Stay ConnectedNo-Nonsense Business Advice for Entrepreneurial NPs
The Elite NP Show is a podcast for go-getter NPs who are ready to break free from traditional roles and create thriving businesses. Listen to 1:1 interviews with entrepreneurial NPs who are establishing and growing their practices, and apply these valuable insights to your own professional journey.
Copyright: © 2022 The Elite Nurse Practitioner Show
Today we'll be talking to Carolyn who is a women's health N.P. currently she operates her practice where she provides women's health, HRT, functional medicine, and basic mental health services. Carolyn is looking to rebrand her practice and she needs help narrowing in the services she provides since she's providing more mental health services than she was expecting and wants to step away from that while at the same time she begins pulling away from insurance and transitioning to a cash-based practice.
During our conversation we talk about the different options an insurance-accepting practice has to transition into a cash-based one, the most important one is to take things slow, making a gradual transition will ensure you're not losing revenue suddenly, diminishing the number of insurance clients while you build up the cash accepting side of your business will keep you in balance, just taper out what you want to eliminate whether it's insurance payments or a service you provide that you don't want to do anymore so your revenue it's not impacted.
Today we'll be talking to Nancy who is a psychiatric N.P. She's currently involved in several endeavors including writing nursing educational material, working at an outpatient ketamine clinic, and operating her own tele-psych business. Nancy is currently building her business and she needs assistance with the financial aspect of it and how to optimize her taxes.
Our enlightening conversation with Nancy is full of pearls and important knowledge for those trying to navigate the finance side of your business and your personal life by maximizing tax deductions and being generally savvy with that side of your business. You have to be smart so your business grows and starts working for you, that way you can step back from it, if you wish to, and enjoy the benefits of being financially independent thanks to your successful business.
Today we'll be talking to Chaka, who is an adult N.P, she currently works in palliative care in a hospital setting, she's started a weight loss clinic about a year ago that provides weight loss treatments and integrative medicine. Chaka comes to the show looking for help on how to structure her business and how to set it up so it can grow easily as well as general help to go in the right direction when managing her business.
In our dive into Chaka's business, we realize that offering just one service can be very limiting, weight loss is very profitable but it's not something that will be long-term for most people, when establishing your business with the idea of growing it, you have to plan and think of offering services that will bring in recurring patients, that way you'll have a constant income stream from long term services from recurrent patients.
Today we'll be talking to Jennifer, who is a psychiatric N.P, currently she is working at an out-patient site clinic full time, but she's looking to start her own cash based practice, she wants to start an integrative psychiatric practice where she will provide mental health services in addition to some other niche services such as weight loss, and HRT to treat underlying mental health disorders. She's needing assistance with how to set up a subscription membership plan, how to get the business up the ground and what is important to focus on during the initial stages.
An important lesson we learn in this episode is that you have to be at the right place and the right time to start a business, starting a business during a hectic period of your life when you don't have economic balance or your life organized will make things way harder for you. Being prepared economically, investing your money and having a solid job while you apply the Elite N.P model will boost your chances of a highly successful practice. When starting a business you have to sit back and think if this moment it's the ideal one to take on a challenge of this kind or if it's a better idea to put your life in order first to make things easier for yourself down the line.
Today we'll be talking to Darin who is a practice owner, although he's not a clinical person he employs Nurse Practitioners at his hormone replacement therapy clinic, he started the clinic a few months ago but he also owns a lab work company that is tailored towards the fitness community. Darin needs help on how to market the practice to increase business volume, how to focus on his target market, logistics of refills and operating the practice, and how to scale this business as a non-clinical owner.
On our first non-clinical practice owner episode, we touch on a few important points on how you need to be able to wear the business owner hat as well as the clinical owner, you can have a lot of expertise in the medicine niche you're practice covers but you have to be able to combine that expertise with a solid business foundation and a smart managing of all the needs on your business, you have to be able to adapt and learn on the fly.
Today we'll be talking to Nichole who is a family N.P. She's currently working full-time as an orthopedics hospitalist, Nicole started an online coaching business about a year ago and she wants to turn that into a brick-and-mortar practice where she will offer HRT and weight loss. She needs help with the logistics to transition her online practice to an actual location.
A lot of times, as was the case in this episode, sometimes all you need is a bit of confirmation, you have everything ready and have prepared to make that change or addition to your practice but you have this voice in the back of your head holding you back from going for it.
Making good planning and researching beforehand will ensure you're actually prepared, if you're really prepared and if you researched the best way to make these changes work you don't need anyone's validation, you just have to trust your gut.
Today we'll be talking to Heather who is both a psych and family N.P. She's currently working full-time at an outpatient psych practice, on top of that she opened up her own part-time practice a few months ago where she offers general psych care and TMS, Heather comes to the show looking for help on hiring her first employee and the inner workings of having people working for you as well as how to add new services into her practice.
From our talk we get to the point of how important it is to treat your employees well, you can't cheap out when hiring, if you offer low pay you'll receive just the bare minimum from your employee, on the other hand, if you offer a good salary and compensate your employees fairly you'll get much better work from them, pay people what they're worth and they'll help you grow your business a lot.
Today we'll be talking to Caroline who is an adult N.P, Caroline is currently operating her own wellness clinic where she provides H.R.T., I.V infusions, and weight loss, the practice has been open for a few months and it's not doing all that well. Caroline comes to the show looking for assistance in getting more patients and creating more effective marketing.
In this episode, we talk about how sometimes the success and growth of your practice are out of your control, of course, you have to work hard for it and do everything right on your end but there will be times when you'll start really slow so your only option it's be patient and constant until your business starts gaining traction, and your marketing efforts word of mouth start doing its thing. Many times you'll be tempted to just throw money at the issue and try many different marketing channels, including gimmicky tactics, but the best route it's to always be patient and leave your business progress naturally without trying to press or rush things, you just have to be patient!
Today we'll be talking to Isabelle who is a dual-certified acute care and Family N.P. Currently, she's working as a hospitalist full time and she wants to start a business of her own but has a problem deciding on the type of business she'll open specifically, her ideas are a transitional care clinic, a medicare risk assessment business, or a functional medicine practice. Isabel comes to the show looking for help narrowing her focus and getting started.
When starting a practice or already having one and thinking of adding new services you have to be very focused, it's easy to get excited and want to cast a wide net when it comes to the services you'll offer to your patients and clients, but implementing that many options at the same time will definitively spread you thin. You have to maintain focus and avoid trying to build too many bridges at the same time, narrowing down and putting all of your efforts and energy into one practice or service at a time will allow you to grow your business to a 7 figure one, not wasting your energy and resources.
Today we'll be talking to Anne who is an adult N.P. Currently, she's running a successful men's health clinic with 3 locations that do fairly well, the business has been open for about 3 years and Anne has grown it by working on it and in it since she's the only N.P. on her clinics seeing patients. She comes to the show looking for help on how to get to the next level and gradually stop working in the business rather than on it, as well as a possible rebrand.
Anne's case is an example that following the N.P model and working smart and hard can lead to success, she has grown a million-dollar business in 3 years, and as we always say on this show, it's not that hard and you can do it too!! The next step for Anne toward real financial independence is to start applying measures so that she can spend less of her time working seeing patients and inside the business and making her practice run itself, transitioning her from a self-employed individual to a full financial independent entrepreneur.
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