134: Econologics for Healthcare Owners | Eric Miller

Prepare to transform your approach to the shift from employee to business owner as Mark explores the mindset changes needed to navigate the complexities of entrepreneurship.On this episode of Practice Freedom, from the surge of accountability to the relentless task lists, we dissect the strategies for mastering your time and prioritizing what moves the needle in your business. Struggling to maintain productivity outside the conventional 40-hour workweek? You're not alone. We discuss the reality of time management for the self-made business leader, dispelling the myth of endless working hours and highlighting the importance of “vision work.” This episode outlines that success is about financial gain, personal satisfaction, and family achievements. Learn how to keep your sights set on the ultimate prize—balancing your aspirations with the needs of the business.We tackle the balance between professional and personal life, especially when policy changes can throw a wrench in even the best-laid plans. We stress regular self-assessment and business check-ins to ensure you remain true to your vision.Balancing a business with your personal life can be tricky, and Mark lays out the steps you can take to make this process easier.In this episode, you will hear:The shift from employee to entrepreneur that requires embracing a learning mindset to manage the accountability and breadth of new responsibilitiesPrioritizing tasks using emotional valuation and metrics, recognizing that productivity extends beyond the standard 40-hour workweekAdapting strategies in response to external factors like policy changesMaintaining work-life balance and regularly reassessing personal and business alignmentQuarterly business check-ins and adjusting strategies to optimize personal fulfillment and business successVision work, including setting goals and introspection, to navigate balancing professional and personal lifeThe emotional cost of business decisions as a factor in reassessing priorities and ensuring the business serves personal life goalsInfinite opportunity cost and recognizing time limits to optimize effectivenessResources from this episode:www.markhendersonleary.comAs always, this is a two-way conversation, and we want your feedback. Let us know if we’re on the right track and you’re getting something from the podcast, or if you have questions or comments on how to make it better. Click here to send Mark a voice memo with your thoughts on each episode. - http://speakpipe.com/practicefreedomFollow and Review:We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Have you ever felt the pull between your skills as a clinician and the lure of leadership within your medical practice?On today’s episode of Practice Freedom, Mark discusses how the right mindset can transform a technical professional into a leader who flourishes not by having all the answers, but by asking the right questions. We delve into what it means to be a visionary leader and individual healer and the complexities accompanying these medical roles. We provide actionable strategies for professionals striving to enhance the operational efficacy of their organizations while achieving personal fulfillment. Mark reveals the essential personal transformations needed for this transition. Visionary leaders often begin with no definitive maps, understanding that groundbreaking innovation cannot follow a pre-charted course. We explore the interplay between immediate value production and long-term strategic planning and how resilience and humility are the cornerstones of learning from setbacks and propelling personal growth and professional leadership.If you're ready to redefine your leadership journey in medicine, you won’t want to miss this episode.In this episode, you will hear:The contrast between a visionary leader and an individual healer in medicineThe need for leaders to ask questions and embrace humilityCultivating a culture where inquiries lead to growth and improvementsChallenges in transitioning from technical expertise to visionary leadershipBalancing immediate value production with strategic long-term planningA continuous learning process, including adaptability to manage operations and personnel changes for future growthLearning from failures and positioning humility as a key to progressNurturing leadership skills while guiding practices toward new operational excellence and innovationBalancing clinical roles with leadership responsibilities for practice bettermentResources from this episode:www.markhendersonleary.comAs always, this is a two-way conversation, and we want your feedback. Let us know if we’re on the right track and you’re getting something from the podcast, or if you have questions or comments on how to make it better. Click here to send Mark a voice memo with your thoughts on each episode. - http://speakpipe.com/practicefreedomFollow and Review:We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

