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Welcome to the Moulding Private Practice Show, where we help healthcare practitioners in private practice keep true to their purpose and build a life of mastery by providing the knowledge, skills and tools to bring their dreams to live.
In this episode we cover our private practice methodology, why we are doing the show, and an amazing opportunity that all healthcare practitioners in private practice have at their fingertips.
If you listen to this episode and you implement what you are about to learn consciously and strategically, you will radically change your private practice and life forever. Don’t just listen to this episode and walk away with a few ideas, really listen take some notes make a plan and implement what you are about to learn. This can change everything!
Let’s start the show!
Oliver :: Hey Shaz, ready to go?
Shaz :: Good morning, Oliver! Yes, I am.
Oliver :: So, we are finally doing this. Its actually amazing. We have been talking about it for a while but we’re finally putting together the Moulding Private Practice Show and I am really excited. How about you?
Shaz :: Very excited, I think we have alot to offer.
Oliver :: So I think maybe just to start off with the key question for anyone listening to it or anyone watching this would be : why are we doing this? If I take a first step at kind of answering the question it would be – we deal with private practitioners in private practice and over the last few many years we have found that there’s lots of things that people ask us that we obviously answer to and I just never found a good way to bring that content in a way that’s both enjoyable as well as something that will be beneficial. Not just for our current clients but for clients that are looking to work with us or just in general healthcare practitioners in private practice so I think that’s a key part to it. I also think its an evolution of being in the industry itself. The way we are evolving would give a good indication to any prospective clients looking to work with us, in terms of how we are actually learning and how we are doing this.
Oliver :: That’s a key thing as well, because when we first started with this obviously, we just started from a software perspective. But we learned alot speaking to many healthcare practitioners, doing many workshops, conferences and many phone calls, then putting all of that experience, looking at it and saying Okay! this is the way it should be. I also want to say by doing something like this, we by no means, and we always say this, because honesty and integrity is one of the key company values that we have, is we’ll never profess to know everything. We are learning as much as we can but the one thing that you can always get from us in terms of a team would be the honesty part and if we don’t know something, we’ll definitely find it out and give the client or the prospective client the best answer based on the information provided. That resonates with everything in life. There’s no one that knows everything and life always seems to throw you a curveball at any point anyway so, I think it’s a good story in terms of evolving.
Shaz :: Over the last two years we’ve definitely learned a lot in last few years than we did when we came in. So, every day there’s something new to learn and hopefully we can take that information and assist healthcare practitioners with just getting to where they want to be within their practices and helping with whatever information they might be looking for to ensure that their practices are successful.
Oliver :: Yes, I agree with that so lets start with the methodology and I use methodology because you know all of our clients have at least two degrees, so its kind of a good way to put across how we work and what we do because normally you come up with this hypothesis even in therapy and you kind of think its going to be like that based on your experience on how the client is presenting and then it kind of you go down a certain path and you see whether this proposed action plan is working for the client as well as for yourself. So if I liken that to pretty much where we are as company, when we first started I mean you know I’ve said the story a few times through out conferences but you know the reason I got into this more than 10years ago was because I saw the challenges being faced by my own wife; who’s a clinical psychologist and it just seems apparent to me because obviously coming from an IT background, later on a business background and then a more entrepreneurial background is to kind of say okay but you’re struggling with many of the issues that a normal business owner would struggle with anyway. It didn’t appear to me almost immediately because I dint realize and neither did our clients actually, maybe still don’t realize that as soon as they went into private practice with practice number they were then in business and as soon as they made that switch into business a whole different kind of dynamic opened up, by that I mean a dynamic in terms of a business owner and being a business owner is not just okay this is just a different way of billing because that’s just the start of the issues.
Oliver :: There’s so many different hats that a business owner has to put on in terms of having a successful business and I think anyone can start a business like anyone can start a private practice but when we start talking about the success part of the private practice normally that means a certain amount of revenue per month that means a certain number of patients that the practitioner deals with and that’s not an easy thing then to get right because practitioners struggle for many years sometimes in terms of getting that, so when I started looking at my wife’s practice and I started seeing some of the challenges she was having what became quite apparent was that she needed tools to able to help her.
