Financial Management for Your Mental Health Practice: Key Concepts Made Simple

Perhaps no issue is more important to the sustained success of a mental health practice than understanding the financial aspects of running a business. Yet this topic receives such little attention in most professional training programs. Without full awareness of where revenues are coming from, and where they are allocated in the practice, how can small business owners know how they are doing financially? Could you be doing better? Where should you invest more resources? Where could you cut expenses? How can you review financial statements to plan for sustained growth in your practice? One need not be a CPA to develop and maintain a successful practice, but understanding basic accounting concepts is one of the necessary ingredients. In this book Dr. Zimmerman combines his years of experience running a large mental health practice and consulting to mental health practices, with Ms. Libby’s years of experience working as a CPA for mental health practices, to develop a helpful and important primer that is essential reading for anyone wanting a financially successful practice.

Jeffrey Zimmerman, PhD, ABPP, is a licensed psychologist (Connecticut and New York) and has been in independent practice for more than 30 years. He returned to solo practice in 2007 after serving as a founding and managing partner of a group practice for 22 years. He has two niche specialty practices (alternative dispute resolution for divorce and organizational consultation) in addition to a general practice. Dr. Zimmerman is a founding partner of The Practice Institute, LLC, which is dedicated to help mental health professionals build thriving practices. In 2014, Dr. Zimmerman coauthored The Ethics of Private Practice: A Guide for Mental Health Clinicians. He received his doctorate in clinical psychology from the University of Mississippi in 1980. Dr. Zimmerman is a past-president of the Connecticut Psychological Association and has received numerous awards including Distinguished Contribution to the Practice of Psychology from the Connecticut Psychological Association. In 2009, Dr. Zimmerman received the award of American Board of Professional Psychology specialty board certification in clinical psychology. In 2010, Dr. Zimmerman was made a fellow of the American Psychological Association in recognition of his outstanding contributions to the profession of psychology.

Diane V. Libby is a licensed certified public accountant in Connecticut with 33 years of experience in public accounting. Diane joined Adams Samartino & Co.' CPAs, as a partner in 1996, coming from the regional firm Blum' Shapiro and Co., where she became a tax partner in 1990. She earned her bachelor of science degree in accountancy from Bentley College in 1982 and a master's degree in taxation from the University of Hartford in 1987. Diane is a member of the Connecticut Society of Certified Public Accountants. Additionally' she serves on the Board of Governors for Charlotte Hungerford Hospital. She is a corporator for Brooker Memorial, Inc. and The Torrington Historical Society and also volunteers with many other civic and charitable organizations. Most of Diane's practice is centered around closely held businesses, to which she provides accounting and tax services. She works with many physician and mental health practices.