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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 04, 2024
Wednesday Sep 04, 2024
In this informative episode of Thriving Practice, host Tracy Cherpeski interviews Marvin Musick, a Medicare education expert, to demystify the complexities of Medicare for practice owners and patients alike. Marvin shares valuable insights on making informed decisions about Medicare options, the importance of supplemental plans, and how these choices impact both healthcare providers and patients.
Key Points:
- Understanding Medicare options: Original Medicare with supplemental plans vs. Medicare Advantage plans
- The importance of educating yourself about Medicare before making decisions
- How Medicare choices affect healthcare providers and their practices
- Considerations for small business owners regarding employee health coverage
- The benefits of Medicare supplemental plans for both patients and providers
- The impact of high-income earners on Medicare premiums
- The portability and nationwide coverage of Medicare supplemental plans
- The importance of timing when enrolling in Medicare
- Resources for Medicare education, including Marvin's Medicare School
Notable Quotes:
"Don't make any decisions until you really understand what you're doing because your choice is gonna have consequences." - Marvin Musick
"We're not trying to sell something. Although we write plans, that's how we make our living. But the platform is all about understanding." - Marvin Musick on Medicare School
Resources Mentioned:
- Medicare School YouTube channel: medicareschool.com
- Medicare Mondays on Facebook Live
- Thriving Practice Community: thrivingpracticecommunity.com
Marvin’s Bio:
MARVIN MUSICK and his son, Joshua, co-founded MedicareSchool.com
in 2009. Their mission: to offer unbiased and education-centric services
to those approaching Medicare enrollment. As a nationally sought-after
speaker and expert in Medicare, Marvin has empowered over 100,000
individuals by providing clear guidance and facilitating enrollment in the
most suitable Medicare plans.
Witnessing numerous people grappling with conflicting advice and
overwhelmed by information overload on Medicare, Marvin is committed
to an education-first approach. He strives to demystify the complexities,
ensuring clients comprehend their options without any pressure to purchase.
Through MedicareSchool.com, Marvin and his team of licensed Medicare
guides aim to liberate individuals from the confusion surrounding Medicare,
empowering them with knowledge and guidance for a worry-free retirement
through optimal Medicare plans.
Find Marvin:
Twitter @marvin_musick
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Wednesday Aug 21, 2024
Wednesday Aug 21, 2024
In this eye-opening episode, we dive deep into the challenges facing American families today, going beyond breastfeeding to explore the critical need for comprehensive family support policies in the United States. We examine the benefits of breastfeeding, but also address the systemic barriers that prevent many parents from making this choice.
Key Topics Covered:
- The benefits and challenges of breastfeeding
- The stark reality of paid parental leave in the US compared to other countries
- The rising costs of childcare and its impact on families
- The staggering healthcare expenses for American families
- How companies like IKEA are stepping up to support their employees
- The urgent need for policy changes to support families
Key Statistics:
- Only 55.8% of infants are still breastfed at 6 months
- The US is the only wealthy nation without nationwide paid parental leave
- Average annual cost of childcare: $13,000 per family
- Average health insurance cost for a family of four: $23,968 per year
- Healthcare premiums have increased by 22% over the past five years
Featured Example:
We highlight IKEA's recent efforts to support their workforce, including wage increases, improved parental leave benefits, flexible work arrangements, and innovative retention strategies.
Call to Action:
We encourage listeners to advocate for family-friendly policies, support businesses that prioritize employee well-being, and stay informed about proposed legislation that could impact families.
Resources Mentioned:
- American Academy of Pediatrics breastfeeding recommendations
- UNICEF report on child-care policies in wealthy nations
- Center for American Progress research on childcare costs
- Kaiser Family Foundation data on healthcare costs
Join us as we explore how investing in families through paid leave, affordable childcare, and healthcare reform can transform America and create a more supportive environment for all families.