A healthcare venture is a complicated combination of visionary leadership and the realities of business management.On this episode of Practice Freedom, Mark sits down again with Dr. Natalie Hone to continue discussing her journey of starting a dermatology practice, from the unexpected administrative burdens to the precious moments of patient care that fuel a founder's passion. Mark shares his personal experiences of healing and growth under Dr. Hone's care, and we peel back the layers of what makes a healthcare business tick, including the resilience required to navigate its complexities.Striking the right chord in a partnership can turn dreams into successes. Dr. Hone shares insights into her business partnership with Dr. Camila Antia, sharing anecdotes from their collaboration as they grow and define their roles. Trust, open dialogue, and strategic thinking form the core of their partnership philosophy—elements that have been paramount in scaling their business while maintaining personal satisfaction.Healthcare leadership extends beyond the clinic walls. It's about inspiring a team, cultivating a shared vision, and creating an environment where patient care remains at the heart of operations. In this episode, we discuss strategies for nurturing a strong organizational culture and the wisdom of maintaining patient interaction amidst business expansion.Join us as we explore the emotional and strategic facets of team building, balancing business acumen with the art of healing, and ultimately, growing a practice that resonates with patients and practitioners alike.In this episode, you will hear:Dr. Natalie Hone’s experience launching a dermatology practiceThe disparity between pre-launch expectations and post-launch realitiesThe benefits and challenges of healthcare business partnerships, including evolving roles and trust dynamics with business partner Dr. Camila AntiaOpen communication and setting clear expectations in the workplace for employee satisfaction and effective managementMaintaining a balance between the clinical side of healthcare and administrative responsibilitiesEmphasizing continuous learning and improvementStrategic decision-making regarding direction, culture, and maintaining service standards without sacrificing personal satisfactionBuilding a team with a shared mission and culturePersonal growth, balancing business growth with people management, and recognizing the importance of vision and strategic planningResources from this episode:The Skin People Dermatology website: tspderm.comFind The Skin People on Instagram: theskinpeople_ Email The Skin People: [email protected] always, this is a two-way conversation, and we want your feedback. Let us know if we’re on the right track and you’re getting something from the podcast, or if you have questions or comments on how to make it better. Click here to send Mark a voice memo with your thoughts on each episode. - http://speakpipe.com/practicefreedomFollow and Review:We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Have you ever marveled at a healthcare private practice's powerful engine and wondered what fuels its drive?On this episode of Practice Freedom, Mark reveals the core of true progress: the underestimated might of discipline and the compounding effect of routine. As Mark reflects on personal triumphs and stumbles, we dissect the role that consistent, bite-sized actions play in steering the ship toward long-term success, carving out a discussion that's as much about self-improvement as it is about business acumen.Mark weaves together setting realistic goals with the neurological wonders of habit formation. We're exploring the everyday grind that builds success. From the importance of celebrating small victories to the impact of daily investments in our future, this episode is a deep dive into the mechanics of building a disciplined life and thriving business that stands the test of time.Join us as we unpack a philosophy that could redefine your definition of achievement.In this episode, you will hear:The importance of discipline and routine over seeking immediate results in healthcare practice successThe myth of “life-changing workouts”Advocating for achievable, consistent goals that lead to sustainable growthThe neurological benefits of habit formationHow facing challenges can increase happiness and efficiencyThe dangers of overly ambitious goals and the motivational power of incremental progress and small victoriesThe long-term impact of daily investments and shifting from immediate gratification to delayed rewards for lasting satisfactionSetting realistic goals and establishing disciplined routines for personal and professional developmentAppreciating discipline through small, consistent habits in their healthcare practicesResources from this episode:www.markhendersonleary.comAs always, this is a two-way conversation, and we want your feedback. Let us know if we’re on the right track and you’re getting something from the podcast, or if you have questions or comments on how to make it better. Click here to send Mark a voice memo with your thoughts on each episode. - http://speakpipe.com/practicefreedomFollow and Review:We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Navigating the financial intricacies of healthcare practice ownership can be daunting, but with co-owner and CFO of Econologics Financial Advisors Eric Miller’s expertise, you're in for a wealth of knowledge.On this episode of Practice Freedom, Mark sits down with Eric to unravel the ACE model—Acquire, Control, Expand—and view your practice as a pivotal investment. The conversation ventures into how mindset influences spending and financial strategy, and we address the integration of personal and business financial planning to sculpt a thriving