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Welcome to Thriving Practice - the show for healthcare practice owners who want to grow their practice while taking back their time. Hosted by executive coach and business consultant Tracy Cherpeski, this podcast features exclusive interviews with diverse healthcare business experts and successful practice leaders spanning the globe. Join us for authentic conversations about what it takes to build a successful practice without sacrifice. Our goal is to equip you with the right mindset, strategies and tools to take back your time, grow your practice and elevate your leadership. Subscribe now and then go to ThrivingPracticeCommunity.com to learn more about our modern Community of Practice for ambitious practice leaders who want to do things differently.
Episodes
29 minutes ago
29 minutes ago
In this essential episode, we dive deep into the Profit First methodology and its game-changing impact on medical practices. Susanne Mariga, fractional CFO and co-author of "Profit First for Minority Business Enterprises," shares how implementing a simple five-bank-account system can create intentional profitability while improving patient care. This conversation addresses the critical gap in business education for medical professionals and offers practical solutions for building sustainable, profitable practices.
Key Points:
- The traditional accounting equation (revenue - expenses = profit) often leads to practice owners working for free
- How the Profit First system creates intentional profitability through designated bank accounts
- Why profitable practices deliver better patient care and attract top talent
- The importance of building business value for eventual sale or retirement
- Practical steps for implementing Profit First, starting with small, manageable changes
- How automated banking systems can help enforce profitability
- The connection between practice profitability and work-life balance
Resource Highlight: "Profit First for Minority Business Enterprises" by Susanne Mariga and Mike Michalowicz
- Each book purchase supports girls' education in Zimbabwe through Hope Worldwide
- Includes specific strategies for implementing Profit First
- Features tax strategy and pricing guidance for business owners
Susanne’s Bio:
Susanne Mariga is a CPA and Fractional CFO specializing in high net worth tax strategies for 7 and 8 figure entrepreneurs using the Profit First System.
Susanne is the CEO of The Mariga Group which is a Goldman Sachs 10,000 Small Business, the 2021 Profit First Professional Firm Of The Year, and a recipient of the 2011 Houston Minority Supplier Development E-10 Award. Susanne has been featured in the Houston Business Journal, MBE Magazine, and in a variety of other media outlets. She is the author of Kirkus reviewed and Publisher’s Weekly’s Editor’s Pick, Profit First For Minority Business Enterprises which was written in collaboration with Mike Michalowicz, under the Profit First brand. She is the host of the Profit Talk Podcast.
Before founding her own firm, Susanne worked at Arthur Andersen LLP, as well as one of the Big 4 firms, KPMG. Combining her industry knowledge with her own experience of growing a small business has allowed Susanne to help her clients design unique, profit-first based business plans that ensure success and long-term financial stability.
As a Certified Profit First Professional (PFP) at the Mastery Level, she is passionate about helping entrepreneurs maximize their revenue, grow their business, and save dollars through sound tax strategies.
Find Susanne:
Profit First for Minority Business Enterprises
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5 days ago
5 days ago
In this special "snack episode" of the Thriving Practice Podcast, Miranda Dorta turns the tables and interviews Tracy Cherpeski about the human side of group leadership. This candid, unscripted conversation explores Tracy's insights on facilitation, psychological safety, and the subtle dynamics that shape group interactions. Tracy shares personal stories and practical wisdom gained from years of experience working with healthcare providers and corporate clients.
Episode Highlights:
- Tracy shares a humbling learning moment from her earlier facilitator days when a communication mishap taught her to prioritize understanding her audience over sticking to her agenda
- The importance of improv techniques as Tracy's most valuable facilitation tool for creating authentic learning moments
- How psychological safety feels in the body - the absence of tension and the presence of ease
- Creating "the least restrictive learning environment" as a cornerstone of effective facilitation
- Tracy's excitement about the growing emphasis on psychological safety and wellness in professional settings post-COVID
Notable Quotes:
"Don't be afraid to pause the agenda in order to really understand the people that are your audience."
"I think it's really important to come in as a facilitator with the intention of creating the least restrictive learning environment. If we're here to learn, then we need to set the tone for the learning."