Tracy’s Bio:
Tracy Cherpeski is a Business Consultant and Executive Coach. She supports her clients in taking back their time ad scaling this practices without sacrificing their well-being. Tracy’s consulting and coaching programs help her clients master strategic planning, leadership and mindset. She believes in people’s unlimited potential and loves celebrating the success of her clients and their teams.
Tracy founded Tracy Cherpeski International in 2011 and Thriving Practice Community in 2024, and serves clients all over the world. She is the host and Executive Producer of the Thriving Practice podcast.
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Wednesday Aug 07, 2024
Wednesday Aug 07, 2024
Welcome to our latest episode where we dive deep into the complexities and triumphs of effective team management within a healthcare practice. Whether you’re a seasoned practitioner or new to the business side of healthcare, today’s discussion will illuminate the path to enhanced performance through strategic delegation.
Here are the key takeaways from our conversation:
- The Dilemma of Practice Owners: We open up about the common challenges faced by healthcare practitioners in managing their practices, especially for those without formal business training. Balancing clinical work with the demands of running a business can be overwhelming.
- The Delegation Crossroad: Learn about the pivotal moment when practitioners must choose between personal management of all tasks and the necessity of delegation. We discuss how to recognize this turning point and why it’s crucial for the growth of the practice.
- Seeking Professional Help: The discussion highlights the importance of seeking professional help and the advantages it brings to practice management. We share insights on how to find the right support and the impact it has on business operations.
- From Outsourcing to Recruiting: Follow the evolution of delegation from initial outsourcing to the strategic recruitment for key positions within the company. We talk about identifying which roles need to be filled in-house to ensure the best possible outcomes.
- Identifying Core Business Needs: Discover how to pinpoint what’s essential for keeping your practice open and thriving. We discuss the process of identifying core needs and aligning your team’s skills with those needs.
- Encouraging Community Feedback: Finally, we emphasize the value of community involvement and feedback in improving healthcare practice management. Learn how to create channels for feedback and why this can be a game-changer for your practice.
Whether you’re grappling with the challenges of managing your practice or looking to refine your approach to delegation, this episode offers valuable insights and actionable advice. Join us as we explore the keys to assembling a stellar team and setting your practice up for enduring success.
Casey’s Bio:
Casey Gromer is a 20-year business and marketing expert. As an MBA, she is widely regarded as a go-to source for visionary women entrepreneurs who dream of building businesses to run without them. Casey is host of Female Founders Breaking Boundaries podcast where she encourages women to ditch traditional, male-dominated business advice in favor of more realistic, workable ways of running their business
while still achieving success.
As founder of C-Suite Boutique, Casey and her team currently serve women entrepreneurs as Fractional Integrators. Under their leadership, clients have scaled their businesses while working less and spending more time doing things they love. The industries supported include services, health / wellness, retail, e-commerce, and manufacturing.
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Wednesday Jul 24, 2024
Wednesday Jul 24, 2024
Episode Summary:
In this eye-opening episode, host Tracy Cherpeski explores the growing influence of private equity firms in healthcare and its potential consequences for patient care, medical practices, and the overall healthcare system.
Key Points:
- Overview of private equity's increasing role in healthcare
- Case studies: Anesthesiology practices in Colorado and nursing homes
- Impact on patient care, prices, and physician burnout
- Regulatory responses and policy changes
- Strategies for independent practices to thrive
Highlights:
- Private equity firms have invested over $1 trillion in healthcare in the past decade
- Study shows 20,000 more deaths in PE-owned nursing homes over 12 years
- Example of USAP in Colorado raising prices and affecting physician retention
- Regulatory efforts including increased transparency and antitrust scrutiny
- Tips for maintaining independent practices and prioritizing patient care
Call to Action:
Independent practice owners feeling pressure from market consolidation are invited to schedule a strategy call with Tracy at PracticeSuccess.co to explore alternatives to selling their practices.
