The Money Mindset: Creating a Sustainable Private Practice
Ready to take control of your financial future and build a thriving, ethical private therapy practice? Linzy Bonham runs a coaching service that helps private practice therapists and health professionals find peace of mind in the often-tumultuous world of finances. In this episode of The Private Practice Pro Podcast, she dishes out all the details alongside host Kelley Stevens. So, listen up and take notes – your prosperous future awaits!
Are you a therapist or health professional running your own group therapy practice? Do you find yourself drowning in a sea of financial stress, trying to navigate the tricky waters of business while also staying ethical and fair to your employees? Well, fear not, because this episode of The Private Practice Pro has the answers you’ve been searching for!
I sat down with the incredibly talented and compassionate Linzy Bonham, a private practice therapist turned money coach. Linzy shares her inspiring journey into entrepreneurship, lifting the veil on how she has come to run a coaching service that helps private practice owners and health professionals find peace of mind in the often-tumultuous world of finances.
First, we delve into the complexities of financial management in group practices, where Linzy guides owners to align finances with their values, ensuring sustainability while being ethical and fair. We explore how to attract and retain quality employees, uncover the pitfalls of financial mismanagement, and learn how understanding your numbers is crucial for preventing financial issues down the road. Finally, we confront the guilt that is often associated with financial success, finding peace through Linzy’s refreshing perspective.
Tune into this episode to unlock the secrets of financial peace and prosperity as a private practice owner!
Linzy Bonham is a private practice therapist turned money coach who helps private practice owners and health professionals feel calm and in control of their finances through her coaching at Money Nuts & Bolts and her podcast Money Skills for Therapists. It all started when she saw her extremely skilled colleagues struggle with the money side of business. Some had even left private practice, or were avoiding starting one, because the financial side was too stressful. So Linzy decided to help therapists and health professionals develop peace of mind about their money. Since so many were never taught these skills, she focuses on the “how” of making the business side of private practice doable, and even super satisfying.
Website: www.moneynutsandbolts.com
Instagram: @moneynutsandbolts
Email: hello@moneynutsandbolts.com
The Money Mindset Every Group Practice Owner Needs
Launching and growing a group therapy practice sounds like the natural next step when your private practice is full—but it’s not always the wisest one. Many therapists rush into group practice leadership with the dream of increasing income or expanding their impact, only to discover that managing a team and finances comes with unexpected complexity.
In a recent episode of the Private Practice Pro Podcast, Kelly Stevens sat down with Linzy Bonham, a therapist-turned-financial-coach and host of the Money Skills for Therapists Podcast, to explore what it really takes to run a financially sound group practice. Their conversation shines a spotlight on the money mindset therapists need to thrive as business owners, especially when managing people and payroll.
From Heart to Head: Why Money Mindset Matters
One of the biggest financial mistakes therapists make when transitioning into group practice is setting compensation based on emotion or industry norms rather than actual numbers. As Linzy explains, therapists often want to lead with generosity—especially if they’ve previously worked in exploitative environments. But creating overly generous fee splits without reviewing operating costs and long-term sustainability is a fast track to burnout and debt.
Instead of copying the 70/30 or 60/40 compensation models they see peers using, group practice owners need to shift from a heart-led to a data-informed leadership style. A values-based business still needs to be financially viable. That starts with clarity around what your business costs to run, what your clinicians need to earn, and what you as the owner should make to fairly compensate your risk and leadership.
Why Fee Splits Fall Short
Fee splits can be misleading and emotionally loaded. When therapists are paid a percentage of what clients pay, it may seem fair on the surface—but it often obscures the reality of business expenses and owner responsibilities. For example, a clinician receiving 70% might balk at being asked to help with marketing, attend team meetings, or write notes outside of clinical hours—because they don’t see those activities as part of the split.
