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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 Mar 12, 2025
Wednesday Mar 12, 2025
In this episode, we sit down with Lizette Peña, CPA and fractional CFO at Ascent CFO Solutions, to explore how fractional CFO services can help healthcare practices thrive. With over 30 years of experience, Lizette shares valuable insights on managing the business side of medicine while keeping focus on patient care.
Key Discussion Points:
- The role of a fractional CFO and how it differs from a full-time CFO
- Why healthcare practices specifically benefit from fractional CFO services
- Essential KPIs every practice owner should monitor
- Smart strategies for cash flow management
- The importance of understanding your practice's payer mix
- How to balance clinical excellence with business acumen
Key Takeaways:
- Practices can access high-level financial expertise without the full-time executive cost
- Regular weekly check-ins with a fractional CFO help maintain strategic focus
- Understanding cancellation and no-show rates is crucial for revenue optimization
- Strategic vendor payment timing can significantly improve cash flow
- Data visualization tools can make financial metrics more accessible and actionable
Important Metrics to Track:
- Cancellation and no-show rates
- Payer mix (Medicare, Medicaid, private insurance, self-pay)
- Claims denial rates
- Days to payment
- Cash flow and burn rate
Lizette’s Bio:
Lizette Peña, CPA (she/her) brings over three decades of finance and accounting expertise to her role as a Fractional CFO at Ascent CFO Solutions. Based in Colorado, she partners with mission-driven healthcare organizations to optimize their financial strategies and growth. Driven by her belief in business as a force for good, Lizette serves on the Board of Directors for Kachuwa Impact Fund and advises Intercambio Uniting Communities, combining her financial acumen with her commitment to positive social impact.
Find Lizette:
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Wednesday Mar 05, 2025
Wednesday Mar 05, 2025
Did you know that the moment you opened your practice, you became a CEO? It's true - yet no one ever prepares healthcare providers for this crucial role. In this episode, Tracy explores the powerful mindset shift that occurs when practitioners embrace their identity not just as skilled healthcare providers, but as chief executives of thriving healthcare businesses.
Through real stories from practice owners and practical insights from business research, discover how thinking like a CEO can transform both your practice and your relationship with it. Learn why this mindset shift isn't just about better operations today - it's about building lasting value for tomorrow.
Episode Highlights:
- The hidden transition every healthcare provider makes when opening a practice - from practitioner to CEO
- Why excellent clinical skills alone won't guarantee business success
- Three critical shifts that helped one physician cut working hours by 30% while increasing revenue
- Practical examples of what "CEO time" looks like in a healthcare practice
- The overlooked aspect of practice ownership: building a valuable, salable business
- How strategic delegation and systems creation can free you to lead rather than just manage
- Why connecting with other practice owners is crucial for leadership growth
Key Insights:
- Working IN your practice vs. ON your practice: understanding the crucial difference
- The importance of dedicated CEO time for strategic planning and business development
- How proper systems and delegation can create a practice that's both more profitable and more enjoyable
- Why building a salable practice matters, even if you're not planning to sell
- The power of surrounding yourself with other forward-thinking healthcare leaders
Free Resource Mentioned:
Download our Practice Owner Energy Audit to identify where your time and energy are going now, and where you might need to make adjustments as you step into your CEO role.
What's Next:
Join us in the Thriving Practice Community, a new global network for ambitious healthcare practice owners who want to elevate their leadership and business mastery. Learn more at ThrivingPracticeCommunity.com about becoming a founding member of this vibrant community.
Tracy’s Bio:
Tracy Cherpeski, MBA, MA, CPSC, is a business consultant and executive coach specializing in healthcare practice leadership. With a background in operations and a passion for growth, she helps practice owners optimize their businesses while mastering leadership and mindset. Through her coaching and consulting programs, Tracy empowers healthcare leaders to build exceptional practices without sacrifice. Based in Chapel Hill, NC, she's committed to helping practices thrive.
