From Cars to Clinics: Miguel Diaz's Journey to Building a Successful Physician-Owned Practice

How did a young man from a Cuban immigrant family in Miami navigate his way to becoming a successful medical entrepreneur in the Florida Keys?

Welcome to another episode of Skin Deep with Dr. Anna Chacon. Today we’re joined by Dr. Miguel Diaz, M.D. a Board-Certified Family Medicine Physician. Today’s discussion is focused on medical practice management. Dr. Diaz shares his remarkable journey from humble beginnings as a Cuban-American in Miami to becoming a successful multi-practice owner and family medicine residency program director. His path was anything but conventional – starting as a 16-year-old orderly in the ER, serving in the Navy, completing nursing school, and eventually attending medical school in the Dominican Republic where he met his wife. Dr. Diaz's story emphasizes the importance of having backup plans and being willing to take calculated risks, illustrated by his transition from ER medicine to private practice ownership in the Florida Keys.

You’ll hear valuable insights into the business aspects of medical practice, particularly regarding SBA loans, practice acquisition, and scaling operations. Dr. Diaz details how he grew from a small 1,000-square-foot office to managing four clinics, emphasizing the importance of keeping overhead low and reinvesting in the business. He shares candid advice about the advantages of private practice ownership over hospital employment, including greater autonomy, better work-life balance, and more financial opportunities through real estate and business expansion. The episode concludes with his perspectives on exit strategies and the importance of balancing business success with family time, offering practical wisdom for physicians considering private practice ownership.

Dr. Miguel Diaz, M.D., is a board-certified Family Medicine physician with over 11 years of experience and a passion for both healthcare and practice management. Born in Miami to Cuban parents, his early exposure to the mechanics of business and structure shaped his career. Dr. Diaz's journey into medicine began at 16, and after serving in the Navy and completing nursing school, he earned his medical degree in 2011. As an entrepreneur, he grew his practice in the Florida Keys from one to four clinics. Dr. Diaz is also the Director of the Larkin Residence Program and a strong advocate for physician-owned practices.

 

In This Episode: 

 

• (00:00) Introduction of guest Dr. Miguel Diaz, his life growing up in Miami with Cuban parents who immigrated in 1962, including influence of grandfather - who participated in the Cuban Revolution
• (04:57) Dr. Diaz’ path to medicine, working in an ER at age 16, joining the Navy, attending nursing school, family pressures 
• (08:06) Medical school in Dominican Republic, meeting his wife in medical school, having five children, attempting adoption, and balancing family with medical career
• (14:35) Buying & building a practice in the Florida Keys, sharing expenses with previous owner, growing the business
• (31:30) The ease of obtaining SBA loans, starting an LLC, expanding to new buildings, scaling up patient capacity, journey from teaching medical students to becoming a family medicine residency program director
• (37:00) Becoming a teacher after residency, selling a practice, growing fro...