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Wednesday Mar 26, 2025
Wednesday Mar 26, 2025
In this episode, we dive into the world of financial clarity and confidence with Virtual CFO Danielle Hendon. From her unexpected journey from opera singer to CPA, to her mission of transforming business owners' relationship with their numbers, Danielle shares valuable insights about what it really means to be in command (not just in control) of your business finances.
Key Episode Highlights:
- What a fractional CFO does and why it matters for practice owners
- The critical difference between being "in control" vs "in command" of your business
- Why understanding your numbers is about more than just tracking expenses
- How to move from financial anxiety to confidence in your decision-making
- Common challenges highly credentialed professionals face when running a business
- The importance of having data-backed decisions for business growth
- Simple ways to start understanding the story your numbers are telling
- Why splitting up your revenue streams can transform your financial clarity
- How proper financial support can help prevent burnout
Memorable Quote:
"Your time is going to make you so much more money in your zone of genius than trying to figure this piece out."
Key Takeaway:
A budget isn't meant to restrict you - it's a roadmap that guides you toward your business goals. Understanding your numbers doesn't mean giving up control; it means gaining the confidence to make better decisions for your practice's future.
Danielle’s Bio:
Here's a concise professional bio:
Danielle is a CPA and Virtual CFO who helps small business owners maximize their profits and personal income. With over a decade of corporate finance experience, she founded 4 Corners CFO after witnessing firsthand how financial expertise could make or break a business. She translates complex financial concepts into actionable strategies, enabling entrepreneurs to make data-driven decisions, establish sustainable growth, and pay themselves appropriately.
Through her Breakthrough, Focused, and Comprehensive CFO services, she provides scalable financial guidance - from foundational support for emerging six-figure businesses to full-service accounting and strategic planning for established entrepreneurs. Her mission is helping business owners move from burnout to abundance by understanding and intentionally growing their profits.
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Friday Mar 21, 2025
Friday Mar 21, 2025
In this special "snack episode" of the Thriving Practice podcast, host Miranda Dorta interviews Tracy Cherpeski about her journey in building a mission-driven company. Tracy shares her unexpected path into coaching, beginning as a necessity during a major life transition with young children, and evolving into a focused healthcare provider coaching practice. The conversation reveals how her initial desire for career flexibility transformed into a larger vision of creating systemic change in healthcare, while offering insights into leading a mission-driven organization.
Key Points:
- Tracy's journey into coaching was unexpected, transitioning from international work and consulting after a major life change
- The company's evolution from a general coaching practice to a specialized healthcare provider focus
- The importance of staying committed to your mission, even when it feels "weird" (which Tracy notes comes from the word "supernatural")
- How the company's vision expanded from seeking work-life flexibility to creating systemic change in healthcare
- The value of remaining deeply connected to client work while maintaining professional boundaries
- The importance of fostering team creativity and allowing new perspectives to shape the company's growth
Notable Quote: "Self disclosure - if you ever want to learn what you're really made of, start a business." - Tracy Cherpeski
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Wednesday Mar 19, 2025
Wednesday Mar 19, 2025
Many healthcare providers are excellent clinicians but weren't trained in business fundamentals. In this episode, physical therapy practice consultant Michael Silva shares insights from his journey from frustrated employee to successful practice owner to helping others build sustainable private practices. Drawing from over 25 years of experience, Michael emphasizes how exceptional patient experience and solid business systems create practices worth preserving.
Key Takeaways:
- Why focusing on hospitality over basic customer service creates lasting patient relationships
- The importance of standardized systems and processes for sustainable growth
- How to build a practice that's sellable versus one dependent on the owner
- Creative exit strategies that keep private practices private
- Practical tips for creating positive patient experiences, including the 10/5 rule for patient greetings
- Why word-of-mouth marketing through exceptional service beats paid advertising
- The value of investing in experienced business guidance early in practice development
Notable Quotes:
"Business is business. Your clinical way of doing things can be what sets you apart, but if you don't have systems, you're not going to have an efficient business."
