The EntreMD Podcast

Discover Transformative Strategies from Top-Earning Physician Entrepreneurs

• Dr. Una • Episode 415

Share episode

Send us a text

✅ [Free Masterclass] 3 ways to attract more patients in 2024: https://entremd.com/go
👉 Ready for the next step? Book a call: https://program.www.entremd.com/call 

Ever wondered what it's like behind the scenes of a 7-figure private practice

Then you've come to the right place because that's exactly what we will look at today!

Throughout my career, I've had the privilege of working with many incredible physician entrepreneurs who have exceeded my wildest expectations. Today, I want to share some of the lessons I learned from observing them. 

From mindset to hiring practices and discipline, I'll cover all the areas you need to work on if you want to succeed!

Tune in. 


Key Takeaways: 

  • 00:00:00 Intro
  • 00:03:27 The overarching attitude 
  • 00:04:45 Are you willing to do anything it takes?
  • 00:07:59 Why you need to hire people 
  • 00:11:04 You need to invest in yourself
  • 00:13:20 Outro 

—

Additional Resources:


When you are ready to work with us, here are three ways:

  • EntreMD Business School Accelerator - If you are looking to make a 180 turnaround in your business in 90 days, this is the program for you.
  • EntreMD Business School Grow - This is our year-long program with a track record of producing physician entrepreneurs who are building 6, 7 and 7+ figure businesses. They do this while building their dream lives!
  • EntreMD Business School Scale - This is our high-level mastermind for physicians who have crossed the seven figure milestone and want to build their businesses to be well oiled machines that can run without them.

To get on a call with my team to determine your next best step, go here ...

Speaker 1:

The things that I'm doing now are giving me the results I'm having now period. If I want to have different results, then I have to do different things. Hi docs, welcome to the EntreMD podcast, where it's all about helping amazing physicians just like you embrace entrepreneurship so you can have the freedom to live life and practice medicine on your terms. I'm your host, dr Imna. Well, hello. Hello, my friend, and welcome back to another episode of the Entree MD Podcast and, as always, I'm super pumped to be in your ears. And today we're going to be looking behind the scenes at real life examples of doctors who are running seven and multiple seven figure businesses and some of the secrets to their success. I've had the privilege of working with them for many years at this point and we are at a transition point where we kind of looked back at the first quarter of the year, so I want to share some of those lessons with you. Okay, so these doctors are the doctors that are in EVS scale, so that is a tier of the Entremet Business School that is primarily made up of doctors who hit the seven figure mark, or they're dangerously close to it, and you know they are still interested in hyper growth and they want to build teams and processes so they can really create these businesses that can work without them, right? Because you know we're all about building the exit strategy from the beginning and all of that. They're a phenomenal group of doctors. It is, you know, like it's. It's such a privilege I get to work with them or work alongside them and help them make all these dreams a reality.

Speaker 1:

And so, as we stopped to look at the end of the first quarter of the year, it was just, it was just mind blowing. So one of the doctors was like you know, dr Una, I surpassed my Q1 goal. So first quarter, I surpassed my Q1 goal by $110,000. And that is nothing to sneeze at. And she did this even though she took, you know, significant amount of time off, whether that was to be with her family or to go speak, you know, at at conferences and stuff like that, and you know it's just mind blowing to watch, right? Another doctor said that you know, my revenue, compared to Q1 of 2023, increased by 42% and, at the same time, I had decreased my clinical time by 22%, right?

Speaker 1:

And so I remember, when we first started, I started talking about this concept of leading and creating results through people and I want you to take more time off and start challenging to do these things. They're like, yeah, but if I'm not there, you know doing that, then how am I going to make money? I'm like, yeah, we're going to, we're going to work this. So to actually see it you know, have see them, experience it is is so good, and I share this with you because, you know, I want the physician community to start getting into these concepts of what can actually happen, what life can look like. What we're going through now as a community is totally abnormal and it will not be forever, but there are going to be early adopters. I want to challenge you to be one of them, and so the beautiful thing about what we do is we don't only celebrate the wins, we allow them to debriefs, like to explain, like what created these wins and stuff. And after looking at a number of them, I decided, you know, I'm going to pick three of them and just kind of share them with you. So there are things that you can adopt as well.

