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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 21, 2022
Wednesday Sep 21, 2022
Clay Ogden of Strategic Risk Alternatives 831(b) joins us today to talk Risk Management.
Clay shares a lot of great information about how practice owners can use excess revenues and profits to protect themselves and their business against unforeseen and uninsurable circumstances through investing in their own 831(b) entity.
Clay gave several examples of how protecting and increasing the efficiency of your business would be beneficial. Mainly, though, Clay shares that their clients say they’re able to sleep better at night knowing they have a nice cushion to land on in the event of unforeseen circumstances, such as elective procedures being delayed for over 2 years during a global pandemic, or temporary or permanent loss of a key employee, or any other event not covered by insurance.
This is an excellent planning tool with your CPA, financial advisor, or other advisor, and could be a great way to create perhaps a tax break, but more importantly, to protect yourself and your practice against the unknown.
I thought it was very interesting that these funds could be used in various ways that could also be beneficial to your practice. Give it a listen and find out for yourself.
Clay’s parting wisdom is:
- Learn more about 831(b) and other options that could prove to be beneficial, in terms of protection and in terms of leveling-off your cash flows year over year.
This conversation is very enlightening, and Clay explains in clear terms how this could be a great business tool for your practice. So, grab a beverage or a snack and settle-in to listen to Clay and learn about 831(b) entities.
Bio:
Clay could easily be described as the ace of the SRA Team. In his role as National Business Development Manager, Clay does it all as he interacts with business owners, financial advisors, CPA firms, consulting firms, and health brokers to explain SRA’s risk management strategies. As a former professional Golfer on the Nationwide, Web.com, Canadian and mini-tours, Clay nurtures many of his business relationships on the course and brings more than 10 years in risk mitigation to identify opportunities and consult with clients and representatives. When he's not working or on the golf course he's busy spending time with his wife and his four girls.
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