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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 Aug 23, 2023
Wednesday Aug 23, 2023
Welcome to Episode 106, a solo episode featuring your host, Tracy Cherpeski.
Tracy shares that despite the many benefits of owning a practice, there are some potentially serious downsides, including feeling isolated professionally.
Tracy discusses some of the risks as well as offering solutions or work-arounds to the isolation practice owners often experience.
Listen to learn how professional isolation can lead to:
- Loneliness and isolation.
- Decreased motivation.
- Limited skill development.
- Burnout and overwork.
- Communication challenges.
- Weakened professional relationships.
- Physical health implications.
Be sure to take notes as Tracy shares how to avoid isolation, including:
- Choose relationships to invest time and energy in.
- Clarify desired support and networking preferences.
- Join conferences, professional organizations, and online communities.
- Attend local events, seek referrals, and engage in mentorship programs.
- Consider advisory roles and committees for networking.
Building meaningful relationships is essential to counter isolation. Support from a strong network enhances professional growth. Prioritizing your personal well-being can build bridges to fulfill your potential.
To take our White Paper Survey, click here.
Tracy’s Bio:
Tracy Cherpeski, MBA, MA, CPSC, is an Executive Coach, Consultant, and Leadership Development specialist with over 20 years of experience. She is the go-to expert for private practice owners and their teams, teaching them how to optimize their time, master their mindset, and scale their practices. Tracy helps her clients take back their time and energy to start living a fulfilled life as a high-impact CEO. Tracy has shared her presentations with industry groups, non-profit organizations, government agencies, corporations, and associations. She is also host and executive producer of Thriving Practice podcast.
Connect With Us:
Schedule Strategy Session with Tracy
Wednesday Aug 09, 2023
Wednesday Aug 09, 2023
Have you ever considered that your big WHY, the deep connection you have to your values, can also be your North Star in building true wealth? In this episode, Tracy introduces you to Debra Schatzki, a seasoned financial advisor and wealth management strategist. Debra is a visionary who helps make dreams come true through meticulous planning and strategic collaboration.
Debra believes that true wealth goes beyond financial abundance. It's about embracing the two sides of the hand: service and impact on one side, and money on the other.
During the conversation, Debra shares powerful insights about the importance of having a deep WHY, a purpose that is connected to your core values. She encourages you to ask yourself what legacy you want to leave behind and what you want your grandkids to know about your journey. Get ready to redefine your concept of true wealth as Debra shares her wisdom and guidance. Join Tracy and Debra on this enlightening journey, and learn how to unlock your true wealth potential.
Highlights of our conversation:
- True wealth extends beyond financial abundance, encompassing the alignment of your values and aspirations.
- BPP Wealth takes a holistic approach to wealth management, focusing on both service/impact and financial aspects.
- Asking for what you truly want opens up possibilities and helps you align your goals with your core values.
- Health, wealth, and fun are the pillars of a fulfilled life, and they should be considered in wealth-building strategies.
- Debra Schatzki's book, "Chaos to Joy," shares inspiring stories of women who found transformation by asking for help, demonstrating the power of vulnerability and courage.
Debra’s Bio:
Debra helps clients fulfill their dreams. Debra Schatzski has been a professional in the wealth management business for more than 30 years. She started while in college working with her mother to create pension plans. In 1997, Debra created Financial Services in a Box, a financial planning model licensed to accounting firms. Simultaneously, she ran those accounting firms’ Financial Services and Investment Advisory divisions. In 2010, Debra founded her own consulting and registered investment advisory company, BPP Wealth Solutions, LLC.
Find Debra:
10% Savings for “Chaos to Joy” book
Connect With Us:
Schedule Strategy Session with Tracy
Thursday Jul 27, 2023
Thursday Jul 27, 2023
Welcome to Episode 104. In this solo episode, Tracy explores the transformative power of embracing an entrepreneurial mindset for provider-owners in the ever-changing healthcare landscape. Learn how this mindset can lead to innovative healthcare solutions, greater autonomy, higher financial rewards, and a more fulfilling career.