"Everyone walks into our office with a 'help me' sign on their head - you're here for them."
Michael’s Bio:
Michael Silva is a healthcare business consultant and founder of the RUNstrong® program, leveraging over 25 years of physical therapy and practice management experience. After building FOUNDATIONperformance Sports Medicine from a basement office to a three-location practice with 24 employees, he successfully sold to Performance Physical Therapy (now Highbar) in 2021.
Drawing from his experience as both practice owner and acquirer, Michael now helps healthcare providers across North America build, grow, and exit their practices successfully. He's a sought-after speaker on topics ranging from running injuries and rehabilitation to creating ideal client experiences in private practice.
Find Michael:
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Wednesday Mar 12, 2025
Wednesday Mar 12, 2025
In this episode, we sit down with Lizette Peña, CPA and fractional CFO at Ascent CFO Solutions, to explore how fractional CFO services can help healthcare practices thrive. With over 30 years of experience, Lizette shares valuable insights on managing the business side of medicine while keeping focus on patient care.
Key Discussion Points:
- The role of a fractional CFO and how it differs from a full-time CFO
- Why healthcare practices specifically benefit from fractional CFO services
- Essential KPIs every practice owner should monitor
- Smart strategies for cash flow management
- The importance of understanding your practice's payer mix
- How to balance clinical excellence with business acumen
Key Takeaways:
- Practices can access high-level financial expertise without the full-time executive cost
- Regular weekly check-ins with a fractional CFO help maintain strategic focus
- Understanding cancellation and no-show rates is crucial for revenue optimization
- Strategic vendor payment timing can significantly improve cash flow
- Data visualization tools can make financial metrics more accessible and actionable
Important Metrics to Track:
- Cancellation and no-show rates
- Payer mix (Medicare, Medicaid, private insurance, self-pay)
- Claims denial rates
- Days to payment
- Cash flow and burn rate
Lizette’s Bio:
Lizette Peña, CPA (she/her) brings over three decades of finance and accounting expertise to her role as a Fractional CFO at Ascent CFO Solutions. Based in Colorado, she partners with mission-driven healthcare organizations to optimize their financial strategies and growth. Driven by her belief in business as a force for good, Lizette serves on the Board of Directors for Kachuwa Impact Fund and advises Intercambio Uniting Communities, combining her financial acumen with her commitment to positive social impact.
Find Lizette:
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Wednesday Mar 05, 2025
Wednesday Mar 05, 2025
Did you know that the moment you opened your practice, you became a CEO? It's true - yet no one ever prepares healthcare providers for this crucial role. In this episode, Tracy explores the powerful mindset shift that occurs when practitioners embrace their identity not just as skilled healthcare providers, but as chief executives of thriving healthcare businesses.
Through real stories from practice owners and practical insights from business research, discover how thinking like a CEO can transform both your practice and your relationship with it. Learn why this mindset shift isn't just about better operations today - it's about building lasting value for tomorrow.
Episode Highlights:
- The hidden transition every healthcare provider makes when opening a practice - from practitioner to CEO
- Why excellent clinical skills alone won't guarantee business success
- Three critical shifts that helped one physician cut working hours by 30% while increasing revenue
- Practical examples of what "CEO time" looks like in a healthcare practice
- The overlooked aspect of practice ownership: building a valuable, salable business
- How strategic delegation and systems creation can free you to lead rather than just manage
- Why connecting with other practice owners is crucial for leadership growth
Key Insights:
- Working IN your practice vs. ON your practice: understanding the crucial difference
- The importance of dedicated CEO time for strategic planning and business development
- How proper systems and delegation can create a practice that's both more profitable and more enjoyable
- Why building a salable practice matters, even if you're not planning to sell
- The power of surrounding yourself with other forward-thinking healthcare leaders
Free Resource Mentioned:
Download our Practice Owner Energy Audit to identify where your time and energy are going now, and where you might need to make adjustments as you step into your CEO role.
What's Next:
Join us in the Thriving Practice Community, a new global network for ambitious healthcare practice owners who want to elevate their leadership and business mastery. Learn more at ThrivingPracticeCommunity.com about becoming a founding member of this vibrant community.