Oliver :: So that’s kind of how we started with the journey and you know came up with the best software and obviously that’s my IT hat and like software can solve everything and after a few years of trying that or trying to convince clients actually the software will solve everything I realized actually doesn’t and that’s where the managed services or consulting based approach came in and we said okay lets do more. It kind of got spurred on by clients asking us or telling us actually that the software is amazing but I just need someone to answer the phones for me and I could never answer that question and we kind of evolved into a model where it’s a managed service so we manage that and then going further is how do we make that private practice non-time based, now I think with many of our clients as soon as they transition into a successful private practice which means they have the clients that they want per month or they have or they have the revenue they want per month. What they often find is that they constrained by the time and this kind of starts showing especially when life changes and by that I mean when you know either they get married or they have a child and then you find that you don’t have that much time to spend 8 hours a day or 10 hours a day on your private practice.
Oliver :: You kind of have to be selective about the time, but you don’t also want to jeopardize the income that you having. So, what we did was we rolled the model further and having solutions with a non-time-based practice. And so, when we talk about methodology, the methodology is firstly, you need to be a healthcare practitioner in private practice. And the reason then that’s important is because healthcare practitioners, are in the business of serving people. And the one thing that’s amazing about them is the fact that they almost very early on have this, this inclination of what they want to do.
Oliver :: I’m actually going to envious about that, but they have this core purpose and you know, we’ve asked many people and they always say, you know, I always knew I wanted to work with children or always knew I wanted to work with this particular aspect of healthcare. And that’s from your business perspective is actually quite refreshing because lots of business owners, they get into business just because they want to make money with the clients that we deal with. Actually, the core purpose is already solved because they already know what their passion is. They already know why they want to do this, the difficulty part it comes with, how do you manage it and how do you grow it? And how do you know what’s the best thing to do? And so that’s the easier part. So, so coming back to the methodology, it has to be a healthcare practitioner in private practice for the reasons of purpose, passion and making a difference in terms of community and then in private practice, because obviously then they dealing with the business aspects, if they were working for someone else.
Oliver :: So they were working in a government organization, then normally the salary part or the financial part is catered for. So, it’s, it’s just a job open above that. So as soon as that person becomes or a healthcare practitioner in private practice, then the question is how do they grow a successful private practice? And I’m defining success as a certain amount of revenue per month, over a certain number of patients that you see per month. Once you add that stage, the next level to that is how do you grow that same income or that same number of patients to something that’s not purely time-based. And that’s a huge evolution in terms of the industry. I think at the moment, especially with this year with the coronavirus pandemic, but that’s something we’ve been talking about for many years and I mean it’s a way, we run the business.
Oliver :: It’s the way we think the industry is going to and this year kind of validated that from the perspective of, I think healthcare practitioners are a lot more aware that’s the part that they need to be on as well. So, to summarize, I mean, that’s all methodology, so it’s multiple levels, but what we aim to go through in terms of this content is to be able to show people firstly, how that could be done what products and tools and resources you could use? And in showcasing some case studies, you know, we’ve worked with many clients over the last few years, they all advert at various stages of the private practice. And I mean, we’re all on this journey. So, essentially it’s looking at their practice at a certain snapshot in time and, looking at it and seeing, can I learn from this? The obvious benefit to this as well is that if anyone is considering going into private practice, it could become almost an invaluable resource to look at the content that’s out there, to look at people that are already doing this, and then going with that.
Shaz :: Probably you are 100% right there with methodology. Well, one of the reasons we also chose to work with healthcare practitioners in private practice is like you said, they are service-based, they core drive is to help people and to better the environment and the communities around them. On top of that, what we started finding out was you spent all these years in university learning to be a healthcare practitioner and you do your community service. And invariably, most practitioners start working for somebody else in all of those time, not one lecture or subject others, how to run a business? So a lot of practitioners when they start their private practice, wind up spending more time on admin and try to fumble their way through business side of things. And it takes away from their core purpose of being a practitioner and helping people.
