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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 Apr 26, 2023
Wednesday Apr 26, 2023
Have you ever thought of emotional agility and surrender as the hidden business breakthrough secrets?
Today’s guest is Dr. Matthew Norton, a leadership and team culture coach serving business owners who want to increase profitability, and are open to doing that through improving the people aspect of their business.
Matthew shares stories of loss of life and purpose, and how to reconnect, or connect for the first time, with our own unique genius. He describes his “Core Four” assessments, and likens them to the different languages we all speak:
- Action Approach
- Cognitive Styles
- Inspiration Sources
- Emotional Agility
He says the last assessment, your emotional agility, is the most critical to your ability to lead.
We talked at length about one of my favorite topics: mindset, and Matthew shared some resources that we’ve linked in the show notes, so make sure to scroll down to access them.
His parting wisdom is:
- Clarity is most the noble driving purpose
- Begin with yourself, the leader (you ARE your first hire, afterall)
My biggest takeaway from our conversation is that when we understand ourselves and others, we are in a much better position to lead, and leadership is much more about listening and guiding than telling and directing.
Make sure to check out the Core Four assessments at PeoplePlusPurpose.com to learn about yourself and your team. You’ll be so glad you did.
Bio:
Matthew Norton has been a business owner and leader since 1983. He’s an expert in human behavior and cognitive science, determining how and why people do what they do. His lifelong passion is providing insights and strategies that guide people to fulfill their purpose and achieve the success they’re seeking.
He is the creator of numerous innovative assessments that provide unique insights into people’s key strengths and signature styles leading to improved interpersonal understanding, communication and collaboration. The strategic applications of these assessments typically result in improved relationship dynamics as well as business breakthroughs achieved through optimizing leaders and their teams.
He is the founder/owner of PeoplePlusPurpose.com. He loves to speak, be interviewed, and interview others to share knowledge and serve people.
Find Matthew:
Email Matthew: DrNorton@PeoplePlusPurpose.com
Resources Mentioned:
The Ruthless Elimination of Hurry
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Wednesday Apr 05, 2023
Wednesday Apr 05, 2023
Eric Miller joins us in episode 95. He is co-owner of Econologics Financial Advisors, and is the Chief Financial Advisor. Eric takes pride in helping proactive owners become the financial heroes of their own stories and has helped practice owners with money, investing, practice expansion, practice transitions, taxes, asset protection and much more, and he helps them shape their financial attitude toward abundance.
We talked at length about the mindset required for a practice owner to achieve the success they desire - which we are loosely defining as financial and time freedom in our conversation. I love speaking with business owners and service providers like Eric, because it’s so clear that he cares deeply about his clients, not only for their financial wellbeing, but for their whole life and business happiness.
We talked about different ways to shift the practice and really the whole business entity, toward a multiple streams of income powerhouse. Eric’s approach is to treat the practice as an investment, and as the main source for strong income, and encourages his clients to use their cash flow to invest in building other streams of income.
I know you hear me say this a lot, so I found it refreshing when Eric emphasized that as the practice owner, you’re wearing multiple hats of owner, executive and provider. It’s important for you to get clear on your vision, mission and culture, in order to achieve the financial and professional goals you’ve set for yourself. You need to ask yourself who you need to be in order to be successful on your terms.
Our conversation focused a lot on leadership, which needs to be a central focus for the practice owner.
Eric’s parting wisdom is:
- Make sure you treat the practice like an investment, not a job.
- Don't underestimate how much you need in assets and resources.
- Make sure to acknowledge your worth to the practice, and pay yourself correctly.
If you’re a practice owner and you’d like to learn how to build on your investment, I highly recommend you get in touch with Eric. His contact information is in the show notes.
So, grab a beverage or a snack and settle-in to listen to Eric and his sage wisdom.
Remember to save your seat for our upcoming roundtable discussion on burnout.
Join us at our upcoming Roundtable Discussion on Burnout.
Eric’s Bio:
Eric Miller is the Co-Owner of Econologics Financial Advisors and the Chief Financial Advisor. He takes pride in helping practice owners become the financial heroes of their own stories and has taken this passion to over 600 families in the past decade. During this time, he’s had over 15,000 conversations with practice owners regarding money, investing, practice expansion, practice transitions, taxes, asset protection, estate planning, and helping them shape their financial attitude toward abundance. Econologics Financial Advisors is an Inc. 5000 honoree for 2019 as one of the fastest growing companies in the US.