Connect With Us:
Download your Practice Owner Energy Audit
Friday Feb 28, 2025
Friday Feb 28, 2025
In this candid "snack episode," Miranda Dorta turns the tables and interviews Tracy Cherpeski about transformative moments in her coaching practice. Through unscripted conversations, Tracy shares powerful insights about working with healthcare providers, revealing how vulnerability, cultural awareness, and thoughtful leadership shape successful medical practices. From emergency room physicians transitioning to private practice to international healthcare providers navigating different systems, Tracy's experiences illuminate the common threads that connect all practice owners.
Memorable Quote:
"We slow down to speed up, we slow down to scale up. And so in those first four to six weeks of our work together, you're probably not gonna like me very much because I'm not going to allow you to move at the speed of light... If we're moving too fast, we miss the details, we miss the scenery, we miss the opportunities." - Tracy Cherpeski
Episode Highlights:
- The breakthrough moment with an ER physician-turned-practice owner who finally expressed his business uncertainties, highlighting the importance of creating safe spaces for healthcare providers to be vulnerable
- How working with an Australian physician practicing in Norway challenged Tracy to abandon her usual framework and develop a more culturally responsive approach to coaching
- The consistent pattern Tracy observes across practices: "tough nuts with big hearts" - highly credentialed professionals deeply committed to providing excellent patient care
- The value of "slowing down to speed up" in the first 4-6 weeks of client work, allowing practice owners to spot opportunities they might miss when rushing toward goals
- Tracy's insights on leadership versus management, and helping practice owners find the delicate balance between control and guidance
Connect With Us:
Friday Feb 28, 2025
Friday Feb 28, 2025
In this episode of Thriving Practice, we welcome back Kyle Kiser, co-founder of ArriveHealth, to discuss the company's remarkable growth and its innovative solutions in healthcare technology. Since our last conversation a little over a year ago, ArriveHealth has doubled its revenue, a testament to the value of their real-time benefit network.
Kyle shares how their technology is streamlining the prescription process by providing real-time, patient-specific cost information at the point of care. We explore how this system not only helps patients access more affordable medications but also streamlines the often cumbersome prior authorization process, reducing turnaround times from days to hours. Kyle shares insights on how their solution benefits multiple stakeholders in the healthcare ecosystem, from providers and patients to health plans and pharmacy benefit managers. Join us for an enlightening discussion on the future of digital prescribing, medication management, and how technology is being leveraged to enhance trust between patients and providers.
Key Points:
- ArriveHealth's core offering: Real-time benefit network for e-prescribing workflows
- Company growth: Doubled in size from a revenue perspective in the past year
- How ArriveHealth's technology works:
- Provides real-time, patient-specific cost information at the point of prescribing
- Suggests lower-cost alternatives for medications and pharmacies
- Streamlines the prior authorization process
- Benefits for various stakeholders:
- Providers: Reduced administrative burden, improved workflow efficiency
- Patients: Lower medication costs, improved adherence, better healthcare experience
- Pharmacists: Cleaner scripts, fewer callbacks
- Insurance companies/PBMs: Cost savings, reduced administrative work
- Integration with major EMR systems (Epic, Cerner, Athena, eClinicalWorks)
- Partnership with GoodRx for additional cost-saving options
- Success metrics: Switch rates more than twice the industry average
- Future developments:
- Automating downstream processes (e.g., prior authorizations)
- AI-driven adherence tool for patient-provider communication
- ArriveHealth's mission: Reintroducing consumer choice in healthcare and leveraging trust between patients and providers
Quotes:
"We measure success by how often they accept that. And we're seeing switch rates that are more than twice the industry average." - Kyle Kiser on measuring the impact of ArriveHealth's recommendations
"The most powerful leverage point to solve problems in healthcare is the trust that exists between patients and providers." - Kyle Kiser on the importance of trust in healthcare
Kyle’s Bio:
Kyle is Chief Executive officer at Arrive Health, the leader in delivering real-time cost and coverage data to decision-making workflows. In his role, he focuses on helping providers and care teams improve patient access, affordability, and outcomes while reducing administrative burden. By partnering with health systems, health plans, IT vendors, and pharmacy benefit managers, Arrive health enables transparency and better patient care nationwide.