Listen to learn:
The Benefits of Embracing an Entrepreneurial Mindset
Attributes of Entrepreneurs
How our client created two additional streams of income without working more
The Gardener's Approach: Nurturing Ideas and Opportunities
How to Develop the Entrepreneurial Mindset
Embracing an entrepreneurial mindset complements medical expertise and leads to a thriving practice that positively impacts patients and the community.
Take the opportunity to participate in the white paper survey to contribute to the understanding of the unique challenges faced by provider-owners.
Remember, Thriving Practice is here to support you in making a lasting impact on your patients' lives and your community. See you next time!
Help us with our white paper research! Click here to take our survey.
Resources Mentioned:
“The Big Leap” by Gay Hendricks (we recommend you support your local independent book store. Check out https://bookshop.org/ if you prefer buying online)
Tracy’s Bio:
Tracy Cherpeski, MBA, MA, CPSC, is an Executive Coach, Consultant, and Leadership Development specialist with over 20 years of experience. She is the go-to expert for private practice owners and their teams, teaching them how to optimize their time, master their mindset, and scale their practices. Tracy helps her clients take back their time and energy to start living a fulfilled life as a high-impact CEO. Tracy has shared her presentations with industry groups, non-profit organizations, government agencies, corporations, and associations. She is also host and executive producer of Thriving Practice podcast.
Connect With Us:
Wednesday Jul 12, 2023
Wednesday Jul 12, 2023
Carol Bowser, founder of Conflict Management Strategies joins us today. We delve deeply into the art of conflict management and how it intertwines with workplace culture. We explore strategies for preventing conflicts, navigating through difficult conversations, and fostering a healthy and inclusive environment where individuals feel valued and respected.
Throughout the episode, Carol drops platinum wisdom bombs, and practical tips, personal anecdotes, and immediately actionable advice for leaders and their teams to navigate conflicts effectively, and create a healthy workplace culture.
We discuss the role of effective communication, the importance of empathy and active listening, types of open-ended questions to ask, and the power of collaboration in resolving conflicts and building stronger teams.
Carol shared an acronym to help navigate conflict:
S.O.A.P.
Subjective (how am I thinking about this situation?)
Objective (what are the facts/what’s really happening?)
Assessment (what’s the effect on me, the practice, my team?)
Plan (put a reparative plan in motion/build and put a preventative plan in place)
Read the full show notes on our website.
Throughout the episode, Carol drops platinum wisdom bombs, practical tips, personal anecdotes, and immediately actionable advice for leaders and their teams to navigate conflicts effectively, and create a healthy workplace culture.
We discuss the role of effective communication, the importance of empathy and active listening, types of open-ended questions to ask, and the power of collaboration in resolving conflicts and building stronger teams.
Carol’s parting wisdom is:
- Understand that how you view micromanagement, conflict and good leadership is going to be different from how others view it.
- How people say they want to be managed may be very different from how they need to be managed.
- Be crystal clear in communicating whether your communication expectations are guidelines (negotiable, open to interpretation) or ground rules (not negotiable, set)
Bio:
Carol Bowser, J.D is a workplace conflict expert. After practicing Employment Law for several years, Carol founded Conflict Management Strategies when she realized a lawsuit can’t deliver the level of resolution and satisfaction that is gained when people are actively involved in creating solutions to their workplace conflict.
Carol’s clients come with a wide range of employers because conflict is universal across all industries and types of organizations. Where there are people, there is conflict. The key is to help people recognize and address conflict before it damages working relationships and creates organizational drag. In her over 20 years of experience, she has discovered some universal themes about workplace conflict and loves to share how people at all levels can strengthen their conflict resolution muscles.
Find Carol:
Connect With Us:
Schedule Strategy Session with Tracy
Wednesday Jun 28, 2023
Wednesday Jun 28, 2023
Welcome to Episode 102. Today Tracy’s going solo and sharing how you can manage and overcome overwhelm as a provider-owner.
The healthcare industry is facing a major burnout crisis, with high levels of stress and overwhelm. The negative stigma around mental health keeps a lot of providers from seeking professional help with the mental and emotional stress they experience.
Listen to learn more:
- The healthcare industry is facing a burnout crisis, with high levels of stress and dissatisfaction among physicians.
- Female physicians, in particular, experience higher rates of burnout.
- The fear of stigma and potential professional consequences prevents many physicians from seeking mental health treatment.
