Thriving Practice with Tracy Cherpeski

Beyond Gray Walls: Transforming Your Healthcare Space to Attract and Retain Ideal Patients Featuring Carolyn Boldt, EP 136

In this episode, we explore the critical role of intentional design in healthcare practices, especially for complementary and alternative providers. Our guest, Carolyn, shares insights on creating spaces that enhance patient experience, support operational efficiency, and ultimately contribute to practice success.

Key Points:

The importance of aligning your physical space with your brand and target demographic
How design can make or break a practice's profitability
Blending healthcare, retail, and hospitality design principles for optimal results
The benefits of starting the design process before choosing a location
Creating spaces that attract and retain ideal patients

Notable Quotes:

"Your space is either gonna help make them money or is going to lose them money." - Carolyn

"It doesn't have to be expensive. It just needs to be intentional." - Carolyn

Takeaways:

Intentional design is crucial for practice success, impacting both patient experience and operational efficiency.
Consider your ideal patient when designing your space to create an environment that resonates with them.
Starting the design process early can save time, money, and prevent potential issues down the line.

Resources Mentioned:

5 Point Designer Checklist (click here: free resource for listeners)

Carolyn’s Bio:

Carolyn is personally passionate about holistic health and wellness, and an outspoken advocate that the environment of your space impacts your success.

With over 40 years of experience in the commercial interior industry, she holds a BS in Interior Architectural Design from University of Texas at Austin, is NCIDQ Certified, a Registered Designer, a LEED AP, and Professional Member of IIDA/International Interior Design Association.

In 2004, she and her husband, Scott, co-founded CrossFields as a design-build firm in Atlanta. In 2011 they changed their focus to expand the impact of holistic health by elevating the public’s image of alternative medicine through virtually creating outstanding healing environments nationwide.

Find Carolyn:

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- Thriving Practice Community:

Entrepreneurial Thinking in Healthcare: Strategies for Success, EP 135

In this episode of Thriving Practice, Tracy explores how healthcare providers can adopt an entrepreneurial mindset to revolutionize their approach to healthcare and business, achieving success without burnout.

Episode Summary

Host Tracy Cherpeski discusses the challenges faced by healthcare provider-owners in today's evolving landscape and introduces the concept of entrepreneurial thinking as a solution. She covers key entrepreneurial attributes and provides strategies for developing this mindset in the healthcare sector.

Key Points

Definition of entrepreneurship and its relevance to healthcare providers
Overcoming overthinking: Types and strategies
Key entrepreneurial attributes for healthcare providers:

- Disruption of Norms

- Resilience and Persistence

- Embracing Uncertainty and Risk

- Growth Mindset

- Self-Awareness and Focus

Strategies for developing an entrepreneurial mindset
Balancing innovation with patient care

Challenges for Listeners

Identify an area of practice improvement and brainstorm innovative solutions
Schedule daily "worry time" to address concerns and combat overthinking
Reach out to a fellow healthcare provider-owner or potential mentor for perspective

Resources Mentioned

- Book reference: "7 Habits of Highly Effective People" by Stephen Covey

- Concept: Carol Dweck's Growth Mindset

Expert Mentioned

- Barbara Corcoran (Shark Tank judge and entrepreneur)

Quotable Moments

"As a healthcare provider, you're already doing incredible work. You've dedicated your life to helping others, and you've built a practice that makes a real difference."

"If you have an idea that you think is great, sit and write it down. You gotta grab it the minute you have it. Pin it down to your desk with a nail, and then figure it out." - Barbara Corcoran

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Navigating Medicare Choices: A Guide for Healthcare Providers and Small Business Owners Featuring Marvin Musick EP 134

In this informative episode of Thriving Practice, host Tracy Cherpeski interviews Marvin Musick, a Medicare education expert, to demystify the complexities of Medicare for practice owners and patients alike. Marvin shares valuable insights on making informed decisions about Medicare options, the importance of supplemental plans, and how these choices impact both healthcare providers and patients.

