The 44% Profit Strategy: Transforming Healthcare Practices into Thriving Businesses Featuring Carrie Cook, EP 162

In this episode of Thriving Practice, Tracy sits down with Carrie Cook, a seasoned profit strategist who's transforming the financial landscape for healthcare entrepreneurs. With a unique background spanning 30 years in medicine and an MBA in finance, Carrie brings a wealth of knowledge to the table. She dives deep into the often-overlooked realm of profit strategy in healthcare practices, offering invaluable insights on how providers can build financially robust businesses without compromising their commitment to patient care. 

From the critical importance of paying yourself a market-based wage to the transformative power of separating personal and business finances, Carrie unravels the complexities of financial management in healthcare. She shares a remarkable success story, practical advice on changing financial behaviors, and introduces her 44% profit strategy that's revolutionizing how healthcare professionals approach their finances. Whether you're a solo practitioner or running a growing practice, this episode is packed with actionable strategies to help you not just survive, but thrive financially while staying true to your mission of care.

Key Topics Discussed:

• Carrie's background: 30 years in medicine to MBA in finance
• The importance of profit strategy in healthcare practices
• Paying yourself a market-based wage
• Separating personal and business finances
• The 44% profit strategy breakdown
• Success story: Helping a functional medicine doctor increase revenue from $800k to $1.5M
• Changing financial behaviors and mindsets
• The three foundations of business: finance, marketing, and operations
• Addressing the fear of letting go and delegating tasks
• The importance of putting yourself first as a business owner

Key Takeaways:

• A profit strategy should include contingency funds, reinvestments, taxes, savings, and retirement
• Aim for at least 12% profit margin, with a goal of reaching 44%
• Commingling personal and business funds can hinder business growth
• Changing financial behaviors is simple but not easy - consistency is key
• Working with a profit strategist can provide accountability and reinforce positive financial habits

Quotes: "If you're not 4% in revenue annually, you're treading water. We need you at least to be at 12% if you're a service provider." - Carrie Cook "If you put yourself first, you have such a capability of taking care of your business after that." - Carrie Cook

If you're ready to revive your practice's financials and create a thriving, profitable business, reach out to Carrie Cook through her website or email.

Carrie’s Bio:

Carrie Cook is the founder of a vibrant trio of small business focused on money and women owned business.  She is dedicated to supporting and empowering female business owners in her community. With a passion for fostering connections and helping women maximize both their personal and professional lives, Carrie offers practical insights on financial growth, money mindset shifts, and intentional financial wellbeing. Her work is rooted in the belief that success flourishes when women support one another, share knowledge, and pursue continuous improvement. Whether through inspiring presentations, insightful workshops, or one-on-one guidance, Carrie is committed to helping others make meaningful financial strides in their journey toward a balanced, fulfilling life.

Find Carrie:

Website

Email: carrie.cook@revivefinancials.com

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