- Physician burnout has significant financial costs, over US$6 Billion, including recruitment and replacement expenses, and there is projected to be a shortage of 122,000 physicians by 2032.
- Work-life integration, regulatory and insurance requirements, and other factors contribute to overwhelm and burnout among healthcare providers.
Tracy shares the Time Delegation Quadrant that she teaches her clients to take back time and energy, and to streamline how they prioritize.
Quadrant A is for items to complete today; B is for items to complete this week; C is for longer-term projects, and D is for Do it (now), Delegate it (to your capable team) or Delete it because it is not important. To start using the Time Delegation Quadrant and other helpful time and priority management tips, you can download our guide at https://www.tracy cherpeski.com/quadrant
Resources in this episode:
Study Referenced on Physicians and Burnout
Episode 98: The Myth of Work-Life Balance
Episode 101: Conquering Burnout Roundtable
Connect With Us:
Schedule Strategy Session with Tracy
Wednesday Jun 14, 2023
Wednesday Jun 14, 2023
In this episode of Thriving Practice, host Tracy Cherpeski invites you to listen to a captivating roundtable discussion featuring two expert guests: Justin Maxwell, a tax and wealth strategist, and Dr. Yishai Barkhordari, a psychologist and therapist. Together, they explore effective time leadership and optimizing energy for healthcare professionals facing the unique challenges of building a business, providing excellent care, and staying on top of their professional game.
The episode begins by acknowledging the prevalent issue of burnout among medical and dental practice owners, resulting from the high demands and stress of running a healthcare practice. However, the discussion goes beyond merely talking about burnout and delves into actionable strategies to avoid or recover from it while leading a successful practice and maintaining a fulfilling life outside of work.
Justin Maxwell brings his expertise in navigating the financial journey of practice owners, offering insights on optimizing resources and achieving long-term success. Dr. Yishai Barkhordari contributes valuable knowledge as a psychologist and therapist specialized in working with driven professionals. He provides guidance on maintaining wellbeing and excelling in one's career amidst the challenges faced by healthcare provider-owners.
For healthcare provider-owners seeking guidance on achieving a healthy work-life balance without compromising success or well-being, this episode offers a wealth of wisdom and actionable advice from the experts.
Expert Guests:
Justin Maxwell, a tax and wealth strategist to practice owners.
Dr. Yishai Barkhordari, a psychologist and therapist to driven professionals
Connect With Us:
Wednesday May 31, 2023
Wednesday May 31, 2023
EP 100: From Success to Future with Tracy Cherpeski
Celebrate episode 100 with us! Tracy takes a rearview mirror look at the last 2 ½ years of podcasting, highlighting several episodes that have stood out to her for a variety of reasons. She also shares why a bloopers reel was not on the table for this episode.
Episode that surprised her: EP 78: Psychedelics for Everyone with Matt Zemon
Episode where she learned something new: EP 85: A New Frontier: Regenerative Medicine with Jeremy Pont
Episode that inspired her: EP 92: Revolutionary Relational Dental Hygiene with Erika Flateau
Episode that blew her mind: EP 93: Increased Efficiency with Tech Solutions with Jonathan Chen
Join us in two weeks as Season 6 launches, starting with EP 101: Combatting Burnout: a Roundtable Discussion with Justin Maxwell and Dr. Yishai Barkhordari.
Other topics to look forward to in Season 6:
- Provider well-being
- Leadership and practice management
- Medical Ethics and legal considerations
- Entrepreneurship (in the context of private practice)
- Treating patient care like a hospitality business, and much more
Bio:
Tracy Cherpeski is the President and CEO of Tracy Cherpeski International, a coaching and consulting firm that helps healthcare practice owners and their teams grow their practices while protecting their most precious assets: their time and energy.
Schedule Your Free Practice Assessment Strategy
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Wednesday May 17, 2023
Wednesday May 17, 2023
Welcome to episode 99 of Thriving Practice, THE business podcast for medical, dental and healthcare practices where we help provider-owners grow their business and take back their time.
You’re in for a treat today. L2 shares her insights and wisdom, starting with the fact that there are no practices without operational needs. In other words, every single practice will have operational needs and would benefit from expert support.
