Healthcare - Mental Health Services
Cultivate Advisors Helps Mental Health Agency Triple Profitability in 18 Months
Cultivate Advisors Impact
Karen Malm, owner of Summit Community Counseling, faced near-collapse after rapid business growth and a critical billing crisis. Partnering with Cultivate Advisors, Karen gained the support she needed to navigate these challenges and achieve significant growth.
Cultivate Advisors helped Karen:
- Triple Profitability: In just 18 months, Karen tripled her agency’s profit.
- Improve Efficiency: Streamlined procedures and KPIs boosted profitability per therapist.
- Develop Leadership: Coaching for a key billing manager prepared her for a critical leadership role.
- Navigate Industry Challenges: Cultivate’s expertise helped the agency thrive despite slim profit margins in the mental health field.
Cultivate Advisors Impact
Challenge
Karen Malm, the owner of Summit Community Counseling, faced major challenges as her mental health agency grew rapidly. Despite her passion for helping people, the agency nearly collapsed after doubling in size within a year. With no clear guidance, Karen struggled to manage the increasing demands of the business. On top of this, a cyberattack disrupted the agency’s billing system, threatening its financial stability.
Karen needed expert support to navigate these challenges, improve efficiency, and ensure the agency’s survival in a field with slim profit margins.
Solution
Karen discovered Cultivate Advisors through the National Association of Women Business Owners (NAWBO) and decided to give it a try. Over the course of the next year and a half, her advisor helped with several key issues:
- Crisis Management: The Cultivate advisor stepped in during the billing crisis caused by the cyberattack, helping prevent a total loss.
- Improving Efficiency and Profitability: Together, they focused on streamlining processes and setting key performance indicators (KPIs) to track the agency’s finances and therapist performance.
- Developing Leadership: The advisor also worked with a billing manager who had no prior leadership experience, helping her become a strong leader for the department.
Outcomes
Thanks to the support of her Advisor, Karen’s business has made a remarkable recovery and growth:
- Triple Profitability: In just 18 months, Karen tripled her profit.
- Better Efficiency: Operational systems and procedures have improved, making the business run more smoothly and cost-effectively.
- Stronger Leadership: The billing manager is now confidently leading a critical department for the agency’s success.
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