74 Million Underserved: One Doctor’s Innovative Solution to America's Specialist Shortage Featuring Dr. Kara Hartl, EP 147

Tracy Cherpeski 1/10/25 Tracy Cherpeski 1/10/25

Balancing Great Medicine with Smart Business Featuring Monica Capelli, EP 146

In this enlightening episode of Thriving Practice, host Tracy speaks with Monica Cappelli, founder of Rev Billing Systems. Monica shares her expertise on managing revenue cycles and building thriving healthcare practices. From setting clear visions to implementing effective systems, this conversation is packed with valuable insights for healthcare providers looking to improve their business acumen without compromising patient care.

Key Topics Discussed:

- The importance of having a clear vision for your practice

- Communicating effectively with your team and patients about finances

- Implementing systems and training to maximize revenue collection

- The benefits of outsourcing certain aspects of practice management

- Balancing clinical excellence with business savvy

- Creating a positive ripple effect in your practice and community

Notable Quotes:

"Don't be afraid to be a business person." - Monica Capelli

"You can be the nicest doctor in the world and be fair to everybody while taking care of your business as well." - Monica Capelli

Bio:

Monica Cappelli is a dental practice management expert with over 26 years of experience as a COO in the dental industry. Married to a general practice dentist for 37 years, she brings a unique insider's perspective to her work. Monica specializes in accounts receivable management, helping practices across the USA optimize their billing and collections processes. As an Accounts Receivable Consultant and coach, she offers personalized strategies to streamline revenue cycle operations and maximize financial performance. A sought-after speaker, Monica is known for her engaging style and ability to deliver actionable tips for immediate implementation in dental practices.

Find Monica:

Facebook

Connect With Us:

Tracy Cherpeski 1/8/25 Tracy Cherpeski 1/8/25

Why You Need a Lawyer on Speed Dial Featuring Michelle Bomberger, EP 145

In this episode of Thriving Practice, host Tracy sits down with Michelle Bomberger, an innovative attorney and entrepreneur who's revolutionizing how small businesses, particularly healthcare practices, approach legal counsel. Michelle, founder of Equinox Business Law Group, shares her unique perspective on why having a strategic legal partner is not just about avoiding trouble, but about empowering practice owners to make confident decisions and seize growth opportunities. This conversation challenges the traditional view of legal services and offers a fresh, proactive approach that could transform how you manage risk and strategy in your healthcare practice.

Episode Highlights:

• The concept of a "risk profile" for healthcare practices and how understanding it can lead to better decision-making

• Why having a generalist legal approach, similar to a primary care physician, can benefit your practice

• The importance of regular legal "check-ups" and how they can prevent major issues down the line

• Michelle's innovative fixed-price model that removes barriers to seeking legal advice

• The three-pronged framework for evaluating and managing risk: contracts, insurance, and entity structure

• How a proactive legal strategy can actually drive growth and opportunity in your practice

• The value of having a legal partner who understands both the healthcare industry and the entrepreneurial mindset

• Practical tips for finding and building a relationship with the right legal counsel for your practice

• Why it's okay (and important) for practice owners to admit when they don't know something about the business side of healthcare

• How the right legal support can empower not just owners but also practice managers to make better decisions

Bio:

Michelle Bomberger is the Founder and CEO of Equinox Business Law Group, bringing a unique blend of legal expertise and entrepreneurial insight to her role. With dual graduate degrees in law (J.D.) and business (M.B.A.) from Northwestern University, Michelle has a background that spans business consulting, corporate management, and law firm experience. Her approach combines pragmatic legal counsel with a deep understanding of the emotional and practical aspects of business ownership.

Michelle's innovative legal service model focuses on providing strategic, proactive guidance to small businesses and entrepreneurs. Her work encompasses a wide range of business law areas, including strategic planning, ownership and governance, transactions, and employment matters. Recognized as one of Puget Sound Business Journal's "40 Under 40" and a King County Executive's Woman Small Business of the Year, Michelle is also actively involved in community service, serving on boards of local non-profits and business organizations.

Born in Panama and now based in Seattle, Michelle balances her professional life with family time, cooking, traveling, and reading.

Find Michelle:

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Tracy Cherpeski 1/3/25 Tracy Cherpeski 1/3/25

Value-Based Care in Healthcare: How Private Practice Owners Can Boost Profits While Improving Patient Outcomes EP 144 Featuring Katherine Evans

In this episode of Thriving Practice, we dive deep into the world of value-based care with Katherine Evans, President of Novocardia, a division of Cardiovascular Associates of America. Katherine shares her expertise on how value-based care models are transforming cardiovascular healthcare delivery, improving patient outcomes, and enhancing provider experiences.

Key Topics Discussed:

1. Understanding value-based care and its importance in modern healthcare

2. The role of technology in streamlining care delivery and reducing provider burnout

3. Implementing comprehensive care models for chronic conditions like heart failure

4. Strategies for improving patient access and experience

5. The importance of interdisciplinary teams in healthcare delivery

6. Balancing fee-for-service and value-based care models

7. The future of healthcare reimbursement and quality metrics

Notable Quotes:

"Value-based care really sits on a continuum." - Katherine Evans

"My goal ultimately is to have providers when they finish their day, it's done." - Katherine Evans

"It's really important for all of us to continue to stop and slow down so that we can move faster." - Katherine Evans

Takeaways:

1. Value-based care models focus on quality outcomes rather than transactional healthcare, creating win-win scenarios for patients and providers.