Highlights:
When you bring in experts in their area to support your practice, you empower yourself to become a better decision maker and practice leader.
The decision to grow and scale or stay smaller - how neither is a wrong choice. Being extremely intentional in your choice is key.
L2 is sharp and engaging, and I know you’ll want to take notes. Also, follow her on LinkedIn for her refreshing, deep and powerful stories and insights.
Lauren’s parting wisdom is:
- The way it’s always been done, doesn’t make it the right way to do it.
- Trust your gut for the next moves.
- It’s perfectly acceptable to have a non-traditional medical career.
Bio:
Lauren "L2" Howard, President and CEO of ElleTwo and VirtuELLE Health, specializes in clinical operations, healthcare technology, and helping women redefine professionalism.
At VirtuELLE Health, L2 marries her experiences to provide infrastructure design, market fit insights, implementation strategies, growth models and more to healthcare and allied healthcare companies. She works with groups around the globe to help direct strategy and advise on growing digital health technologies and programs in a post-pandemic world.
Through the re-launched ElleTwo, L2 will lift up the voices of women, provide resources for growth, and community for support to anyone looking to redefine professionalism for themselves.
Find Lauren:
Connect With Us:
Schedule Strategy Session with Tracy
Wednesday May 10, 2023
Wednesday May 10, 2023
Welcome to Episode 98. Tracy is sharing about the myth of work-life balance, and how you can start to look at it differently, starting with your mindset around what “balance” means.
Learn the difference between work-life balance and work-life integration, and hear how Tracy teaches her clients to embrace the metaphor of harmony rather than balance or equilibrium.
Think about your favorite soothing music. It’s got beautiful harmonies and it works. If one of the instruments or singers is out of tune, it creates a kind of friction that’s hard to listen to, especially if it lasts through the whole song or an entire symphony. The same is true in life.
Tracy walks you through the five steps of the cycle of work-life balance, and references a study by Harvard Business Review.
The five steps of the cycle of work-life balance (harmony):
- Pause and denormalize
- Pay attention to your emotions
- Reprioritize
- Consider your alternatives
- Implement changes
Tracy shares client stories and the methods she teaches clients to create their own framework and system to create work-life harmony on their terms.
Schedule Your Free Practice Assessment Strategy
Resources & References:
The myth of ‘work-life balance’ is a generational illusion (Fortune)
Work-Life Balance Is a Cycle, Not an Achievement (Harvard Business Review)
Importance of a Work-Life Balance
Work-life balance – Managing the interface between family and working life
Work-Life Balance (Mental Health America)
Work-Life Integration vs. Work-Life Balance (US Chamber of Commerce)
Bio:
Tracy Cherpeski is the President and CEO of Tracy Cherpeski International, a coaching and consulting firm that helps healthcare practice owners and their teams grow their practices while protecting their most precious assets: their time and energy.
Schedule Your Free Practice Assessment Strategy
Connect With Us:
Schedule Strategy Session with Tracy
Wednesday May 03, 2023
Wednesday May 03, 2023
Welcome to Episode 97. Today Tracy is talking about how to decrease turnover and increase staff retention.
With turnover at over 26% overall in healthcare, it is no small wonder it’s top of mind for practice owners. Tracy breaks down how to take three simple (but not necessarily easy) steps to improve morale and staff retention.
Some of the primary reasons for turnover are:
- Staff is overworked
- Work environment is stressful
- Lack of decision-making power
- Lack of recognition and direction from the top
This episode focuses on the last reason: lack of recognition and direction from the top. All are important, though in her experience in over 12 years of coaching and consulting clients, focusing on one area can often be supportive of addressing other sticky areas in need of attention.
Here are the three ways to improve employee retention:
- Get clear about what you want for your practice.
- Communicate your vision with your team.
- Follow up like the wellbeing of your practice and team depend on it, because they do.
Tracy shares a personal story and a client story, so make sure to listen closely and take notes.
Schedule Your Free Practice Assessment Strategy
Bio:
Tracy Cherpeski is the President and CEO of Tracy Cherpeski International, a coaching and consulting firm that helps healthcare practice owners and their teams grow their practices while protecting their most precious assets: their time and energy.
Connect With Us:
Schedule Strategy Session with Tracy