6.3K
Downloads
176
Episodes
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
6 hours ago
6 hours ago
In this special "snack episode" of the Thriving Practice Podcast, Miranda Dorta interviews Tracy Cherpeski about the evolution of the healthcare industry since 2010. Tracy shares insights on current challenges facing independent practices, emerging business models, and essential skills for practice owners to thrive in today's healthcare landscape. From the concerning trend of private equity acquisitions to promising signs of physicians returning to independent practice, Tracy offers her perspective on where healthcare is heading and how practice owners can adapt.
Main Points:
- Private equity acquisition of practices and expansion of larger institutions are concerning trends affecting independent healthcare practices
- Early signs suggest some physicians are returning to private practice after experiencing larger institutional settings
- Independent single-provider practices face significant financial challenges with high operating costs
- Collaborative group practices with multiple providers offer a sustainable model for the future
- Practice owners need to embrace their CEO role and focus on strategic leadership, delegation, and resource allocation
- Smart investment in marketing and operations is essential for practice growth, despite some resistance
- A shift back toward more relational, neighborhood-based practices may be emerging
Notable Quotes:
- "I see independent provider practices struggling a lot with an individual, just one provider. So I am seeing a little bit more of a leaning towards a group focus or multiple providers."
- "I see practices that maybe are successful but they're not as profitable as they could be."
- "Most of our clients do not think of themselves as a CEO first. But if you're a business owner, you are the CEO."
- "It's not how you spend your time. If you're spending your time, you're probably wasting it... It's how you invest the resource, the finite resource of your time and energy."
Miranda’s Bio:
Miranda Dorta, B.F.A. (she/her/hers) is the Manager of Operations and PR at Tracy Cherpeski International. A graduate of Savannah College of Art and Design with expertise in writing and creative storytelling, Miranda brings her skills in operations, public relations, and communication strategies to the Thriving Practice community. Based in the City of Oaks, she joined the team in 2021 and has been instrumental in streamlining operations while managing the company's public presence since 2022.
Tracy’s Bio:
Tracy Cherpeski, MBA, MA, CPSC (she/her/hers) is the Founder of Tracy Cherpeski International and Thriving Practice Community. As a Business Consultant and Executive Coach, Tracy helps healthcare practice owners scale their businesses without sacrificing wellbeing. Through strategic planning, leadership development, and mindset mastery, she empowers clients to reclaim their time and reach their potential. Based in Chapel Hill, NC, Tracy serves clients worldwide and is the Executive Producer and Host of the Thriving Practice podcast. Her guiding philosophy: Survival is not enough; life is meant to be celebrated.
Connect With Us:
3 days ago
3 days ago
In this episode, we speak with Dr. Amir Baluch, a semi-retired anesthesiologist and founder of Blue Capital Partners, about alternative investment strategies for healthcare providers. Dr. Baluch shares insights on creating passive income streams, the importance of diversification beyond traditional stocks and bonds, and how strategic investments can "buy back time" for busy practitioners. While much of his financial advice offers valuable perspective for healthcare providers looking to reduce clinical hours and focus more on business development, we also provide important context regarding his comments on real estate investment and political policies that may contradict current research on housing affordability and economic impacts.
Episode Highlights:
- The Power of Passive Income: How investing in alternative assets can create freedom in your schedule and reduce dependence on clinical hours
- Diversification Strategy: Why relying solely on traditional investments like stocks may not provide adequate returns in the coming decade
- Risk-Adjusted Returns: Understanding how to evaluate investments beyond just the stated return percentage
- Time vs. Money: Creating a strategic plan to gradually reduce clinical hours through passive income
- Marketing vs. Sales: The critical differences between creating awareness and converting leads
- Building a Sellable Practice: The importance of treating your practice like a business that could someday be sold
Producer's Notes:
Two topics discussed in this episode warrant additional context:
- Single-Family Home Investments: Institutional investor ownership of single-family homes has grown significantly, with just 32 institutional investors collectively owning 450,000 single-family homes by 2022. Research indicates non-individual investor ownership of single-family rentals increased from 17% in 2001 to 25% in 2021, with projections suggesting institutional investors could control 40% of U.S. single-family rental homes by 2030. This trend is contributing to the housing affordability crisis in many markets.