Tracy’s Bio:
Tracy Cherpeski, MBA, MA, CPSC, is a business consultant and executive coach specializing in healthcare practice leadership. With a background in operations and a passion for growth, she helps practice owners optimize their businesses while mastering leadership and mindset. Through her coaching and consulting programs, Tracy empowers healthcare leaders to build exceptional practices without sacrifice. Based in Chapel Hill, NC, she's committed to helping practices thrive.
Connect With Us:
Download your Practice Owner Energy Audit
Friday Feb 28, 2025
Friday Feb 28, 2025
In this candid "snack episode," Miranda Dorta turns the tables and interviews Tracy Cherpeski about transformative moments in her coaching practice. Through unscripted conversations, Tracy shares powerful insights about working with healthcare providers, revealing how vulnerability, cultural awareness, and thoughtful leadership shape successful medical practices. From emergency room physicians transitioning to private practice to international healthcare providers navigating different systems, Tracy's experiences illuminate the common threads that connect all practice owners.
Memorable Quote:
"We slow down to speed up, we slow down to scale up. And so in those first four to six weeks of our work together, you're probably not gonna like me very much because I'm not going to allow you to move at the speed of light... If we're moving too fast, we miss the details, we miss the scenery, we miss the opportunities." - Tracy Cherpeski
Episode Highlights:
- The breakthrough moment with an ER physician-turned-practice owner who finally expressed his business uncertainties, highlighting the importance of creating safe spaces for healthcare providers to be vulnerable
- How working with an Australian physician practicing in Norway challenged Tracy to abandon her usual framework and develop a more culturally responsive approach to coaching
- The consistent pattern Tracy observes across practices: "tough nuts with big hearts" - highly credentialed professionals deeply committed to providing excellent patient care
- The value of "slowing down to speed up" in the first 4-6 weeks of client work, allowing practice owners to spot opportunities they might miss when rushing toward goals
- Tracy's insights on leadership versus management, and helping practice owners find the delicate balance between control and guidance
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Friday Feb 28, 2025
Friday Feb 28, 2025
In this episode of Thriving Practice, we welcome back Kyle Kiser, co-founder of ArriveHealth, to discuss the company's remarkable growth and its innovative solutions in healthcare technology. Since our last conversation a little over a year ago, ArriveHealth has doubled its revenue, a testament to the value of their real-time benefit network.
Kyle shares how their technology is streamlining the prescription process by providing real-time, patient-specific cost information at the point of care. We explore how this system not only helps patients access more affordable medications but also streamlines the often cumbersome prior authorization process, reducing turnaround times from days to hours. Kyle shares insights on how their solution benefits multiple stakeholders in the healthcare ecosystem, from providers and patients to health plans and pharmacy benefit managers. Join us for an enlightening discussion on the future of digital prescribing, medication management, and how technology is being leveraged to enhance trust between patients and providers.
Key Points:
- ArriveHealth's core offering: Real-time benefit network for e-prescribing workflows
- Company growth: Doubled in size from a revenue perspective in the past year
- How ArriveHealth's technology works:
- Provides real-time, patient-specific cost information at the point of prescribing
- Suggests lower-cost alternatives for medications and pharmacies
- Streamlines the prior authorization process
- Benefits for various stakeholders:
- Providers: Reduced administrative burden, improved workflow efficiency
- Patients: Lower medication costs, improved adherence, better healthcare experience
- Pharmacists: Cleaner scripts, fewer callbacks
- Insurance companies/PBMs: Cost savings, reduced administrative work
- Integration with major EMR systems (Epic, Cerner, Athena, eClinicalWorks)
- Partnership with GoodRx for additional cost-saving options
- Success metrics: Switch rates more than twice the industry average
- Future developments:
- Automating downstream processes (e.g., prior authorizations)
- AI-driven adherence tool for patient-provider communication
- ArriveHealth's mission: Reintroducing consumer choice in healthcare and leveraging trust between patients and providers
Quotes:
"We measure success by how often they accept that. And we're seeing switch rates that are more than twice the industry average." - Kyle Kiser on measuring the impact of ArriveHealth's recommendations
"The most powerful leverage point to solve problems in healthcare is the trust that exists between patients and providers." - Kyle Kiser on the importance of trust in healthcare
Kyle’s Bio:
Kyle is Chief Executive officer at Arrive Health, the leader in delivering real-time cost and coverage data to decision-making workflows. In his role, he focuses on helping providers and care teams improve patient access, affordability, and outcomes while reducing administrative burden. By partnering with health systems, health plans, IT vendors, and pharmacy benefit managers, Arrive health enables transparency and better patient care nationwide.
