PracticeCare

About half of all student loan debt is at the graduate level, but you never hear anyone talk about it. My guest today does. He helps graduating dentists get their arms around, and build a plan to pay back, their student debt. His advice is useful for anyone with student debt.

Mark D. Johnson serves as a wealth advisor with RBF Wealth Advisors. Mark helps families, retirees, healthcare professionals, business owners, and corporate executives plan for success across all aspects of their financial life. Mark is also the founder of StudentLoansRx which helps emerging healthcare professionals create plans to address their student loan debt in the most cost-effective manner based on their career and other financial goals which may include practice ownership. He’s been interviewed on numerous dentist podcasts, including The Dentalpreneur Podcast, Dental Student Vibes, Dentistry Uncensored, Financial Flossing, and many others.

In this episode Carl White and Mark Johnson discuss:

• Programs and options that are available, and how to tell them apart
• The best time to plan to pay back student loan debt
• Important elements to consider in a loan repayment strategy
• Biggest planning mistakes to avoid when repaying loans

Episode Sponsorship

This episode is sponsored by Cerebral Tax Advisors, a tax firm trusted by physicians all over the country and specialized in court-tested and IRS-approved strategies. Medical professionals rely on Cerebral Tax Advisors for proactive tax planning strategies, helping them lower their effective tax rate and increase their wealth.  Alexis Gallati, founder of Cerebral Tax Advisors, has over two decades of experience in high-level tax planning strategies and multi-state tax preparation. She’s also the author of the book “Advanced Tax Planning for Medical Professionals”.  Alexis grew up in a family of physicians and is married to one, so she knows firsthand the financial challenges doctors face. Cerebral’s services are flat-rate and they are focused on their client's return on investment.  If you’d like to find out more or schedule a free consultation, visit their website at www.cerebraltaxadvisors.com. 

Want to be a guest on PracticeCare?

Have an experience with a business issue you think others will benefit from? Come on PracticeCare and tell the world! Here’s the link where you can get the process started.

Connect with Mark Johnson

StudentLoansRx Website

RBF Wealth Advisors Website

Mark Johnson's LinkedIn

Connect with Carl White

Website: http://www.marketvisorygroup.com

Email:  [email protected]

Facebook:  https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: http://www.linkedin.com/in/healthcaremktg

“Always plan ahead. It wasn’t raining when Noah built the ark.” When is planning a bad idea? I say never, and my guest today agrees. She’s an accountant and tax advisor to doctors and dentists. She’ll tell us why tax planning is such a critically important exercise to go through.

Alexis E. Gallati is the founder and Lead Tax Strategist at Cerebral Tax Advisors and Cerebral Wealth Academy, and she’s the author of the book Advanced Tax Planning for Medical Professionals. She has over 20 years of experience in high-level strategic tax planning and multi-state tax preparation, and she has trained at the highest level, holding two master’s degrees. Alexis grew up in a family of physicians and is married to a private practice physician. That’s why she understands how hard medical professionals work to get where they are and why she provides simple and accessible tax solutions tailored to busy physicians.

In this episode Carl White and Alexis Gallati discuss:

• Why tax planning is a valuable exercise
• What good tax planning looks like
• Common tax savings she finds that other accountants seem to miss

Want to be a guest on PracticeCare?

Have an experience with a business issue you think others will benefit from? Come on PracticeCare and tell the world! Here’s the link where you can get the process started.

Connect with Alexis Gallati

Resources from Cerebral Tax Advisors: https://www.cerebraltaxadvisors.com/practicecare/

Cerebral Tax Advisors Facebook: https://www.facebook.com/cerebraltax

Cerebral Wealth Academy Facebook: https://www.facebook.com/cerebralwealthacademy YouTube: https://www.youtube.com/@cerebralwealthacademy

Personal LinkedIn: https://www.linkedin.com/in/alexis-gallati/

Connect with Carl White

Website: http://www.marketvisorygroup.com

Email:  [email protected]

Facebook:  https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: http://www.linkedin.com/in/healthcaremktg

Are your employees stealing from you? Theft happens. Many practice owners don’t think it will happen to them, but why wait to see if it does? My guest today helps practice owners reduce the chances of theft in their practice and has some advice for us.