- Policy Impacts: Despite Dr. Baluch's enthusiasm about certain administration policies, current evidence suggests recent tariffs, immigration policies, and cuts to housing programs are adversely affecting housing affordability. Housing experts note that deportation plans could severely impact the construction industry, as immigrants make up approximately 30% of the construction labor force at a time when the National Association of Home Builders projects a need for 2.2 million new skilled construction workers.
Sources:
- Government Accountability Office (GAO). "Rental Housing: Information on Institutional Investment in Single-Family Homes." May 2024.
- Joint Center for Housing Studies of Harvard University. "8 Facts About Investor Activity in the Single-Family Rental Market." 2024.
- MetLife Investment Management. "Housing Market Projections Report." 2023.
- The Washington Post. "Investors bought up a record share of homes last year." February 2022.
- Center for American Progress. "Americans Recognize Housing Affordability Crisis." October 2024.
- National Association of Home Builders. "Understanding Housing Affordability in Today's Market." July 2024.
- Bankrate. "How Will Tariffs And Deportations Affect Housing?" April 2025.
- Newsweek. "Trump Tariffs Could Slow US Housing Market in 2025." March 2025.
- ProPublica. "Trump Says He'll Fight for Working-Class Americans. His First Presidency Suggests He Won't." November 2024.
- National Low Income Housing Coalition. "Impacts of Trump Administration Executive Orders." April 2025.
Notable Quotes:
- "If you diversify across enough asset classes, you could reduce your risk by 80% and still get the same returns." - Dr. Amir Baluch
- "When people don't write it down on a piece of paper, it never happens. They throw money here and there and a couple of investments. But at the end of the year, okay, how much time did that buy you back?" - Dr. Amir Baluch
- "Just imagine every dollar bill you have is a little soldier. You just want to put it to work out there." - Dr. Amir Baluch
- "If you're not measuring it, it doesn't get managed." - Dr. Amir Baluch
- "I think that's the key. Take your time and energy so that you can work on the business instead of being in it all the time." - Host
Bio:
Dr. Amir Baluch is a Wall Street Journal and international bestselling author who retired from anesthesiology in his early 40s to focus on transforming wealth management for healthcare professionals. After experiencing his father's bankruptcy and personal setbacks in 2001, he developed alternative investment strategies that have since helped numerous medical professionals achieve financial independence.
As founder of Blue Capital Partners, Dr. Baluch manages over $700M in projects, specializing in creating passive income through real estate, private equity, and private credit investments. His expertise has been featured on ABC News, Business Insider, and Forbes. He's dedicated to empowering 10,000 healthcare professionals to secure financial freedom through recession-proof investment opportunities that provide not just wealth accumulation but also tax reduction and lifestyle flexibility.
Dr. Baluch brings a unique physician-focused perspective to financial planning, having personally implemented the strategies he teaches to achieve early retirement and build lasting wealth.
Find Dr. Baluch:
Connect With Us:
Friday Apr 18, 2025
Friday Apr 18, 2025
In this special "snack episode" of the Thriving Practice Podcast, our Manager of Operations and PR, Miranda Dorta, turns the mic around to interview Tracy Cherpeski, examining the reality of healthcare practice leadership. This candid, unscripted conversation explores how practice owners can achieve sustainable growth without sacrificing personal well-being. Tracy shares her evidence-based approaches to sustainability, effective boundary setting, and the systems that support healthcare practice owners, offering valuable insights on achieving harmony between professional demands and personal needs.
Main Points:
- Well-being vs. Work-Life Balance: Tracy defines well-being as the complete picture encompassing physical, mental, and spiritual health along with business health. She challenges the concept of "balance," suggesting that harmony with one's life goals is more realistic for business owners.
- The Importance of Slowing Down: Tracy emphasizes that the first step to protecting time and energy is slowing down to gain "crystal clarity" about personal and professional goals, which allows practice owners to prioritize effectively.
- Recognizing When Growth Threatens Well-being: Through reflective questioning and coaching, Tracy helps healthcare professionals recognize patterns that compromise their well-being and guides them to meaningful "aha moments" about self-care.
