Healthcare Boss Academy Podcast

Latest Episodes:

#192: Tactical Tuesday: Set Revenue Goals that Grow with You & Your Business May 25, 2021

Show notes

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and host of the Healthcare Entrepreneur Academy podcast talks about setting revenue goals and tracking them. He also discusses how business owners can best utilize revenue goals to increase net profits, as well as fix their profit and loss (P&L) statements.

EPISODE HIGHLIGHTS:

It's important to set revenue goals that can grow with you - and your business.
Start by reviewing your totals sales and expenses.
Don't focus solely on top-line revenue. You should also look at fixed and non-fixed expenses.
Substantial increases in top-line revenue can fix P&Ls—but businesses cannot infinitely increase their top-line revenue.
You'll often hear business owners brag about their gross revenue numbers. What matters is net revenue. There's no point in increasing gross sales if there's no substantial increase in net profit.
Eliminate expenses like underutilized or unused subscriptions.
Set small, steady achievable goals. For example, if you want to increase your profit, consider a realistic number such as 4% each month.
Focus on expenses and not just the top line.

3 KEY POINTS:

Review your fixed and non-fixed expenses and make changes quarterly.
Set micro revenue goals for each month and readjust them as necessary.
Print your P&Ls on a monthly and quarterly basis, and track the numbers in a spreadsheet.

TWEETABLE QUOTES:

"Don't just focus on the top line." - Jason Duprat

"By setting and tracking your goals, you can then make changes to keep hitting those goals." - Jason Duprat

CONNECT WITH JASON DUPRAT:

LinkedIn | Facebook | Instagram | Youtube | Facebook Group

RESOURCES:

Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
Have a healthcare business question? Text me at 386-284-4955, and I'll add you to my contacts. Occasionally, I'll share important announcements and answer your questions as well.
Do you enjoy our podcast? Leave a rating and review: https://lovethepodcast.com/hea

#191: Sean Hopwood: Creating Cultural Awareness & A Mobile Gig Economy May 20, 2021

Show notes

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and host of the Healthcare Entrepreneur Academy podcast talks with Sean Hopwood, founder and CEO of Day Translations. Sean shares how he combined his love for managing people and his passion for linguistics and turned it into a business. He also offers tips for people who are learning new languages and for aspiring entrepreneurs.

EPISODE HIGHLIGHTS:

Sean was greatly influenced by his entrepreneurial grandfather, Francis Day, whom he named the company after.
Sean speaks 8 languages and he's fluent in French and Spanish. Now, he's learning Chinese.
Some people pick up languages by listening but Sean believes in learning through structured courses to be fully immersed in the language and the culture.
In addition to his Chinese course, he listens to Chinese music and is also taking a Chinese calligraphy class.
After working for a law firm as an interpreter, Sean started his own translation company and an import-export company. When Day Translations took off, he learned about SEO and leveraged it to attract prospects and build his business.
Because he over-delivered and never turned down requests for rare languages, Sean grew his customer base and project scope.
Always give customers double what they ask for, whether it's a product, service, or your time.
Understand the capacity of your team. Keep them motivated and develop a reward system based on their 'love language.'
Rare language translations are in high demand and it's become a primary revenue stream for Day Translations.
Translating online content is going to give you double the exposure. And more exposure means more money.
Go to the Small Business Development Center in your city because they'll help you get your business off the ground—for free!
About 25% of Day Translation's customers are in the medical industry.
It took Sean two years to develop his app, which features video conferencing and the ability to transcribe calls. You can get an interpreter online in less than 10 seconds.
The app is not just a live translator tool. It's a way for interpreters to do remote work.
As part of the gig economy, Sean is working on another app interpreters can download and work on demand, similar to how Uber and TaskRabbit operate.

3 KEY POINTS:

Different things motivate different people. Everybody needs money but find out what else makes your employees happy and more productive.
Think out of the box, stay humble, and always give the client double (or more) of what they're asking for.
Sean's goal is to automate some processes to give people more opportunities to do what they do best.