2. Technology plays a crucial role in improving care delivery, from remote patient monitoring to AI-assisted triage systems.

3. Effective implementation of value-based care requires a prescriptive model and careful planning.

4. Improving provider experience directly translates to better patient care and outcomes.

Katherine’s Bio:

Katherine Evans is the President of Novocardia, a division of Cardiovascular Associates of America, the largest network of private practice cardiologists in the United States. With over 20 years of experience in cardiology and value-based care, Katherine is at the forefront of transforming cardiovascular care delivery in the country.

Find Katherine:

Facebook

Connect With Us:

Tracy Cherpeski 1/2/25 Tracy Cherpeski 1/2/25

Season 8 Launch: Double Episodes, New Community, and What's Next for Thriving Practice, EP 143

Join us for the Season 8 premiere as Tracy unveils exciting changes, including the Overachiever's Intensive with double episodes in January and February. Learn about our new global Thriving Practice Community, meet the team behind the scenes, and discover how our evolving format will deliver more actionable insights for practice owners. Whether you're a longtime listener or new to the show, this episode maps out how we'll support your sustainable growth in 2025.

In this episode:

Overachiever's Intensive: Double episodes in January/February covering essential topics from legal considerations to revenue cycle management, designed for practice owners ready to accelerate their growth
Thriving Practice Community Launch: A global membership platform offering expert business consulting, comprehensive workshops, and executive coaching for healthcare practice owners
Meet the Team: Introduction to Miranda (Operations), Ciara (Research), and Aaron (CFO) who make the magic happen behind the scenes
New Format: Bi-monthly "snack" episodes featuring unscripted conversations with Miranda, sharing real client success stories and practical insights
Growth Strategy: How weekly episodes and peer stories will help you implement sustainable growth strategies in your practice

Resources mentioned:

ThrivingPracticeCommunity.com
Founding member enrollment (closes Feb 14, 2025)

Tracy’s Bio:

Tracy Cherpeski, MBA, MA, CPSC, is an executive coach and leadership development expert. Her mission is to unlock the potential for success in every individual and organization she works with. With a background in operations and a passion for driving growth, she approaches each engagement with professionalism and a keen eye for optimizing structures, processes, and productivity to boost profitability.

Tracy's coaching, consulting, and training programs are designed to provide a holistic experience, integrating leadership development, executive coaching, and mindset mastery. Her expertise has been sought after by small business owners, industry groups, networking organizations, government agencies, and corporations alike.

Originally hailing from the Pacific Northwest, Tracy now calls Chapel Hill, North Carolina, her home. Wherever she goes, her commitment to helping people and organizations reach their full potential remains unwavering.

Connect With Us:

Tracy Cherpeski 12/23/24 Tracy Cherpeski 12/23/24

Save $100,000+ on Your Healthcare Practice Lease: Expert Real Estate Strategies Featuring Colin Carr, EP 142

In this episode, we dive deep into the world of commercial real estate for healthcare providers with expert Colin Carr. Learn how to make informed decisions about your practice location, whether you're leasing, purchasing, or renewing your current lease.

Key Points:

1. Introduction to Carr, a nationwide commercial real estate firm specializing in healthcare

2. The importance of representation in real estate transactions

3. Why talking directly to landlords during lease renewals can weaken your position

4. The benefits of exploring multiple options before making real estate decisions

5. Factors to consider when deciding between leasing and purchasing

6. How to evaluate your current lease against market rates

7. The potential savings and benefits of working with a commercial real estate expert

8. Why most healthcare providers don't have to pay for commercial real estate services

Notable Quotes:

"If you are having conversations with your landlords directly, you have lost your posture to start with." - Colin Carr

"You should never be talking to your current landlord on a lease renewal until you've gone to market." - Colin Carr

"There's a couple $100,000 that are on the line." - Colin Carr on the financial impact of real estate decisions

Actionable Advice:

1. Always go to market and explore multiple options before making real estate decisions

2. Use a professional representative for lease negotiations

3. Consider both leasing and purchasing options, even if you're leaning one way

4. Take advantage of free resources and evaluations offered by commercial real estate firms

Resources Mentioned:

- Carr website: carr.us

- Free lease evaluation tool on Carr website

- Resources tab on Carr website with articles, blogs, FAQs, and glossary terms

If you're considering a new location, expansion, or lease renewal for your healthcare practice, visit carr.us to find an agent in your area or request a free lease evaluation.

Bio:

Colin Carr is the founder and CEO of CARR, the nation’s leading provider of commercial real estate services for healthcare tenants and buyers. Every year, thousands of healthcare practices trust CARR to help them achieve the most favorable terms on their lease and purchase negotiations. Colin has been involved in commercial real estate for over two decades and has personally completed over 1,000 transactions.

Find Colin:

Connect With Us:

Tracy Cherpeski 12/11/24 Tracy Cherpeski 12/11/24

2024's Most Impactful Healthcare Practice Growth Strategies (Year in Review + 2025 Preview) EP 141

In this special year-end episode, Tracy reflects on the transformative journey of Thriving Practice and previews exciting changes for 2025. Discover how successful practice owners are growing their businesses without sacrificing wellbeing.

