Most practice owners develop a bad relationship with paying themselves. When they’re new they pay themselves very little because that’s all there is. As the practice grows they can pay themselves more and graduate up to paying themselves what they need. Most stay there, but what they need is almost always less than what they’re worth. My guest today helps her clients break through that barrier and realize the compensation they should get.

Michelle O’Connor, a believer in following one’s dreams, has risen from an inner-city community to a life of abundance. With corporate expertise in Strategic Planning and Execution, she helps entrepreneurs achieve their goals. Michelle supports organizations through strategic processes, coaching entrepreneurs to develop action plans for success. She has facilitated Strategic Planning Retreats in Jamaica, Trinidad & Tobago, and the Dominican Republic, and reached hundreds through her Purpose Driven Conference. Her current mission is to help Medical Private Practice Owners create sustainable practices. As a wife and mother, she strives for a brighter future, motivated by the philosophy “Ad Astra Per Aspera.”

In this episode Carl White and Michelle O’Connor discuss:

• How common it is for practice owners to underpay themselves
• What drives practice owners to underpay themselves
• What it takes for practice owners to break through this barrier and pay themselves what they’re worth

Want to be a guest on PracticeCare®?

Have an experience with a business issue you think others will benefit from? Come on PracticeCare® and tell the world! Here’s the link where you can get the process started.

Connect with Michelle O’Connor

LinkedIn - https://www.linkedin.com/in/successbiznessclub/

Facebook - https://www.facebook.com/successbiznessclub

Instagram - https://www.instagram.com/successbiznessclub/

Connect with Carl White

Website: http://www.marketvisorygroup.com

Email: whitec@marketvisorygroup.com

Facebook: https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: http://www.linkedin.com/in/healthcaremktg

Many of us are aware of some of the tax benefits of owning a practice. Few of us know about the tax benefits of employing your kids in your practice. My guest today provides tax, accounting, and business advice to her clients, and she’ll open our eyes about these tax benefits.

Alexis E. Gallati is the founder and Lead Tax Strategist at Cerebral Tax Advisors and Cerebral Wealth Academy, and she’s the author of the book Advanced Tax Planning for Medical Professionals. She has over 20 years of experience in high-level strategic tax planning and multi-state tax preparation, and she has trained at the highest level, holding two master’s degrees. Alexis grew up in a family of physicians and is married to a private practice physician. That’s why she understands how hard medical professionals work to get where they are and why she provides simple and accessible tax solutions tailored to busy physicians.

In this episode Carl White and Alexis Gallati discuss:

• Some of the more common tax benefits
• Examples of lesser known tax benefits (ex: when leasing equipment)
• Good vs. bad practices when taking advantage of these tax benefits, for example, can your children be too young?

Want to be a guest on PracticeCare?

Have an experience with a business issue you think others will benefit from? Come on PracticeCare and tell the world! Here’s the link where you can get the process started.

Connect with Alexis Gallati

Resources from Cerebral Tax Advisors: https://www.cerebraltaxadvisors.com/practicecare/

Cerebral Tax Advisors Facebook: https://www.facebook.com/cerebraltax

Cerebral Wealth Academy Facebook: https://www.facebook.com/cerebralwealthacademy YouTube: https://www.youtube.com/@cerebralwealthacademy

Personal LinkedIn: https://www.linkedin.com/in/alexis-gallati/

Connect with Carl White

Website: http://www.marketvisorygroup.com

Email: whitec@marketvisorygroup.com

Facebook: https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn:

http://www.linkedin.com/in/healthcaremktg

I get it. All you want to do is treat patients. Thing is, you’re also the owner of the practice, and because of that, you must also lead it and manage it. If you don’t, then it will manage itself. Usually, those practices fall off the rails. My guest today is often called in to get practices like that back on the rails, and he’ll make the case that you cannot abdicate management.

Daniel Tribby is a healthcare provider, effective business growth strategist, award winning author, top keynote speaker with a vision to help healthcare entrepreneurs build a practice that serves it's patients and sustain profitability for the long term.