Sarah founded Webb CFO to provide accounting assistance and long-term financial planning guidance to licensed physicians and their private practice small businesses. Though Sarah and her team are happy to address the fundamental aspects of day-to-day accounting, such as cash flow management and budgeting, they take client financials a step further by adopting a strategic approach: leveraging numerical data for forecasting and planning, and offering a broader management-oriented perspective.

In this episode Carl White and Sara Webb discuss:

• The most common types of fraud she sees in private practice
• If there are common culprits and who they are
• Steps private practice owners can take to reduce the chances of fraud

Want to be a guest on PracticeCare?

Have an experience with a business issue you think others will benefit from? Come on PracticeCare and tell the world! Here’s the link where you can get the process started.

Connect with Sara Webb

https://www.facebook.com/webbCFO/

https://www.instagram.com/webb_cfo/

https://www.linkedin.com/company/webb-cfo/

Connect with Carl White

Website: http://www.marketvisorygroup.com

Email:  [email protected]

Facebook:  https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: http://www.linkedin.com/in/healthcaremktg

AI is coming everywhere, and private practice is no exception. What might it look like? How would you get started? Where are some speed bumps? My guest today is deep into this area and will share his insights.

James F. Jordan is a healthcare and life sciences expert. He is a Distinguished Service Professor of Health Care and Biotechnology at Carnegie Mellon University’s Heinz College, the President of StraTactic, the National Co-Chairman of the BIO Bootcamp, and the Founder of the Healthcare Data Center. He has published numerous articles and books on innovation, startups, intellectual property, and health systems.

Jordan has been a senior executive for Fortune 100 companies and has participated in and led angel and venture capital investments. As CEO of the Pittsburgh Life Sciences Greenhouse, where he worked with 493 companies and invested in 93 of them. Jim has held high-ranking positions in Fortune 100 companies such as McKesson Corporation, where he served as Senior Vice President, Johnson & Johnson, where he was Vice President for Marketing, and many other noteworthy ventures.

As an author, speaker, and consultant, he works with hospitals, health systems, medical devices, pharmaceuticals, diagnostics, biotechnology, and health IT; Jordan is an active industry expert looking for ways to improve the business of healthcare. 

In this episode Carl White and Jim Jordan discuss:

• Specific areas where AI could revolutionize private practices
• Addressing Physician Concerns: How can AI address concerns or reluctance among physicians, showcasing its potential to enhance their practice?
• Practical Guidance for AI Adoption: Practical advice and actionable steps for physicians aiming to integrate AI effectively into their practice while sidestepping common pitfalls.
• Predictions that will help private practice owners

Want to be a guest on PracticeCare?

Have an experience with a business issue you think others will benefit from? Come on PracticeCare and tell the world! Here’s the link where you can get the process started.

Connect with James Jordan

https://jfjordan.com

https://stratactic.com

https://healthcaredata.center

https://bootcamp.bio

Instagram: @stratactic

X/Twitter: @JamesFJordan3

YouTube: https://www.youtube.com/channel/UCMwrshkei8cuBeSC0gt-MUA

LinkedIn: https://www.linkedin.com/in/jamesjordan4/

Connect with Carl White

Website: http://www.marketvisorygroup.com

Email:  [email protected]

Facebook:  https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: http://www.linkedin.com/in/healthcaremktg

Thinking about selling your practice to private equity? Curious about it? My guest today helps practice owners with such sales, and he wants to give you what you need to be eyes wide open about it.