Show Notes:

Key Highlights:

- Evolution of Thriving Practice podcast and its focus on healthcare practice owners

- Success stories featuring Dr. G (30% revenue growth while reducing clinical hours) and Dr. B (successful multi-service expansion)

- Top episodes from 2024:

- EP 119: Carla Titus: Practice Ownership Blueprint

- EP 120: Hally Brooke: Whole-Person Wellness

- EP 124: Jessica Martin: Enhancing Patient Experience with Psychology

- EP 136: Carolyn Boldt: Beyond Gray Walls

2025 Announcements:

- Return to weekly episode format

- January/February "Overachievers Intensive" with 2 episodes per week

- Launch of Thriving Practice Community (TPC)

- Call for practice owner success stories

Resources Mentioned:

- ThrivingPracticeCommunity.com

- Book a strategy call: ThrivingPracticeCommunity.com/call

- Guest application link in show notes

Tracy’s Bio:
Tracy Cherpeski, MBA, MA, CPSC, is an executive coach and leadership development expert. Her mission is to unlock the potential for success in every individual and organization she works with. With a background in operations and a passion for driving growth, she approaches each engagement with professionalism and a keen eye for optimizing structures, processes, and productivity to boost profitability.

Connect With Us:

Tracy Cherpeski 11/27/24 Tracy Cherpeski 11/27/24

EHR Efficiency Secrets: Guide to Thriving in the Digital Health Era Featuring Dr. Craig Joseph, EP 140

Dr. Joseph shares insights from his extensive experience in healthcare IT and his book "Designing for Health," offering practical advice on making technology work for healthcare providers rather than against them. From tackling the challenges of "note bloat" to creating more intuitive user interfaces, we discuss innovative strategies to enhance workflows, reduce physician burnout, and ultimately create a more thriving practice.

Join us for an enlightening conversation with Dr. Craig Joseph, pediatrician and Chief Medical Officer at Nordic Global, as we explore the critical role of intentional design in healthcare technology. In this episode, we dive deep into how thoughtful implementation of Electronic Health Records (EHRs) and other digital tools can transform medical practices, improving both provider efficiency and patient care. Dr. Joseph shares insights from his extensive experience in healthcare IT and his book "Designing for Health," offering practical advice on making technology work for healthcare providers rather than against them. From tackling the challenges of "note bloat" to creating more intuitive user interfaces, we discuss innovative strategies to enhance workflows, reduce physician burnout, and ultimately create a more thriving practice.

In this episode, we discuss:

• The importance of intentional design in healthcare technology

• How to make Electronic Health Records (EHRs) more efficient and user-friendly

• The evolution of medical note-taking and the problem of "note bloat"

• Strategies for implementing technology changes in medical practices

• The balance between automation and human interaction in healthcare

• How to approach change management in healthcare settings

• The concept of "actionable alerts" in clinical decision support

• The impact of patient portal access on medical documentation

• Tips for streamlining workflows and improving practice efficiency

• The importance of focusing on outcomes rather than processes when implementing new technologies

Key Takeaways:

1. Intentionality is crucial when designing or implementing healthcare technology

2. Good design can significantly reduce physician burnout and improve patient care

3. Consider the end goal before reconfiguring existing processes into new technology

4. Involve all stakeholders, including non-physician staff, in technology implementation decisions

5. Balance automation with maintaining valuable human interactions in healthcare

Thank you for listening to Thriving Practice! If you enjoyed this episode, please rate, review, and subscribe to our podcast.

Craig Joseph, MD serves as the Chief Medical Officer of Nordic Consulting Partners. He is a board-certified pediatrician and clinical informatician. Craig practiced primary care pediatrics for nine years before moving to Madison, WI to work for Epic. After seven years there, he served as Chief Medical Information Officer for several hospital systems using both Epic and Cerner electronic health records. At Nordic, Dr. Joseph works with hospitals and healthcare systems to help them improve clinician happiness and efficiency. He’s recently co-authored a book about applying the principles of human-centered design to healthcare.

Find Dr. Craig Joseph:

Nordic Global Thought Leadership

Book

Connect With Us:

Thriving Practice Community Instagram
If you enjoyed this episode, please rate and review us on your favorite podcast platform. Your feedback helps us improve and reach more healthcare practice owners!

Tracy Cherpeski 11/21/24 Tracy Cherpeski 11/21/24

Metrics for Work-Life Harmony in Healthcare Practices, EP 139

Tracy shares insights from her years of experience working with healthcare professionals, demonstrating how mastering key performance indicators can drive practice growth while also paving the way for a more balanced, fulfilling career.

Episode Summary

In this episode, business consultant and executive coach Tracy Cherpeski explores how implementing the right business operations and metrics can lead to work-life harmony for healthcare practice owners. Tracy shares insights from her years of experience working with healthcare professionals, demonstrating how mastering key performance indicators can drive practice growth while also paving the way for a more balanced, fulfilling career.

Key Points Discussed

- The importance of metrics in healthcare practice management

- Four crucial areas of metrics: Patient Engagement, Marketing and Lead Generation, Operational Efficiency, and Financial Performance

- Specific metrics within each area and how they contribute to practice success and work-life balance

- Strategies for leveraging metrics to achieve work-life harmony

The Power of Metrics

Tracy explains why measurement matters in healthcare practice management:

- Provides an objective view of practice performance

- Allows for identification of trends and patterns

- Informs resource allocation and strategic decisions

- Improves patient satisfaction and retention

- Optimizes marketing efforts

- Enhances operational efficiency

- Drives sustainable growth while maintaining work-life balance

Essential Metrics for Practice Growth and Work-Life Harmony

Patient Engagement Metrics

1. New Appointments

2. Patient Wait Time

3. Patient Satisfaction Rates

Marketing and Lead Generation Metrics

1. Website Visitor to Converted Leads Rate

2. Cost per Lead

3. Social Media Mentions

Operational Efficiency Metrics

1. Patient Lifetime Value

2. First Call Resolution Rate

3. Staff Turnover Rate

Financial Performance Metrics

1. Cost per New Patient

2. Revenue per Patient

Leveraging Metrics for Work-Life Harmony

Tracy shares strategies for using these metrics to achieve better work-life balance:

1. Identifying inefficiencies

2. Delegating with confidence

3. Making data-driven decisions

4. Prioritizing efforts

5. Justifying time off

6. Improving financial health

7. Celebrating successes

Notable Quotes

- "You can't improve what you don't measure."