Find Eric:
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Schedule Strategy Session with Tracy
Wednesday Mar 29, 2023
Wednesday Mar 29, 2023
Tracy is talking about Burnout today.
World Health Organization definition of Burnout:
“Burn-out is a syndrome conceptualized as resulting from chronic workplace stress that has not been successfully managed. It is characterized by three dimensions:
- feelings of energy depletion or exhaustion;
- increased mental distance from one’s job, or feelings of negativism or cynicism related to one's job; and
- reduced professional efficacy.
Burn-out refers specifically to phenomena in the occupational context and should not be applied to describe experiences in other areas of life.”
12 Stages of Burnout:
- Compulsion to prove oneself - demonstrating worth obsessively.
- Working hard - with an inability to switch off.
- Neglecting basic needs - lack of sleep, lack of healthy eating, lack of social interaction.
- Displacement of conflicts - problems are dismissed.
- Revision of values - values are skewed, friends and family dismissed, hobbies irrelevant.
- Denial of emerging problems - intolerance, perceiving collaborators as stupid, cynicism, aggression, problems are viewed as caused by work.
- Withdrawal - social life small or nonexistent, hard social contacts.
- Odd behavioral changes - changes in behavior obvious to friends and family.
- Depersonalization - seeing neither self nor others as valuable.
- Inner emptiness - feeling empty inside.
- Depression - feeling lost, exhausted and the future feels bleak and dark.
- Burnout syndrome - includes mental and physical collapse; medical attention required.
References for Burnout:
Entrepreneur article on Burnout
World Health Organization International Classification of Diseases
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.
Connect With Us:
Register for Conquering Burnout: A Recipe for Success
Schedule Strategy Session with Tracy
Wednesday Mar 01, 2023
Wednesday Mar 01, 2023
Welcome to Episode 93. Jonathan Chen joins us this week. He is a repeat founder and tech leader with an established record of successful growths and exits. What I loved most about speaking with Johnathan was how he’s able to provide creative tech solutions to expensive and persistent problems for healthcare providers.
Jonathan shared that it was his own frustration with medical practice inefficiencies on a personal health journey that drove him to start Nitra to help healthcare providers. Ultimately, he wants to help providers focus on what they do best, which is to serve their patients.
Nitra helps doctors spend smarter, make better decisions on how to allocate time and financial resources, and build a more efficient and better future. Nitra does this with back office solutions.
Jonathan’s parting wisdom is:
- Hire well.
- Invest in your people. Give them the tools they need, listen to their solutions and help them solve their problems.
There’s a lot to process for this non-tech person, and I found myself filled with awe about how Johnathan and his team are able to come up with so many creative solutions. Give this episode a listen to hear about what they’ve got planned.
Bio:
Jonathan is a repeat founder and tech leader with an established record of successful growth and exits. Prior to Nitra, Jonathan co-founded FiscalNote and served most recently as its Chief Technology Officer. Previously, Jonathan was the co-founder of Pathover, a B2B API-based intelligent routing and logistics solution. Earlier in his career, Jonathan founded and exited several other fast-growth software companies, including a dating app that within one week of launching had 15,000 users and within two weeks had sold to a much larger competitor.
Jonathan’s unique strength is combining bold, strategic vision, and uncompromising execution. A graduate of the University of Maryland, Jonathan has received multiple accolades and recognitions, including Valedictorian of his graduating class (BS, Computer Science). Jonathan is currently a World Economic Forum Technology Pioneer. He has also been profiled by Inc. Magazine 30 Under 30, DC Inno’s 25 Washington D.C. Startup Founders Under 25, and Bisnow’s Washington D.C. 40 under 40.
Find Jonathan:
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Thursday Feb 16, 2023
Thursday Feb 16, 2023
Welcome to a new episode of Thriving Practice, THE business podcast for medical, healthcare and dental practices where we help provider-owners grow their business and take back their time.
In today’s episode, I’m speaking with the passionate and whip-smart Erika Flateau of Renew Consulting Services. Erika has been a full-time clinical hygienist for 21 years. She has developed an approach to hygiene care that is relational-based and revolutionary. She is regarded by dentists as having an unparalleled ability to connect with and engage patients as they discover their pathway to optimal health.
