We are coming to the end of the year. This is a wonderful time to assess, re-assess, get organized, and a make a great plan for next year. So today, we are going to share a checklist of items to assess. Most of these items could be a blog article by themselves, so for today we are just going to make one handy-dandy list as a starting point!
Bookkeeping & Finances
- Review your bookkeeping and get organized for the year to date.
- Identify your gross income and your net income for this year to date.
- Identify how your actual income compared to your projected or desired income.
- Identify how much you have paid in taxes for this year thus far, and how much you still owe.
- Calculate your take home pay last year after taxes.
- Identify your desired take home income for next year.
- Make or update your business plan for next year
- Calculate your average hourly rate (all session fees collected divided by the number of sessions provided).
- Assess your average hourly rate and determine if it needs to increase to reach your income goals for next year.
- Assess your private pay rate and determine if your rate needs to be changed.
- Schedule an appointment with a CPA to review your income for this year so far.
- Make a tax plan with your CPA to save on taxes for this year, as well as next year.
- Assess each insurance contract you have accepted and determine if you will continue each for next year.
- Review any changes to the insurance policies, procedures, or contracts upcoming for next year.
- Calculate what percentage of claims are reimbursed within 45 days.
- Determine the number of hours spent on insurance biling last year.
- Explore outsourcing and determine if it makes sense.
- Create a timeline and plan to withdraw from any insurance panels that no longer serve you.
- Get training on insurance documentation and/or processes if you have significant denials.
Policies and Procedures
- Review policies, procedures, and habits in your business and determine changes needed for next year.
- Review any documents you provide to clients and make adjustments.
- Review new laws that are coming into effect for next year and make adjustments as needed.
- Review your documentation process and make a plan to streamline for next year.
- Catch up on any filing, documentation, closing of inactive files, etc. and make a plan to not get behind next year.
- Create a timeline for disseminating and reviewing any updated documents
- Review website and update any changes for next year, and remove any outdated information.
- Look at your personal energy and life and determine what your goals are for next year.
- Look at changes needed in your practice to support the personal changes needed.
- Assess your time off this year to date.
- Determine if you need to take more or less time off next year to stay healthy and happy.
- Schedule your time off for next year.
- Schedule working retreats for next year.
- identify what needs are being met in your professional relationships.
- Identify what needs are NOT being met in your professional relationships and make a plan to ensure they are met next year.
- Identify what types of clients or clinical issues that you have been least effective with and find a referral source in the community.
Personal & Self-Care Assessment
- Review your outcomes with clients this last year and make a plan to improve outcomes next year.
- Make a clinical development plan for next year.
- Identify the clinical strengths you further developed in this last year.
- Identify the clinical skills that would most benefit your ideal clients.
- Review your professional will (or develop one if you don't have in place yet).
- Look at next year's training options and make a training schedule.
Being a business owner is amazing, but there are a LOT of moving parts to running an awesome, streamlined private practice. While this list could feel a bit overwhelming, these are issues that if managed and attended to can help your practice run more smoothly throughout the next year!
Join us for the 6 week Private Practice Challenge. Our first training week 1 will be about How to Set Fees in Private Practice. Sign up and join the challenge here!