Thursday Tidbit: Saving for No Shows

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No shows are part of the business. Sometimes these no-shows don’t ever come back and pay. One way to mitigate that is to follow Caleb’s advice and take a credit card number to reserve each session. Another option is to save $5 from every session you complete, put it in a cash lockbox (I use this one). You could arrange to do this for every session you have during the first two weeks of the month, every week of the month, or for however many sessions per month you want to.

Regardless of the frequency, next time you have a no show, go grab your fee from that cash savings and deposit it as payment for the lost wages. You’ll spend less energy trying to chase a client who might no-show again, and more time on the necessary practices of your practice. Set a goal for how much you want to save (3-4 full session fee’s is a good start), and begin funding it today. Think of this as a saving for a free mini-vacation.

Posted in Accounting / Finances, Self Care / Therapists, Tidbits and tagged , , , , , .