Since 2013, Klye has helped grow the company from a vision to a reality, and has been at the forefront of some of the most transformational initiatives in healthcare. In particular, he has focused on projects that enable informed decision-making. His focus on interoperability has allowed partners to improve provider workflows and reduce medication costs for millions of patients. Kyle has helped develop incentive strategies for a country’s most innovative employers and led product launches with the nation’s largest payers. Prior to Arrive Health, he was a senior leader at Welltok, Catapult Health, and Principal Wellness Company.
Find Kyle:
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Wednesday Feb 26, 2025
Wednesday Feb 26, 2025
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:
Email: carrie.cook@revivefinancials.com
Connect With Us:
Schedule Strategy Session with Tracy
Thriving Practice Community Instagram
Friday Feb 21, 2025
Friday Feb 21, 2025
Does your team spend hours on repetitive tasks that drain their energy and pull them away from patient care? Software development expert William Velasco reveals how the right technology solutions can transform your practice operations without losing the human touch. With nearly two decades of experience helping businesses maximize efficiency, William shares practical insights on how practices can use smart systems to enhance both team satisfaction and patient experience.
In this value-packed conversation, we explore:
- Why many healthcare professionals get stuck doing repetitive, error-prone tasks that waste their talents
- How to identify opportunities for automation in your practice without compromising care quality
- The surprising truth about apps and why most practices don't actually need expensive native applications
- Real-world examples of how practices have transformed their operations with smart technology
- Why collaborative implementation is crucial for successful technology adoption
- The importance of choosing solutions that grow with your practice
- How self-service technology can improve patient engagement while reducing administrative burden
- Key considerations for selecting technology partners who prioritize your practice's success
Key Takeaways:
- Technology solutions should enable your team to work at their highest level, not replace human interaction
- The most successful implementations involve input from all team members, not just leadership
- Systems should be designed around your specific workflow, not forced to fit generic templates
- Practice owners need mental bandwidth for creativity and growth – automated systems can help create that space
Notable Quote:
"It's not only a really bad use of talent, but in some circumstances it becomes demoralizing and you find that a team member doesn't really have that joy for working anymore." - William Velasco
William’s Bio:
William is a visionary leader and the driving force behind Opencentric, a software company dedicated to empowering businesses to achieve sustainable growth through tailored digital solutions. With nearly 17 years of experience as its founder, he has been instrumental in crafting systems that streamline operations, eliminate inefficiencies, and allow teams to focus on what they do best.Under William's leadership, Opencentric has delivered impactful projects for high-profile clients, including HM Treasury, The British Council, and The International Baccalaureate, spanning diverse sectors such as government, education and finance. William is passionate about creating solutions that not only enhance operational efficiency but also empower teams to thrive by removing the burden of administrative overhead. His mission is clear: to build systems that foster innovation, productivity, and lasting success for organisations worldwide.
Find William:
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Wednesday Feb 19, 2025
Wednesday Feb 19, 2025
In this episode, we dive deep into the world of functional medicine with Dr. Cima, a chiropractor and functional medicine expert with decades of experience. Dr. Cima shares his journey and insights on becoming a "doctor of the future."