She shares her method and approach to clinical care, and shows us how coaching-up and empowering the hygiene department in a dental practice can have a positive impact in so many areas, including the bottom line, burnout, decreased turnover, patient ease and compliance, and the overall stress levels in the dental practice.
As Erika says, the hygienist team is the touchstone in the practice, and can help improve the health of patients, decrease liability risk and increase efficiency and profitability of the practice, and improve overall outcomes for the patients.
There are so many golden nuggets in this episode, and Erika’s parting wisdom is:
- For the doctors: you can always improve. There is always room to grow and make incremental improvements to how you and your team approach providing care. You would be wise to take the time and make the financial investment in your hygienists and your practice; it will pay off.
So, grab a beverage or a snack and settle-in to listen to Erika and her powerful insights and wisdom.
Bio:
Erika Flateau, RDH has been a full-time clinical dental hygienist for 20 years. In this time, she has developed an approach to hygiene care that is relational-based and revolutionary. She is regarded by dentists as having an unparalleled ability to connect with and engage patients as they discover their pathway to optimal health. She is effective at confidently educating other hygienists by “coaching them up” to a greatest potential!
Erika lives in Tacoma, WA with her wonderful husband Travis, and two amazing daughters Alexis (19) and Olivia (16).
Find Erika:
Email: ErikaFlateau@gmail.com
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Schedule Strategy Session with Tracy
Wednesday Feb 08, 2023
Wednesday Feb 08, 2023
Welcome to Episode 91. Tracy is sharing some real talk about turnover.
The fact is, turnover is expensive in terms of money, time and energy. With all the talk about recession and labor shortages, Tracy suggests that you might need a new hiring strategy if you’re struggling with turnover and hiring.
Listen as she discusses a simple, yet effective approach to updating your hiring strategy. It’s not about hiring recruiters, attending job fairs or asking all of your friends and family to contact everyone they know to help you find the right candidate. It’s about making yourself stand out as a practice.
Make sure to take notes, and get clear about the following:
- Your strengths and what sets you apart from other practices
- Your mission and vision, and
- How you will communicate those with your team and prospective employees
Lean in to your strengths and values, and a whole lot can change for you and your practice.
Schedule your Practice Assessment strategy session.
Bio:
Tracy L. Cherpeski - MBA, MA, CPSC, is an executive coach and leadership development expert. With a background in operations and a passion for bringing out peoples’ potential for success, she serves her clients with the highest level of professionalism, with a keen eye toward improving operational structures and productivity, and increasing profitability.
Her coaching, consulting and training programs offer integrated leadership, executive development, and mindset mastery. Tracy has shared her coaching and consulting programs and workshops with small business owners, industry groups, networking organizations, government organizations and corporations. Originally from the Pacific Northwest, Tracy now resides in Chapel Hill, North Carolina.
Find Tracy:
Schedule Strategy Session with Tracy
Wednesday Feb 01, 2023
Wednesday Feb 01, 2023
Thanks for tuning-in today for a new episode of Thriving Practice. In today’s episode, I’m speaking with Justin Maxwell of Big Life Financial.
Our conversation covered a lot, with a strong focus on how to reduce the financial stressors that you will likely experience along the way in your career. I recommend you take notes and reach out to Justin if you’re curious about paying down student loans or learning more about how to take charge of your wealth.
If you’re in healthcare, you likely have student loans. So, you’ll want to listen closely to what Justin says about paying off your loans, and how you might be able to capitalize on the tax code that can help you bring your payment down substantially to zero, or nearly to zero.
His parting wisdom is:
- Don’t let the tax tail wag the dog and dictate your financial life. There’s a better way to do this.
Learning how to get your hard-earned money to work for you is something we hear about a lot, and this conversation with Justin highlights several ways to make that happen.
Bio:
Justin Maxwell is a tax and wealth strategist. He helps business owners, particularly medical professional business owners, plug money leaks, become more efficient with the money earned and create the certainty needed to live a big life. He has helped hundreds of business owners around the country saves tens of millions of dollars in taxes and student loan interest. He is married to a beautiful woman and the father of three rambunctious boys. Most people coach you on how to make more money or how to grow your money. Justin focuses on helping you keep the more of the money you already earned.
Find Justin:
Phone: 801-882-1377
Email: justinm@biglifefinancial.com
License #767041
LinkedIn
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Wednesday Jan 25, 2023
Wednesday Jan 25, 2023
This week we’re speaking with Geoffrey Roche, Geoffrey Roche, Senior Vice President, National Health Care Practice of Core Education Services, a Public Benefit Corporation with a mission to support small and mid-sized institutions through innovative shared services.
