Episode 277 | When to Hire a CFO vs. Accountant for Your Practice with Carter Freeman

Do you really need a CFO, or is your accountant enough?

If you’re a group practice owner wondering whether your current accountant is giving you the insight you actually need to scale, this episode is for you. I sat down with Carter Freeman to talk about the evolving role of CFOs in therapy practices, and how CFO services - especially fractional CFO services - can help you grow smarter, not harder.

We dig into the real differences between a CFO vs. accountant, why clinical leaders need more than just number crunching, and how financial strategy impacts everything from hiring decisions to clinical outcomes. If you've ever thought, “My accountant doesn’t do that,” this conversation will open your eyes.

Here’s what we cover in this episode:

• The key differences between a CFO vs. accountant - and why your practice likely needs both at different stages
• Why fractional CFO services might be your best next hire (even if you're not ready for a full-time CFO)
• How CFO services help align financial decisions with clinical growth and long-term sustainability
• Real-world cash flow management techniques that Carter uses with growing group practices
• What accountants for therapists should be doing - and where their role stops short of strategic leadership
  
  

Whether you’re planning to expand, hire nonclinical staff, diversify services, or even prep for a sale, understanding the role of a CFO is key. Carter and I break down the signs that it’s time to bring one in and how to leverage financial leadership that moves your practice forward.

Listen to the full episode now to learn how CFO services, fractional CFO services, and smarter cash flow management techniques can elevate your group practice beyond basic accounting.

 

LINKS:

Need extra support? Join The Exchange, a membership community just for group practice owners. 

The Group Practice Exchange Programs + Courses

The Accountability Equation™ Quiz

The Accountability Equation Book

Group Practice Forecasting Support GPT

 

CONNECT WITH MAUREEN WERRBACH & THE GROUP PRACTICE EXCHANGE:

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CONNECT WITH CARTER FREEMAN:

Website

LinkedIn

 

SPONSORS:

TherapyNotes: An EHR software that helps behavioral health professionals manage their practice with confidence and efficiency. Go to therapynotes.com/r/thegrouppracticeexchange for two free months! 

GreenOak Accounting: An accounting firm that specializes in working with group practices. Mention TGPE to get $100 off your first month!