154: Building a Culture of Trust in Healthcare Organizations | Jim Edwards

Is your healthcare practice ready for a high-value exit, or are you stuck with outdated mindsets that keep you from reaching your full potential?On this episode of Practice Freedom, Mark interviews Thomas Allen, the insightful founder of The Practice Companies, to unravel the complexities of healthcare practice transitions. We discuss how private practices, specifically those valued between $5 million and $35 million, can achieve successful exits by adopting efficient business practices and keeping pace with market trends. The conversation highlights the untapped opportunities in well-managed practices, even in a fluctuating economic landscape, and the emerging healthcare verticals set to grow.The episode also explores the dynamic role of private equity in healthcare, particularly in the wellness and dental sectors. We talk about how integrating wellness with aesthetics can catalyze growth, and we examine the dental industry's valuation challenges. Thomas sheds light on the types of buyers—those targeting quick profits versus those investing in long-term value—and how understanding these distinctions can lead to more strategic and beneficial partnerships. A real-life case from Texas illustrates how nuanced business strategies can attract savvy investors eager for sustainable growth.Delving into the technical aspects of business valuation, we provide essential guidance on preparing for a sale, especially within the aesthetics industry. We unravel the mysteries of EBITDA and add-backs, offering a primer for those not familiar with these critical elements of financial assessment. In the final segment, we stress the importance of clean, organized financial data and its transformative impact on the market value and personal satisfaction of healthcare practice owners.By preparing well before any potential sale, practice owners can boost profitability and ensure a smoother, more successful transition when the time is right.In this episode, you will hear:Exploring healthcare practice valuations and exit strategies, with a focus on transactions between $5 million and $35 millionInsights into the private equity landscape within the wellness and dental industries, highlighting valuation challenges and growth strategiesThe importance of aligning values and visions between investors and practitioners for successful healthcare business transitionsFinancial concepts like EBITDA and add-backs to enhance enterprise value and present clearer profitabilityStrategies for maintaining clean and organized financial data to boost market appeal and profitabilityEmphasis on leadership's impact on business valuation, particularly in the aesthetics industryConsiderations for engaging the right buyer and understanding market dynamics to maximize value during a business exitResources from this episode:The Practice Companies website: linktr.ee/ThePracticeCompaniesEmail The Practice Companies: [email protected] Practice Companies on Facebook: www.facebook.com/ThePracticeCompaniesConnect with The Practice Companies on LinkedIn: www.linkedin.com/company/thepracticecompaniesThomas Allen on Twitter/X: twitter.com/AtxThomasThe Practice Companies on Instagram: www.instagram.com/thepracticecompaniesAs 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.

Ever wondered if your leadership aligns with your vision?Join Mark as he navigates the complex terrain of leadership dynamics and practice growth, particularly within healthcare private practices. We spotlight the magnetic power of passionate leadership and unravel how systems like the Entrepreneurial Operating SystemⓇ (EOS) provide essential clarity and accountability but must be paired with a leader's genuine excitement and connection to their vision to create a truly inspiring and contagious environment. Discover the unique blend of both tangible tools and intangible qualities that drive maximum impact.Mark challenges you to scrutinize whether your actions mirror your visionary aspirations and if your leadership resonates throughout your organization. Highlighting the importance of open dialogue, Mark encourages leaders to engage with their teams without assumptions, fostering a shared understanding of the organization's direction.This is your invitation to reassess and refine your approach, ensuring your leadership reaches and inspires every level of your organization.In this episode, you will hear:Exploration of passionate leadership and its impact on healthcare private practice growthDiscussion on balancing complex systems with simplicity in effective leadershipThe importance of aligning vision with action and ensuring leadership resonates at all organizational levelsEmphasis on bold, inspiring leadership and the need for leaders to be genuinely excited about their visionThe role of open dialogue and active listening in conveying and embracing vision authenticallyIntegration of tangible management tools with intangible leadership qualities for transformative practice managementInvitation for further support and coaching to deepen understanding and application of leadership conceptsResources 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.

