225: The Financial Problem Hiding a Deeper Issue with Lauren Worley

What if the financial challenge you’re facing in your practice isn’t actually what you think it is, but something larger?

In this coaching conversation, Linzy sits down with Money Skills for Group Practice Owners graduate Lauren Worley to dive deep into a problem that Lauren is experiencing in her group practice: the money isn’t there, even though it seems like it should be.

As they dig into Lauren’s numbers and start to explore why things are financially tight, it becomes apparent that the thing Lauren initially thought was the issue within her practice is just a distraction to a deeper problem.

Once they uncover the real financial problem, they are able to focus on what needs to change in order for Lauren’s group practice to be financially healthy and stable.

Group practice is a complex machine, but this episode will show you that when you are able to look at and understand your numbers, and be curious about the math and about finding solutions to your problems, you can make changes that will transform the financial health and sustainability of your practice.

Timestamps:

04:04 – The current financial struggle: Insurance companies not paying

09:32 – Setting up the group practice machine to be stable

13:42 – Deciding which insurance companies to work with

19:47 – Looking at the numbers to identify the real financial leak

22:46 – Using the Team Tool to be curious about what needs to change

27:03 – Redefining stability for a practice of this size