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​​​​​Key Effikacy Capabilities:​​

• Generating client digital invoices, bills and financial statements.

• Processing client billings, insurance claims and online payments.

• Providing Super Bills for "direct payment" clients to get reimbursed from insurance.

• Establishing clear payment policies - utilizing HIPPA compliant and HITRUST certified payment processing.

• Delivering detailed financial analytics and reports to ensure profitability and stability of the Practice.

• Leveraging the client portal to allow for secure client credit card storage and payment processing.

• Supporting payments utilizing credit cards, debit cards, FSA & HSA accounts, PayPal, Venmo, others.

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Key Financial Practices: 

• Separate Finances: Open business bank accounts (checking/savings/credit cards not mixed with personal funds).

• Diligently record all income (session fees, etc.) and expenses (rent, software, marketing, training).

• Manage budgets and cash flow to ensure the Practice can cover operating costs and save for slow periods.

• Set aside a percentage of each client payment for taxes and make quarterly estimated tax payments.

• Set payment policies for online payments, sending reminders, and offering payment plans to reduce overdue payments. 

 

Regular Review & Growth: 

• Dedicate time monthly to review profit & loss, identify trends, and spot future potential issues.

• Analyze Profit to determine if salary/growth goals are realistic.

• Reduce costs by regularly evaluating overhead, cutting unnecessary expenses and automating relevant tasks.​​​​​​​​​​

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