Since 2013, Klye has helped grow the company from a vision to a reality, and has been at the forefront of some of the most transformational initiatives in healthcare. In particular, he has focused on projects that enable informed decision-making. His focus on interoperability has allowed partners to improve provider workflows and reduce medication costs for millions of patients. Kyle has helped develop incentive strategies for a country’s most innovative employers and led product launches with the nation’s largest payers. Prior to Arrive Health, he was a senior leader at Welltok, Catapult Health, and Principal Wellness Company.
Find Kyle:
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Wednesday Feb 26, 2025
Wednesday Feb 26, 2025
In this episode of Thriving Practice, Tracy sits down with Carrie Cook, a seasoned profit strategist who's transforming the financial landscape for healthcare entrepreneurs. With a unique background spanning 30 years in medicine and an MBA in finance, Carrie brings a wealth of knowledge to the table. She dives deep into the often-overlooked realm of profit strategy in healthcare practices, offering invaluable insights on how providers can build financially robust businesses without compromising their commitment to patient care.
From the critical importance of paying yourself a market-based wage to the transformative power of separating personal and business finances, Carrie unravels the complexities of financial management in healthcare. She shares a remarkable success story, practical advice on changing financial behaviors, and introduces her 44% profit strategy that's revolutionizing how healthcare professionals approach their finances. Whether you're a solo practitioner or running a growing practice, this episode is packed with actionable strategies to help you not just survive, but thrive financially while staying true to your mission of care.
Key Topics Discussed:
- Carrie's background: 30 years in medicine to MBA in finance
- The importance of profit strategy in healthcare practices
- Paying yourself a market-based wage
- Separating personal and business finances
- The 44% profit strategy breakdown
- Success story: Helping a functional medicine doctor increase revenue from $800k to $1.5M
- Changing financial behaviors and mindsets
- The three foundations of business: finance, marketing, and operations
- Addressing the fear of letting go and delegating tasks
- The importance of putting yourself first as a business owner
Key Takeaways:
- A profit strategy should include contingency funds, reinvestments, taxes, savings, and retirement
- Aim for at least 12% profit margin, with a goal of reaching 44%
- Commingling personal and business funds can hinder business growth
- Changing financial behaviors is simple but not easy - consistency is key
- Working with a profit strategist can provide accountability and reinforce positive financial habits
Quotes: "If you're not 4% in revenue annually, you're treading water. We need you at least to be at 12% if you're a service provider." - Carrie Cook "If you put yourself first, you have such a capability of taking care of your business after that." - Carrie Cook
If you're ready to revive your practice's financials and create a thriving, profitable business, reach out to Carrie Cook through her website or email.
Carrie’s Bio:
Carrie Cook is the founder of a vibrant trio of small business focused on money and women owned business. She is dedicated to supporting and empowering female business owners in her community. With a passion for fostering connections and helping women maximize both their personal and professional lives, Carrie offers practical insights on financial growth, money mindset shifts, and intentional financial wellbeing. Her work is rooted in the belief that success flourishes when women support one another, share knowledge, and pursue continuous improvement. Whether through inspiring presentations, insightful workshops, or one-on-one guidance, Carrie is committed to helping others make meaningful financial strides in their journey toward a balanced, fulfilling life.
Find Carrie:
Email: carrie.cook@revivefinancials.com
Connect With Us:
Schedule Strategy Session with Tracy
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