- "The goal isn't just to grow your practice, but to do so in a way that aligns with your values and supports your well-being."

About Tracy Cherpeski

Tracy Cherpeski is a business consultant and executive coach specializing in helping healthcare providers optimize their practices and their lives. With 15 years of experience working with healthcare professionals, Tracy has developed strategies to help practice owners achieve extraordinary success without sacrificing their well-being.

Connect With Us:

If you enjoyed this episode, please rate and review us on your favorite podcast platform. Your feedback helps us improve and reach more healthcare practice owners!

Tracy Cherpeski 10/30/24 Tracy Cherpeski 10/30/24

Boost Outcomes, Cut Burnout: How Health Coaching Can Transform Your Medical Practice, Featuring Sandra Scheinbaum EP 138

In this episode, we dive into the world of health coaching with Sandra Sheinbaum, founder of the Functional Medicine Coaching Academy. We explore how health coaching can transform patient care and revolutionize healthcare practices.

Key Points:

1. Sandra's journey from education to psychology to founding a health coaching academy

2. The role of health coaches in improving patient compliance and outcomes

3. How health coaching can break down overwhelming lifestyle changes into manageable steps

4. The impact of health coaching on reducing provider burnout and stress

5. Health coaching as a communication bridge between patients and healthcare practices

6. The business case for integrating health coaching into medical practices

7. Health coaching as a potential career path for healthcare professionals

Notable Quotes:

"When you feel heard, healing is already started." - Sandra Sheinbaum

"Health coaches are the specialists in helping you to change." - Sandra Sheinbaum

"We know that when a practice has a health coach, the stress load on the doctor plummets." - Sandra Sheinbaum

Resources Mentioned:

- Functional Medicine Coaching Academy: functionalmedicinecoaching.org

- Free resources: fmcafreebook.com

Sandra’s Bio:

With over eight years of experience as the Founder and CEO of the Functional Medicine Coaching Academy (FMCA), Sandra is dedicated to training people all over the world to become Functional Medicine health coaches and empowering them to support patients and practitioners in combating chronic lifestyle-related diseases and reducing healthcare costs. As a board-certified Functional Medicine practitioner, Sandra has a deep understanding of the science and art of personalized, holistic, and root-cause-based healthcare.

As an educator and licensed clinical psychologist for over 40 years, she has also developed an innovative model that blends Functional Medicine principles with positive psychology, mind-body medicine, and the psychology of eating. Sandra is the author of several books on health coaching, Functional Medicine, and anxiety management, as well as a frequent podcast guest and contributor to Forbes. Through FMCA, a collaboration with The Institute for Functional Medicine and a fully-approved program by the National Board for Health & Wellness Coaching, she is proud to be a recognized leader in the field of health coaching education and to serve a global population of aspiring and practicing coaches.

Find Sandra:

Connect With Us:

Tracy Cherpeski 10/16/24 Tracy Cherpeski 10/16/24

Beyond Insurance: Balancing Operations and Life for Healthcare Practice Success, EP 137

In this episode of Thriving Practice, host Tracy Cherpeski explores why focusing on your practice's operations is more crucial than obsessing over insurance issues. Learn how to create work-life harmony and optimize your healthcare practice for true success.

Episode Overview

Key Topics Covered

- The impact of insurance challenges on healthcare practices

- Why operational excellence trumps insurance concerns

- The concept of work-life harmony vs. work-life balance

- Practical tips for optimizing your practice operations

The Insurance Cloud

- Acknowledgment of insurance challenges in healthcare practices

- Why focusing solely on insurance isn't the answer

The Power of Operations

- How solid operations can make or break your practice

- Real-world example of a practice owner who improved profitability by focusing on operations

Work-Life Harmony

- Explanation of why we prefer "work-life harmony" over "work-life balance"

- The misleading nature of the balance metaphor

- How harmony allows for different aspects of life to take prominence at different times

Practical Tips for Operational Excellence

1. Compose Your Symphony

- Plan your day with intention

- Example: Dr. Sarah's weekly schedule optimization

2. Conduct with Precision

- Use time blocking techniques

3. Tune Your Instruments

- Look for inefficiencies in daily operations

- Examples: Automating appointment reminders, simplifying check-in processes

4. Empower Your Musicians

- Delegate tasks effectively

- Invest in team training

5. Focus on the Audience Experience

- Prioritize smooth, efficient patient journeys

6. Embrace Continuous Learning

- Utilize resources from the Thriving Practice Community:

- Monthly Masterclasses

- Peer Learning Circles

- Resource Library

- Expert Q&A Sessions

- Annual Retreat

- Access through the Mighty Networks platform

7. Create Work-Life Harmony

- Allow different aspects of life to take the lead at different times

- Aim for a fulfilling composition over time

Tracy’s Bio:

Tracy Cherpeski, MBA, MA, CPSC, is a Business Consultant and Executive Coach with over 20 years of experience. Tracy is the go-to expert for private practice owners and their teams, teaching them how to optimize their time and scale their practices without sacrifice. She helps her clients take back their time and energy to start living a fulfilled life as a high-impact provider and CEO. Tracy is host and executive producer of Thriving Practice podcast, and works with healthcare practice owners around the world.