Geoffrey shares an ecosystem approach to creating sustainable, equitable change in the healthcare and education systems. He says we’re at an inflection point in the workforce world, and the root cause of high turnover, burnout and dissatisfaction is due in large part to problems of culture and inclusion (or lack thereof).
We also discuss:
- The negative impact of larger organizations purchase smaller practices and expect the purchased practice to relinquish their culture
- Solutions for the very real problem of a need for leadership in healthcare (namely that it is already there and requires support and recognition beyond job titles)
- The possibility of starting an action-oriented organization like a think tank to create solutions to the many difficulties in healthcare
Bio:
Geoffrey M. Roche, MPA, is an accomplished healthcare and higher education executive with steadfast commitment and passion for healthcare innovation, future-focused strategy, transformation, cultural change, diversity, equity, and inclusion, and workforce impact. His professional career includes over 15 years in hospital administration and higher education leadership as a strategic advisor to the President and CEO and department director of various departments, including Business Development and Strategic Planning, Government Affairs, Community Health, and Public Relations. Roche is an Adjunct Instructor of Health Administration in the MBA/MHA Program at Moravian University and a Corporate Faculty member in Population Health for Harrisburg University.
Roche earned his Master of Science degree in Management and Leadership: Public Administration at East Stroudsburg University and his Bachelor of Arts in Political Science at Moravian University.
Find Geoffrey:
Book Mentioned:
Broken: How Our Social Systems are Failing Us and How We Can Fix Them
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Wednesday Jan 11, 2023
Wednesday Jan 11, 2023
In today’s episode, I’m speaking with Sam Heller of ProCFO Partners, a company of 40+ expert financial officers, networked across industries, verticals, specializations and situations.
Sam tells us the importance of understanding your numbers as a business owner so you know what they mean, the picture they’re presenting, and so you can make decisions that align with your business goals.
Listen closely as he talks about what seem like small details, but can have a big impact, particularly if one detail is askew.
I love talking with numbers people, because many practice owners shy-away from talking about and digging into their numbers, but I promise you that even an hour a week going over and understanding your numbers will be time well-invested. Sam highlighted the difference between day-to-day accounting activities and the strategic role of a CFO, where going below the surface to focus on where you’re making money and where you’re NOT making money, so you and your team can focus on what makes the most sense to make your goals a reality.
Sam’s parting wisdom is:
- Make sure you are getting the financial information you need to understand and make strategic decisions to increase profitability. This is paramount.
I know sometimes it can feel overwhelming to wear so many different hats, but hopefully this episode will help shed a light on where you can outsource with high returns.
Bio:
Sam is an experienced CFO with the ability to manage an organization’s finances while moving an organization forward in new strategic directions. He has over 30 years of experience as a CFO and senior finance executive. Most of his experience has been in the provider healthcare field where he became an expert in all areas of healthcare finance, reimbursement, billing, accounts receivable, cash management and investments. Sam’s career spanned 25 years with the Visiting Nurse Service of NY, a large home care and Medicare/Medicaid insurance company.
Find Sam:
Podcast: Create The Next with ProCFO
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Wednesday Jan 04, 2023
Wednesday Jan 04, 2023
Happy New Year, and welcome to Episode 87. Tracy is sharing her journey through massive transitions and personal struggles during 2022, and why she’s dancing to shake it out of her system as she leads her company into 2023 and beyond.
Tracy shares that she’s going to share bold, and possibly uncomfortable, opinions, and perhaps you’ll feel heard and seen, and not alone. There’s a lot in store for you on the podcast this coming year, as you’ll hear from more professionals serving the healthcare industry, and in solo episodes, you’ll explore mindset, perspective shifts and how to build your practice around your life rather than trying to squeeze life into and around your practice.
Episode highlights:
- Learning to live with and embrace contrast
- The importance of sufficient support
- What’s new at Tracy Cherpeski International
- What to expect in the coming year on the podcast
- Opportunities to work with Tracy and her team
Tracy's Bio:
Tracy is an Executive Coach, Consultant and Leadership Development expert. She helps her clients who struggle with feeling like they have very little control over their time and energy, and who wish to create a healthy, fulfilling path to greater success. She helps her clients exponentially expand their success without flipping their lives upside-down.
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