career in healthcare.The path to mastering money management for business owners is often rocky, but this conversation leads the way to avoiding the pitfalls. We unearth the power of assigning every dollar a purpose, inspired by the “Profit First” system, and discuss the discipline needed for a profit-oriented organization. By examining the approach of treating profit as an expense, this discussion guides healthcare practitioners through financial complexities toward a future of stability and prosperity.We wrap up the episode by reflecting on diversifying income streams and optimizing business operations for sustained growth. By the end, you'll be equipped with strategies for financial independence and shaping a business culture that resonates with your vision of success and personal fulfillment.In this episode, you will hear:Eric Miller’s ACE model (Acquire, Control, Expand) for financial mastery in healthcare practicesThe importance of structured financial planning, using profit as an essential expense, and avoiding common financial mistakes for healthcare professionalsStrategies for personal financial stability, including setting realistic income targets and viewing the business as an investment assetDiversifying income sources, allocating business revenue into investments, and building passive income for financial securityThe risks of business dependency on key individualsThe value of reducing the owner's production to less than 20% for business sustainability and attractiveness to buyersHow a solid team, clear job responsibilities, and accountability contribute to optimizing business operations and revenue growthIndustry-specific financial insights for different healthcare professionals,The need for understanding business and finance for efficient and profitable practicesResources from this episode:Econologics Financial Advisors website: www.econologicsfinancialadvisors.comFind Econologics on YouTube - www.youtube.com/c/FinancialBeastEconologics on Facebook - facebook.com/econologicsfinancialConnect with Eric Miller on LinkedIn - linkedin.com/in/ericisyourbfffAs always, this is a two-way conversation, and we want your feedback. Let us know if we’re on the right track and you’re getting something from the podcast, or if you have questions or comments on how to make it better. Click here to send Mark a voice memo with your thoughts on each episode. - http://speakpipe.com/practicefreedomFollow and Review:We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Uncover the secrets to shattering growth plateaus in small medical practices on this episode of Practice Freedom.We're analyzing the roadblocks that leave many clinics spinning their wheels, from financial challenges to cultural hurdles. Mark reveals how strong leadership and a laser focus on profitability can navigate and conquer these trials, paving the way for a practice that survives and thrives, delivering value to patients and practitioners.The balance between a visionary and an integrator within a practice's leadership can be delicate, yet mastering it is crucial. This episode explores this dynamic, offering a playbook on how clear role definition can untangle the knots in core functions such as Marketing and Finance. By outlining the integrator's role in accountability, we begin discussing the challenges and breakthroughs of finding or filling this position. Mark shares how the right balance in leadership can align a practice’s trajectory with their mission, ensuring everyone is on the same page.Finally, Mark zeroes in on the power of self-awareness in leadership. We explore the art of empowering others to achieve a well-oiled leadership machine and the tough decisions it may require—including the need to hire or replace yourself. We also explore the concept of fractional integrators, providing a glimpse into how they can revolutionize leadership teams.If you're ready to propel your medical practice into its next chapter of success, you won't want to miss the practical wisdom packed into this session on Practice Freedom. Join Mark as he helps you craft the path to your practice’s liberation.In this episode, you will hear:Identifying growth plateaus in small medical practicesFinancial and cultural obstacles that can impede progressThe importance of clear leadership roles, focusing on the dynamic between the visionary and the integratorAccountability within leadership to drive a medical practice's success and ensure alignment with the organization's missionSelf-awareness in leadershipThe potential need to empower others or hire/rehire to optimize practice operationsFractional integrators to enhance leadership teams and support practice growthImproving private practice management through shared knowledge, resources, and community engagementStrategies for medical practice leaders to overcome stagnation and propel their practices into a new chapter of successResources from this episode:www.markhendersonleary.comAs always, this is a two-way conversation, and we want your feedback. Let us know if we’re on the right track and you’re getting something from the podcast, or if you have questions or comments on how to make it better. Click here to send Mark a voice memo with your thoughts on each episode. - http://speakpipe.com/practicefreedomFollow and Review:We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and helps spread the word about the podcast.