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Tracy Cherpeski 10/2/24 Tracy Cherpeski 10/2/24

Beyond Gray Walls: Transforming Your Healthcare Space to Attract and Retain Ideal Patients, Featuring Carolyn Boldt EP 136

Our guest, Carolyn Boldt, shares insights on creating spaces that enhance patient experience, support operational efficiency, and ultimately contribute to practice success.

In this episode, we explore the critical role of intentional design in healthcare practices, especially for complementary and alternative providers. Our guest, Carolyn, shares insights on creating spaces that enhance patient experience, support operational efficiency, and ultimately contribute to practice success.

Key Points:

1. The importance of aligning your physical space with your brand and target demographic

2. How design can make or break a practice's profitability

3. Blending healthcare, retail, and hospitality design principles for optimal results

4. The benefits of starting the design process before choosing a location

5. Creating spaces that attract and retain ideal patients

Notable Quotes:

"Your space is either gonna help make them money or is going to lose them money." - Carolyn

"It doesn't have to be expensive. It just needs to be intentional." - Carolyn

Takeaways:

1. Intentional design is crucial for practice success, impacting both patient experience and operational efficiency.

2. Consider your ideal patient when designing your space to create an environment that resonates with them.

3. Starting the design process early can save time, money, and prevent potential issues down the line.

Resources Mentioned:

5 Point Designer Checklist (click here: free resource for listeners)

Carolyn’s Bio:

Carolyn is personally passionate about holistic health and wellness, and an outspoken advocate that the environment of your space impacts your success.

With over 40 years of experience in the commercial interior industry, she holds a BS in Interior Architectural Design from University of Texas at Austin, is NCIDQ Certified, a Registered Designer, a LEED AP, and Professional Member of IIDA/International Interior Design Association.

In 2004, she and her husband, Scott, co-founded CrossFields as a design-build firm in Atlanta. In 2011 they changed their focus to expand the impact of holistic health by elevating the public’s image of alternative medicine through virtually creating outstanding healing environments nationwide.

Find Carolyn:

Connect With Us:

- Thriving Practice Community:

Tracy Cherpeski 9/18/24 Tracy Cherpeski 9/18/24

Entrepreneurial Thinking in Healthcare: Strategies for Success, EP 135

Host Tracy Cherpeski discusses the challenges faced by healthcare provider-owners in today's evolving landscape and introduces the concept of entrepreneurial thinking as a solution. She covers key entrepreneurial attributes and provides strategies for developing this mindset in the healthcare sector.

In this episode of Thriving Practice, Tracy explores how healthcare providers can adopt an entrepreneurial mindset to revolutionize their approach to healthcare and business, achieving success without burnout.

Episode Summary

Key Points

1. Definition of entrepreneurship and its relevance to healthcare providers

2. Overcoming overthinking: Types and strategies

3. Key entrepreneurial attributes for healthcare providers:

- Disruption of Norms

- Resilience and Persistence

- Embracing Uncertainty and Risk

- Growth Mindset

- Self-Awareness and Focus

4. Strategies for developing an entrepreneurial mindset

5. Balancing innovation with patient care

Challenges for Listeners

1. Identify an area of practice improvement and brainstorm innovative solutions

2. Schedule daily "worry time" to address concerns and combat overthinking

3. Reach out to a fellow healthcare provider-owner or potential mentor for perspective

Resources Mentioned

- Book reference: "7 Habits of Highly Effective People" by Stephen Covey

- Concept: Carol Dweck's Growth Mindset

Expert Mentioned

- Barbara Corcoran (Shark Tank judge and entrepreneur)

Quotable Moments

"As a healthcare provider, you're already doing incredible work. You've dedicated your life to helping others, and you've built a practice that makes a real difference."

"If you have an idea that you think is great, sit and write it down. You gotta grab it the minute you have it. Pin it down to your desk with a nail, and then figure it out." - Barbara Corcoran

Connect With Us

Subscribe to our newsletter for more tips and insights on healthcare entrepreneurship.

Tracy Cherpeski 9/4/24 Tracy Cherpeski 9/4/24

Navigating Medicare Choices: A Guide for Healthcare Providers and Small Business Owners, Featuring Marvin Musick EP 134

In this informative episode of Thriving Practice, host Tracy Cherpeski interviews Marvin Musick, a Medicare education expert, to demystify the complexities of Medicare for practice owners and patients alike. Marvin shares valuable insights on making informed decisions about Medicare options, the importance of supplemental plans, and how these choices impact both healthcare providers and patients.