Key Points:

Understanding Medicare options: Original Medicare with supplemental plans vs. Medicare Advantage plans
The importance of educating yourself about Medicare before making decisions
How Medicare choices affect healthcare providers and their practices
Considerations for small business owners regarding employee health coverage
The benefits of Medicare supplemental plans for both patients and providers
The impact of high-income earners on Medicare premiums
The portability and nationwide coverage of Medicare supplemental plans
The importance of timing when enrolling in Medicare
Resources for Medicare education, including Marvin's Medicare School

Notable Quotes:

"Don't make any decisions until you really understand what you're doing because your choice is gonna have consequences." - Marvin Musick

"We're not trying to sell something. Although we write plans, that's how we make our living. But the platform is all about understanding." - Marvin Musick on Medicare School

Resources Mentioned:

- Medicare School YouTube channel: medicareschool.com

- Medicare Mondays on Facebook Live

- Thriving Practice Community: thrivingpracticecommunity.com

Marvin’s Bio:

MARVIN MUSICK and his son, Joshua, co-founded MedicareSchool.com

in 2009. Their mission: to offer unbiased and education-centric services

to those approaching Medicare enrollment. As a nationally sought-after

speaker and expert in Medicare, Marvin has empowered over 100,000

individuals by providing clear guidance and facilitating enrollment in the

most suitable Medicare plans.

Witnessing numerous people grappling with conflicting advice and

overwhelmed by information overload on Medicare, Marvin is committed

to an education-first approach. He strives to demystify the complexities,

ensuring clients comprehend their options without any pressure to purchase.

Through MedicareSchool.com, Marvin and his team of licensed Medicare

guides aim to liberate individuals from the confusion surrounding Medicare,

empowering them with knowledge and guidance for a worry-free retirement

through optimal Medicare plans.

Find Marvin:

Twitter @marvin_musick

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The Hidden Costs of Parenthood: Breastfeeding, Childcare, and Healthcare in America EP 133

In this eye-opening episode, we dive deep into the challenges facing American families today, going beyond breastfeeding to explore the critical need for comprehensive family support policies in the United States. We examine the benefits of breastfeeding, but also address the systemic barriers that prevent many parents from making this choice.

Key Topics Covered:

The benefits and challenges of breastfeeding
The stark reality of paid parental leave in the US compared to other countries
The rising costs of childcare and its impact on families
The staggering healthcare expenses for American families
How companies like IKEA are stepping up to support their employees
The urgent need for policy changes to support families

Key Statistics:

- Only 55.8% of infants are still breastfed at 6 months

- The US is the only wealthy nation without nationwide paid parental leave

- Average annual cost of childcare: $13,000 per family

- Average health insurance cost for a family of four: $23,968 per year

- Healthcare premiums have increased by 22% over the past five years

Featured Example:

We highlight IKEA's recent efforts to support their workforce, including wage increases, improved parental leave benefits, flexible work arrangements, and innovative retention strategies.

Call to Action:

We encourage listeners to advocate for family-friendly policies, support businesses that prioritize employee well-being, and stay informed about proposed legislation that could impact families.

Resources Mentioned:

- American Academy of Pediatrics breastfeeding recommendations

- UNICEF report on child-care policies in wealthy nations

- Center for American Progress research on childcare costs

- Kaiser Family Foundation data on healthcare costs

Join us as we explore how investing in families through paid leave, affordable childcare, and healthcare reform can transform America and create a more supportive environment for all families.

Tracy’s Bio:

Tracy Cherpeski is a Business Consultant and Executive Coach. She supports her clients in taking back their time ad scaling this practices without sacrificing their well-being. Tracy’s consulting and coaching programs help her clients master strategic planning, leadership and mindset. She believes in people’s unlimited potential and loves celebrating the success of her clients and their teams.

Tracy founded Tracy Cherpeski International in 2011 and Thriving Practice Community in 2024, and serves clients all over the world. She is the host and Executive Producer of the Thriving Practice podcast.

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The Art of Delegation: Mastering Team Roles for Practice Success Featuring Casey Gromer EP 132

Welcome to our latest episode where we dive deep into the complexities and triumphs of effective team management within a healthcare practice. Whether you’re a seasoned practitioner or new to the business side of healthcare, today’s discussion will illuminate the path to enhanced performance through strategic delegation.

