In this episode of The Private Practice Elevation Podcast, Daniel Fava explores the financial lessons every group practice owner needs to hear.
Daniel sits down with Brittany Schank, a mental health therapist and owner of Solace Counseling, a thriving group practice with ten clinicians across two locations.
Brittany shares her journey of building a $1.5 million practice while navigating the challenges of managing a team and maintaining a sustainable business.
What sets this episode apart is Brittany’s openness about the financial mistakes she’s made along the way. From overcompensating employees to neglecting proper tax planning, she offers valuable lessons for avoiding common pitfalls in practice ownership.
Whether someone is just starting out or already running a group practice, this episode provides actionable strategies for creating a balanced and profitable business.
Brittany and Daniel also discuss frameworks like Profit First and strategies for preparing for deductible seasons, making this episode a helpful guide for therapists who feel overwhelmed by financial planning.
What Listeners Will Learn in This Episode:
- The top five financial mistakes Brittany made and how to avoid them.
- Why an effective pay structure is essential and how overcompensating employees can impact sustainability.
- The value of seeking business consultation early to avoid costly missteps.
- Tips for managing taxes and maintaining cash flow during deductible seasons.
- The importance of hiring the right people and addressing performance issues to build a positive workplace culture.
Links mentioned in this episode:
- www.consultationandsupervision.com (Use coupon code “FREE3” for 3 free months)
- https://www.instagram.com/solacecodirectory/
- https://www.facebook.com/SolaceCoDirectory
- Profit First For Therapists
Watch The Video:
This Episode Is Brought To You By
Alma is on a mission to simplify access to high-quality, affordable mental health care by giving providers the tools they need to build thriving in-network private practices. When providers join Alma, they gain access to insurance support, teletherapy software, client referrals, automated billing and scheduling tools, and a vibrant community of clinicians who come together for education, training, and events.
Learn more about building a thriving private practice with Alma at helloalma.com/elevation.
About Brittany Schank
Brittany is Schank a licensed clinical social worker, owner of Solace Counseling, a group practice with two locations in North Dakota, and Founder of the Solace Co Directory, a directory for therapist supervisors, supervisees, and consultants to find one another.
She is a firm believer that we need less fixing and more loving, less perfection and more appreciation for who we are, and less criticism and more encouragement around us.
Brittany can be found in her spare time with her husband chasing around their four young children, working at her therapy private practice, or all geared up for her part-time military career. Brittany is an audiobook narrator and author of “Narrating Audiobooks: Everything You Need To Know To Get Started”.
Brittany identifies herself as a time management guru, lover of all things coffee, and takes pride in her competitive but humorous nature.