Key Points:
1. Understanding Medicare options: Original Medicare with supplemental plans vs. Medicare Advantage plans

2. The importance of educating yourself about Medicare before making decisions

3. How Medicare choices affect healthcare providers and their practices

4. Considerations for small business owners regarding employee health coverage

5. The benefits of Medicare supplemental plans for both patients and providers

6. The impact of high-income earners on Medicare premiums

7. The portability and nationwide coverage of Medicare supplemental plans

8. The importance of timing when enrolling in Medicare

9. Resources for Medicare education, including Marvin's Medicare School

Notable Quotes:

"Don't make any decisions until you really understand what you're doing because your choice is gonna have consequences." - Marvin Musick

"We're not trying to sell something. Although we write plans, that's how we make our living. But the platform is all about understanding." - Marvin Musick on Medicare School

Resources Mentioned:

- Medicare School YouTube channel: medicareschool.com

- Medicare Mondays on Facebook Live

- Thriving Practice Community: thrivingpracticecommunity.com

Call to Action:

To learn more about growing your practice without burnout, join the Thriving Practice Community. Visit thrivingpracticecommunity.com and click on "Schedule a Call" to get started.

Marvin’s Bio:

MARVIN MUSICK and his son, Joshua, co-founded MedicareSchool.com

in 2009. Their mission: to offer unbiased and education-centric services

to those approaching Medicare enrollment. As a nationally sought-after

speaker and expert in Medicare, Marvin has empowered over 100,000

individuals by providing clear guidance and facilitating enrollment in the

most suitable Medicare plans.

Witnessing numerous people grappling with conflicting advice and

overwhelmed by information overload on Medicare, Marvin is committed

to an education-first approach. He strives to demystify the complexities,

ensuring clients comprehend their options without any pressure to purchase.

Through MedicareSchool.com, Marvin and his team of licensed Medicare

guides aim to liberate individuals from the confusion surrounding Medicare,

empowering them with knowledge and guidance for a worry-free retirement

through optimal Medicare plans.

Find Marvin:

Twitter @marvin_musick

Connect With Us:

Tracy Cherpeski 8/21/24 Tracy Cherpeski 8/21/24

The Hidden Costs of Parenthood: Breastfeeding, Childcare, and Healthcare in America, EP 133

In this eye-opening episode, we dive deep into the challenges facing American families today, going beyond breastfeeding to explore the critical need for comprehensive family support policies in the United States. We examine the benefits of breastfeeding, but also address the systemic barriers that prevent many parents from making this choice.

Key Topics Covered:

1. The benefits and challenges of breastfeeding

2. The stark reality of paid parental leave in the US compared to other countries

3. The rising costs of childcare and its impact on families

4. The staggering healthcare expenses for American families

5. How companies like IKEA are stepping up to support their employees

6. The urgent need for policy changes to support families

Key Statistics:

- Only 55.8% of infants are still breastfed at 6 months

- The US is the only wealthy nation without nationwide paid parental leave

- Average annual cost of childcare: $13,000 per family

- Average health insurance cost for a family of four: $23,968 per year

- Healthcare premiums have increased by 22% over the past five years

Featured Example:

We highlight IKEA's recent efforts to support their workforce, including wage increases, improved parental leave benefits, flexible work arrangements, and innovative retention strategies.

Call to Action:

We encourage listeners to advocate for family-friendly policies, support businesses that prioritize employee well-being, and stay informed about proposed legislation that could impact families.

Resources Mentioned:

- American Academy of Pediatrics breastfeeding recommendations

- UNICEF report on child-care policies in wealthy nations

- Center for American Progress research on childcare costs

- Kaiser Family Foundation data on healthcare costs

Join us as we explore how investing in families through paid leave, affordable childcare, and healthcare reform can transform America and create a more supportive environment for all families.

Tracy’s Bio:

Tracy Cherpeski is a Business Consultant and Executive Coach. She supports her clients in taking back their time ad scaling this practices without sacrificing their well-being. Tracy’s consulting and coaching programs help her clients master strategic planning, leadership and mindset. She believes in people’s unlimited potential and loves celebrating the success of her clients and their teams.

Tracy founded Tracy Cherpeski International in 2011 and Thriving Practice Community in 2024, and serves clients all over the world. She is the host and Executive Producer of the Thriving Practice podcast.

Connect With Us:

Tracy Cherpeski 8/7/24 Tracy Cherpeski 8/7/24

The Art of Delegation: Mastering Team Roles for Practice Success, Featuring Casey Gromer EP 132

Welcome to our latest episode, featuring Casey Gromer, where we dive deep into the complexities and triumphs of effective team management within a healthcare practice. Whether you’re a seasoned practitioner or new to the business side of healthcare, today’s discussion will illuminate the path to enhanced performance through strategic delegation.

The Art of Delegation: Mastering Team Roles for Practice Success, Featuring Casey Gromer EP 132

Welcome to our latest episode where we dive deep into the complexities and triumphs of effective team management within a healthcare practice. Whether you’re a seasoned practitioner or new to the business side of healthcare, today’s discussion will illuminate the path to enhanced performance through strategic delegation.

Here are the key takeaways from our conversation:

The Dilemma of Practice Owners: We open up about the common challenges faced by healthcare practitioners in managing their practices, especially for those without formal business training. Balancing clinical work with the demands of running a business can be overwhelming.
The Delegation Crossroad: Learn about the pivotal moment when practitioners must choose between personal management of all tasks and the necessity of delegation. We discuss how to recognize this turning point and why it’s crucial for the growth of the practice.
Seeking Professional Help: The discussion highlights the importance of seeking professional help and the advantages it brings to practice management. We share insights on how to find the right support and the impact it has on business operations.
From Outsourcing to Recruiting: Follow the evolution of delegation from initial outsourcing to the strategic recruitment for key positions within the company. We talk about identifying which roles need to be filled in-house to ensure the best possible outcomes.
Identifying Core Business Needs: Discover how to pinpoint what’s essential for keeping your practice open and thriving. We discuss the process of identifying core needs and aligning your team’s skills with those needs.
Encouraging Community Feedback: Finally, we emphasize the value of community involvement and feedback in improving healthcare practice management. Learn how to create channels for feedback and why this can be a game-changer for your practice.