Linzy suggests a better route: pay therapists a clear, hourly or salaried wage. Not only does this structure provide financial predictability for the business, it allows you to ethically design pay rates based on the clinical load, specialization, and emotional labor involved. A flat wage also clarifies expectations about marketing, documentation, and non-billable tasks.
When you move away from fee splits, you create a transparent and ethical financial structure that benefits both your team and your bottom line.
Understand Your Numbers—or Get Burned
Another common issue is a lack of financial oversight. Group therapy practices have more moving parts than solo operations: payroll, rent, benefits, marketing, insurance, and seasonal fluctuations in client flow. Many owners make the mistake of flying blind—especially if finances aren’t their strength.
According to Linzy, not knowing your numbers can result in last-minute panic, unpaid owner salaries, and even credit card debt. It’s not uncommon for group practice owners to pay everyone but themselves. That’s a sign of poor planning—not of generosity.
The solution? Learn the financial skills you were never taught in grad school. From understanding your operating margins to forecasting your clinician attrition rate, building a sustainable therapy business requires consistent attention to your numbers.
The Hidden Cost of Undercharging
A common mindset among therapists is guilt over making a profit, especially when it comes to earning money from their employees’ work. But as Linzy wisely reframes it: think of your income as a CEO and CFO paycheck. You are leading, managing, hiring, training, and keeping the lights on—literally and figuratively. That leadership deserves compensation.
If you're spending 15–20 hours a week managing a team, running payroll, resolving issues, and supporting your clinicians without a plan to be paid well for it, your group practice becomes a volunteer project instead of a business.
Profit doesn’t mean exploitation. Profit is the buffer that keeps your practice sustainable, provides job security for your employees, and ensures you have the capacity to grow.
Choose the Right People, Not Just the Right Numbers
Just as important as your business structure is the kind of team you want to build. Many practice owners feel frustrated when their staff stays only 2–3 years. But as Kelly points out, that’s to be expected—especially if you’re hiring ambitious clinicians who see group practice as a stepping stone to their own business.
If your group practice model attracts highly motivated, entrepreneurial therapists, then build systems around short-term employment: mentorship tracks, onboarding processes, and exit planning. On the other hand, if you want long-term employees, focus on hiring team players who value structure, mentorship, and stability over autonomy.
Understand the difference between a “shooting star” (someone on their way out) and a “rock star” (someone who stays and thrives), and lead accordingly.
Don’t Scale Just Because You’re Busy
Many therapists think that having too many clients means they’re “ready” for group practice. But according to Linzy and Kelly, that’s a narrow and risky assumption. Having a waitlist doesn’t necessarily mean you should hire someone—it could also mean you’re ready to raise your rates, launch a course, or write a book.
Hiring even one or two part-time clinicians won’t always result in profits, especially after considering software, supervision, and additional overhead. Scaling without a strategy leads to stress, not success.
Group practice is not just a bigger version of solo practice—it’s a different business entirely. Make sure it aligns with your long-term goals, energy, and financial expectations.
Develop a Plan Before You Grow
Planning is key. Before expanding your team, ask yourself:
How many hours am I currently working—and how much time will managing a group take?
What wage structure will attract the kind of team members I want?
How much do I want to make as a practice owner beyond my clinical income?
What systems need to be in place before I hire?
Can my business afford the added expenses of growing?
This type of financial planning isn’t intuitive for most therapists. But it’s essential for building a thriving and ethical group therapy practice. With proper money mindset training and real data, you can move from reacting to problems to designing a practice that supports your values and lifestyle.
Get Support—Don’t DIY It All
Finally, don’t go it alone. The reality is that managing money, people, and systems is overwhelming—especially when you’re trained as a healer, not an accountant. That’s why professional support matters.
Linzy’s Money Skills for Group Practice Owners course was designed to give therapists the knowledge, structure, and confidence to run group practices rooted in values and sustainability. Whether you're new to group leadership or trying to turn around a struggling practice, getting support will save you time, money, and heartache.
Therapists deserve to thrive—not just survive—and that starts with building a financially informed foundation.