In this episode, I am going to briefly introduce myself and explain why I am doing this podcast. Not a whole lot of meat here but hope to post weekly and bring on other podiatrists who have been successful in the private practice sector. This is not a get rich fast podcast. This is a podcast where I will have like-minded podiatrists who own very successful clinics and together we'll explain and show you how we did it and how we can help you as well.
I am not a fan of the cash pay model or the hybrid concierge. Sure you can go that route and there is nothing wrong with that. I just think that patients pay for insurance to use it. So, I believe that you leave money on the table that you can get from insurance by only offering a cash pay, concierge type practice. Instead, offer and insurance based model with ancillaries that are cash pay only to supplement the lower reimbursement and improve overall revenue.
This is a model I have implemented in my practice and I have gone from a year one revenue of -$199,000 in 2018 to $5.5 million in 2024 with a 2025 estimated revenue of over $7 million. I started my practice in 2018 for $84,000 and I just had my practice valuated at over $12 million by a mergers and acquisitions group. I don't say that to brag, I say that to let you know you can do it too. I didn't know anything in the beginning, hence the -$199,000 loss and maxed out credit cards. But if you can learn from your mistakes or better yet, avoid those mistakes, I believe anyone can make 8-figures.
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