Christopher Spoerl is a Principal with Professional Business Management in the Chicago suburb of Barrington. He’s a tax professional with particular expertise in individual, corporate, partnership, estate and trust taxation and an experienced certified financial planner. Chris and PBM are dedicated to providing services exclusively to small and medium sized medical and dental practices and their owners since 1990. Chris brings an in depth knowledge of health care practice financial management, including start-ups, operations, terminations, buy-ins, and buy-outs.

In this episode Carl White and Christopher Spoerl discuss:

• How private equity determines a sales price for a practice
• How employee pay (for the owner who becomes employed by private equity after the sale) actually works
• Life as an employed doctor
• When it makes sense to sell to private equity

Want to be a guest on PracticeCare?

Have an experience with a business issue you think others will benefit from? Come on PracticeCare and tell the world! Here’s the link where you can get the process started.

Connect with Christopher Spoerl

https://www.linkedin.com/company/professional-business-management-inc-/

Connect with Carl White

Website: http://www.marketvisorygroup.com

Email:  [email protected]

Facebook:  https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: http://www.linkedin.com/in/healthcaremktg

As a provider, it matters how you talk to a patient about a treatment you recommend for that patient. Remember, as patients we don’t always understand why you think we need a particular treatment, and we never understand jargon in healthcare. My guest today works with dentists to help them talk with their patients, but her advice spans any type of specialty.

Sharyn Weiss, M.A. is the CEO at Weiss Practice Enhancement, a Californian practice management firm serving dentists nationwide. She has worked with hundreds of dentists during the last 20+ years with a focus on patient and team motivation. Her mission is to help dentists become confident leaders of a profitable practice.

In this episode Carl White and Sharyn Weiss discuss:

• What “modernizing treatment presentation” means
• Why providers seem to struggle with presenting treatment options
• What the elements are of an effective treatment presentation

Want to be a guest on PracticeCare?

Have an experience with a business issue you think others will benefit from? Come on PracticeCare and tell the world! Here’s the link where you can get the process started.

Connect with Sharyn Weiss

https://www.facebook.com/practiceenhancement

https://www.linkedin.com/company/weiss-practice-enhancement

Connect with Carl White

Website: http://www.marketvisorygroup.com

Facebook:  https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: http://www.linkedin.com/in/healthcaremktg

Anyone else dread hiring? Wonder how to pick good candidates better the first time? My guest today used to answer yes and yes, but then he figured out a better way to hire and formed a company to help others do the same thing. He’ll tell us what he thinks.

Dr. Neal is a practicing Optometrist alongside his wife, Dr. Amy Neal. Together they founded Lakeside Vision in picturesque Hawley, Pennsylvania. They are celebrating their 20th year of servicing Northeast Pennsylvania. Dr. Michael neal is the chief executive officer at Build My Team. He is the face of the company, having founded the company as a result of his own practice’s hiring struggles. In his downtime Dr. Neal spends with Amy, their two boys and two dogs. Both Drs. Neal have recently taken up running and even run when not being chased.

In this episode Carl White and Dr. Michael Neal discuss:

• The biggest challenges medical professionals face in staffing their practice
• Results of hiring based on assessments vs. resumes and prior experience
• How changing the way you hire has benefited Dr. Neal’s practice

Want to be a guest on PracticeCare?

Have an experience with a business issue you think others will benefit from? Come on PracticeCare and tell the world! Here’s the link where you can get the process started.

Connect with Dr. Michael Neal

www.buildmyteam.com

https://www.linkedin.com/company/build-my-team-health-wellness/

https://www.facebook.com/BuildMyTeamCompany

Connect with Carl White

Website: http://www.marketvisorygroup.com

Email:  [email protected]

Facebook:  https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: http://www.linkedin.com/in/healthcaremktg

“Begin with the end in mind” is amazing and timeless advice, and it applies to just about anything you can think of…including getting a business loan. If you don’t think it all the way through you’ll end up with a loan that doesn’t fit what you need, even though there’s a good chance you’ll still get the loan. Not a good place to be. My guest today helps medical and dental practices with loans and their businesses and has some solid advice for us.