Michael Silva, an experienced business coach with 25 years in fitness and healthcare, joins Mark to unravel the essence of passionate leadership in private healthcare practices.On this episode of Practice Freedom, Michael shares his journey from managing a multi-state practice to mentoring others, unveiling the transformative power of a shared mission and empowering leadership styles, and contrasting sharply with traditional management approaches. We unpack the mindset shifts necessary for growth and the critical balance between structured systems and heartfelt leadership, all while addressing industry challenges like private equity and insurance pressures.Mark and Michael’s conversation progresses into the nuance of leadership clarity and self-empathy, highlighting the challenges of making tough decisions and the internal struggle leaders face in maintaining empathy. We reflect on the journey from being a people-pleaser to rejecting mediocrity, a crucial personal and organizational growth shift. The value of adaptability, the willingness to change course when needed, and the importance of seeking honest feedback from supportive individuals come to the forefront as we explore the delicate balance between accountability and empathy.Finally, we explore the liberating power of delegation and the impact of surrounding oneself with the right people. Michael and Mark discuss how transitioning from individual-driven operations to a people-centric approach can lead to sustainable growth and greater personal freedom. We also consider the unique dynamics of leadership in healthcare practices and the critical importance of creating exceptional patient experiences.This episode is packed with insights on balancing business growth with family life, finding mentors who can guide you through personal and professional development, and the importance of meaningful connections in achieving success.In this episode, you will hear:Exploring transformative leadership in private healthcare practices with Michael SilvaThe importance of passionate and empowering leadership styles versus traditional managementNavigating the balance between structured systems and heartfelt leadershipLeadership clarity and the role of self-empathy in making tough decisionsPersonal and professional growth through mentorship and adaptabilityThe power of delegation and creating people-centric operations for sustainable growthBalancing business growth with family life and the significance of meaningful connectionsResources from this episode:Michael Silva’s website: www.michaeljsilva.comEmail Michael: [email protected] on Facebook: www.facebook.com/profile.php?id=61562013959353Connect with Michael on LinkedIn: www.linkedin.com/in/michaeljsilva-pt-consultantMichael’s Instagram: www.instagram.com/michaeljsilva_As 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.

What are the secrets to becoming a magnet for top-tier talent in healthcare private practices?On this episode of Practice Freedom, you'll learn the art of talent accumulation, much like maintaining a disciplined workout routine for long-lasting results. Drawing insights from a recent Las Vegas conference and an insightful conversation with Dr. Michael Neal, Mark tackles the hiring challenges and shares a mindset shift—viewing talent acquisition as a gradual process. Imagine sifting through potential candidates as you would pan for gold, with automation and efficient screening tools helping streamline the search for those golden candidates who align with your practice's vision.Join us as we emphasize the pivotal role of strong leadership across all levels of an organization in nurturing talent and fostering growth. We explore how a robust culture can attract and retain high-performance individuals and highlight practical tools like the EOS People Analyzer™ to ensure your team members are aligned with their roles. We also share proven strategies for optimizing account management and resource allocation, ensuring your practice reaps maximum benefit from its talent over time.Whether developing your leadership team or strategically applying energy to elevate key players, this episode offers indispensable insights to bolster your practice's success.In this episode, you will hear:Mastering the art of talent accumulation in healthcare private practices, akin to a disciplined workout routineEmphasizing strong leadership and culture to attract and retain high-performance talentStrategies for streamlining talent acquisition using automation and efficient screening toolsThe importance of aligning vision and talent within an organizationDeveloping leadership and management skills to foster organizational growthEffective resource allocation and account management to optimize practice successConsistent effort and strategic energy application for nurturing high-performance teamsResources 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.

What challenges do elite athletes and healthcare leaders face in their respective arenas, and how do they overcome them?On this episode of Practice Freedom, Mark welcomes Dr. Michael Neal, an aspiring ultramarathoner, and compares notes on fitness ambitions and the trials that come with them. From dealing with injuries like plantar fasciitis and Achilles tendonitis to unusual fueling strategies like consuming mashed potatoes mid-run, we explore the mental and physical resilience required to push boundaries. Mark and Michael’s conversation transitions from the marathon track to the professional field, examining the dynamics of optometry and healthcare recruiting.In the fast-paced world of healthcare, finding and nurturing top talent is no less challenging than training for a 12-hour race. We share insights on effective recruitment strategies, likening the search for exceptional candidates to panning for gold. Mark and Michael’s discussion underscores the importance of leadership and the role of organizational culture in integrating new hires. We explore the advantages of leveraging automated assessments and video interviews, emphasizing the need for quick decision-making in a competitive hiring landscape where the best candidates are quickly snapped up.Creating a thriving healthcare practice that meets professional aspirations and patient needs requires vision and adaptability. We offer guidance for healthcare leaders seeking to build high-value practices, focusing on aligning individual strengths with organizational roles. With the support of tools like Build My Team, practitioners can navigate the complex hiring process with confidence.In this episode, you will hear:From personal marathon aspirations to enjoying running post-injuryDr. Michael Neal’s preparation for a 12-hour ultra marathon, including unique race nutrition strategiesChallenges and strategies in healthcare recruitment, especially in optometryThe importance of aligning new hires with organizational culture and adapting to post-COVID work preferencesUse of modern hiring techniques like automated assessments and video interviews to streamline recruitmentBalancing empathy with strategic decision-making in talent management and acquisitionEncouragement for healthcare practitioners to create high-value practices that align with personal and professional goalsResources from this episode:Dr. Michael Neal’s website: www.buildmyteam.comEmail Dr. Neal: [email protected] Build My Team on Facebook: www.facebook.com/BuildMyTeamCompanyConnect with Build My Team on LinkedIn: www.linkedin.com/company/build-my-team-health-wellnessAs 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.

