Right Time Running a successful solo mental health practice in Canada brings unique rewards and challenges. As your practice grows, you might wonder if it’s time to incorporate. While incorporation isn’t right for everyone, certain signs indicate when this business structure could benefit your practice significantly. Here are […]
What Does Professional Liability Insurance Really Cover?
How Professional Liability Insurance Protects Your Mental Health Practice (and Your Savings) Running a solo mental health practice in Canada involves unique risks to your professional reputation and personal finances. One client complaint, regulatory investigation, or malpractice claim could cost thousands in legal fees alone. Professional liability insurance (PLI) serves as your financial safety net, […]
Getting Bank Approval When You Have Variable Income
How to Secure a Mortgage When Your Income Isn’t the Same Every Month For many Canadian mental health practitioners running a solo private practice, income doesn’t arrive in consistent amounts from month to month. It rises and falls with client volume, cancellations, and clinic closures. While that’s normal for private practice, it can still cause […]
Sole Proprietor or Corporation? A Quick Decision Checklist for Therapists
Should You Incorporate Your Therapy Practice? As a solo therapist in private practice, you may wonder whether it’s time to take your business structure to the next level. Should you stay a sole proprietor, or is it worth incorporating? Your decision can have a long-term impact on how much tax you pay, how much liability […]
Emergency Funds for Solo Clinics: How Much is Enough?
How to Establish and Maintain an Emergency Fund for Your Solo Therapy Practice Running a solo mental health practice in Canada means managing everything from client care to administration and finances. One area that often gets overlooked is building emergency reserves, or a dedicated cash cushion that can mean the difference between staying open or […]
Exit Strategies for Therapists in Private Practice
Exit Strategies to Ease the Transition for Mental Health Professionals Considering your exit strategy might seem premature when you’re focused on growing your practice. However, for Canadian mental health professionals, early planning can mean the difference between a smooth transition and a stressful scramble that costs you thousands in unnecessary taxes. The Case for Early […]
Being Your Own Boss: Financial Pros and Cons of a Private Practice
Pros and Cons of Financial Management for Private Practice Opening a private practice is a major decision for mental health practitioners in Canada. Managing your own finances offers freedom and control but it also comes with responsibilities and risks. This article explains the potential earnings and financial challenges of running your own practice. Financial Perks […]