Nick Spanakis is Executive Vice President and Group Manager for PNC’s Specialty Business Banking groups. In this role, he is responsible for driving the strategy and client relationship management activities for PNC’s Healthcare Business Banking and Industry Segmentation Groups.  He joined PNC in 1998. Previously, Nick held various leadership positions in wealth planning and investments, business and consumer lending operations management, financial product development, corporate marketing, customer segment management, commercial banking, and centralized client services management. Nick graduated with a bachelor’s degree from John Carroll University.  He also earned his master’s degree from Baldwin Wallace University.

In this episode Carl White and Nick Spanakis discuss:

• Why it’s important for practice owners to think beyond the immediate loan
• Why a business plan is important for medical practice owners
• Tips to choose the right banker
• Advice Nick Spanakis gives to clients, even when they don’t ask for it

Want to be a guest on PracticeCare?

Have an experience with a business issue you think others will benefit from? Come on PracticeCare and tell the world! Here’s the link where you can get the process started.

Connect with Nick Spanakis

https://www.linkedin.com/in/nicholas-spanakis-5183259/

Connect with Carl White

Website: http://www.marketvisorygroup.com

Email:  [email protected]

Facebook:  https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: http://www.linkedin.com/in/healthcaremktg

When someone is used to paying a certain price for something, and then they see a higher price, a common reaction is to object. Being out-of-network is a form of a higher price when compared to in network. The key is how you position an out-of-network practice to patients. My guest today has done this successfully numerous times and will give us her insights.

Kristin Mallon, CNM, MS, RNC-OB, is the CEO and co-founder of FemGevity Health a science-based practice for menopause. She is also a board-certified nurse midwife, menopause, and feminine longevity expert, breast health expert, and a published author. She graduated from the University of California, Berkeley and attended Johns Hopkins in Baltimore, MD. After completing her Master's degree at New York University (NYU), she began practicing as a board-certified nurse midwife in private practice in Brooklyn, NY. As a natural Californian, Kristin loves surf, snow, and hanging with her family in northern New Jersey.

In this episode Carl White and Kristin Mallon discuss:

• What positioning means
• Tips for positioning an out-of-network practice to patients
• Objections, from patients and providers, and how to overcome them

Want to be a guest on PracticeCare?

Have an experience with a business issue you think others will benefit from? Come on PracticeCare and tell the world! Here’s the link where you can get the process started.

Connect with Kristin Mallon

https://www.instagram.com/femgevity/

https://www.facebook.com/FemGevity/

https://www.linkedin.com/in/kristin-mallon/

Connect with Carl White

Website: http://www.marketvisorygroup.com

Email:  [email protected]

Facebook:  https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: http://www.linkedin.com/in/healthcaremktg

Captain obvious alert – your insurance policies don’t cover all possible scenarios you might face in practice. What do you do? Wing it or save for it? There’s a section of the tax code that helps you save in a tax advantaged way. The problem is that nobody seems to know about it. My guest today does and he’s going to shed some light on it for us.

As Founder & CEO of SRA 831(b), Van is an innovator, developing products for a variety of industries that can take advantage of adding additional revenues while mitigating risk at the same time. By delivering institutional-type ideas to small-and-mid-sized business owners, SRA positions its clients at the forefront of their industry, allowing them to weather any storm.

In this episode Carl White and Van Carlson discuss:

• What section 831 (b) of the tax code is
• How section 831 (b) can help practices in healthcare
• What types of practice are good fits for section 831 (b)
• Why nobody seems to know about section 831 (b)

Want to be a guest on PracticeCare?

Have an experience with a business issue you think others will benefit from? Come on PracticeCare and tell the world! Here’s the link where you can get the process started.

Connect with Van Carlson

https://linktr.ee/sra831b

Connect with Carl White

Website: http://www.marketvisorygroup.com

Email:  [email protected]

Facebook:  https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: http://www.linkedin.com/in/healthcaremktg