Medical Empires25 Sep 2024

4 Mistakes Medical Business Owners Make - Ep 90

In this episode, I dive into the hard truth about the disconnect between being a great medical provider and being an effective business owner. The reality is, most doctors—and I include myself in this—think we know everything because of our rigorous medical training. That confidence, or even arrogance, can work in the clinic when it comes to diagnosing and treating patients, but it doesn't translate to running a business. Doctors, chiropractors, nurse practitioners, and dentists often assume they'll figure it out because they're smart, but smart doesn't always mean savvy. The overthinking that helps us solve medical problems often leads to paralysis in business, where you have to move fast, make mistakes, and learn as you go.

One of the biggest mistakes I see is doctors building their practices around themselves, slapping their name on the door and spending money on how their clinic looks instead of on marketing or enhancing client experience. It's a costly error because if you ever want to step away, your entire practice relies on you being there. To scale, you have to step back from being the face of the business, learn to trust and hire experts in areas like accounting and marketing, and focus on growing the business itself. Early on, I thought I could juggle it all—seeing patients, doing the books, handling marketing—but that only stretches you thin and guarantees something will suffer.

At the end of the day, it's all about leveraging the right people and being relentless in your pursuit of growth. I've learned through trial and error that you need to surround yourself with experts who can handle what you're not trained for, like financials and marketing, so you can focus on leading. It's not about doing it all yourself, but rather guiding the right team so your business can thrive without you in the clinic every day. There's no balance at the start—it's all in, all the time—but that's the price of building something great.

Welcome to The Spinoso Podcast hosted by CEO, doctor, comic book geek, and car guy, Alex Spinoso. I help people and companies grow - especially in the medical business. While my experience and expertise is in scaling all types of medical businesses to 7, 8, 9-figures or more, I can be a mentor to anyone who wants to take ownership of their lives, become a better leader at home and at work, and overcome any obstacle that stands in their way.

(0:00) - Intro

(1:30) - Medical entrepreneurship

(2:39) - Doctors aren't good business people

(13:22) - Lead the way

(17:30) - Super heavy science-based

(27:48) - Intelligence on how you educate

(28:55) - You are not better because you are a doctor

(44:31) - You can't choose between professional or people skills

(54:56) - Listen up!

(57:17) - Conclusion

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