Unlock the secrets to crafting an HR strategy that thrives in the ecosystem of healthcare private practice as we explore the essentials of HR administration, the art of recruitment, and the mastery of career development.This episode of Practice Freedom is your guide to changing how your practice approaches HR, ensuring compliance, efficiency, and most importantly, a high-culture environment where employees are engaged and leadership is empowered. We examine the nuances that set healthcare HR apart, discussing how to avoid the pitfalls of underperforming staff and strategically position your practice for growth through innovative career pathing. We also challenge the status quo of HR models in larger corporations and propose a more agile, accountable approach tailored to the dynamic nature of smaller businesses.Whether you're the head of an HR department or leading a practice, you’ll receive actionable items for fostering a workplace culture that champions personal fulfillment and business success.In this episode, you will hear:HR in healthcare private practices, including administrative tasks, strategic recruiting, and career development for growth and high-culture environmentsThe difference between necessary HR administration and strategic roles like recruiting and career pathingAdvocating for managers to develop their teams and avoid heavy HR models not suited for smaller businessesImplementing a streamlined process to prevent underperforming staff and creating “hostage situations”Encouraging mentorship and leadership within the practice instead of relying on HR for career pathingDifferentiating between essential HR administration and strategic functions to avoid bureaucracy and empower leadershipTailoring HR practices to the needs of smaller healthcare practicesResources from this episode:markhendersonleary.comAs always, this is a two-way conversation, and we want your feedback. Let us know if we’re on the right track and you’re getting something from the podcast, or if you have questions or comments on how to make it better. Click here to send Mark a voice memo with your thoughts on each episode. - http://speakpipe.com/practicefreedomFollow and Review:We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Is your healthcare practice structured for success, or are you simply filling roles with warm bodies?In this episode of Practice Freedom, Mark shatters the myth that people must define an organization's structure, advocating for a “Structure First” approach that could revolutionize your private practice. We step up to the plate and use the baseball diamond as our classroom, showing how a team's setup can change the game when tailored to fit the players and the end goal. Forget the old org chart. We're bringing you the dynamic EOS accountability chart—a tool that promises clarity and growth potential, ensuring that every team member's role drives the practice forward while enriching their professional journey.As our healthcare teams grow, the bullpen can get crowded, and that's where the game can get tricky. We get into the nitty-gritty of management and organizational structures in growing companies, where the dreaded “soft belly” of middle management can mean losing sight of the ball. Mark lays out the game plan for keeping accountability in check, and with tools like the People Analyzer at our disposal, we're calling the plays to ensure every team member is in the right position and genuinely aligned with the practice's core values.It's more than just a numbers game. It's about crafting a winning team where each player is positioned to hit a home run for the organization's success.In this episode, you will hear:The “Structure First” approach: Prioritizing roles over personalities in organizing healthcare practicesFocusing on EOS accountability charts for clear team roles and responsibilitiesAddressing the diminishing management quality and accountability as healthcare practices expandAligning roles with individual strengthsTransforming complex hierarchies into simpler, more manageable formatsUtilizing the People Analyzer tool to ensure team members fit their roles and the organization's core valuesOrganizational charts vs. accountability charts and the necessity of org charts in large organizations for tracking status and relationshipsWhy smaller practices benefit from the clarity of accountability chartsEncouraging a realistic approach to employee retention and role assignmentThe importance of a company's needs and an individual's ability to fulfill themReal-world scenarios demonstrating the implementation of the “Structure First” approachThe resolution of common organizational inefficiencies within healthcare practicesThe need for practices to structure their teams effectively and match talent with the appropriate roles for optimal performance and growthResources from this episode:www.markhendersonleary.comAs always, this is a two-way conversation, and we want your feedback. Let us know if we’re on the right track and you’re getting something from the podcast, or if you have questions or comments on how to make it better. Click here to send Mark a voice memo with your thoughts on each