Speaker 1:

Okay, all right, so let's look at, you know, like the overarching thing, like the overarching attitude here, which I mean, is so good to see, right, the overarching attitude is they do the work that is required, like, whatever is required, I will do it right. Whatever is required for me to get this result, I will do it. Now, why am I saying that? Because the things that are required for you to get results that you're not getting are things that you're not already doing right, and so it requires that we step out of our comfort zone, we get out of excuses. You know, like, if things are not happening as fast as we want them to, we don't quit. If we start experiencing challenges, we can reach out, we can take a deep breath, but we don't stop. I mean, there's a difference between stopping because of a challenge for five months and stopping because of a challenge for two days. Because of a challenge for five months and stopping because of a challenge for two days, right, and so their ability to turn around and all of those things. So these are all things that we have to navigate if we will do what is required. So just think about it this way the things that I'm doing now are giving me the results I'm having now period. If I want to have different results, then I have to do different things. So you will hear this come through as I talk about some of the things that they did, but they are willing.

Speaker 1:

One of the things I see that comes up a lot is this concept of it shouldn't take all that, I shouldn't need to work this hard, I shouldn't need to do this thing, I shouldn't still be at this level. That resistance to reality or the work required has crippled so many businesses, so many, because as long as we're there, we won't do the work and as long as we don't do the work, we won't get the result right. So they do what is required, okay. So let me give you some examples here, because this really blew my mind, okay. So one, and I remember when she first said this and when she put it up again, I was like, oh, my goodness, right.

Speaker 1:

One of the docs decided you know, like I'm really struggling in my you know, with my mindset, my ability to see the vision, you know, for my business, you know for my business. So, yes, I'm writing the goal, but I can't quite see the picture. I'm kind of struggling with that. And I'm struggling with the concept of scaling and she's an EBS scale, right, so she's setting herself up for it, but I'm struggling with that whole concept. So this is what she did.

Speaker 1:

In January. She decided this is a problem but I'm going to fix it. So in January, in one month, in 30 days, she read what she considers eight of the best books on mindset and scaling. She read eight books. She read eight books so she can change her mindset, she can work on her mindset, she can adopt a new way of thinking. She can visualize what new way of thinking. She can visualize what it is she wants. Now this is in addition to what she gets in EBS Grow, ebs Scale and all of these things. But she was like I am going to get this done. Okay, now she did the eight books and I remember her coming back and saying I've broken through. She may not have used those words, but she's like I got it. Now I can see it. That's what I needed and I've done it.

Speaker 1:

And so a lot of times when I would post wins you know that my clients create and stuff people are like oh, I want that. You know it's John Maxwell who said it don't want what I have if you're not going to do what I did. So I want to challenge you to say if you find like you're struggling with something, what do you do? And this is not about judgment, this is about observation. Do you roll over and play dead? Do you wonder why this is happening to you? Do you go like, oh, my mindset just sucks, like this? Or will you be willing to say you know what? I'm going to go book after book after book till I get it. I'm going to listen to this podcast over and over till I get it. I'm going to do that until I get it. Are you willing to do that? So that's what one of the doctors did Blew my mind then still blows my mind as I think about it, still blows my mind as I tell you about this. But again, this is what create.

Speaker 1:

In a time when so many businesses are struggling and challenging, physicians are having a hard time. These people are thriving, like this doctor did. Go on to you know, crush her, her, her revenue goals, crush her hiring goals, like there's all these things that are happening. Right, but this is what she did. Okay, let me give you another example, and this one you know it's, it hurts, it's uncomfortable, but if you're not willing to do it, scale can never happen. And that is around hiring, willing to do the work with all things, team building, okay.