Key Topics:
- The three pillars of health: chemical, physical, and mental-emotional
- Understanding functional medicine and its holistic approach to wellness
- The importance of proper nutrition, especially protein intake
- Simple, actionable steps for improving overall health
- The concept of "listening to the doctor within"
- Rethinking traditional approaches to common health issues
- The role of blood chemistry analysis in functional medicine
- Balancing hormones and the neuroendocrine axis
- The impact of the diet industry on health perceptions
Highlights:
- Dr. Cima explains how functional medicine differs from traditional allopathic approaches
- Practical advice on increasing protein intake and its benefits
- The importance of having a purpose in life for mental and emotional well-being
- Insights on how blood chemistry analysis can reveal health trends before they become problems
- Discussion on the misconceptions about fat in diets and its importance for health
Quotable Moments:
- "Taking care of your health doesn't take time. It gives you a ton of time." - Dr. Cima
- "The closest you could ever get to God is to bring health to one's fellow man." - Socrates (paraphrased by Dr. Cima)
Action Steps for Better Health:
- Increase protein intake (consult with a healthcare provider for personalized advice)
- Develop a basic stretching routine
- Consider getting regular massage work
- Reflect on and develop your life's purpose
- Listen to your body's needs ("the doctor within")
For Healthcare Providers:
- Consider incorporating functional medicine principles into your practice
- Explore blood chemistry analysis for a more comprehensive view of patient health
- Educate patients on the importance of nutrition and lifestyle in overall health
Dr. Cima's Bio:
Dr. James Cima is a pioneering chiropractor whose journey into holistic healthcare began with his own healing experience. After suffering from debilitating back pain in his youth, he discovered the transformative power of chiropractic care. This personal experience, combined with his passion for healthcare, led him to pursue his education at Cornell University followed by New York Chiropractic College, where he graduated with honors.
Inspired by Thomas Edison's vision of the future of medicine, Dr. Cima has dedicated over four decades to developing comprehensive wellness programs that focus on nutrition, body mechanics, and disease prevention. As an accomplished author and educator, he has trained numerous healthcare professionals and written extensively on holistic health approaches. His expertise spans multiple disciplines, including nutrition, exercise physiology, and neuroendocrinology.
Today, Dr. Cima practices alongside his children, Dr. James Paul Cima and Dr. Natalie DeJesse, continuing his mission to promote optimal health through natural methods. A certified Titleist Performance Institute professional, he also helps golfers improve their game by optimizing their body mechanics. When not serving patients or advancing healthcare education, he enjoys spending time with his four children and eight grandchildren.
Find Dr. Cima:
Connect With Us:
Schedule Strategy Session with Tracy
Thriving Practice Community Instagram
Friday Feb 14, 2025
Friday Feb 14, 2025
In this snack episode of the Thriving Practice Podcast, Manager of Operations and PR, Miranda Dorta, turns the microphone around to interview our host, Tracy Cherpeski about the critical topic of private equity in healthcare. Through an unscripted and authentic conversation, Tracy shares valuable insights about the impact of private equity ownership on healthcare delivery, from small family practices to large specialty groups. Drawing from her extensive experience supporting healthcare providers, Tracy breaks down the fundamental differences between private equity and traditional practice ownership models, while offering practical strategies for independent practices to remain competitive in today's evolving healthcare landscape.
Memorable Quote: "As a business person, my mantra is if you're not making money, you have an incredibly expensive hobby. So you have to switch hats and be a business strategist and be the CEO." - Tracy Cherpeski
Episode Highlights:
- Understanding private equity's basic business model in healthcare and how it differs from traditional medical practice ownership
- Key strategies for independent medical practices to remain competitive without selling to private equity firms
- Alternative ownership models, including cooperative structures and multi-owner practices
- The implications of private equity's growth from $5 billion in 2000 to $100 billion by 2018 in healthcare investments
- Discussion of the challenges and risks associated with private equity ownership in healthcare delivery
- Insights into balancing profitability with quality patient care
Looking for a deeper dive into private equity in healthcare? Check out Episode 131 for Tracy's comprehensive analysis of this topic.
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Friday Feb 14, 2025
Friday Feb 14, 2025
In this episode of Thriving Practice, host Tracy dives into the world of digital marketing for healthcare and wellness practices with web design expert Samantha Mabe, founder of Lemon and the Sea. Samantha shares her wealth of knowledge on creating effective, patient-attracting websites specifically tailored for health practitioners. From the crucial elements of a professional medical website to the nuances of healthcare SEO, this episode is packed with actionable insights.