episode. - http://speakpipe.com/practicefreedomFollow and Review:We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Have you ever been in a professional disagreement, teetering on the edge of saying something you might regret?On today’s episode of Practice Freedom, Mark tackles the fine line between “brutally honest” and “honestly brutal,” untangling the complexities of communication in healthcare leadership. This episode is a deep dive into emotional intelligence and the art of apologies, with real-life examples illustrating how leaders can navigate conflict gracefully and effectively.You’ll hear how to create an environment where vulnerability is accepted and encouraged. Mark unpacks the importance of emotional safety and how it breeds a culture of vulnerability-based trust, setting the foundation for a robust team in both health and progress. You won't find lectures here but an invitation to an interactive experience that aims to propel us all toward the ultimate goal of practice freedom.Remember, it's not just about leading a team. It's also about cultivating a space where every member feels heard, supported, and motivated to grow both professionally and personally.In this episode, you will hear:The difference between “brutally honest” and “honestly brutal” in healthcare leadership communicationEmotional intelligence and owning your mistakes as keys to navigating and resolving conflicts effectivelyCreating emotional safety and vulnerability-based trust in healthcare teams for open dialogue and trust-buildingUsing “Five Dysfunctions of a Team” and “Positive Intelligence” as tools to manage defensiveness and foster empathyEncouraging healthcare leaders to confront challenges, embrace imperfections, and celebrate victoriesResources from this episode:www.markhendersonleary.comAs always, this is a two-way conversation, and we want your feedback. Let us know if we’re on the right track and you’re getting something from the podcast, or if you have questions or comments on how to make it better. Click here to send Mark a voice memo with your thoughts on each episode. - http://speakpipe.com/practicefreedomFollow and Review:We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Imagine stepping into a world where the hustle of dental staffing meets the innovation of tech entrepreneurship.On this episode of Practice Freedom, that's what you'll experience as Mark sits down with Trey Tepichin, a Harvard-trained lawyer pioneering a new path in the dental industry. Our discussion uncovers the inner workings of Trey’s revolutionary platform Cloud Dentistry, a hybrid of LinkedIn's networking prowess and Uber's on-demand service model tailor-made for the dental world. Trey's path from the courtroom to the boardroom and the potential of his creation set the stage for a conversation full of insights for healthcare professionals and entrepreneurs alike.Dentistry is evolving, and we're witnessing a seismic shift in how dental practices approach hiring. We dissect the unique challenges of creating the perfect team in a space where culture and skill collide with patient care. Trey's platform connects offices with professionals and reimagines the entire hiring process, fostering a trial-based system that allows for finding the ideal match without traditional buyout fees. Mark and Trey unravel the complexities of modern healthcare staffing, offering change that could ripple across the industry.As we wrap up the conversation, the importance of building a sustainable and vibrant business culture cannot be understated. Whether navigating dental hygiene or tackling healthcare provider burnout, we explore the breadth of challenges and innovations that shape today's healthcare landscape.If you're eager to witness how a single platform might inspire a revolution in healthcare staffing or seek inspiration from those who disrupt the status quo, tune in for an episode that promises to enlighten and encourage.In this episode, you will hear:Trey Tepichin's background as a Harvard-trained lawyer to dental staffing innovatorDental staffing challenges that Trey’s platform addresses by combining features from LinkedIn and UberA subscription-based model that allows dental offices to trial hygienists while avoiding traditional staffing feesThe critical role of dental hygienists and seamless handoffs for effective patient careAddressing healthcare provider burnout with a focus on efficient practice management and culture alignmentHow Cloud Dentistry is revolutionizing dental staffing with a tech-driven marketplaceWhy healthcare entrepreneurs should strive toward innovation and improving industry standardsResources from this episode:Visit Cloud Dentistry’s website: www.clouddentistry.comEmail Trey Tepichin: [email protected] with Trey on LinkedIn: www.linkedin.com/company/clouddentistryAs always, this is a two-way conversation, and we want your feedback. Let us know if we’re on the right track and you’re getting something from the podcast, or if you have questions or comments on how to make it better. Click here to send Mark a voice memo with your thoughts on each episode. - http://speakpipe.com/practicefreedomFollow and Review:We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.