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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
Wednesday Nov 13, 2024
Wednesday Nov 13, 2024
Episode Summary
In this episode, our host Tracy Cherpeski, business consultant and executive coach, 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
- New Appointments
- Patient Wait Time
- Patient Satisfaction Rates
Marketing and Lead Generation Metrics
- Website Visitor to Converted Leads Rate
- Cost per Lead
- Social Media Mentions
Operational Efficiency Metrics
- Patient Lifetime Value
- First Call Resolution Rate
- Staff Turnover Rate
Financial Performance Metrics
- Cost per New Patient
- Revenue per Patient
Leveraging Metrics for Work-Life Harmony
Tracy shares strategies for using these metrics to achieve better work-life balance:
- Identifying inefficiencies
- Delegating with confidence
- Making data-driven decisions
- Prioritizing efforts
- Justifying time off
- Improving financial health
- 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:
Schedule Strategy Session with Tracy
Thriving Practice Community Instagram
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Wednesday Oct 30, 2024
Wednesday Oct 30, 2024
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:
- Sandra's journey from education to psychology to founding a health coaching academy
- The role of health coaches in improving patient compliance and outcomes
- How health coaching can break down overwhelming lifestyle changes into manageable steps
- The impact of health coaching on reducing provider burnout and stress
- Health coaching as a communication bridge between patients and healthcare practices
- The business case for integrating health coaching into medical practices
- 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:
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Wednesday Oct 16, 2024
Wednesday Oct 16, 2024
Episode Overview
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.
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
- Compose Your Symphony
- Plan your day with intention
- Example: Dr. Sarah's weekly schedule optimization
- Conduct with Precision
- Use time blocking techniques
- Tune Your Instruments
- Look for inefficiencies in daily operations
- Examples: Automating appointment reminders, simplifying check-in processes
- Empower Your Musicians
- Delegate tasks effectively
- Invest in team training
- Focus on the Audience Experience
- Prioritize smooth, efficient patient journeys
- 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
- 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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Wednesday Oct 02, 2024
Wednesday Oct 02, 2024
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:
- The importance of aligning your physical space with your brand and target demographic
- How design can make or break a practice's profitability
- Blending healthcare, retail, and hospitality design principles for optimal results
- The benefits of starting the design process before choosing a location
- 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:
- Intentional design is crucial for practice success, impacting both patient experience and operational efficiency.
- Consider your ideal patient when designing your space to create an environment that resonates with them.
- 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:
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Wednesday Sep 18, 2024
Wednesday Sep 18, 2024
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
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.
Key Points
- Definition of entrepreneurship and its relevance to healthcare providers
- Overcoming overthinking: Types and strategies
- Key entrepreneurial attributes for healthcare providers:
- Disruption of Norms
- Resilience and Persistence
- Embracing Uncertainty and Risk
- Growth Mindset
- Self-Awareness and Focus
- Strategies for developing an entrepreneurial mindset
- Balancing innovation with patient care
Challenges for Listeners
- Identify an area of practice improvement and brainstorm innovative solutions
- Schedule daily "worry time" to address concerns and combat overthinking
- Reach out to a fellow healthcare provider-owner or potential mentor for perspective
Resources Mentioned
- Thriving Practice Community:
- 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.
Wednesday Sep 04, 2024
Wednesday Sep 04, 2024
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:
- Understanding Medicare options: Original Medicare with supplemental plans vs. Medicare Advantage plans
- The importance of educating yourself about Medicare before making decisions
- How Medicare choices affect healthcare providers and their practices
- Considerations for small business owners regarding employee health coverage
- The benefits of Medicare supplemental plans for both patients and providers
- The impact of high-income earners on Medicare premiums
- The portability and nationwide coverage of Medicare supplemental plans
- The importance of timing when enrolling in Medicare
- 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
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:
Wednesday Aug 21, 2024
Wednesday Aug 21, 2024
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:
- The benefits and challenges of breastfeeding
- The stark reality of paid parental leave in the US compared to other countries
- The rising costs of childcare and its impact on families
- The staggering healthcare expenses for American families
- How companies like IKEA are stepping up to support their employees
- 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.
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Wednesday Aug 07, 2024
Wednesday Aug 07, 2024
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.
Find Casey:
Connect With Us:
Wednesday Jul 24, 2024
Wednesday Jul 24, 2024
Episode Summary:
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:
- Overview of private equity's increasing role in healthcare
- Case studies: Anesthesiology practices in Colorado and nursing homes
- Impact on patient care, prices, and physician burnout
- Regulatory responses and policy changes
- 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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Wednesday Jul 10, 2024
Wednesday Jul 10, 2024
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.
Find Kirk:
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