Resources Mentioned:
- Thriving Practice Community: ThrivingPracticeCommunity.com
Quote:
"In healthcare, independence isn't just about ownership. It's about the freedom to always put patients first." - Tracy Cherpeski
Tracy’s Bio:
Tracy Cherpeski, MBA, MA, CPSC, is a Business Consultant and Executive Coach. She helps her clients take back their time and scale their practices without sacrificing their wellbeing.
Tracy’s consulting and coaching programs help her clients with strategic planning, leadership and mindset mastery. She believes in the unlimited potential of people, and loves to celebrate the success of her clients and their teams.
Tracy founded Tracy Cherpeski International in 2010, and Thriving Practice Community in 2024, and serves clients all over the world.
Tracy's biggest WHY - her two beautiful children, who inspire her to reach higher and further every day. She lives with her family in Chapel Hill, NC, and serves clients around the world.
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Wednesday Jul 10, 2024
Wednesday Jul 10, 2024
Welcome to another episode of Thriving Practice. Today we’re diving into the heart of dentistry, both as a profession and a passion. Our expert guest Kirk Teachout helps us understand the nuanced theme of setting boundaries and managing challenging relationships in the close-knit fabric of a dental practice. Mastering this is one of the main keys to building a 7 figure dental practice while not working more.
Here are the key points we covered:
- The Boundary Blueprint - Our episode kicks off by examining why establishing clear boundaries is crucial in a dental practice, particularly in a tight-knit community. We discuss strategies for defining and maintaining these boundaries for the well-being of your staff, your patients, and yourself.
- Reputation and Relationships - Kirk touches on the intricate dance between maintaining a positive reputation and confronting difficult individuals. How does one balance the need for a good community standing with the imperative to stand up for the practice’s values?
- Selective Patient Policy - We highlight the concept of aligning patient selection with the core values of the practice. What does this look like in practice, and how can it contribute to a healthier, more harmonious work environment?
- Growth Through Discomfort - Embracing discomfort is not often talked about, but it’s essential for personal and professional development. We explore how facing difficult situations can lead to growth, and why it’s a valuable skill to cultivate in any practice.
- Conclusion and Reflections - We wrap up the episode by reflecting on the overarching message: the importance of boundaries, courage, and growth in the world of dentistry.
You don’t need to be a dentist to gain wisdom from this episode. Learn to empower yourself by getting clear about your ideal vision, patients, practice and team.
Kirk’s Bio:
Kirk Teachout is a business coach, serial entrepreneur, and bestselling author. With the launch of his latest venture, "The Seven Figure Dentist" program through IV Quarter Coaching, he now unlocks secrets of dental practice management. His diverse experience across multiple industries has armed him with invaluable insights and tactics that ensure personal and professional growth. Teachout aims to empower other dental practice owners to realize similar successes. His four pillars—culture, team, systems, and schedule—are the secrets to successfully scaling dental practices without burning out.
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Wednesday Jun 26, 2024
Wednesday Jun 26, 2024
Welcome to today’s solo episode, where Tracy explores the heart of healthcare entrepreneurship and the pivotal role of the Thriving Practice Community in empowering practice owners. In a landscape where physician practice ownership is dwindling, and the allure of entrepreneurship is overshadowed by the daunting challenges of operational management and burnout, the discussion today centers on a beacon of hope and guidance for healthcare practitioners.
Main Themes:
- Decline in Physician Practice Ownership: Tracy kicks off the episode by addressing the concerning trend reported by the American Medical Association, highlighting the shift from entrepreneurship to employment among new physicians. What’s driving this change, and what can be done to reverse the tide?
- Challenges Facing Healthcare Entrepreneurs: Tracy navigates through the rough waters of the healthcare industry, focusing on the lack of business training, operational burdens, and the looming shadow of burnout. These factors not only threaten the sustainability of independent practices but also impact the quality of patient care.
- The Role of the Thriving Practice Community: Discover how this dedicated community is making strides in supporting healthcare practice owners. From business consulting to leadership masterclasses, we explore the suite of solutions aimed at bridging the gap between medical expertise and business acumen.