- Addressing Perfectionism and Control: Tracy normalizes the control tendencies common in healthcare entrepreneurs while helping them learn true surrender—not abdication but rather building trust in themselves and their teams.
Notable Quotes:
"Well-being is really the entire picture of the human being's health—physical, spiritual, and mental—as well as the business."
"I just don't believe in balance... Most of us spend more of our waking hours working than we do being home. So right away we're out of balance. So are we in harmony with what we want out of life and the business that we want?"
"The most important piece of the puzzle is to slow down... It's really important to slow down so that we can get really clear. And this is the key to everything—crystal clarity."
"Physicians in particular are trained like never to let anybody see them sweat... It takes a while to sort of crack that facade and allow their real deep humanity to come out."
"When we put it back on them to look at themselves and to trust themselves, it changes the responsibility... They double down then on the responsibility to ensure that their team has what they need so that they can take their hands off of it."
"Most of the time, the desire to control ends up being the Achilles heel... when they recognize that it's probably the cause of a lot of their challenges and energy drains, it becomes a little bit easier to let go."
Miranda’s Bio:
Miranda Dorta, B.F.A. (she/her/hers) is the Manager of Operations and PR at Tracy Cherpeski International. A graduate of Savannah College of Art and Design with expertise in writing and creative storytelling, Miranda brings her skills in operations, public relations, and communication strategies to the Thriving Practice community. Based in the City of Oaks, she joined the team in 2021 and has been instrumental in streamlining operations while managing the company's public presence since 2022.
Tracy’s Bio:
Tracy Cherpeski, MBA, MA, CPSC (she/her/hers) is the Founder of Tracy Cherpeski International and Thriving Practice Community. As a Business Consultant and Executive Coach, Tracy helps healthcare practice owners scale their businesses without sacrificing wellbeing. Through strategic planning, leadership development, and mindset mastery, she empowers clients to reclaim their time and reach their potential. Based in Chapel Hill, NC, Tracy serves clients worldwide and is the Executive Producer and Host of the Thriving Practice podcast. Her guiding philosophy: Survival is not enough; life is meant to be celebrated.
Connect With Us:
Wednesday Apr 16, 2025
Wednesday Apr 16, 2025
In this episode of the Thriving Practice Podcast, host Tracy Cherpeski interviews Joanna Sapir, a business strategist who specializes in helping wellness practitioners build thriving practices without burning out. Airing during Stress Awareness Month, this conversation explores Joanna's revolutionary approach of "stop selling sessions, start creating programs" that helps practitioners create more predictable business models while delivering better outcomes for clients. Drawing from her own burnout experience as a practice owner, Joanna shares practical strategies for designing effective programs and treatment plans that benefit both practitioners and their clients.
Key Highlights
- The Burnout Reality: How Joanna's emergency room visit within her first year of business became a wake-up call to reimagine how wellness practices can operate
- Paradigm Shift: The fundamental difference between selling individual sessions versus creating comprehensive healing journeys
- Business Benefits: How programs eliminate the financial impact of no-shows and create predictable, sustainable revenue
- Client Outcomes: Why structured programs lead to better compliance, deeper healing, and more satisfied clients
- Implementation Framework: Practical steps for designing programs that align with your modality and client needs
- Transition Strategies: How to introduce programs to existing clients without disrupting relationships
- Sales Process: Creating authentic enrollment conversations that align with healing values
Topics Covered
- The profound difference between "packages" (discounted sessions) and true treatment programs
- Front-end and back-end program structures for different practitioner types
- How programs provide essential "guardrails" that keep clients on track with their health goals
- Why selling sessions creates unpredictable income and client progress
- The iterative approach to refining your programs over time
- Creating systems that allow practitioners to "just show up and do their best work"
- How program-based practices can scale more effectively
Featured Examples
Joanna shares two detailed program models:
- Physical Practitioner Model: A body worker's 6/9/12-week assessment-based treatment plans for pain relief and injury recovery
- Therapeutic Practitioner Model: A nervous system specialist's six-month cohort-based program for disordered eating with group and individual components
Resources Mentioned
- Free Systems Guide: Three essential business systems for wellness practitioners:
- Lead generation system
- Lead capture system
- Sales process system
- Last week's solo episode on physician wellness and burnout prevention
- Joanna's comprehensive business development programs for wellness practitioners
Episode Quotes
"Stop selling sessions and start creating programs and treatment plans." - Joanna Sapir
"When you have the systems and structures in place, you get to just show up and do your best work with the client." - Joanna Sapir
"If you don't have a business that's making money that's sustaining you sufficiently, you have an incredibly expensive hobby." - Tracy Cherpeski
"It's not necessarily about there being some people who are committed and some who aren't. It's actually about the boundaries you put in place, the guardrails that keep people in the lane." - Joanna Sapir
"You can have a beautifully authentic, meaningful, connected sales process that enrolls your patients or your clients in these programs... it's a win-win-win all around." - Joanna Sapir
Bio:
Joanna Sapir is a business strategist who helps wellness practitioners build thriving practices without burning out. Joanna specializes in helping practitioners move from the unpredictable cycle of selling individual sessions to creating comprehensive programs and treatment plans that provide better client outcomes while creating sustainable, predictable income. Her clients include acupuncturists, bodyworkers, movement specialists, and practitioners who combine multiple healing modalities.