Whether you’re grappling with the challenges of managing your practice or looking to refine your approach to delegation, this episode offers valuable insights and actionable advice. Join us as we explore the keys to assembling a stellar team and setting your practice up for enduring success.

Casey’s Bio:

Casey Gromer is a 20-year business and marketing expert. As an MBA, she is widely regarded as a go-to source for visionary women entrepreneurs who dream of building businesses to run without them. Casey is host of Female Founders Breaking Boundaries podcast where she encourages women to ditch traditional, male-dominated business advice in favor of more realistic, workable ways of running their business

while still achieving success.
As founder of C-Suite Boutique, Casey and her team currently serve women entrepreneurs as Fractional Integrators. Under their leadership, clients have scaled their businesses while working less and spending more time doing things they love. The industries supported include services, health / wellness, retail, e-commerce, and manufacturing.

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Tracy Cherpeski 7/24/24 Tracy Cherpeski 7/24/24

The Private Equity Plague: How Wall Street is Infecting Healthcare, EP 131

In this eye-opening episode, host Tracy Cherpeski explores the growing influence of private equity firms in healthcare and its potential consequences for patient care, medical practices, and the overall healthcare system.

Key Points:

1. Overview of private equity's increasing role in healthcare

2. Case studies: Anesthesiology practices in Colorado and nursing homes

3. Impact on patient care, prices, and physician burnout

4. Regulatory responses and policy changes

5. Strategies for independent practices to thrive

Highlights:

- Private equity firms have invested over $1 trillion in healthcare in the past decade

- Study shows 20,000 more deaths in PE-owned nursing homes over 12 years

- Example of USAP in Colorado raising prices and affecting physician retention

- Regulatory efforts including increased transparency and antitrust scrutiny

- Tips for maintaining independent practices and prioritizing patient care

Call to Action:

Independent practice owners feeling pressure from market consolidation are invited to schedule a strategy call with Tracy at PracticeSuccess.co to explore alternatives to selling their practices.

Resources Mentioned:

- Thriving Practice Community: ThrivingPracticeCommunity.com

Quote:

"In healthcare, independence isn't just about ownership. It's about the freedom to always put patients first." - Tracy Cherpeski

Tracy’s Bio:

Tracy Cherpeski, MBA, MA, CPSC, is a Business Consultant and Executive Coach. She helps her clients take back their time and scale their practices without sacrificing their wellbeing.

Tracy’s consulting and coaching programs help her clients with strategic planning, leadership and mindset mastery. She believes in the unlimited potential of people, and loves to celebrate the success of her clients and their teams.

Tracy founded Tracy Cherpeski International in 2010, and Thriving Practice Community in 2024, and serves clients all over the world.

Tracy's biggest WHY - her two beautiful children, who inspire her to reach higher and further every day. She lives with her family in Chapel Hill, NC, and serves clients around the world.

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Tracy Cherpeski 7/10/24 Tracy Cherpeski 7/10/24

The Seven Figure Dentist Featuring Kirk Teachout EP 130

Welcome to another episode of Thriving Practice. Today we’re diving into the heart of dentistry, both as a profession and a passion. Our expert guest Kirk Teachout helps us understand the nuanced theme of setting boundaries and managing challenging relationships in the close-knit fabric of a dental practice. Mastering this is one of the main keys to building a 7 figure dental practice while not working more.

Here are the key points we covered:

The Boundary Blueprint - Our episode kicks off by examining why establishing clear boundaries is crucial in a dental practice, particularly in a tight-knit community. We discuss strategies for defining and maintaining these boundaries for the well-being of your staff, your patients, and yourself.
Reputation and Relationships - Kirk touches on the intricate dance between maintaining a positive reputation and confronting difficult individuals. How does one balance the need for a good community standing with the imperative to stand up for the practice’s values?
Selective Patient Policy - We highlight the concept of aligning patient selection with the core values of the practice. What does this look like in practice, and how can it contribute to a healthier, more harmonious work environment?
Growth Through Discomfort - Embracing discomfort is not often talked about, but it’s essential for personal and professional development. We explore how facing difficult situations can lead to growth, and why it’s a valuable skill to cultivate in any practice.
Conclusion and Reflections - We wrap up the episode by reflecting on the overarching message: the importance of boundaries, courage, and growth in the world of dentistry.

You don’t need to be a dentist to gain wisdom from this episode. Learn to empower yourself by getting clear about your ideal vision, patients, practice and team.

Kirk’s Bio:

Kirk Teachout is a business coach, serial entrepreneur, and bestselling author. With the launch of his latest venture, "The Seven Figure Dentist" program through IV Quarter Coaching, he now unlocks secrets of dental practice management. His diverse experience across multiple industries has armed him with invaluable insights and tactics that ensure personal and professional growth. Teachout aims to empower other dental practice owners to realize similar successes. His four pillars—culture, team, systems, and schedule—are the secrets to successfully scaling dental practices without burning out.