- Unlocking Potential Through Innovation: Tracy dives into the insights from our recently released white paper “Unlocking the Potential of Health Care Practices.” Learn about the importance of tailored business education, the power of peer support, and how effective use of technology and outsourcing can revolutionize practice management.
- Creating a Supportive Ecosystem: The episode highlights the community’s initiative to launch a platform for networking, idea exchange, and collaboration. This segment sheds light on how fostering a supportive ecosystem can lead to professional development, enhanced patient care, and, ultimately, entrepreneurial success.
- Access to Resources: Lastly, Tracy shares how joining the Thriving Practice Community can open doors to executive coaching, workshops, and a network of peers, all designed to empower healthcare leaders to take control of their practices, become outstanding leaders, and positively impact the healthcare industry.
Closing Thoughts:
In wrapping up, Tracy reflects on the critical need for resources, support, and community in navigating the challenges of healthcare entrepreneurship. The Thriving Practice community stands out as a lighthouse for those seeking to grow their practices while maintaining a healthy work-life balance and contributing to the betterment of the healthcare system.
Don’t miss this enlightening discussion on the path to thriving in healthcare entrepreneurship, right here on our podcast. Join Tracy as she uncovers the keys to unlocking the full potential of private healthcare practices, fostering a new era of independent practice owners who are as savvy in business as they are in medicine.
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Wednesday Jun 12, 2024
Wednesday Jun 12, 2024
In today’s episode, we dive into the invaluable insights from Carl White, founder of MarketVisory Group, a healthcare marketing agency that zeroes in on the importance of personal connections and the pivotal role of patient relationships in the growth of private practices.
Main Themes:
- The Essence of Ownership and Knowledge: Carl White emphasizes the crucial need for healthcare providers to not only own their practices but to also have a deep understanding of key financial metrics. Regular monitoring of profitability is not just recommended; it’s deemed necessary for sustained success.
- Marketing as a Growth Catalyst: The conversation sheds light on marketing’s indispensable role in drawing patients and achieving set growth targets. It’s not just about getting the word out; it’s about enhancing the patient experience through intentional marketing efforts and community engagement.
- Differentiation and Value Proposition: Success in today’s competitive healthcare market demands differentiation. MarketVisory Group stresses the importance of identifying and leveraging unique strengths to offer a clear value proposition to patients.
- The Challenges of Transparency and Trust: Building trust with potential patients involves a commitment to transparency, authenticity, and integrity. The unpredictable nature of marketing outcomes and the patience required to see the results of campaigns are also discussed.
- The Balance Between Consistency and Adaptability: Marketing is portrayed as a delicate balance, requiring both consistency in efforts and adaptability to change. The episode explores how practices can maintain this balance to stay ahead.
- Choosing the Right Marketing Partner: With a plethora of marketing strategies and agencies out there, Carl White advises on the importance of being discerning in selecting a marketing partner that aligns with the practice’s values and objectives.
Conclusion: Carl White’s perspective is a compelling reminder of the importance of personal connections, understanding the financial underpinnings of a practice, and the strategic use of marketing to foster growth. This episode is a must-listen for healthcare providers looking to navigate the complexities of marketing in today’s competitive environment.
Stay tuned for more insightful discussions on the business of healthcare and growth strategies, right here on Thriving Practice.
Carl’s Bio:
Carl White, founder of MarketVisory Group, focuses on helping private practices in healthcare stay private. Carl has over 20 years of experience doing marketing in healthcare. For much of his career he worked at Baxter and Hollister. In 2017 he launched MarketVisory Group so he can broaden his reach and work with a wide variety of doctors, clinicians, and patients. Carl is a Duct Tape Marketing Certified Consultant. He lives in Northbrook, IL.