What's enough pain to drive change in your life?Join Mark as he tackles this question, sparked by an insightful conversation with John Gallagher. He discusses how minor inconveniences can snowball into major issues if not addressed promptly and the critical role that time and acceptance play in this process. Through relatable examples, including Mark’s own struggle with pool maintenance, he highlights the importance of prioritizing problems and making timely changes in both your personal life and business.This episode is a must-listen for anyone feeling stuck, whether you're dealing with the clinical or business aspects of your practice or striving for a better work-life balance. Learn about the systems and tools available to ensure you have the right people in the right seats within your organization, fostering a healthier, more productive work environment.Don't miss the chance to get insights that could help you move towards the life you deserve.In this episode, you will hear:The importance of having a coach for achieving a balanced and thriving practiceDynamics of change driven by pain and prioritizing what matters mostManaging minor issues before they snowball into bigger problemsLeveraging systems to ensure the right people are in the right seatsReal-world examples highlighting timely decision-making and problem-solvingStrategies for transforming clinical and business challengesBuilding a healthier, more productive work environment through coaching insightsResources 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.

What happens when the discomfort of staying the same outweighs the fear of change?On this episode of Practice Freedom, Mark welcomes John Gallagher, founder of Growing Champions Coaching and Consulting, who draws from his experience with giants like IBM and Harvard University. John brings to life the need for transformation through a story about a smoke alarm that wakes him in the dead of night, pushing him to recognize and act upon life's pivotal moments. You’ll hear insights on personal growth, the role of coaches in navigating change, and the urgency of breaking out of mediocrity.Mark and John’s discussion turns into the healthcare sector, where John shares his transition from manufacturing to healthcare consulting. Mark and John dive into the multifaceted challenges healthcare professionals face, from entrenched practices to a lack of business training, and how these barriers can hinder operational excellence. Drawing inspiration from the Toyota Production System, they explore ways to eliminate waste and enhance efficiency within healthcare organizations. The conversation underscores a need for adept management and leadership to fully harness the potential of healthcare systems.Mark and John shift focus to the importance of vulnerability and continuous learning in healthcare leadership. Highlighting John Maxwell's Five Levels of Leadership, we discuss the transition from individual excellence to collaborative roles that require openness and trust. This part of the episode stresses the need for a cultural shift from scarcity to abundance, where healthcare staff feel safe to make mistakes and grow.By fostering a culture of questioning and learning, Mark and John aim to inspire leaders to create environments centered on healing, innovation, and sustainable growth.In this episode, you will hear:Insights on effective leadership and operational excellence with John GallagherReal-world examples from IBM and Harvard University on embracing changeApplication of Toyota Production System principles to healthcare efficiencyChallenges in healthcare, including resistance to change and lack of business trainingImportance of vulnerability and openness in healthcare leadershipCreating a culture of continuous learning and reflectionPersonal anecdotes and practical advice for fostering personal and professional growthResources from this episode:John Gallagher’s website: coachjohngallagher.comJohn’s LinkedIn: www.linkedin.com/in/coachjohngallagherJohn’s Instagram: www.instagram.com/coachjohngallagherAs 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.