Here are the key takeaways from our conversation:

The Dilemma of Practice Owners: We open up about the common challenges faced by healthcare practitioners in managing their practices, especially for those without formal business training. Balancing clinical work with the demands of running a business can be overwhelming.
The Delegation Crossroad: Learn about the pivotal moment when practitioners must choose between personal management of all tasks and the necessity of delegation. We discuss how to recognize this turning point and why it’s crucial for the growth of the practice.
Seeking Professional Help: The discussion highlights the importance of seeking professional help and the advantages it brings to practice management. We share insights on how to find the right support and the impact it has on business operations.
From Outsourcing to Recruiting: Follow the evolution of delegation from initial outsourcing to the strategic recruitment for key positions within the company. We talk about identifying which roles need to be filled in-house to ensure the best possible outcomes.
Identifying Core Business Needs: Discover how to pinpoint what’s essential for keeping your practice open and thriving. We discuss the process of identifying core needs and aligning your team’s skills with those needs.
Encouraging Community Feedback: Finally, we emphasize the value of community involvement and feedback in improving healthcare practice management. Learn how to create channels for feedback and why this can be a game-changer for your practice.

Whether you’re grappling with the challenges of managing your practice or looking to refine your approach to delegation, this episode offers valuable insights and actionable advice. Join us as we explore the keys to assembling a stellar team and setting your practice up for enduring success.

Casey’s Bio:

Casey Gromer is a 20-year business and marketing expert. As an MBA, she is widely regarded as a go-to source for visionary women entrepreneurs who dream of building businesses to run without them. Casey is host of Female Founders Breaking Boundaries podcast where she encourages women to ditch traditional, male-dominated business advice in favor of more realistic, workable ways of running their business

while still achieving success.

As founder of C-Suite Boutique, Casey and her team currently serve women entrepreneurs as Fractional Integrators. Under their leadership, clients have scaled their businesses while working less and spending more time doing things they love. The industries supported include services, health / wellness, retail, e-commerce, and manufacturing.

Find Casey:

Website

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The Private Equity Plague: How Wall Street is Infecting Healthcare EP 131

Episode Summary:

In this eye-opening episode, host Tracy Cherpeski explores the growing influence of private equity firms in healthcare and its potential consequences for patient care, medical practices, and the overall healthcare system.

Key Points:

Overview of private equity's increasing role in healthcare
Case studies: Anesthesiology practices in Colorado and nursing homes
Impact on patient care, prices, and physician burnout
Regulatory responses and policy changes
Strategies for independent practices to thrive

Highlights:

- Private equity firms have invested over $1 trillion in healthcare in the past decade

- Study shows 20,000 more deaths in PE-owned nursing homes over 12 years

- Example of USAP in Colorado raising prices and affecting physician retention

- Regulatory efforts including increased transparency and antitrust scrutiny

- Tips for maintaining independent practices and prioritizing patient care

Call to Action:

Independent practice owners feeling pressure from market consolidation are invited to schedule a strategy call with Tracy at PracticeSuccess.co to explore alternatives to selling their practices.

Resources Mentioned:

- Thriving Practice Community: ThrivingPracticeCommunity.com

Quote:

"In healthcare, independence isn't just about ownership. It's about the freedom to always put patients first." - Tracy Cherpeski

Tracy’s Bio:

Tracy Cherpeski, MBA, MA, CPSC, is a Business Consultant and Executive Coach. She helps her clients take back their time and scale their practices without sacrificing their wellbeing.

Tracy’s consulting and coaching programs help her clients with strategic planning, leadership and mindset mastery. She believes in the unlimited potential of people, and loves to celebrate the success of her clients and their teams.

Tracy founded Tracy Cherpeski International in 2010, and Thriving Practice Community in 2024, and serves clients all over the world.

Tracy's biggest WHY - her two beautiful children, who inspire her to reach higher and further every day. She lives with her family in Chapel Hill, NC, and serves clients around the world.

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The Seven Figure Dentist Featuring Kirk Teachout EP 130

Welcome to another episode of Thriving Practice. Today we’re diving into the heart of dentistry, both as a profession and a passion. Our expert guest Kirk Teachout helps us understand the nuanced theme of setting boundaries and managing challenging relationships in the close-knit fabric of a dental practice. Mastering this is one of the main keys to building a 7 figure dental practice while not working more.