Shaz :: So through the consulting business, what we’ve been able to do is to help practitioners get back to their core purpose, which is helping their clients and helping their patients while somebody assists them to get the business side of their practices right. So that they have the time after work to spend with family instead of sitting, like you said until 10 or 11’o clock at night, trying to get the admin up to date and I think at the end of the day, the easier it becomes for practitioners to do what they love doing the better it becomes for the patients. The more well-rounded good service that you can give to patients from a therapeutic point of view, the better it suits your life purpose and goals.
Oliver :: Yeah! So just to expand on that a little bit, I think the opportunity in terms of what healthcare practitioners bring to life and to their communities, I think they’re almost unsung heroes from that perspective. And I kind of go back to the point I was making earlier in terms of the purpose and not many people have that purpose and not many people have the purpose of being able to serve others and make people better. And that’s what healthcare practitioners do. I mean, whether you’re a psychiatrist, a psychologist, an OT, a physiotherapist, a dietician, a chiropractor, a speech therapist, or you’re an audiologist, a GP they all in the business or they all have the sole purpose of making people’s lives better in different aspects. And I don’t think there could be a more honourable profession than that. And I think when it come back to the opportunity that they have is we over the years have been telling practitioners, actually, you don’t have to choose between having a successful private practice or having a certain amount of income and being able to serve people.
Oliver :: You can have both. And when we started saying this, you know, we always got these quizzical looks as in really, I mean, I don’t think so. And I think over the last few years, we’ve proved that that actually could be the case. So, the opportunity if I talk about that is that healthcare practitioners can serve a lot more people doing what they love doing. And they don’t have to sacrifice from a financial perspective because they could have both, they could have the financial revenue that they actually want in their private practice. They could work the number of hours that they do want to work as well as serve a lot more people than they probably think that they could. In terms of maybe just thinking about a private practice in a different way.
Shaz :: Yeah! Look, we cannot take away from the value that healthcare practitioners bring to their communities and their towns. If we look at the moment this year has shown us anything it’s that you cannot determine from the value that healthcare practitioners bring to the globe. You know, whether it be from that innate calling, just to help someone to that fundamental need to make sure that what’s happening around them, people are able to live fully functional lives. It drives to a core purpose, but with that, there’s also a legacy that there’s something that can be passed down to the next generation. If you can get your practice working to the financial value that you want, that you’ve got time to spend with your family, your loved ones, your friends, you know, you can really build a sustainable empire that can be passed to the next generation if they have that same passion and drive to help people. And I think just by taking small steps to make sure that practices can reach that point, it’s phenomenal to be able to pass that down and help those communities. I mean, we’ve all heard of family GPS, where the father was a GP and the son was a GP and, you know, the next in line and that legacy is available is able to be passed from generation to generation, but you need to be able to run the business more.
Oliver :: Yeah, definitely. I liked that story actually about the generation to generation because yeah, it almost like gives you that continuity and there’s nothing better than having a role model. And I think if you could have your parents as role models in terms of where you want to be, I think that would be amazing. And I think most, most kids would like that. So, if I look at, you know, what would be our value to healthcare practitioners and, you know, I spent a lot of time thinking about this initially, you know, I’ve had many businesses and obviously works in consulting or corporate for many years, you know, over 22 years. It was always difficult to explain what is our value and I’ve read many books, I’ve listened to many podcasts, like i tried to glean as much information as I can. And it was very important for me when we started this business, we started working with healthcare practitioners that we could explain very easily and, you know, always challenge the team as well. It doesn’t matter where the client speaks to me or they speak to someone else on the team. Everyone should explain our story pretty well. And the key thing in terms of our value is that firstly, we know how we knew how to work with healthcare practitioners in private practice. We know lots of the challenges that they struggle with. We also know lots of the opportunity that they have and working with us and open about that. What I said earlier in the discussion is we constantly evolving as well because no industries are static and nothing in life is static. So, it’s constantly changing and what because this is our core focus, we actually bring to market lots of the products and the services that will save time, grow the private practice and just make the lives of healthcare practitioners easier.