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Tracy Cherpeski 6/26/24 Tracy Cherpeski 6/26/24

Empowering Healthcare Entrepreneurs: Leveraging Community and Resources to Grow Your Practice EP 129

In this solo episode, Tracy explores the heart of healthcare entrepreneurship and the pivotal role of the Thriving Practice Community in empowering practice owners. In a landscape where physician practice ownership is dwindling, and the allure of entrepreneurship is overshadowed by the daunting challenges of operational management and burnout, the discussion today centers on a beacon of hope and guidance for healthcare practitioners.

Welcome to today’s solo episode, where Tracy explores the heart of healthcare entrepreneurship and the pivotal role of the Thriving Practice Community in empowering practice owners. In a landscape where physician practice ownership is dwindling, and the allure of entrepreneurship is overshadowed by the daunting challenges of operational management and burnout, the discussion today centers on a beacon of hope and guidance for healthcare practitioners.

Main Themes:

Decline in Physician Practice Ownership: Tracy kicks off the episode by addressing the concerning trend reported by the American Medical Association, highlighting the shift from entrepreneurship to employment among new physicians. What’s driving this change, and what can be done to reverse the tide?
Challenges Facing Healthcare Entrepreneurs: Tracy navigates through the rough waters of the healthcare industry, focusing on the lack of business training, operational burdens, and the looming shadow of burnout. These factors not only threaten the sustainability of independent practices but also impact the quality of patient care.
The Role of the Thriving Practice Community: Discover how this dedicated community is making strides in supporting healthcare practice owners. From business consulting to leadership masterclasses, we explore the suite of solutions aimed at bridging the gap between medical expertise and business acumen.
Unlocking Potential Through Innovation: Tracy dives into the insights from our recently released white paper “Unlocking the Potential of Health Care Practices.” Learn about the importance of tailored business education, the power of peer support, and how effective use of technology and outsourcing can revolutionize practice management.
Creating a Supportive Ecosystem: The episode highlights the community’s initiative to launch a platform for networking, idea exchange, and collaboration. This segment sheds light on how fostering a supportive ecosystem can lead to professional development, enhanced patient care, and, ultimately, entrepreneurial success.
Access to Resources: Lastly, Tracy shares how joining the Thriving Practice Community can open doors to executive coaching, workshops, and a network of peers, all designed to empower healthcare leaders to take control of their practices, become outstanding leaders, and positively impact the healthcare industry.

Closing Thoughts:

In wrapping up, Tracy reflects on the critical need for resources, support, and community in navigating the challenges of healthcare entrepreneurship. The Thriving Practice community stands out as a lighthouse for those seeking to grow their practices while maintaining a healthy work-life balance and contributing to the betterment of the healthcare system.

Don’t miss this enlightening discussion on the path to thriving in healthcare entrepreneurship, right here on our podcast. Join Tracy as she uncovers the keys to unlocking the full potential of private healthcare practices, fostering a new era of independent practice owners who are as savvy in business as they are in medicine.

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Tracy Cherpeski 6/12/24 Tracy Cherpeski 6/12/24

Growing Your Private Practice with Integrity: Healthcare Marketing Insights, Featuring Carl White EP 128

In this episode, we dive into the invaluable insights from Carl White, founder of MarketVisory Group, a healthcare marketing agency that zeroes in on the importance of personal connections and the pivotal role of patient relationships in the growth of private practices.

In today’s episode, we dive into the invaluable insights from Carl White, founder of MarketVisory Group, a healthcare marketing agency that zeroes in on the importance of personal connections and the pivotal role of patient relationships in the growth of private practices.

Main Themes:

The Essence of Ownership and Knowledge: Carl White emphasizes the crucial need for healthcare providers to not only own their practices but to also have a deep understanding of key financial metrics. Regular monitoring of profitability is not just recommended; it’s deemed necessary for sustained success.
Marketing as a Growth Catalyst: The conversation sheds light on marketing’s indispensable role in drawing patients and achieving set growth targets. It’s not just about getting the word out; it’s about enhancing the patient experience through intentional marketing efforts and community engagement.
Differentiation and Value Proposition: Success in today’s competitive healthcare market demands differentiation. MarketVisory Group stresses the importance of identifying and leveraging unique strengths to offer a clear value proposition to patients.
The Challenges of Transparency and Trust: Building trust with potential patients involves a commitment to transparency, authenticity, and integrity. The unpredictable nature of marketing outcomes and the patience required to see the results of campaigns are also discussed.
The Balance Between Consistency and Adaptability: Marketing is portrayed as a delicate balance, requiring both consistency in efforts and adaptability to change. The episode explores how practices can maintain this balance to stay ahead.
Choosing the Right Marketing Partner: With a plethora of marketing strategies and agencies out there, Carl White advises on the importance of being discerning in selecting a marketing partner that aligns with the practice’s values and objectives.

Conclusion: Carl White’s perspective is a compelling reminder of the importance of personal connections, understanding the financial underpinnings of a practice, and the strategic use of marketing to foster growth. This episode is a must-listen for healthcare providers looking to navigate the complexities of marketing in today’s competitive environment.

Stay tuned for more insightful discussions on the business of healthcare and growth strategies, right here on Thriving Practice.

Carl’s Bio:

Carl White, founder of MarketVisory Group, focuses on helping private practices in healthcare stay private. Carl has over 20 years of experience doing marketing in healthcare. For much of his career he worked at Baxter and Hollister. In 2017 he launched MarketVisory Group so he can broaden his reach and work with a wide variety of doctors, clinicians, and patients. Carl is a Duct Tape Marketing Certified Consultant. He lives in Northbrook, IL.

Find Carl:

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