A solid understanding of your finances can help you track the performance of your practice and implement strategies for a sound financial future. The resources in this section will help you begin the process.
Employer Identification Numbers: Why psychologists should apply for one
Using your social security number for your practice could put you at risk when the federal “Transparency in Coverage” rule takes effect. The rule seeks to make providers’ billing information publicly available.
How to make remote payments safer
With the growth of telehealth practice, more providers are using online payment services or mobile apps to collect payments from patients. Consider these factors before choosing an electronic payment processor for your practice.
Protecting Your Cash Flow and Preventing Theft (PDF, 303KB)
Protecting cash flow and preventing internal fraud or theft are two critical issues for financial success and ensuring practice solvency.
- Making the Most of Your Accountant
- Strengthen Your Practice Finances With this Basic Analysis
Financial Statements 101:
How to Read and Use Your Balance Sheet
- Billing for Your Services
Give your practice a financial check-up
A basic analysis of financial data helps you track the performance of your psychology practice and implement strategies for a sound financial future.
- Planning for a Secure Financial Future: It’s Never Too Early to Start
- Glossary of Financial Terms
Getting to the Bottom Line:
How to Read and Use Your Income Statement
- Are you Using Online Banking for Your Practice?
Taking Charge of Your Practice
Tips for deciding whether to accept credit card payments from clients.
End-of-the-year Tax Preparations and Financial Planning
Simple steps can improve your finances and lower your tax bill. This article presents some basic ways to maximize tax deductions and shore up your finances for the coming year.
Five Tips to Get Ready for Tax Day
If you're scrambling to have your tax return completed by April 15, these tips may be helpful.
- Eight Tips for Trimming Your Practice Expenses
- A Matter of Law: Prompt Pay Laws
Using a Sliding Fee Scale: Some Do's and Don'ts
In working with clients who are unable to afford the services they need, psychologists sometimes consider reducing their fee on a "sliding scale" basis. Doing so may carry significant legal risk if not instituted correctly.
- Evaluating Your Insurance Claims Procedures
- Insurance Claims 101: Avoiding Common Payment Pitfalls
- Six Tips for Handling Insurance Claim Denials