Cathy Canfield

Before working with you, my group practice was in the red $2,000 a month. I was ready to close it.

Cathy Canfield, LCSW
ALEXANDRIA, VA

Overview

Cathy had been a very successful solo practitioner in Alexandria, VA specializing with children and their families. After working with us, Cathy found increased income, ease in management and now serves more clients than ever!

Problem

Financial and leadership deficits.

Main challenges before working with Be A Wealthy Therapist:

  • No profit. Expenses exceeded revenue each month.
  • Imbalance in relationship with her administrative assistant leading to stress and reduced intakes.
  • Owner felt defeated.

Bringing on additional clinicians seems like the answer to a full caseload. In Cathy’s situation, the opposite was true. “I couldn’t understand why it was taking so long to be profitable since we were doing more sessions than I was by myself.” In fact, Cathy had to hold an additional day job to pay her bills. This was not the plan! Also, her admin staff treated her like a client rather than the owner. This lack of loyal administrative support led to fewer converted calls to appointments and a lot of frustration. Cathy knew she needed some group practice help but was afraid that she might be judged negatively since the practice wasn’t where she wanted it to be.

“I got so frustrated with my group practice that I started writing ‘end dates’ on my calendar. I convinced myself that if the practice wasn’t doing better in two months, I would close it.”

Cathy Canfield, LCSW

Alexandria, VA

Solution

Be A Wealthy Therapist worked with Cathy to:

  • Improve her CEO skills – especially in the areas of financial management and leadership.
  • Increase her profit
  • Improve her systems

It takes very different muscles and tasks to succeed with group practice as compared to solo practice. We looked at Cathy’s strengths first – she was smart, ambitious, and tenacious. She liked people. That said, we needed to focus on helping her ‘be the CEO and boss,’ which was a role she hadn’t trained for.

The next thing we did was help her begin to manage her business ‘by the numbers.’ Her P&L report became a handy tool and guide. We then helped her to revise her compensation model for clinicians because she could not be profitable at her current structure. Finally, we helped her with hiring strategies so that future hires enhanced the company culture.

Results

From almost closing to becoming profitable enough for the owner to reduce caseloads and even take vacations.

Results for working with Be A Wealthy Therapist:

  • Annual revenue is up 63%
  • Increased call conversion and first visits due to new, in-house administrative personnel
  • Strong CEO leadership skills

“I’m proud of the improvements I have made. No longer do I need an additional day job. I now pay myself a nice salary and can afford vacations. My business is run as a business with informed decisions based on data. I’ve improved my hiring practices, and our revenue is growing each year. And best of all – I have energy and excitement for the future!”

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