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Review website and update any changes for next year, and remove any outdated information.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!