Here are the key points we covered:

The Boundary Blueprint - Our episode kicks off by examining why establishing clear boundaries is crucial in a dental practice, particularly in a tight-knit community. We discuss strategies for defining and maintaining these boundaries for the well-being of your staff, your patients, and yourself.
Reputation and Relationships - Kirk touches on the intricate dance between maintaining a positive reputation and confronting difficult individuals. How does one balance the need for a good community standing with the imperative to stand up for the practice’s values?
Selective Patient Policy - We highlight the concept of aligning patient selection with the core values of the practice. What does this look like in practice, and how can it contribute to a healthier, more harmonious work environment?
Growth Through Discomfort - Embracing discomfort is not often talked about, but it’s essential for personal and professional development. We explore how facing difficult situations can lead to growth, and why it’s a valuable skill to cultivate in any practice.
Conclusion and Reflections - We wrap up the episode by reflecting on the overarching message: the importance of boundaries, courage, and growth in the world of dentistry.

You don’t need to be a dentist to gain wisdom from this episode. Learn to empower yourself by getting clear about your ideal vision, patients, practice and team.

Kirk’s Bio:

Kirk Teachout is a business coach, serial entrepreneur, and bestselling author. With the launch of his latest venture, "The Seven Figure Dentist" program through IV Quarter Coaching, he now unlocks secrets of dental practice management. His diverse experience across multiple industries has armed him with invaluable insights and tactics that ensure personal and professional growth. Teachout aims to empower other dental practice owners to realize similar successes. His four pillars—culture, team, systems, and schedule—are the secrets to successfully scaling dental practices without burning out.

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Empowering Healthcare Entrepreneurs: Leveraging Community and Resources to Grow Your Practice EP 129

Welcome to today’s solo episode, where Tracy explores the heart of healthcare entrepreneurship and the pivotal role of the Thriving Practice Community in empowering practice owners. In a landscape where physician practice ownership is dwindling, and the allure of entrepreneurship is overshadowed by the daunting challenges of operational management and burnout, the discussion today centers on a beacon of hope and guidance for healthcare practitioners.

Main Themes:

Decline in Physician Practice Ownership: Tracy kicks off the episode by addressing the concerning trend reported by the American Medical Association, highlighting the shift from entrepreneurship to employment among new physicians. What’s driving this change, and what can be done to reverse the tide?
Challenges Facing Healthcare Entrepreneurs: Tracy navigates through the rough waters of the healthcare industry, focusing on the lack of business training, operational burdens, and the looming shadow of burnout. These factors not only threaten the sustainability of independent practices but also impact the quality of patient care.
The Role of the Thriving Practice Community: Discover how this dedicated community is making strides in supporting healthcare practice owners. From business consulting to leadership masterclasses, we explore the suite of solutions aimed at bridging the gap between medical expertise and business acumen.
Unlocking Potential Through Innovation: Tracy dives into the insights from our recently released white paper “Unlocking the Potential of Health Care Practices.” Learn about the importance of tailored business education, the power of peer support, and how effective use of technology and outsourcing can revolutionize practice management.
Creating a Supportive Ecosystem: The episode highlights the community’s initiative to launch a platform for networking, idea exchange, and collaboration. This segment sheds light on how fostering a supportive ecosystem can lead to professional development, enhanced patient care, and, ultimately, entrepreneurial success.
Access to Resources: Lastly, Tracy shares how joining the Thriving Practice Community can open doors to executive coaching, workshops, and a network of peers, all designed to empower healthcare leaders to take control of their practices, become outstanding leaders, and positively impact the healthcare industry.

Closing Thoughts:

In wrapping up, Tracy reflects on the critical need for resources, support, and community in navigating the challenges of healthcare entrepreneurship. The Thriving Practice community stands out as a lighthouse for those seeking to grow their practices while maintaining a healthy work-life balance and contributing to the betterment of the healthcare system.

Don’t miss this enlightening discussion on the path to thriving in healthcare entrepreneurship, right here on our podcast. Join Tracy as she uncovers the keys to unlocking the full potential of private healthcare practices, fostering a new era of independent practice owners who are as savvy in business as they are in medicine.

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