TWEETABLE QUOTES:

"The best entrepreneurs are the ones who did the work themselves." - Sean Hopwood

"There are so many (different) little industries you can make money in." - Sean Hopwood

"Always be innovating." - Sean Hopwood

CONNECT WITH JASON DUPRAT:

LinkedIn | Facebook | Instagram | Youtube | Facebook Group

RESOURCES:

Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
Have a healthcare business question? Text me at 386-284-4955, and I'll add you to my contacts. Occasionally, I'll share important announcements and answer your questions as well.
Do you enjoy our podcast? Leave a rating and review: https://lovethepodcast.com/hea

#190: Tactical Tuesday: Boosting Predictability to Sell More Online Courses May 18, 2021

Show notes

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and host of the Healthcare Entrepreneur Academy podcast talks about how entrepreneurs can utilize online courses to scale their business. Based on the three courses he's built, Jason offers tips on generating leads and boosting conversions.

EPISODE HIGHLIGHTS:

Predictability allows you to calculate and measure lead generation and conversions. Conversions equal sales so you want to (mostly) automate the system.
If you don't have a predictable revenue stream, you don't have a reliable business.
Before you launch your course, develop a training webinar and present the course offer at the end. Your webinar will convert a certain percentage of viewers into customers.
Create online ads to promote and drive traffic to your webinar.
Blanket messaging is convenient but it will lead to email list fatigue. Segment your audiences and align your message to their needs.
Set a deadline and create a scarcity mindset to help prospects make a decision.
If you offer a lead magnet like a PDF, build a follow-up email sequence to share the offer with prospects.
Build a community around your course (like a Facebook group), so students can be a part of a cohort and share camaraderie as they go through the course together.
Make your business an asset by establishing systems.

3 KEY POINTS:

When you have reliable streams of income for your business, it's an asset and something someone else might be willing to buy should you ever want to sell your business.
Not everyone who encounters your business is in the same phase of the buying process so segment your customer list and then create custom offers or relevant content for each segment.
It's difficult to create multiple courses and market them individually so consider doing open-closed enrollments. Focus on doing a few topics and make the courses exceptionally good at delivering results in those areas.

TWEETABLE QUOTES:

"Quality over quantity." - Jason Duprat

"Help walk them to the path of success." - Jason Duprat

CONNECT WITH JASON DUPRAT:

LinkedIn | Facebook | Instagram | Youtube | Facebook Group

RESOURCES:

Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
Have a healthcare business question? Text me at 386-284-4955, and I'll add you to my contacts. Occasionally, I'll share important announcements and answer your questions as well.
Do you enjoy our podcast? Leave a rating and review: https://lovethepodcast.com/hea

#189: Michelle Seiler Tucker: Build People & They'll Build the Business May 13, 2021

Show notes

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and host of the Healthcare Entrepreneur Academy podcast talks with Michelle Seiler Tucker, founder and CEO of Seiler Tucker Inc. Michelle is a 20-year veteran in the M&A industry, an international keynote speaker, and the bestselling author of the book Sell Your Business For More Than What It's Worth. She shares what she's learned from franchise sales and from buying, selling, fixing and growing companies. She also introduces her upcoming book, Exit Rich.

EPISODE HIGHLIGHTS:

Michelle always knew she was a writer, entrepreneur and a people person.
She went to medical school but quickly realized it wasn't for her. She became a closer while working for Xerox, learned about franchise sales, and then left the corporate world to start her own M&A firm.
Sales is about listening to the client and asking the right questions. Find out what they need. Clients should do 70% of the talking and the salesperson should do 30%.
Buy an existing franchise because it's cheaper than buying a new one. When you buy a new one, you'll pay a franchise fee and build-out costs, along with utilities, equipment and furniture, which can run 3-5 million.
Franchises allow you to own a business without going it alone. This isn't necessarily a good fit for entrepreneurs who like to make their own rules.
The biggest mistake business owners make is not thinking about having the end in mind and their exit strategy.
There are five types of buyers: first-time, turnaround specialists, private equity groups, strategists and competitors, and sophisticated entrepreneurs.
The number one reason why companies go out of business? Because they neglected to focus on AIM - always innovate and market.
Processes (or systems) need to be designed with the customer experience in mind. They should be efficient, productive, well documented and create WOW experiences.
Build your brand and build your exit so you can exit rich.
It's not just about selling - it's about building a business that is scalable and sustainable.
You don't know what you don't know so align yourself with a mentor.
Order Michelle's new book, Exit Rich to get free bonus gifts! See link in the Resource section.

3 KEY POINTS:

Franchising is great for people who want to own their own business but don't want to be in business by themselves. It's not so great for entrepreneurs because they prefer to be their own boss.
The GPS exit model: determine your destination, know your valuation, establish a timeline and know the buyers.
The 6P's to build, grow and sell a business: people, product, process, proprietary, patrons and profit.

TWEETABLE QUOTES:

"Plan your beginning with the end in mind." - Michelle Seiler Tucker

"You build people and then people build the business." - Michelle Seiler Tucker

CONNECT WITH JASON DUPRAT:

LinkedIn | Facebook | Instagram | Youtube | Facebook Group

RESOURCES:

Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
Have a healthcare business question? Text me at 386-284-4955, and I'll add you to my contacts. Occasionally, I'll share important announcements and answer your questions as well.
Do you enjoy our podcast? Leave a rating and review: https://lovethepodcast.com/hea

#188: Tactical Tuesday: Use the Lean Startup Method to Successfully Launch your Practice May 11, 2021

Show notes

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and host of the Healthcare Entrepreneur Academy podcast talks about the costs of launching a practice. Drawing from his own experience, he shares the primary costs to factor in and why you should consider the Lean Startup method.

EPISODE HIGHLIGHTS:

Clinic location will impact rent and insurance costs. The type of practice will dictate the level of equipment needed.
Payroll considerations should include if you need to hire part-time staff or if you have family helping you, hours of operation and volume of business.
It's more cost-effective to rent space instead of constructing a new clinic. Consider what comes with the space like hand wash sinks, paint, room layout, flooring, lighting, ADA accessibility and storage.
Think about equipment and furniture expenses, as well as rent and deposit costs. Also, consider medical supplies. Jason recommends only ordering 1.5-2 weeks out to start.
Consider all types of licenses like DEA and business licensing, as well as malpractice and liability insurance.
Jason suggests consulting with an attorney and a CPA as part of your professional service startup costs.
Keep in mind marketing costs for business cards, building a website, postcards or direct mail pieces, printed promotions and paid advertising like Facebook ads.
Lastly, budget for utilities such as electric, water and cable, as well as disposal of sharp and hazardous waste.
Jason opened his first clinic for under 15k. He suggests making little purchases over time to avoid large cost accumulation.
Go lean and start small - grow into your practice. It's too easy to get into a financial hole if you go all-in by purchasing a large space and hiring a big team.
Jason is an advocate for the Lean Startup method. He opened his first practice with an 800 square foot space and a short-term lease.
Smaller practices can be lucrative, especially if they offer self-pay services such as direct primary care or ketamine infusion.
You don't have to accept insurance when you open a practice. Reimbursement costs average 85% plus you can pay 3-7% on gross receipts to billing companies.
If you choose self-pay services, you'll need to market yourself and your practice. Be clear on scope of practice, create a baseline business plan, forecast revenue and track expenses.
Jason is developing a new online course to teach healthcare practitioners how to open and launch a self-pay practice.

3 KEY POINTS:

Key factors impacting the cost of starting a practice are location, type of practice and payroll.
Typical startup expenses can be broken down into construction, equipment, furniture, office space, medical supplies, licensing, insurance, professional services, marketing, utilities and hazardous waste disposal.
If you're willing to change your mindset and invest in marketing, self-pay practices can be very profitable.

TWEETABLE QUOTES:

"Do little expenses over time." - Jason Duprat

"Start small and grow into your practice." - Jason Duprat

CONNECT WITH JASON DUPRAT:

LinkedIn | Facebook | Instagram | Youtube | Facebook Group

RESOURCES:

Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
Have a healthcare business question? Text me at 386-284-4955, and I'll add you to my contacts. Occasionally, I'll share important announcements and answer your questions as well.
Do you enjoy our podcast? Leave a rating and review: https://lovethepodcast.com/hea

#187: Cathy Cather: Disrupting Standard Treatment Protocols May 06, 2021

Show notes

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and host of the Healthcare Entrepreneur Academy podcast talks with Cathy Cather, CEO and co-founder of Parallel Testing. Cathy discusses her journey as a consultant and entrepreneur. She shares what led her to launch Parallel Profile™ and the ways she continues to expand her business.

EPISODE HIGHLIGHTS:

Cathy used to work in the IT industry and moved often due to her promotions. When she was sent to San Diego, she decided it was time for a change and transitioned to healthcare.
Cathy comes from a family of entrepreneurs including her father and grandfather.
She started her own consulting company to help companies with their messaging and sales strategies for product development and design.
Personal experiences involving her husband, mother, and a friend who all suffered from adverse drug reactions motivated Cathy to launch Parallel Profile™.
Cathy wants to disrupt standard treatment protocols utilizing genetic information to advance patient care.
Parallel Testing completes the genetic testing and provides reports. Parallel Profile™ makes the reports understandable and accessible through an app. Between the two, patients can determine which medications match their DNA and will work safely.
128,000 people die each year from adverse drug reactions. 2.7 million have an adverse reaction and are admitted to the hospital.
90% of drug prescriptions don't work for 30-50% of people.
The average person over the age of 65 is on a dozen medications because of prescribing cascades. This occurs when a drug causes adverse symptoms which are misinterpreted as a new condition which then leads to a new medication being prescribed.
Cathy's team developed a platform for doctors so they can take a continued education course on pharmacogenetics.
Practitioners don't need to be experts on all 50,000 drugs—just the 8 or 10 they prescribe.

3 KEY POINTS:

Pharmacogenetics could prevent 128,000 people in the US from dying due to adverse drug reactions. Through technology, Cathy and her team educate practitioners and make pharmacogenetics more accessible.
The effectiveness of medicines is genetics-dependent. If you develop new symptoms within 6 months of using a drug, research and learn about the uncommon side effects.
Networking and outsourcing have their advantages, but specs and oversight management are keys to running a tech-based startup.

TWEETABLE QUOTES:

"When you get gems, incorporate them." - Cathy Cather

CONNECT WITH JASON DUPRAT:

LinkedIn | Facebook | Instagram | Youtube | Facebook Group

RESOURCES:

Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
Have a healthcare business question? Text me at 386-284-4955, and I'll add you to my contacts. Occasionally, I'll share important announcements and answer your questions as well.
Do you enjoy our podcast? Leave a rating and review: https://lovethepodcast.com/hea

#186: Tactical Tuesday: Use Scope of Practice as your Roadmap for Opening a Clinic May 04, 2021

Show notes

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and host of the Healthcare Entrepreneur Academy podcast talks about the best entrepreneurial states for APRNs to open up a practice. He answers questions about how to actually start a practice, including the importance of remaining within your scope of practice. Be sure to listen until the end of the episode for a special free offer from Jason!

EPISODE HIGHLIGHTS:

The Nurse Practice Act outlines everything a nurse is allowed to do, depending upon their license type.
Visit your state's Board of Nursing website to access scope of practice regulations.
Over the last 30 years or so, there's been a big move to expand scope of practice and increase autonomy for nurses in the US.
When it comes to owning a practice, there are several levels of physician involvement.
Only a few states require having a physician present for direct supervision.
Following direct supervision, the next level is physician supervision where the physician directs the work and has overview responsibilities to ensure appropriate treatment is provided.
Next is physician collaboration which means a physician isn't required to be onsite yet he/she is available for consultation. Protocols at this level can be in a written format yet it's not required.
Lastly, a physician isn't required to be onsite for the independent practice level and these protocols can be verbal. Independent prescribing is an area that falls into this level.
If you need to find a collaborating physician, NPs can go to the Collaborating Docs website (see link in the Resource section).
If regulations limit your scope of practice to a certain area, hire another NP or you can change your specialty by obtaining a post-master's graduate certificate.

3 KEY POINTS:

You can start a practice in any state, but the best states allow nurses to practice independently of a physician and to prescribe—no collaboration required.
Understand the level of autonomy allowed by your state's regulations and then structure your practice so staff members remain within their scope of practice.
Collaborating physicians are not responsible for the independent decisions of the APRNs they're supervising or working with.

TWEETABLE QUOTES:

"Understand your scope of practice." - Jason Duprat

"Hire...or become double board certified." - Jason Duprat

CONNECT WITH JASON DUPRAT:

LinkedIn | Facebook | Instagram | Youtube | Facebook Group

RESOURCES:

Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
Have a healthcare business question? Text me at 386-284-4955, and I'll add you to my contacts. Occasionally, I'll share important announcements and answer your questions as well.
Do you enjoy our podcast? Leave a rating and review: https://lovethepodcast.com/hea

#185: Merrily Orsini: Focus on Profitability & Perseverance Apr 29, 2021

Show notes

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast talks with Merrily Orsini, entrepreneur, President and CEO of corecubed and podcast creator and host of Help Choose Home. Merrily shares the lessons she's learned from starting, growing and selling a company, as well as digital marketing.

EPISODE HIGHLIGHTS:

After being in social work for almost a decade, Merrily started her first business, a remote home management service that evolved into eldercare solutions.
The home care business can take a physical and emotional toll on you because it's 24/7/365 and you are with people at the end of their lives.
Merrily founded corecubed in 1998 to support other home care businesses. Now, corecubed specializes in digital marketing and education.
The purpose of advertising and marketing is to meet a need and educate people about their options and choices.
She spent about four years focusing on the profitability of her business and ultimately created a model of care that continues to be used today. The model is focused on needs vs prescriptive formulas.
Merrily was an early pioneer of remote work environments both with Eldercare Solutions and corecubed.
The three lessons Merrily learned about growing and selling a business include hiring people smarter than you, focusing on recurring monthly income and continuing to learn how you can do things better.
She stresses the importance of knowing why you started your business and investing in the structure and maintenance of your online presence.
If your business is failing, figure out why and tweak systemically.

3 KEY POINTS:

Constantly be on the lookout for what needs to be done better. Focus on how to make your business the best and the most profitable.
Know when to bring in professional support (especially for marketing), be good to your people and give credit where it's deserved.
Regardless of how good you are or how well you run your business, there will be difficult challenges beyond your control. If you feel strongly about your ideas, perseverance will get you through to the next level.

TWEETABLE QUOTES:

"If someone needed something done, we did it as long as it was legal." - Merrily Orsini

"You're in this (entrepreneurship) for the long haul." - Merrily Orsini

CONNECT WITH JASON DUPRAT:

LinkedIn | Facebook | Instagram | Youtube | Facebook Group

RESOURCES:

Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
Have a healthcare business question? Text me at 386-284-4955, and I'll add you to my contacts. Occasionally, I'll share important announcements and answer your questions as well.
Do you enjoy our podcast? Leave a rating and review: https://lovethepodcast.com/hea

#184: Tactical Tuesday: Create Raving Customers by Over Delivering on Small Promises Apr 27, 2021

Show notes

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and host of the Healthcare Entrepreneur Academy podcast explains how business owners can achieve greater success by promising less. He stresses the importance of limiting customer expectations and then overdelivering to develop a fanbase.

3 KEY POINTS:

Underpromising makes it easier to meet customer expectations.
Happy and satisfied customers are more likely to stick around and buy the other products or services of a business.
It's better to focus on being great in very specific areas.

EPISODE HIGHLIGHTS:

Ask yourself: How are you promising what you provide?
Businesses tend to exaggerate what they provide because they're trying to sell their products or services.
Be conservative in your claims and don't be a jack of all trades.
Don't lower your bar of promises because that could hurt sales and marketing. Keep it reasonable and easily attainable.
If you focus on maintaining a "moderate" bar, 90% of your customers will have tremendous results.
Customers who achieve great results or whose problems are solved by a business are more likely to become fans.
Keep your promises small and focused. Deliver results and customers will return for more.

TWEETABLE QUOTES:

"Keep your promises simple, small and focused." - Jason Duprat

"Niche out." - Jason Duprat

CONNECT WITH JASON DUPRAT:

LinkedIn | Facebook | Instagram | Youtube | Facebook Group

RESOURCES:

Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
Have a healthcare business question? Text me at 386-284-4955, and I'll add you to my contacts. Occasionally, I'll share important announcements and answer your questions as well.
Do you enjoy our podcast? Leave a rating and review: https://lovethepodcast.com/hea

#183: Jay Mays: Find the Little Nuggets & Turn Them Into Big Opportunities Apr 22, 2021

Show notes

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and host of the Healthcare Entrepreneur Academy podcast talks with Jay Mays, CEO and co-founder of MPLT Healthcare. Jay offers tips on recruiting healthcare professionals and running a successful business. He also shares lessons he's learned as a CEO.

3 KEY POINTS:

One of the key components to running a business is accountability. Own up to your mistakes and come up with a solution.
In the recruiting business, some problems cannot be solved through text or email so pick up the phone and get the parties involved. Talk through solutions in a consultative nature vs taking a sales approach.
Jay encourages people to be competitive and to have a winning mentality. Believe in yourself, and when opportunities come, put yourself out there.

EPISODE HIGHLIGHTS:

Working for Maxim Healthcare for a decade sparked Jay's interest in healthcare staffing and taught him how to expand a business.
Find a niche—nuggets of opportunity or areas where there's not a lot of competition—do well and then expand into other spheres.
Don't be afraid to break down processes and then rebuild them.
The key for startups is to start small. Put your head down and do the work to grow the business.
It's about the right time, the right opportunity and trusting your abilities. Take those opportunities to show people what you can do.
Jay has established his brand as a recruiter by building relationships with people, and by being honest and informative without overstepping boundaries.
It's rare you have a round peg and a round hole. So work to find solutions and compromise.
Technological advancements, such as AI and blockchain, have improved the recruiting and staffing industry, making it easier to match jobs to people.
At MPLT Healthcare, hospitals are responsible for credentialing incoming physicians, but his company helps facilitate the process.
In his first few years as CEO, Jay continued to work as a recruiter and account manager. He credits his sports background for his determination and winning mentality.
Jay's advice for entrepreneurs is to take the chance and put yourself out there. Don't wish - roll up your sleeves and do it.

TWEETABLE QUOTES:

"You're better but I'll try harder." - Jay Mays

"Surrounding yourself with good people makes the journey special." - Jay Mays

CONNECT WITH JASON DUPRAT:

LinkedIn | Facebook | Instagram | Youtube | Facebook Group

RESOURCES:

MPLT Healthcare website: https://www.mplthealthcare.com/
Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
Have a healthcare business question? Text me at 386-284-4955, and I'll add you to my contacts. Occasionally, I'll share important announcements and answer your questions as well.
Do you enjoy our podcast? Leave a rating and review: https://lovethepodcast.com/hea

Our TOPPODCAST Picks

Follow Us

Stay Connected

Healthcare Boss Academy Podcast

Related Podcasts

Links

Stay Connected