Discover why your website is more than just an online brochure - it's your practice's digital front door and often the first point of contact for potential patients. Learn how to optimize your site for both search engines and user experience, ensuring it not only attracts visitors but converts them into patients. Whether you're building your first website or looking to revamp your existing online presence, Samantha's expert advice will help you create a digital strategy that aligns with your practice goals and resonates with your target audience. This episode is a must-listen for any healthcare or wellness provider looking to thrive in the digital age.
Key Topics Covered:
- The importance of a professional website for healthcare and wellness practices
- Website accessibility and its legal implications
- SEO strategies for healthcare providers
- Mobile optimization for medical websites
- Balancing aesthetics with functionality in web design
Key Takeaways:
- Your website is your digital front office - it needs to make a great first impression.
- Start any website refresh by clearly defining your main goal (e.g., booking appointments, growing email list).
- Ensure your website is accessible to all potential clients.
- Check how your website looks on different devices, especially mobile.
- SEO is crucial for helping the right clients find you online.
Memorable Quotes:
"Do not put your practice name as the headline on your website because very few people are actually searching for the name of your practice." - Samantha Mabe
"We want to make sure that the user journey... makes sense for people and that they're following to the end point you want them to get to." - Samantha Mabe
Resources Mentioned:
- Page Speed Insights (Google's free tool for website analysis)
Thank you for listening to Thriving Practice. If you enjoyed this episode, please rate, review, and subscribe on your favorite podcast platform.
Samantha’s Bio:
Samantha Mabe is a creative director and website designer specializing in custom Squarespace and Kajabi websites for healthcare professionals and wellness entrepreneurs. Through her signature One-Week Website Design process, she helps practitioners like naturopathic doctors, chiropractors, and therapists transform their online presence into powerful marketing tools. A Pittsburgh native with a background in design and architecture, Samantha now calls Richmond, Virginia home, where she balances her creative work with family time alongside her husband and child.
Find Samantha:
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Wednesday Feb 12, 2025
Wednesday Feb 12, 2025
Dr. Rob Scranton introduces us to the concept of Infinite Banking, a 200-year-old strategy that could revolutionize how practitioners approach wealth building and financial security. Learn how you can become your own banker, recapture expenses, and create a stable financial future.
Key Points Discussed:
- Introduction to the Infinite Banking Concept (IBC)
- The benefits of creating your own banking system
- How to recapture expenses for major purchases like cars or practice equipment
- The historical success of this method among wealthy families
- Comparing IBC to traditional banking and investment strategies
- The importance of practitioners being in two businesses: their practice and banking
- How IBC can provide financial stability and growth
Highlights:
- Dr. Rob explains the concept of Infinite Banking
- Discussion on the legal aspects and history of whole life insurance policies
- How practitioners can benefit from creating their own banking system
- The importance of financial education and support in implementing IBC
Memorable Quotes:
"I believe everybody should be in two businesses: whatever it is that they do on a daily basis to pay their bills... and I believe they should also be in the banking business." - Dr. Rob Scranton
"Nobody ever lost money in a whole life insurance contract in the history of this industry." - Dr. Rob Scranton
Visit YourFinancialIQ.org to register for Dr. Rob's free masterclass and learn more about how you can implement the Infinite Banking Concept in your financial strategy.
Dr. Scranton’s Bio:
Dr. Robert Scranton is a former financial executive who teaches people how to use their current debts and expenses to grow their wealth outside of the traditional approaches. With his experience in accounting and finance, as well as his experience as the former chief financial architect of a cutting-edge financial firm, Dr. Robert has been able to help people all over the United States take advantage of the Infinite Banking Concept. He hopes to teach people how to recapture, reuse and recycle their own money over and over again so it stays inside of their family, instead of making other people rich.
Find Dr. Rob:
Connect With Us:
Schedule Strategy Session with Tracy
Thriving Practice Community Instagram