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Download our White Paper: A Business Blueprint for Practice Owners
Wednesday May 29, 2024
Wednesday May 29, 2024
In this solo episode, host Tracy Cherpeski gets candid about the importance of healthcare entrepreneurs safeguarding their own mental and emotional well-being in order to show up fully for their patients, lead their teams effectively, and build sustainable, profitable practices.
As Tracy shares, the common entrepreneurial struggles of burnout, overwhelm, and lacking work-life balance are amplified in the healthcare space due to the highly emotional and demanding nature of patient care. However, doing the inner work of personal development, self-care, and healing isn't just vital for the practice owner's health - it allows them to bring more empathy, presence and impact to every patient interaction.
Tracy explores the truth that "healed people heal people" and why incorporating complementary, mindfulness-based modalities like energy work, sound healing, and breathwork into the practice can be incredibly beneficial on multiple levels:
For Patients:
- Creates a relaxing, sensory-based experience to counteract "white coat syndrome"
- Enhances receptivity to primary treatment protocols
- Provides holistic, integrative offerings that many patients are seeking
For Practice Owners:
- Additional revenue stream from offering complementary services
- Immersing in these practices provides nervous system regulation
- Deepens capacity for grounded presence during patient interactions
- Supports longevity and resilience by preventing burnout
The episode closes with a call to action for practice owners to book a consultation call with Tracy to explore certifying in an integrative modality, adding practitioners to their staff, or developing an overall strategy for prioritizing mental/emotional self-care. As Tracy emphasizes, investing in your inner wellbeing is the greatest gift you can give your patients and your business's success.
Episode Summary:
- The importance of healthcare entrepreneurs caring for their mental health
- How practice owners' personal healing impacts patient care
- The benefits of offering integrative, mindfulness-based services
- Generating an additional revenue stream through complementary modalities
- Using breathwork, energy work, etc. for practice owners' self-care
- Call to action to book a consultation call on this topic
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Wednesday May 15, 2024
Wednesday May 15, 2024
Welcome to another episode! Today we’re speaking with Maureen Clancy, a licensed clinical social worker and group practice owner who specializes in working with women, queer, and nonbinary individuals who have suffered childhood trauma.
Maureen shares how alternative healing modalities can support both your patients and clients and your business.
Challenging Conventional Therapy:
- Encouragement for therapists to question their hesitations about alternative healing methods.
- The impact of institutional pressures, white supremacy, and licensing board concerns on therapeutic practices.
Licensing and Insurance Constraints:
- How these factors influence therapists’ approach to treatment.
- The importance of ethical and legal considerations in adopting alternative payment methods.
Acceptance of Alternative Healing Modalities:
- Discussion around the lack of mainstream acceptance for practices like mindfulness and Reiki.
- The role of informed consent when integrating these practices into therapy.
Therapists’ Resistance vs. Client Demand:
- Recognizing the conflict between clinicians’ concerns over licensure and clients’ preferences for integrative approaches.
- Building trust through the inclusion of alternative healing methods.
Integrating Services for Practice Growth:
- Sharing positive experiences and insights on combining therapy with services like Reiki.
- Suggestions for therapists to package alternative healing with traditional therapy for revenue enhancement.
Non-Linear Healing and Comprehensive Packages:
- Considering the non-linear nature of healing, especially for trauma survivors.
Healing and the LGBTQ Community:
- Acknowledging the growing support for the LGBTQ community in the US.
- The belief that individuals who have healed can better support others in their healing journey.
Remember to subscribe and tune in for more discussions on the intersection of traditional and alternative healing in the world of therapy.
Maureen’s Bio:
Maureen Clancy is a licensed therapist and trauma expert with 20 years of experience, specializing in helping women navigate significant life changes and childhood trauma. She is the creator of the Gate Passages Framework, a structured, bottom-up approach to trauma healing and life transitions. Certified in EMDR and trained in Sensorimotor Psychotherapy, Internal Family Systems, and AEDP, Maureen integrates Reiki, Tarot, and flower essences into her therapeutic practice for a holistic approach to healing.