Oliver :: I think over and above that in the last year or two years, what we started concentrating on is a lot more helping without really asking for something in return. And by that, I mean, putting more content out in, if someone phones us and say, what do you think about this? You know, be less sales driven with that and more okay, how do we help you? So, we actually had, this course called the moulding private practice course, where healthcare practitioners could purchase that and they could go through that. And we kind of took all of our experience and we put that into the course and we basically gave that in terms of 10 modules to practitioners and we found that it worked really well, but then we evolved that to, how about we just give you eight hours of coaching? So, if you’re a practitioner and you’re not sure what to do in private practice, or even if you are sure, and you just want to bounce some of the ideas, you know, past us, we’ll actually spend time with you over eight hours over, like eight weeks or four weeks. And we’ll actually go through lots of the aspects of those modules that we actually present in the course. And that again is a good indication in terms of value.
Oliver :: I don’t think there’s many people that do that, but it’s actually amazing that we could do that and, and not ask for anything in return. I mean, even the value of the course. I mean, I’ve seen, courses for huge amounts of money and, the price of our course was minimal. You know, almost everyone mentioned that if you compare that to like an MBA program, I mean, you can’t even compare the two. So I think for anyone looking to, for a resource in terms of being in private practice and if you’re a healthcare practitioner, then this would be one of those resources. And we would be one of those people that hopefully you can call with no obligations and say, you know, what do you think of this?
Shaz :: No look, the coaching sessions have been absolutely phenomenal. And I think the most valuable thing that we’ve been able to give out of that is to help new practitioners coming into practice with just a few of those early practice stumbling blocks so that, you know, they start out on a good foot and, you know if you can start foundation while you definitely on the road to success.
Oliver :: I think that was pretty good, I think, definitely in terms of where this show or where this content is going, I think people should kind of understand this. If you’re listening to it for the first time, it should answer the questions as to, you know, why should you listen in future? Or if this even makes sense for you, or if we credible enough and stuff like that. But I do want to say, in terms of a last point there’s a book that I used to reference a lot in consulting. Especially when it was a newer client or it was a newer meeting or a newer team. Because you know we dealt with really high value projects and before you embark on this project, the key question would always be, why do you want to do this and I’m not just saying this because, I used to reference it and I still reference, there is a book from Simon Sinek called “Start with wine or something effects” and what he goes on to ask is, you know, why are you doing this? And I think when I think about what we’re doing right now, if I think about our clients, we always ask the question is, why do you want to do this? You know, why do you want to be in private practice? Firstly, what do you want to work with a certain number of clients? Why do you want to be what do you want the private practice to be successful in terms of what you’ve defined? And that’s the key question, that almost everyone we work with should always ask, why do you want to do this? And if you can answer that you would normally find people around you or resources around you to be able to help you through that, Why? part. But I think most in my experience, most people struggle with the question of answering the why? Like, why are you doing this?
Shaz :: No, very much so. I think a lot of people start on a journey and only halfway through kind of start asking themselves, why are they there or why aren’t they doing what they’re doing? And I think when you move into private practice, it should definitely be one of the first things you asking is why have you made the leap from a fixed salary to private practice? What is the driving force behind making that? Because if you can answer that, then you’re on the first step to growing a successful business and a successful legacy to move and pass on.
Oliver :: Okay, I think that’s a wrap. I think we’ve planned out quite a lot of contents over the next few weeks and I do want to close it out there. So, is there anything else that you want to add over and above what we’ve discussed? Shaz.
Shaz :: No, I think we’ve covered everything in the first session. I’m looking forward to tomorrow’s episode. I think we’ve got a good few thing to pass along on that one.
Oliver :: Okay, cool! I did forget one more thing as to if someone was listening to this for the first time is, who are we? and if I have to start that and then we’ll close it off there and why should you be listening even to me? So, my story is I’ve been in IT or business for over 22 years. We’ve been running this business in terms of healthcare practitioners for over six years. And from a little boy I always was fascinated with computers and I’m actually envious of like my two kids, who have so much of exposure to like technology devices based on the world that we live in. But when I started, which was grade 5 or standard 3 as we used to call it. Yeah, I started this journey of creating stuff and from the development background, that’s always what I knew I wanted because at that time that my second passion, actually my first passion, because I didn’t realize about, I didn’t know about computers was video games. I mean, from the first time I ever saw an arcade video game, that was it. I was sold. And when I saw computers, my first thing was like, how do I develop games? Because that would be the ideal life. So, when I started working, obviously I didn’t develop video games. It’s just not how the IT industry works. You know, started in a development background and then kind of grew through the ranks of management surely because I mean, people figured out I could communicate reasonably well. And if you could communicate with clients then automatically that made you a manager which is actually not the case, but that’s how the industry was.
