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
In our hundredth episode, we'll be talking to Rick, a unique guest who is currently in school studying to be a psychiatric N.P. a the age of 62 years old.
Rick comes to the show looking for help in deciding where to work when he's out of school to get the biggest bang for his buck, he's also planning to open a business while in school so he can hit the ground running once he finishes, in summary, he's after counsel on the best strategy to make his future as optimal as possible.
Rick, it's a great example that when you want to get something in life you just gotta go for it, you only live once and you have to follow your dreams and ambitions regardless of your current standing in life, planning ahead is a great way to ensure you'll succeed later in your journey and having the right type of business it's key for it, one that works for you without you having to work in it.
Today we'll be talking to Laura who is a Psych N.P. She's currently working full-time at an outpatient clinic for a hospital system. Laura wants to start her own practice and she has been presented with the opportunity to sub-lease a space at an established practice. She's looking to start an insurance-accepting mental health clinic but she's also interested in offering niche services within the same clinic. Laura comes to the show looking for guidance on the practice starting processes and how to prepare for success.
In this episode we had an interesting situation, Laura's under a one-year-long non-compete which prevents her from starting her clinic right away but provides her with a lot of time to make preparations and set up her clinic, like anyone in the starting phases of setting up a practice she needs to build a solid base for the business making all the preparations ahead of the clinic opening.
Having to wait before opening the doors of your business it's not a setback, but an opportunity to prepare and hit the ground running once you start seeing patients.
Today we'll be talking to Autumn who is a dual-certified family and psych nurse practitioner, she's currently working full time on her own integrative psych practice where she provides counseling, nutritional assessment, neurofeedback, and psychiatric-based medication management. The practice has been open for a year and Autumn thinks it's not going too well, she's needing assistance in finding out where to go next with the practice.
In this episode we talk about the reality of business, there are times when an entrepreneurial endeavor just doesn't go well, sometimes a successful well-planned business will start doing badly, and other times a struggling one will improve. The main takeaway from our conversation is that you should never give up, you should be open to pivot, see the options you have in front of you, and make the most out of the situation taking advantage of your skills and the tools available to you.
You never really fail if you keep trying, you only fail if you give up!
Today we'll be talking to Terry who is a Family N.P. Currently, he's working full-time at hospital-based urgent care while he's in the initial phases of starting his own men's health clinic. He has the basic setup for the clinic but needs help understanding the operations, patient flow, and some regulatory considerations as well as finding the perfect moment to actually open the clinic for business.
In our conversation with Terry, we touched on the basics of selecting the perfect location for your business, this decision could make or break your practice if you're choosing to go with a brick-and-mortar option, however as we've said in previous episodes a hybrid clinic it's the best solution, you give the patients different options to receive care which in turn will increase your volume and revenue, in-person care in a good location + a solid telemed solution will increase the chances of success.
Today we'll be talking to Lisa who is a Family N.P. Currently, she's working full time at a primary care clinic, Lisa started her own clinic about nine months ago where she focuses on primary care predominately, but also provides bio-identical H.R.T and weight loss but she wants to add more men's health and testosterone replacement therapy services and eventually transition to a full-blown functional medicine practice. Lisa comes to the show looking for help transitioning from insurance to cash and taking her practice to the next level.
Lisa's situation it's a perfect example that you need to taper change over time, making a series of big changes can damage your business, and being brash can lead to losses and problems down the line, you need to be patient and roll big changes slowly, that way your clients and your business can adapt to these modifications on services or prices.
Always protect your stability and income!!
Today we'll be talking to Erin a family N.P. currently working P.R.N as a hospitalist in the emergency department, Erin is also a senator in South Dakota state where she pushes for legislation to help Nurse Practitioners have more autonomy. Erin recently started an I.V hydration & weight loss clinic and she comes to the show looking for help on how to run a successful clinic and balance her time for the ideal results.
Erin is the first Nurse Practitioner State Senator we've had on the show, handling those responsibilities on top of her new practice and her work as a P.R.N. makes time management the most important tool on her way to success. Having a set goal and a clear vision of how to achieve it will always help you prioritize and focus your time and attention on the most important things.
In today's episode, we'll be talking to Ashley, an R.N. who is currently working in private plastic surgery predominately on the operative side, and assists with various procedures in the office. Ashley is looking to start an I.V. infusion clinic and would also like to do functional medicine coaching. Ashley is in the starting phases of the practice and she comes to the show looking for help on how to start it cheaply and effectively.
Today is our first episode with an R.N. and this shows that R.N.s are capable of opening and managing their own healthcare business and depending on the state and limitations of practice they might or not need an overseeing doctor. The most important thing we take from this episode with Ashley it's that you can start very successful businesses by being lean in the beginning, focusing only on providing the most important and basic services, and boosting the quality of what you do with complementary services it's always a great idea.
Today we'll be talking to Nicki, who is an adult and psych N.P. she currently operates a phase 1 clinical trial for an oncology company and also sees patients on the side in an oncology office. Nicki recently started her own psych practice that was cash pay only at first but recently started accepting insurance. She's looking for help on how to grow the business, find solid employees, and generally let go as well as strategies to lower her taxes.
Nicki has a unique skill set as a practitioner our conversation in this episode is full of pearls for every N.P out there who operates their own business, her practice it's fairly new but she has grown it quite a bit and it's now in the stages of needing some extra help to keep ahead, we discuss the hiring process and the best payment model for employees as well as highly effective ways to reduce your taxes legally. We also hammer on one of the most important concepts for any entrepreneur out there, focus on what is working and don't fall victim to shiny object syndrome trying to do or implement too many services at once.
Today we'll be talking to Sarah who is an adult gero N.P., she currently works at a nursing facility but also works bedside as an RN to supplement income and benefits. Sarah's planning to start a direct primary care practice working through the mobile and telemed model, she wants to test the field with a low-expense practice at first and then move into a brick-and-mortar practice Sarah comes to the show looking for help on how to start a low overhead practice and with overcoming the fear of going on her own starting a business.
In this practice start-up episode, we talk about an action that is important regardless of the stage you're in your business, you need to be open to pivoting, listening to your patients if your practice is already going, or studying the market and the place you'll open your business in if you're still on the planning stages. You gotta let the world tell you what they need.
Today we'll be talking to Cambria a family N.P. who is currently working full time at an aesthetics clinic. Cambria wants to open up her own telemed practice where she'll focus on men's health and weight loss. She needs assistance with the practice opening process, the technicalities of the business startup, and guidance on how to handle and structure a partnership as well as bringing in other practitioners into the business.
Cambria is a fairly new Nurse Practitioner and she's a clear example that the sooner you open your eyes to the light, the faster you'll be on your way to financial independence and you'll break free from the limitations of the health care system. In our conversation, we talked about how you need to focus on things that do not require your time, profits are not only determined by the amount of money you make but also the amount of time you invest to generate that income, always be aware of the time you put into every aspect of your business.
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