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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 Sep 20, 2023
Wednesday Sep 20, 2023
Welcome to Episode 108. Explore the pros and cons of solo healthcare practice ownership. Discover practical solutions to common challenges, from workload management to financial security, and learn how to thrive while providing top-notch patient care. Join us for insights that will empower healthcare professionals in their entrepreneurial journey.
Tracy explores the benefits and challenges of practice ownership, including some solutions to support you in striking the right balance to achieve the success you crave.
Benefits of Practice Ownership:
- Flexibility in schedule for better work-life balance.
- Building strong patient relationships.
- Practice as a financial asset.
- Autonomy in decision-making.
- Choosing your team.
- Job security.
Challenges of Practice Ownership:
- Workload Overload.
- Solution: Consider support staff or outsourcing tasks.
- Financial Risk.
- Solution: Budget, emergency funds, partnerships.
- Limited Expertise.
- Solution: Seek advice or training, collaborate with professionals.
- Lack of Work-Life Balance.
- Solution: Set boundaries, delegate tasks, schedule self-care.
- Patient Dependence.
- Solution: Diversify patient sources, network, explore telemedicine.
- Isolation.
- Solution: Attend conferences, join associations, connect online.
- Financial Insecurity.
- Solution: Plan with backup coverage and contingency plans.
- Competitive Challenges.
- Solution: Focus on personalized care, build strong patient relationships, highlight unique strengths.
While there are many challenges to owning a small business while also being a healthcare provider, you can make your cream vision of success a reality.
Schedule a complimentary strategy call with Tracy if you’d like personal support. Go to www.tracycherpeski.com and click on “Book a Strategy Call”.
Resources:
Episode 94 “The Silent Epidemic: BURNOUT”
Episode 98 “The Myth of Work-Life Balance: Why Striving for Equilibrium is Holding You Back”
Episode 101 “Conquering Burnout: A Recipe for Success” with Justin Maxwell and Dr. Yishai Barkhordari
Episode 104 “From Tealing to Thriving: The Power of Entrepreneurship”
Episode 106 “Overcoming Professional Isolation”
Connect With Us:
Schedule Strategy Session with Tracy
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