Oliver :: And that’s kind of how it went. And then when I was at some stage, you know, obviously with being married and having children, and maybe even before that, you start realizing actually earning a certain salary is not just it. I mean, well, it wasn’t it for me. So, it was more about, you know, how do we create more, how do you design the life that you want? And I’m pleased to say pretty much where we are it’s on that right trajectory. You know, we have a set of company values that resonate with me, which we can probably speak about in other shows. But I’m kind of, you know, we building a team that kind of resonates with that, the whole birds of a feather kind of flock together and it feels good to be able to do that in terms of serving the clients that we want to serve, having the team that we want to have and then being almost true to that purpose. And that’s the part that resonates maybe with our clients as well is because they have a true purpose in mind. So, if we can almost marry those two in terms of our purpose and their purpose, you know, we hopefully have a match made in heaven.
Shaz :: Well, I think we should have a match made in heaven. If you look at a little bit me and who I am and where I’m talking from a young age, I liked being around people. I like being able to talk to people about everything in any subject under the sun. And I like being able to help people, which is kind of strange. Because I wound up going into the bad debt industry and everybody goes, well, how can you want to help people when you’re in debt collection? Something resonated with me on the fact that, you know, people don’t willingly go into debt, something happens, which is why somebody doesn’t pay an account. I’ve worked with teams of attorneys and I’ve run large teams at legal firms that have collected for companies like the JD group of mutual Medicare and life hospitals. And one of the most fundamental things that we found is from a debt collection point of view.
Shaz :: Why don’t you put a little bit of art into that, you get results and people stop trying to make the payments. And then I took that one step further and I would say more often than not the biggest thing that we taught was that, I didn’t get my ball until two months later. I dint know that it wasn’t paid. And I translated that when I moved over this firm and said okay, well, how do we help practitioners ensure that they bring those bad debt back down? And we started to be able to put in a foundational groundwork, that said if you do this right from the very first invoice, you bring that side of the business that gets down and can actually grow the business companies. If you do have any non-payers, you know, that it’s not due to involve the practitioner. So, I wonder through wanting to help people getting into an industry that most people wouldn’t think would help people but I’m finding that just that knowledge and experience definitely helps, practitioners work out. How do they keep those bad debt down? So, yeah, that’s definitely my strongest note on that bad debt side and making sure that you keep the financial aspects of running your practice in a good standing.
Oliver :: Yeah! I mean, if I have to just expand, I suppose it’s never easy talking about yourself, but I think the, you know, based on your experience through the industries and working with teams and working with clients, I think the other thing that you bring to it is, clients that like and trust you. And there’s a certain, you know, like I said, with my own unique experience, you know, there’s a certain way of communication. And I think, you know, it’s not that you can’t get it, but I find most people do struggle with that. Obviously, I know lots of developers and I’ve worked with lots of software developers. So it’s not a skill inherently that you have, but that’s the one thing I value, what you talking to clients, as well as the clients, you know, you seem to have a good way of communicating with them, which obviously helps.
Oliver :: Especially, if something is not as per what it should be, you know, to be able to have that conversation and be honest and say, actually, we do know there’s a problem here, but we are doing this and you wouldn’t believe how much of a difference that makes especially in a world where service levels are going down rather than going up for some reason. I’m not sure why that’s the case, but in most of my experiences it’s not just in IT and not just in the business we’re in, but lots of service orientated businesses you know, service levels are definitely not at the level that they should be.
Shaz :: Yeah! We can say that again.
Oliver :: Cool! let’s leave it there and I’m looking forward to the next chat. Thanks very much for this.
Shaz :: Thanks very much.
Oliver :: Okay, Cheers!
Shaz :: Cheers!
Hey everyone! Thanks for listening, as always stay tuned and we’ll speak to you in the next episode.