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Podcast 105 Are You a Rich or Poor Doctor

Sep 29th, 2023

I’m assuming you have read the book ‘Rich Dad Poor Dad’?

I had the opportunity to read this wonderful book during my early teenage years, and it played a significant role in shaping my career direction later in life.

In this podcast “Are You A Rich Doctor or A Poor Doctor”, we will determine which quadrant of the Cash Flow Quadrant, mentioned by the author of the book, that you are currently in, and how you can transition to the right side of the quadrants, where you have people working for you to generate you income and your money is working for you.

If you aren’t sure how to get your money working for you, spend a few minutes listening to my latest podcast, to hear more about how you can change your position in the Cash Flow Quadrant to get you, your business and your money working better for you!

Thank you for checking it out! 🙏

Links mentioned in this episode:

We’ve talked about similar topics in previous episodes of the OMD TV and Podcast Show, here are the links to some of the more relevant episodes. Check them out…

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Hi, I'm Huyen
Our work (and this site) is devoted to sharing ideas, tools and resources that will help you automate, grow and scale your practice.

huyen

Learn More

PODCAST TRANSCRIPT

Hello, and welcome Online Marketing For Doctors TV and Podcast show the place to be to grow and scale your practice.

I’m your host, Huyen Truong, a strategic marketing consultant to medical clinics, to get them more patients and more profits. Now, today in this episode, I have this question for you “Are you a rich doctor or a poor doctor?”

I assuming you’ve read the book 'Rich Dad Poor Dad.' I had the opportunity to read this book during my early teenage years, and it played a significant role in shaping my career direction later in life.

In his bestselling book, Rich Dad Poor Dad, Robert Kiyosaki presented the “Cash Flow Quadrant” where  he breaks it down into 4 scenarios like this:

The first scenario is called "Employed," where individuals exchange their time and effort for an income. In this scenario, if one doesn't work, they don't get paid.

The next scenario is "Self-employed," where individuals work for themselves. However, the question arises if they can take weeks off and if their business can keep going without them.

The third scenario is "Big Business," where individuals have other people working for them to generate their income.

Finally, the fourth scenario is "Investor," where individuals have their money working hard for them, giving them the freedom to enjoy their lives, playing golf whenever they like while their wealth continues to grow.

In this episode, we will determine which of these scenarios, you are currently in, and how you can transition to the Big Business/Investor side, where you have people working for you to generate your income, and where your money works for you.

Mr. Kiyosaki explains that the rich have either businesses where people work hard for them or have money working hard for them, allowing them to live a good life. For instance, a doctor or surgeon can define the good life in various ways, such as working only three or four days a week, having dinner with their family every night, taking six weeks of vacation each year, and the freedom and peace of mind to retire whenever they wish.

So, which scenario are YOU in?

Most doctors or surgeons are stuck in the “self-employed” scenario. Yes, you work for yourself (and the tax man), but you probably cannot take a 6-week vacation without a severe negative impact on your practice and your income.

But if you want to become wealthy AND enjoy life, you need to move to the big business scenario, where you have people working for you that produce your income and investor where you have your money working for you.

But let’s be honest: Do you have a team of superstars that work hard for YOU?

Can you leave your practice for a few weeks, come back and find your practice in better shape that before you left?

In order to move to this scenario of financial and time freedom, its essential to focus on the following:

#1-The Team Supporting Your Practice

You can’t do this alone and you can’t be the only revenue generator in your practice. That leaves you vulnerable. If you’re not working, no money is coming in. So, you either are always there keeping the cash flowing or you’re not there but, then you’re worrying and/or feeling guilty for not being there. You can’t win with this business model.

To achieve financial and time freedom, it's crucial to find other revenue generators and supporting staff that take the pressure off you and build their own revenue streams. For instance, if you're currently generating 95% of all revenues in your practice, a goal is to get that down to 75%, 50%, and even 30%.

However, finding the right team players takes effort and time, but it's essential when building a sustainable practice. So, who would you bring on? Another doctor or surgeon, nurse injectors, laser techs, aestheticians, or experienced coordinators who know how to convert? Figure that out first and then be extremely clear with them about your vision and expectations, as well as their roles and responsibilities.

Communicate with them regularly, provide them with training and resources, and empower them to take ownership of their roles. As you build your team, your focus can shift from being a solo practitioner to leading a team that can generate revenue and operate without your constant presence. This is how you can achieve the financial and time freedom you desire.

#2-Implement SYSTEMS for Clarity and Consistency

Money loves clarity and so do your team members. You can’t expect excellence from your team until they understand your definition of it. Be clear HOW you want things done. Then have each team member map out their step-by-step processes.

They can use google docs to write out checklists and/or do screen capture videos explaining what exactly they do to accomplish their tasks.

Here’s a great way to test their skill in explaining things. Give their how-to materials to another team member and have them do it. If they can complete the task, your systems are good. If they can’t, improve it until they can.

Why are you doing this? Because this is exactly what happens when someone on your team goes on vacation, has an accident and is out for a month or suddenly quits. When you are set up correctly, it’s an annoyance rather than a major breakdown because your systems have your back.

And #3 -Hold Your Team Accountable

The difference between being a rich doctor or a poor doctor often depends on one crucial factor: your ability to delegate and let go of control. Unfortunately, many doctors struggle with this, as they have likely experienced toxic staff, patient complaints, or even embezzlement in the past, causing them to hold on tightly to their responsibilities.

However, it is possible to overcome this challenge by holding each team member accountable for their actions, behaviors, and results. By empowering your team to step up, have your back, do their job, and report back to you regularly, you can create a system in which you have peace of mind, knowing that everything is running smoothly and that you can trust your team to handle any issues that may arise.

This is not about abdicating your responsibility as the leader of your practice but rather about building a culture of accountability and trust, where everyone is aligned with your vision and working towards the same goals. With the right team in place and a system for accountability, you can achieve financial and time freedom, while enjoying the peace of mind that comes with knowing that your practice is in good hands.

There is a lot more to running your practice like a business so it’s a well-oiled machine that can run without YOU but this will get you started.

Ok that wraps it up for now.

If this was helpful to you, please subscribe and review OMD TV and Podcast Show so you don’t miss future episodes. And share this with your staff and colleagues

And, again, if you want to talk, please leave me a message at our website or email me at marketing@onlinemarketingfordoctors.com

If you want to learn more about Online Marketing For Doctors offers and how our team can help you generate more new patients and referring doctors, please reach out to us and book your 15 min discovery call with us and we’ll show you the current problems and opportunities that you might have with your practice marketing.

Thanks so much and hope to talk to you in our discovery call soon. 🥳

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