Speaker 1:

So for many of them, they had critical hires. Either they had to hire a doctor or a manager, or an administrator or an executive assistant, like these critical roles that will affect the bottom line in their businesses, will affect their personal productivity and their time freedom and all of these things, right, and people can sit around because, yes, we are in the middle of the great resignation, right, but that's an observation, we can respond to it, right, they could have said, oh, there's nobody to hire, there's no one to see. And when people start saying things like that, I'm like guys, the same number of physicians still exist, the same number of, and guess what, if you're looking for, like executive assistants and things like that, even managers, like office managers and things like that, like so many companies have let go of so many good people, what if this is the absolute best time to hire but you're not going to roll over and play dead and wait for you to come right? The discipline of sitting down to examine what exactly you want so you can write a proper job description. The ability to market and promote what it is you do to attract people who will want to come work with you. Like In the earlier stages of your business, you market for clients. That never goes away. But as your business gets bigger, the same way you used to market for clients, now you market for team, and so they would do the job description, they will market for those positions. They would do the interviews and not lazy interviews First interview, second interview, third interview, looking for different things. And they had these rock solid. I wonder if they'll think that. But when I look at it I'm like, oh my goodness, rock solid onboarding systems, right, and some of them, when you look at their documents and the thought process, like, by the time I'm done onboarding this person, they can hold their own weight, they can make a huge difference in my business and that is exactly what was happening for them.

Speaker 1:

Okay, so the hiring process this is something that most people just roll over and play dead and not want anything to do with. But they understood it was the work required. One is too small a number for greatness. Like if you cannot embrace the. And when I say hire, it's more like team than hiring. But it's like all things team, right, the job description, the interviews, the putting yourself out there so the right people can find you is saying no to the wrong people. Because it's so easy to say yes to a warm body anybody like, just come in here and do that, but the discipline to say no this person is not a good fit and hold until you find that person, the ability to onboard them, not going like they should read my mind. I'm paying all this money. They should know what to do. No to onboard them. And they have such. I mean, they have amazing team members, amazing, and most of them made hires in this quarter like critical hires, right. So again, they're doing what is required, what is required.

Speaker 1:

And then the third thing that I noticed they did is that they all invested in themselves. And the reason why I say that is, of course, they're all in EBS scale right, which is an investment in themselves. And they show up to the calls every week where we're doing really deep dives in all of these things. But they invest in themselves, really deep dives in all of these things. But they invest in themselves. They understand that in order for me to go further, faster, I have to surround myself with the mentorship and the community that will take me there. So I want you to imagine being in a room and I kid you not, right, being in a room where you have doctors who are on the biggest stages. You have doctors who are running multimillion dollar businesses. You have doctors who are running multimillion dollar businesses. You have doctors that are hiring like rock stars. You have, I mean, like it's all in this.

Speaker 1:

You know, community and EBS scale. They invest in themselves. Right, they said yes, they invest in themselves and they continue to, and most of them, actually every single one of them, has been doing this for years, not a year. Years, years. They've been there. I think the oldest one there oldest as far as duration has been there since September of 2020. We're going to September of 2024. They invest in themselves.

Speaker 1:

I like to tell you, like there's any other way, but there isn 2024. They invest in themselves. I like to tell you, like there's any other way, but there isn't. They invest in themselves. And so these are just my observations that I I wanted to come talk to you about it because I want you to start adopting that right. So so will you adopt this mindset of? I will do what is required.

Speaker 1:

So, for the examples that I pulled up, you know doing the work of renewing their minds the way they think, the way they expect the visions they can see. That's work Like. So will you be willing to do the work to fix that? Or will you just roll over the higher? We say, oh, there are no good people anywhere. I mean, there are good people everywhere, right, but we just have to do the work to find them. Will you invest in yourself All of these things? They do the work that is required. Okay, so it's the same thing with medical school. Okay, we had to do the work that was required and that's how we became doctors, which is amazing. You just need to do it one more time to become rockstar physician entrepreneurs.

Speaker 1:

So go do a little audit. Ask yourself this question. Look at your business, ask yourself am I doing what is required? Am I giving excuses? Am I just letting the fact that everything is not a bed of roses get to me and all of that? Or am I doing the work that is required? Because if you do the work that is required, you will get the result. Okay, you'll get the result. So I'm looking forward to celebrating you, maybe when you're celebrating the next quarter and you're like, oh, my goodness, these are the things that happened. Maybe you already had a fabulous Q1, right, and you're like it's even going to be more amazing Q2, because now I've done an audit and now I've seen where I was not willing to do the work that is required, and now I'm doing the work and everything has changed for me, okay. So remember I am always, always rooting for you. Go share this episode with another doctor and I'll see you on the next episode of the On Trending Podcast.