In this episode Carl White and Daniel Tribby discuss:

• Why so many practitioners abdicate management
• The tell-tale signs to a practice owner that problems due to lack of management are setting in
• The differences between practitioners who make good managers / leaders vs those who do not

Want to be a guest on PracticeCare?

Have an experience with a business issue you think others will benefit from? Come on PracticeCare and tell the world! Here’s the link where you can get the process started.

Connect with Daniel Tribby

https://www.linkedin.com/in/iamdanieltribby/

Connect with Carl White

Website: http://www.marketvisorygroup.com

Email: whitec@marketvisorygroup.com

Facebook: https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: http://www.linkedin.com/in/healthcaremktg

If you buy a disability insurance policy, if there’s one piece of advice to take away from this episode it’s this: make sure it’s current. That means much more than making sure the premiums are paid up, and my guest today is going to fill in the blanks for us.

Drew Powers is the Founder of Powers Financial Group, LLC, a Registered Investment Advisor. He specializes in advanced insurance and investment strategies for doctors. Drew is 100% independent, he doesn’t work with any investment or insurance company, which means he’s able to give unbiased advice that is most beneficial for his clients. Drew started his career in 2001 as a Market Maker on the Chicago Board Options Exchange, where he managed trading portfolios comprising of hundreds of equity- and equity-index option listings. In 2008, he transitioned to the role of Financial Advisor and Investment Advisor Representative, where he helped clients develop individual financial strategies. At Powers Financial Group, Drew leverages his stock and options trading expertise with his financial advising experience to help clients increase and protect their wealth. Drew lives in Naperville with his wife and their two children. He is an avid downhill skier, active in youth sports, a proud "Rooster" within the Naperville Jaycees, and is passionate about CrossFit and the Paleo/Primal Lifestyle.

In this episode Carl White and Drew Powers discuss:

• What keeping your disability insurance policy current really means
• The triggers that drive the need to update your disability insurance
• Whether or not everyone needs disability insurance

Want to be a guest on PracticeCare?

Have an experience with a business issue you think others will benefit from? Come on PracticeCare and tell the world! Here’s the link where you can get the process started.

Connect with Drew Powers

https://powersfg.com/

https://www.linkedin.com/in/powersdrew/

https://www.facebook.com/PowersFG

https://twitter.com/Powers_FG

https://www.instagram.com/powers_fg/

Connect with Carl White

Website: http://www.marketvisorygroup.com

Email: whitec@marketvisorygroup.com

Facebook: https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: http://www.linkedin.com/in/healthcaremktg

Doctors and dentists measure their patients’ health to a great degree. Why not do the same for your own practice? Those metrics are called KPIs, and it’s critical to have a core set of them. With them, you can make sure your practice gets healthy, stays healthy, and gets stronger. My guest today helps practices define and measure KPIs, among other things, and she’ll help us get started in this episode.

Katie Nunn, MBA, CMPE, provides training and coaching for healthcare leaders and their organizations on process improvement, financial optimization, and cultural transformation. Leveraging extensive experience with financial and operational turnarounds, she is a valuable advisor for an organization experiencing rapid expansion or change. With over 20 years' experience in healthcare leadership, her broad areas of expertise include practice assessments, process improvement, financial management, IT implementations, telemedicine, strategic planning, providers on-boarding, and cultural transformation.

In this episode Carl White and Katie Nunn discuss:

• The must-measure KPIs no matter what type of practice you operate
• The essential ingredients to implementing KPIs and using them for the long haul
• The objections Katie hears from clients and how she overcomes them

Want to be a guest on PracticeCare®?

Have an experience with a business issue you think others will benefit from? Come on PracticeCare® and tell the world! Here’s the link where you can get the process started.

Connect with Katie Nunn

https://www.linkedin.com/company/bright-ideas-medical-consulting/

Connect with Carl White

Website: http://www.marketvisorygroup.com

Email: whitec@marketvisorygroup.com

Facebook: https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: http://www.linkedin.com/in/healthcaremktg

Usually, the happiest and most successful practice owners have a mission and purpose for their practice, a vision for it’s future, and values that guide the behaviors everyone follows. Mission, vision, purpose, and values take some work, but the work is worth it, and my guest today helps her clients figure them out for their practices.