Through her work, Joanna helps wellness professionals properly price and package their services, develop steady predictable income, clarify their unique vision and voice, and create systems that allow their businesses to run smoothly without constant hands-on management. Her ultimate goal is to help practitioners create the freedom and fulfillment that attracted them to healing work in the first place, while building businesses that truly support their desired lifestyle.
Based in Central Mexico (as of this recording), Joanna continues to expand her impact by helping practitioners worldwide transform their approach to business and client care.
Find Joanna:
Link to free resource https://joannasapir.com/lp/systems/
Connect With Us:
Wednesday Apr 09, 2025
Wednesday Apr 09, 2025
Episode Overview
In this special solo episode for Stress Awareness Month, host Tracy Cherpeski shares insights from the Sonoma-Mendocino Lake County Healthcare Expo and Conference on physician wellness and burnout. Drawing from her 15+ years of consulting experience with healthcare practices, Tracy discusses how the unique challenges faced by independent practitioners affect both personal wellbeing and business success.
Key Highlights
- The Burnout Crisis: 63% of physicians report at least one symptom of burnout according to Mayo Clinic research
- Double Impact: Practice owners face both clinical stress and business ownership pressures
- Strengths Becoming Weaknesses: How the qualities that make great healthcare providers (service orientation, high standards, problem-solving abilities) can undermine personal wellbeing
- Business Consequences: How unmanaged stress directly impacts practice revenue, staff retention, patient experience, and clinical decision-making
- Practical Solutions: Stress management strategies specifically designed for independent practitioners and small practice owners
Topics Covered
- The unique stress patterns observed in healthcare practitioners vs. other professionals
- How to recognize early warning signs of burnout in yourself and colleagues
- The measurable business costs of practitioner stress
- Practical interventions that serve both wellbeing and business optimization
- Why institutional wellness approaches often fail independent practitioners
Featured Framework
Tracy's coaching approach for practice owners includes:
- Eight-area life assessment to identify imbalances
- "Threshold interventions" - small changes at critical junctures of the day
- Environmental modifications to reduce stress triggers
- Intentional calendaring and boundary-setting
- Integration of wellbeing strategies with business optimization
Resources Mentioned
- Free Burnout Prevention Guide: Available at PracticeSuccess.co/resources (scroll to bottom of page), WHO's official burnout definition and 12-stage progression model
Episode Quotes
"In healthcare, your most important business asset isn't your equipment, your location, or even your patient list—it's you. And when you're operating from a place of chronic stress, every business metric eventually suffers."
"Addressing practitioner stress isn't just a wellness nicety—it's a business imperative with measurable ROI. When practice owners invest in their wellbeing, they're making one of the most significant business investments possible."
"We take the approach of building one's business around the life they want to live, not the other way around."
Connect With Us:
Wednesday Apr 02, 2025
Wednesday Apr 02, 2025
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
Connect With Us:
Schedule Strategy Session with Tracy
Thriving Practice Community Instagram
Friday Mar 28, 2025
Friday Mar 28, 2025
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."
Connect With Us:
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.
Find Danielle:
Connect With Us:
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
Connect With Us:
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:
Connect With Us: