Healthcare Boss Academy Podcast

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#143: Taylor Justice: There are No Rules or Formulas in Entrepreneurship Dec 03, 2020

Show notes

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast speaks with Taylor Justice, Co-Founder and President of Unite Us. Taylor highlights his experiences after his medical discharge from the Army and how he came up with the concept of Unite Us. He also talks about the importance of building professional relationships, executing ideas and finding the right investors.

EPISODE HIGHLIGHTS:

Reflecting on his football days, Taylor shares how sports psychology teaches you mental discipline, mental toughness and emotional intelligence.
You may get told no 100 times. Keep going until you get your shot.
Taylor established Unite Us by focusing on and catering to the needs of US Army veterans.
It's hard to get your business on track, especially when it involves the government. Taylor highlights the technical aspects and professional relationships he built over the years.
Have the courage to take the first step and then you'll figure things out.
In entrepreneurship, there is no such thing as rules and formulas. It all comes down to mental toughness and the ability to execute your ideas.
Taylor states his MBA gave him good tools and resources, yet on his own, he learned to be gritty and innovative.
As a Co-Founder of a software company, Taylor encourages entrepreneurs to focus on three things: identify a need, set your vision and recruit a capable team.
Finding investors is similar to a sales process. You need to find investors within your target market and understand how they invest.
If you ask for money, you'll get advice. If you ask for advice, you'll get money.
Taylor shares his insight on sourcing partners for seed capital and how the early rounds are most expensive for equity.
Don't be afraid of someone stealing your ideas. Tell everybody about what you want to do. It will help improve your pitch and greatly expand your network.

3 KEY POINTS:

The core of every business is to provide a solution to a current need or problem. When you have the right idea and the appropriate business model, your path is set. All that matters moving forward is your ability to establish relationships, grit and the proper mindset.

There's no formula for entrepreneurship. Adding tools to build your business and scale it will become a great advantage. The important thing is finding your vision and finding a way to execute it.

Investors are a big part of a business. Aside from funding, they can pivot your business to the right track. Don't be afraid to get rejected and keep your network open.

TWEETABLE QUOTES

"You start to get enough of those smaller checks that turn into a bigger dollar amount that also tells a story. You do have grit, you do have the ability to go syndicate a deal. Investors get excited about that." - Taylor Justice

"You need to know your market better than they (your investors) do. If they don't have confidence in you, it's going to be very difficult for them to write a check to you." - Taylor Justice

RESOURCES MENTIONED:

Unite Us Website - https://uniteus.com/

NCCARE360 - https://nccare360.org/

Taylor Justice on Linkedin - https://www.linkedin.com/in/taylor-justice

#HealthcareEntrepreneurAcademy #healthcare #entrepreneur #entrepreneurship #startup #veteransassistance #businessmodel #saas #buildingcommunity

#142: Tactical Tuesday: Running the Numbers on Google Ads Dec 01, 2020

Show notes

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast discusses how to evaluate the cost of running Google Ads to determine if they're a good option for your business.

EPISODE HIGHLIGHTS:

Before buying Google Ads, there are numbers you should be aware of. For instance, know the cost of your product or service to determine your return.
Impressions won't make you any money when it comes to Google Ads. You need to understand how this impacts your overall ROI.
Jason shares a mathematical evaluation based on a $1000 ad spend for 1000 impressions at $1.00/per impression.
To determine if you're creating positive ROI, understand the lifetime value of your customers. This allows you to analyze the cost of your product/service to the cost of the ad spend.
Return on ad spend is the total amount of dollars you made (total conversion value in dollars) divided by how much you spent on ads.
Despite the low return, ads may bring a bigger value to your business. This is especially true if you're selling a digital product. As an example, you can build your brand and your email list as well.
The best way to know if Google Ads work for you is to just try it. Don't be afraid to test out different visuals and copy.

3 KEY POINTS:

The reason for running Google Ads is to either make a return or widen your funnel. You need to know your numbers and be smart with your numbers.

Running Google Ads requires a full understanding on how to evaluate the math in order for you to maximize the money you've invested. Be aware of the following: impressions, click-through rates (CTR), customer acquisition cost (CAC) and return on ad spend (ROAS).

Sometimes, you may have to run test ads in order to know if Google Ads will work for your business. It's all part of the process to build your brand and generate more revenue.

TWEETABLE QUOTES:

"Various niches have various customer acquisition costs." - Jason Duprat

"The more competitive the particular arena is (in which you're running ads), the more expensive it's going to be." - Jason Duprat

#HealthcareEntrepreneurAcademy #healthcare #entrepreneur #entrepreneurship #googleads #onlineads #digitalads

#141: Chet Czaplicka: Learn from Mistakes & Take Risks to Build a Business Empire Nov 26, 2020

Show notes

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast speaks with Chet Czaplicka, President and CEO of Comprehensive Care Services (CCS). Chet explains what perfusion is and how CSS is becoming the largest perfusion company in the world. He also discusses the importance of learning from mistakes, taking risks and how to manage negotiations and acquisitions.

EPISODE HIGHLIGHTS:

A perfusionist provides services to heart surgery and lung transplant patients. They often operate extracorporeal circulation equipment like the heart-lung machine.
Chet discusses how he built his perfusion business by learning from mistakes.
He also highlights his experiences taking on hospital systems and why it's important to be a risk taker.
As an entrepreneur, you're often expected to take on different roles and responsibilities. Being aware of your 'hats' helps you get to a better place in life.
Acknowledging your strengths while admitting your weaknesses will allow you to improve yourself and your business. Always hire for your weaknesses.
When it comes to mergers and acquisitions, make sure your expectations are covered in the contract. If something isn't there, there's a possibility you won't get what you need from the deal.
Picking your business partners and employees is like dating - you have to understand what they're doing and what their preferences are in order to get to know them.
Across his career, Chet has acquired 14 companies. His key to success? Do your due diligence well.
Chet believes in creating a personal relationship with your banker and learning what he/she is thinking.
Chet expands on and defines EBITDA (earnings before interest, taxes, depreciation and amortization) and why it's important during small businesses acquisitions.
During negotiations, create win-win scenarios. Get to know who you're negotiating with and what their needs are.

3 KEY POINTS:

The healthcare industry is an untamed jungle. A lot of professions, like perfusionists, aren't well known but have the same, if not a greater, impact as any other healthcare provider.
When creating a business, acquiring partners or making acquisitions, keep these two key factors in mind. Don't be afraid to admit your weaknesses and be sure to hire the right people.
Based on his own success, Chet offers the following advice for entrepreneurs: Become knowledgeable about accounting, get connected with your banker and hire both an internal and external consultant for your company.

TWEETABLE QUOTES:

"SAP is the gorilla in the room when it comes to accounting programs." - Chet Czaplicka

"I was the marketing arm, I was HR, I was accounting, and of course I was upper management. And any entrepreneur starting a business, typically, will have those multitudes of hats on." - Chet Czaplicka

"Being an entrepreneur is like being in a self-therapy session. You always have to admit - Oh yeah, I'm not good at that but I'm better at this, maybe that's where I should concentrate my offers." - Chet Czaplicka

RESOURCES MENTIONED:

Comprehensive Care Services Website - https://ccsperfusion.com/

#HealthcareEntrepreneurAcademy #healthcare #entrepreneur #entrepreneurship #learnfrommistakes #takerisks #negotiationstrategy #mergers #acquisitions

#140: Tactical Tuesday: Decoding Mobile & Web App Development Nov 24, 2020

Show notes

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast talks about the three things he's learned while researching mobile and web application development.

EPISODE HIGHLIGHTS:

First, learning anything new takes time, particularly if you're new to the space. The learning curve can be steep.
During his research, Jason learned about software languages such as CSS, C++, HTML, JavaScript and PHP.
Knowing "analysis paralysis" was his worst enemy, Jason gathered information to get up to speed and made quick decisions.
Take advice with a grain of salt; Jason shares a story about dealing with an acquaintance's referral, which included a steep referral commision.
The second thing Jason learned is there are two ways to get a web or mobile app developed. One option is to partner with a dev shop.
Dev shops based in the US can be very expensive. The standard US rate is $130-$200/hr. There are also international shops, which are less expensive at an average rate of $40-$100/hr.
Dev shops are experts in what they do. They have higher rates and usually only work for short bursts of time.
The third thing Jason learned was you can also hire an in-house software engineer. Finding an experienced one is difficult because they're in high demand.
Often, it's tough to get a true assessment of a software engineer's skill set.
If you're seeking an investor, they'll want to see an in-house team vs working with a shop.
Jason provides a tech rundown on the framework for software development - the front-end and the back-end.
The front-end includes the user experience (UX) and the user interface (UI). HTML and JavaScript are the most popular front-end languages.
The back-end includes the server side like databases, cloud storage and encryption. Popular back-end scripting languages include Ruby, Python, JavaScript and PHP.
You can hire a full-stack developer to handle both the front-end and the back-end. While these developers offer breadth,they often lack depth.

3 KEY POINTS:

Technology can aid your success in the entrepreneurial world. This is because the tech industry is forever changing so you're constantly learning. Teaching yourself a new skill like coding is a demanding process. You need to put in the time and effort to achieve results.

There are two options for building a web or mobile application. You can hire a dev shop or an in-house engineer. Each one has its pros and cons, and it's up to you as the business owner to determine which option will best fit into your business model.

The framework for software development consists of the front-end, which includes the user experience and user interface. It also includes the back-end, which is the server-side.

TWEETABLE QUOTES:

"Take advice with a grain of salt because people give advice based on their particular knowledge set and experience factors." - Jason Duprat

"(In the) tech field things change fast and it's definitely a pretty steep learning curve." - Jason Duprat

#HealthcareEntrepreneurAcademy #healthcare #entrepreneur #entrepreneurship #mobileappdev #webappdev #fullstack #coding #startup

#139: Lauren Faison-Clark: Uncomplicating Telemedicine Nov 19, 2020

Show notes

Overview

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast talks to Lauren Faison-Clark, System Line Administrator for Regional Development, Population Health and Telemedicine at Tallahassee Memorial HealthCare. Lauren talks about the value of telemedicine and its rise due to the pandemic and how patients and practitioners alike can benefit from this hybrid form of healthcare.

Episode Highlights

Telemedicine is a hybrid model of healthcare which includes services like reimbursements and innovating doctor-patient interaction while providing quality healthcare.
Lauren shares her experiences and involvement with telemedicine.
She discusses the evolution of both hardware and software, starting from a pilot launch up to the present, and the struggles they encountered at Tallahassee Memorial HealthCare.
Following the new normal of COVID, Lauren talks about the positive and negative reception of telemedicine among health practitioners, including their concerns with face-to-face patient interaction.
Telemedicine has encountered many external factors, including state laws.
Lauren shares the ups and downs, as well her struggles with reimbursement.
What is State Parity Law and CMS? What would these restrictions in different states mean for telemedicine?
For patients who see the importance of telemedicine, Lauren encourages everyone to share their voice and serve as an advocate.
For healthcare practitioners and providers who want to implement telemedicine into their practices, Lauren advises to keep it simple.
Hardware and software functionality is important. Lauren shares her thoughts on personalizing software according to an organization's business model and HIPAA compliance.
Lauren shares her closing words of wisdom - keep the momentum going! The more people who advocate for telemedicine, the better chances for it to be utilized long term.

3 Key Points

The healthcare industry is continuously evolving, and with the current pandemic, healthcare providers have turned to other methods to provide their services for their patients. Telemedicine amidst the pandemic and has found a way to take technology and improve the current form of healthcare.
Telemedicine keeps patients connected with healthcare providers, allowing them to receive quality care wherever they are with less cost and resources.

Telemedicine uses simple hardware, including tablets and monitors, and pairs it up with user-friendly software. HIPAA compliance is important and it's up to organizations to personalize their system according to their business model and needs.

Tweetable Quotes

"Let's just keep the momentum going, keep pushing it. Change is uncomfortable, we're in the middle of change so you gotta keep pushing it forward." - Lauren Faison-Clark

"Each of us comes with this whole package of challenges, experiences, history and stressors."

- Lauren Faison-Clark

References Mentioned

Lauren Faison-Clark on Linkedin - https://www.linkedin.com/in/lauren-faison-9128a577

Tallahassee Memorial Healthcare Website - https://www.tmh.org/

#HealthcareEntrepreneurAcademy #healthcare #entrepreneur #entrepreneurship #telemedicine #COVID #patientcare #patientinteraction

#138: Tactical Tuesday: The Biggest Missed Opportunity of a Lifetime Nov 17, 2020

Show notes

Overview

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast advises healthcare professionals *not* to miss out on the opportunity of scaling your business by generating online revenue.

Episode Highlights

Online opportunities allows you to scale your business services versus working 1:1.
You don't need to have direct online experience. In Jason's case, no one thought an anesthesia provider could create an online course. And he's created three: Ketamine Academy, IV Therapy Academy and Course Creator Academy.
A few examples of healthcare professionals who are primed to offer their services online include physical therapists, psychiatrists, psychologists, counselors, nutritionists, dieticians and educators, as well as the areas of primary care, functional medicine and integrated medicine.
Career coaches, performance coaches and business consultants are also ideally suited for online teaching.
There's a finite number of patients you can see. 80% or more of your services consist of doing the exact same thing. So consider recording this and delivering it online via a course.
Providing coaching courses online exponentially increases your market value and allows you to have a greater impact on your clients, patients or students while creating a community.
Jason shares his experiences creating online educational courses and how he's made a 1.8M in revenue from two courses over three years.
The major benefits for online coaching and course programs include impact, freedom and income.
It's a good time to start online educational courses because there's little competition present.
Jason encourages you to apply to the Course Creator Academy program. If you're willing to put in the time and effort, he knows you'll see transformational results.

3 Key Points

Expanding your business online is one of the biggest missed opportunities for healthcare professionals in terms of creating scalable revenue streams.
Creating an educational course online is not easy - you'll make mistakes on your first try and there's a learning curve. You need to have "go-get-it-ness" and grit. Have someone walk you through the process via an educational program to expedite learning.
The time to act is now. There's very little competition so you can charge premium pricing and add market value.

Tweetable Quotes

"Invest and learn from others who have gone before you." - Jason Duprat

"The online course (model) is impacting people 24 hours a day/365 days a year because they can log in and learn whenever they want." - Jason Duprat

References Mentioned

Book A Course Creator Academy Clarity Call - https://jasonduprat.com/call/

Ketamine Academy - https://www.ketamineprofessionals.com/enroll?_ga=2.140760114.129310485.1605542831-1411778904.1601068488

IV Therapy Academy - https://www.ivtherapyacademy.com/course-information

#HealthcareEntrepreneurAcademy #healthcare #entrepreneur #entrepreneurship #onlinecourses #onlinelearning #revenuegeneration #missedopportunity

#137: Dr. Justin Norden: Tackling Gnarly Problems with Venture Capital Firms Nov 12, 2020

Show notes

Overview

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast talks to Dr. Justin Norden, partner at GSR Ventures. As a serial entrepreneur, Justin talks about healthcare technology, how you should execute your business idea, and how to look for the right investors for your company.

Episode Highlights

Justin discusses his atypical medical school journey at Stanford and how he transitioned to business school with a focus on entrepreneurship.
How did Justin get involved with healthcare technology innovation?
How can you best prepare when it comes to building your own company and seeking funding?
Four areas are transforming how healthcare is delivered: data, EMR, AI and ML (machine learning).
Several companies are making waves in the healthcare landscape, like Kinsa, Medable and Alpha Medical.
When is the right time to invest to make physical prototypes?
Hone your business ideas and execute them through hard work.
Seek out negative feedback as an entrepreneur.
Justin provides an overview on the pros and cons of kickstarters and investors.
What it's like to pitch your ideas to interested investors?
When you do meet with investors, share your pitch deck and be prepared to make the ask.
Utilize good data to make predictions and to make good things happen.
Justin shares his thoughts on what the future of healthcare technology might look like years from now.

3 Key Points

Everything in healthcare moves slow, especially with the current pandemic. Although this may be the case, there are still people like Justin and companies like GSR Ventures that aim to innovate healthcare technology, as well as provide a better quality of life for both healthcare practitioners and patients.
If you have an idea and want to start a company, figure out what stage you're at. Starting a business is all about the execution of ideas, the hard work you put into it and finding someone who'll invest in your vision.
Approaching interested investors isn't like what you see on TV. The most important thing is getting your idea out there and getting everybody on board - you simply need to get to that first investor.

Tweetable Quotes

"Keep trying…talk to as many people as you can. Get feedback from your colleagues, from others, from your patients. Understand and validate as much as you can." - Dr. Justin Norden

"You should expect to meet with tens, if not hundreds, of investors before people will end up funding something." - Dr. Justin Norden

"Just try to get real feedback from them…I think that's such an important thing as an entrepreneur, and you can never get too much." - Dr. Justin Norden

References Mentioned

Dr. Justin Norden on Linkedin - https://www.linkedin.com/in/justin-norden

GSR Ventures Website - https://www.gsrventuresus.com/,

Kinsa Website - https://www.kinsahealth.co/

Medable Website - https://www.medable.com/

Alpha Medical Website - https://www.helloalpha.com/

#HealthcareEntrepreneurAcademy #healthcare #entrepreneur #entrepreneurship #startup #smallbusiness #venturecapital #healthcaretechnology #innovation

#136: Tactical Tuesday: The Pros & Cons of Being a Solopreneur Nov 10, 2020

Show notes

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast talks about the advantages and disadvantages of becoming a solopreneur.

EPISODE HIGHLIGHTS:

A solopreneur is similar to an independent contractor, which includes workers like website developers, plumbers and healthcare workers who receive a 1099.
Some of the pros of being a solopreneur are you can take advantage of write-offs, work a flexible schedule and establish your own hourly rate.
Jason shares an example of how to evaluate your income potential as a self-employed practitioner. This includes looking at the profit per patient, how many patients are seen per day and how many hours are worked.
Once earnings are calculated, focus on either charging more per patient, seeing more patients or reducing your expenses to increase revenue.
What is capped income?
One of the cons of being a solopreneur is it takes a lot of work to get started and run the business. If you take a vacation, you have no money coming in.
When should you consider hiring a team?
The goal is to produce multiple revenue streams that can operate without you.
Jason's closing advice is to start out as a solopreneur, learn your business, scale the business, build a team and implement processes to increase efficiency.

3 KEY POINTS:

The pros of being a solopreneur include writing off business expenses, having a flexible schedule and having more control over your hourly rate.
The major drawback of being a solopreneur is it can cap your income, which is dependent on whether or not you work.
Being a solopreneur requires hard work - and if you want to scale up, you'll need to think about building a team to improve your business model.

TWEETABLE QUOTES:

"(As a solopreneur) technically you own your own job, you don't really own a business - you are self-employed." - Jason Duprat

RESOURCES MENTIONED:

Healthcare Entrepreneur Academy for Digital Businesses - https://www.facebook.com/groups/HeathcareEntrepreneurAcademy/

Healthcare Entrepreneur Academy for Brick & Mortar Businesses - https://www.facebook.com/groups/HealthcareEntrepreneurAcademyBrickandMortar/

#HealthcareEntrepreneurAcademy #healthcare #entrepreneur #entrepreneurship #solopreneur #independentcontractor #revenuestream #buildyourteam

#135: Ken Wentworth: Double-Digit Net Margins All Day Long Nov 05, 2020

Show notes

Overview

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast talks to Ken "Mr. Biz" Wentworth, an on-demand fractional CFO and radio show host. Jason and Ken talk about business cash flow and how you can ensure the profitability of your business.

Episode Highlights

Ken talks about how he got started as an entrepreneur.
What is a fractional CFO and why do you need one?
Ken provides a macro view on a variety of fractional positions and how they benefit small business.
He also shares why you need to track cash flow and how this relates to profits.
There are ways you can tweak cash flow and make it better.
82% of businesses fail because of cash flow.
There are three pillars to financial success: cash flow, budgeting and pricing.
What's the difference between accrual accounting and cash based accounting?
As a business owner, ensure maximum profitability through proper budgeting and pricing.
It's important to know and understand your business net margins - they should be double digits!
Maximize operational efficiencies by delegating and hiring resources. Ken cautions you should avoid bootstrapping.
Ken talks about the breakeven point and upselling.
When is it reasonable for your business to acquire mergers and acquisitions?

3 Key Points

Making a few tweaks, delaying outgoing money and expediting incoming money can have a significant impact on your business' cash flow.
Keeping track of your budget and establishing proper pricing is important for business growth.
Delegating tasks, hiring resources and outsourcing can help improve both yourself and your business.

Tweetable Quotes

"If you're losing money, you're probably having some cash flow challenges." - Ken Wentworth

"If your net margin is less than 10 percent, congratulations! You have a hobby not a business." - Ken Wentworth

"To be successful, you have to exhibit consistent perseverance, because no matter how successful you are, you will get knocked down." - Ken Wentworth

References Mentioned

Mr. Biz Solutions Radio - https://www.mrbizsolutions.com/mr-biz-radio

Mr. Biz on Youtube - https://www.youtube.com/c/MrBiz

Mr. Biz on Facebook - https://www.facebook.com/Mr-Biz-109564357238009/

Mr. Biz on Instagram - https://www.instagram.com/mrbizsolutions/?hl=en

#HealthcareEntrepreneurAcademy #healthcare #entrepreneur #entrepreneurship #smallbusiness #financialsuccess #fractionalcfo #cashflow #profits

#134: Tactical Tuesday: It's Okay to Say No Nov 03, 2020

Show notes

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast talks about how occasionally saying no to new opportunities can help you achieve business success.

EPISODE HIGHLIGHTS:

Jason explains why deciding on what not to do is as important as deciding on what to do.
Saying yes is an easy thing to do and it's a trap. It's similar to the shiny object syndrome.
Jason recommends sitting on a potential opportunity for 1-2 weeks before making a final decision. Let it marinate. If you're still enthusiastic about it, then pursue it.
Recently, Jason has been approached to consider new product and service line ideas, speaking opportunities, franchise partnerships and 1:1 coaching.
He's decided to focus on his live Q&A for the Ketamine and IVT academies and to launch a new Course Creator Academy.
He also agreed to speak virtually at his alma mater, University of Central Florida's School of Nursing to talk about what it's like being a CRNA and business owner. .
Mastering and improving your craft as a business is important before venturing out.

3 KEY POINTS:

Opportunity cost is the cost of choosing one opportunity over the other.
Making smart business decisions can foster better opportunities with greater gain.
Focus on doing one or two things exceptionally well as a business.

TWEETABLE QUOTES:

"Being the jack-of-all-trades is the surefire way to be the master of none." - Jason Duprat

"Once you're in business, you can't say yes to everything." - Jason Duprat

RESOURCES MENTIONED:

Healthcare Entrepreneur Academy for Digital Businesses - https://www.facebook.com/groups/HeathcareEntrepreneurAcademy/

Healthcare Entrepreneur Academy for Brick & Mortar Businesses - https://www.facebook.com/groups/HealthcareEntrepreneurAcademyBrickandMortar/

#HealthcareEntrepreneurAcademy #HealthcareBoss #healthcare #entrepreneur #entrepreneurship #justsayno #businessdecisions #businesssuccess

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