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Wednesday May 08, 2024
Wednesday May 08, 2024
Welcome to another episode of Thriving Practice. Today we’re taking a slight departure from the “norm” and talking with Julie Ann Otis, Founder of Samana Healing, somatic healer and practitioner educator. We’re diving into the serene world of alternative therapies and the enchanting New England charm. Join us as Julie Ann shares their love for Boston, the ocean, and how these elements intertwine with their unique approach to healing and wellness.
We discuss:
Alternative Therapies: The conversation takes us through a journey of alternative healing practices such as energy healing, shamanic journeying, somatic therapy, and spiritual healing, exploring their growing acceptance in modern healthcare.
Integrating Spirituality and Medicine: We discuss the increasing openness to incorporating spirituality into healing, and how body-related experiences are gaining credibility alongside traditional medicine.
Beyond Talk Therapy: Julie Ann shares insights into how clients often seek out their alternative therapies after finding limited results with conventional talk therapy, and how they facilitate a shift in focus towards creating a fulfilling life.
Intuitive Intelligence: Emphasizing the power of intuition, Julie Ann explains the importance of letting feelings guide decisions, particularly in healthcare, and how this intuitive approach can be transformative.
Practitioner’s Motivation: We discuss the heartfelt reasons why practitioners are drawn to start their own healing practices, aiming to bring about change on a soulful and emotional level.
Client Transformation: The concept of a “fairy godmother wish list” is introduced as a tool for clients to define their goals, leading to rapid expansions in identity and purpose.
Global Reach Through Technology: With the use of technology, Julie Ann celebrates being able to connect with clients worldwide, highlighting the importance of intercultural exchanges in the healing process.
Inspirational Travels: Julie Ann recounts travel experiences, particularly in Bali, that have significantly influenced their practice in energy healing and opened them up to new realities.
Quantum Physics Meets Intuition: A fascinating discussion on how the principles of quantum physics intertwine with intuitive practices within the field of alternative therapy.
To wrap up, Julie Ann reminds us to weave humor into our daily interactions and reflects on the mysterious draw that brings clients to them, suggesting a greater force at work in the healing journey.
Julie Ann’s Bio:
Julie Ann Otis is a metaphysician, shamanic practitioner, and wiseass. They offer somatic therapy and energy healing as pathways to radically shift reality. Julie Ann founded Samana Healing in 2014 with the mission of empowering people to radically change their reality. “Ease. for. every. body.” has been the message they have brought forth in their teachings and healings. As our planetary transformation unweaves the spells of domination and separateness, Julie Ann offers expert guidance in unwiring old systems from our individual experience and in relationship. They teach a broad toolkit of practices including energy healing, shamanic journeying, creative visualization, meditation, applied metaphysics, and somatic therapy. In addition to their therapeutic work with individuals and couples, Julie Ann offers a two-year training for healers, coaches, and therapists who wish to deepen and broaden their energetic and somatic toolkits.
Julie Ann brings to their practice 20 years of experience in Buddhist psychology, vipassana and metta meditation practices, creative practice, and body-mind integration work. Their ecstatic spiritual awakening in 2011 and the subsequent unfolding of their life’s work have given them first-hand evidence of our collective spiritual guidance as we heal ourselves and our planet. Julie Ann is grateful for their remarkable teachers around the globe including Seven Stones Leadership, the Focusing Institute, Spirit Rock Meditation Center, Insight Meditation Society, Cambridge Insight Meditation Center, the Contemplative Dance Community, and Dell'Arte International. A staunch advocate for the healing power of somatic exploration and healing through art, Julie Ann has created art installations for the Institute for Contemporary Art Boston, Boston Center for the Arts, the American Repertory Theater, the City of Boston, and Harvard University. They have also published three volumes of poetry and performed at poetry festivals in Mexico, Honduras, Peru, and the United States. More information at www.julieannotis.com.
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