Practice CEO: The Evolution of Independent Healthcare in a Corporate World - Special Snack Episode, EP 176

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.

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