Lisa Levesque is the principal and Business & Executive Coach at Breakthrough Business Strategies with a focus on healthcare professionals who are technically excellent and need help with the practice of business. Prior to her current business, Lisa held senior level leadership roles at Fidelity Investments and leverages these experiences to help her clients achieve business excellence.

In this episode Carl White and Lisa Levesque discuss:

• What’s in a mission, vision, purpose, and values
• The characteristics of practices that believe in their importance vs. those that do not
• How to get started in determining what these should be for an individual’s practice

Want to be a guest on PracticeCare®?

Have an experience with a business issue you think others will benefit from? Come on PracticeCare® and tell the world! Here’s the link where you can get the process started.

Connect with Lisa Levesque

www.linkedin.com/in/llevesque

Video Resources Lisa Levesque Mentioned in this Episode

• Help with a vision statement: https://www.youtube.com/watch?v=dZShbB59giM
• Help with a mission statement: https://www.youtube.com/watch?v=1xs4I349cdc

Connect with Carl White

Website: http://www.marketvisorygroup.com

Email: whitec@marketvisorygroup.com

Facebook: https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: http://www.linkedin.com/in/healthcaremktg

You want to own your own practice. Should you start from scratch or buy someone else’s practice? Each has their pros and cons generally, and each has their pros and cons for you. My guest today helps his clients get to the answer that makes the most sense for them, and he’ll give us a taste for how can do it, too.

Joe Lessard is a partner at Professional Business Management, a healthcare practice management and accounting firm in the northwest Chicago suburbs. Joe has been with PBM since 2009 and a Principal since 2020. He has attained designations as a Certified Public Accountant (CPA), Health Practice Advisor (HPA), and as a Certified Healthcare Business Consultant (CHBC). He believes in rolling up his sleeves and is usually on site visiting his clients’ operations first-hand. Joe is responsible for all accounting and payroll services as well as personal and business tax returns for his clients. He helps them review operations and day-to-day aspects such as HR, employee benefits, retirement plans, collections, billing, and patient interactions. Every client has different needs and that’s why Joe’s commitment to his clients’ needs and his customer service is what he prides himself on.

In this episode Carl White and Joe Lessard discuss

• The pros and cons of starting your own practice
• The pros and cons of buying an existing practice
• How to decide what’s best for you if both are good choices

Want to be a guest on PracticeCare®?

Have an experience with a business issue you think others will benefit from? Come on PracticeCare® and tell the world! Here’s the link where you can get the process started.

Connect with Joe Lessard

https://www.linkedin.com/in/joelessardpbm/

https://www.instagram.com/thedoctorscpa/

Connect with Carl White

Website: http://www.marketvisorygroup.com

Email: whitec@marketvisorygroup.com

Facebook: https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: http://www.linkedin.com/in/healthcaremktg

One of the more pivotal roles in any practice is the practice manager, whose role looks very different everywhere you go. Are you setting up that role for success, both for you and the practice manager? My guest today consults with medical practices. She finds herself working on this question a lot and shares her ideas with us.

Daniela Woerner is the Founder and CEO of Addo Aesthetics and the host of the Top 14 podcast, Spa Marketing Made Easy. She is an aesthetician who has worked as a spa director as well as consulted with the top skincare brands in the world, and is an expert in marketing strategy and retail sales in the spa industry.

In this episode Carl White and Daniela Woerner discuss:

• Describing a good fit profile for the practice manager role
• Hiring insights to find better fits faster
• What good expectations look like for the practice manager role

Want to be a guest on PracticeCare®?

Have an experience with a business issue you think others will benefit from? Come on PracticeCare® and tell the world! Here’s the link where you can get the process started.

Connect with Daniela Woerner

https://www.linkedin.com/in/danielawoerner/

https://www.facebook.com/addoaesthetics

https://www.instagram.com/addoaesthetics/

Get Addo Aesthetics’ Practice Manager Job Posting

https://offers.addoaesthetics.com/spa-manager-job-posting

Connect with Carl White

Website: http://www.marketvisorygroup.com

Email: whitec@marketvisorygroup.com

Facebook: https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: http://www.linkedin.com/in/healthcaremktg