What if private equity could be the game-changer your healthcare practice needs? Picture this: once skeptical about private equity, Mark took a journey that transformed his perspective, revealing how these investments, when paired with strong leadership and clear vision, can drive success.On this episode of Practice Freedom, we challenge the conventional wisdom that views private equity with suspicion. By sharing his personal experience, Mark uncovers the keys to aligning with investors who support your practice's mission and values. Moreover, we introduce a strategic two-by-two model that differentiates between growth and exit phases, highlighting conditions of health and dysfunction in each stage to guide your investment decisions.We delve into the delicate intricacies of navigating private equity funding. Not all private equity is created equal, and being informed is crucial. Mark emphasizes the necessity of a clear understanding of your goals and the right tools to achieve them.Join us as we explore how to make investment decisions that lead to a thriving practice and a fulfilling life, free from the pitfalls that many fear.In this episode, you will hear:The role of private equity in healthcare and its potential benefitsBreakdown of the two-by-two model for investment stages: growth and exit phasesExploration of healthy vs. unhealthy conditions in both growth and exit phasesThe importance of strong leadership and clear vision in successful investmentsCautionary advice on navigating private equity funding with an understanding of goals and toolsPersonalized guidance available for practice leaders to achieve value-driven, thriving 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.

How can healthcare providers navigate the complex world of private practices while balancing innovative business ideas and stringent regulations?On this episode of Practice Freedom, Mark sits down with Ericka L. Adler, a distinguished attorney specializing in healthcare. We dissect the growth opportunities in healthcare private practices and the role of management services organizations (MSOs) in this landscape. Learn how the fall season, driven by summer networking and looming year-end deadlines, becomes a hotbed for healthcare ventures and expansions. Ericka and Mark emphasize planning and compliance to avoid legal pitfalls.Our exploration continues with a deep dive into the mechanisms and motivations behind MSOs, which are increasingly shaping dental and veterinary practices. We unpack the various structures and functions of MSOs, from handling simple administrative tasks to managing nearly all non-clinical operations. Discover how MSOs can alleviate the operational burdens on healthcare providers, creating scalable business models that attract investors.Effective leadership and strategic partnerships are also at the forefront of our discussion. Ericka and Mark delve into the motivations behind seeking investments, from amplifying a vision to pursuing an exit strategy, and how these choices impact the control and decision-making of healthcare providers. We tackle the fine line between financial investment and maintaining the humanitarian goals of healthcare, highlighting the evolving roles of private equity and MSOs. By fostering genuine partnerships that respect the expertise of doctors, we aim to enhance patient care and the overall healthcare system.Tune in for practical advice on navigating this delicate balance, and learn how meaningful connections can transform your practice into a thriving, fulfilling environment.In this episode, you will hear:Navigating the complexities and opportunities in healthcare private practices with Ericka L. AdlerA deep dive into management services organizations (MSOs) and their structures, roles, and benefitsThe role of MSOs in easing operational burdens and creating scalable business modelsStrategies for balancing innovative business ideas with stringent healthcare regulationsMotivations and impacts of seeking investments in medical practices, including private equityThe importance of effective leadership and strategic partnerships in healthcareAdvice for maintaining control and enhancing patient care through meaningful connections and partnershipsResources from this episode:Email Ericka L. Adler: [email protected] Ericka’s website: www.ralaw.com/people/ericka-l-adlerConnect with Ericka on LinkedIn: linkedin.com/in/ericka-adler-87a2a93Find Ericka on Twitter/X: x.com/modernhealthlawAs 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.

How do you transform from an individual healer into a visionary leader within the healthcare industry?On this episode of Practice Freedom, Mark unravels the crucial mindset shifts required for practice leaders to thrive in broader roles like integrator, business manager, or visionary leader. We emphasize the non-binary nature of this evolution, highlighting the importance of defining your role clearly and the challenges of balancing clinical duties with administrative tasks. We explore three potential future outcomes for practice leaders, offering insights on finding the right fit for your long-term success and fulfillment.Mark also tackles the complexities of early practice leadership transitions with insights from professionals like Dr. Michael Nula and Jim Edwards. We address the common feelings of uncertainty and share strategies for self-assessment, mentorship, and gradual growth. Discover how to delegate responsibilities effectively, when to hire associates, and the pivotal moments that signal it's time to seek help.Embrace the discomfort of transition, focus on what makes sense for your unique situation, and take proactive steps to refine your direction and achieve your goals.In this episode, you will hear:Essential mindset shifts for transitioning from individual healer to healthcare leaderThe non-binary nature of evolving into integrator, business manager, or visionary leader rolesCreating clear role definitions and balancing clinical and administrative dutiesInsights from Dr. Michael Nula and Jim Edwards on early practice leadership transitionsStrategies for self-assessment, mentorship, delegating responsibilities, and hiring associatesEmbracing discomfort and proactive steps for achieving leadership goalsNavigating role transitions and evaluating the right fit for long-term success and fulfillmentResources 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.