​Establishing, growing and effectively managing an ongoing counseling Practice requires significant levels of discipline. It is essential that relevant financial controls, processes and reporting capabilities are implemented in order to facilitate the long-term viability of the business. To encourage and support strong financial management practices, we offer the following capabilities...

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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 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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