Episode Transcript
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Speaker 1 (00:03):
Hi dogs, welcome to
the EntremD podcast, where it's
all about helping amazingphysicians just like you embrace
entrepreneurship so you canhave the freedom to live life
and practice medicine on yourterms.
I'm your host, dr Ibnah.
Well, hello.
Hello, my friend.
(00:23):
Welcome back to another episodeof the EntremD podcast.
I am actually sitting in mystudy working on the content for
a workshop that I'm going to behosting a little bit, and so I
didn't set up EntremD just to doa business.
It started off as a mission,and it is a mission to support
doctors in these crazy timesthat we live in, where there's a
(00:46):
loss of autonomy, there's aburnout, there's a financial
instability, there's so manyprivate practices going out of
business and all of that.
And I saw a statistic thatthere were 11,000 practices that
either went out of business orsold to private equity in 2021,
and I was thrown off by it.
I didn't realize that therewere that many, right?
And then I remember doingpresentations where I'm like,
(01:09):
for the first time in history,more private practices are owned
by hospitals and PE thanphysicians, and it was up 46%.
I remember that not too longago.
And then I saw the new data,and the new data shows 30%.
So not only is it not lessphysicians, but it's a lot less
physician.
That number is going down.
(01:30):
And so, between the practicesthat were shutting down or
selling out to private equitynot by choice, but just the
frustration of everything goingon to only 30% being owned by
physicians and then in theFacebook groups, I'll constantly
see like I finally decided toshut it down, I shut it down, I
shut it down, I shut it down andI'm like, oh my goodness.
And so I said there are somethings that are macro, things
(01:52):
like the insurancereimbursements and things like
that that was going to.
There is work being done onthat, but that's a bigger
mountain to move.
But I was like there is still alot that we can do so that we
can stay profitable and we canlive life on our terms and
practice medicine on our terms.
This is stuff that many doctorsin the on-term, the business
(02:13):
school have been able to do.
This is something that I'vebeen able to do and I was like,
okay, well, how about we bring asolution to the market?
And so I'm hosting thisworkshop where I'm showing
doctors seven ways.
They're leaving money on thetable every single day, right,
and I'm like we may not havefixed the other ones yet, but
these are things that you have100% control over, and you can
(02:34):
start fixing those and kind ofgive yourself a raise, right,
get a cash injection and improvethe financial stability and
maybe reduce the need to work asmany hours and things like that
.
And so, in the process of doingit like an event that is truly
transformational, a match madein heaven, has it's a
collaboration, right, and so myjob is to show up like you paid
(02:58):
me 10 grand to be at this event,right, if you paid me 10 grand,
I know I would want to delivera return on investment, and at
least 10X, right.
So at least you should get 100grand out of what we're going to
learn.
And I've done the calculations.
Yes, that's easy, right.
Okay, so I'm going to beshowing up that way.
(03:18):
I want people to have a realreturn on investment.
Now, this is a free event.
By the way, if you haven'tregistered, it's on tramdcom For
a slash practice, okay, so it'sa free event, but I'm showing
up like it's a $10,000 event,okay.
Now the second part of theequation is the person who's
(03:39):
attending the event showing uplike they paid 10 grand for it.
So if you, first of all, youpay 10 grand for event, you are
going to be there, right?
You're not going to miss theevent, right?
So you're going to be there,you're going to shut off all
distractions, you're going tolean all in.
But there are three mistakesthat I find that people make
when they attend events.
Now, yes, I'm talking aboutthis in the context of the
(04:01):
workshop that I'm hosting, butthis applies to any event.
You go for a retreat, forinstance, the entrepreneur
business school.
We have a vision retreat comingup, right.
So you go to retreat, or you goto your association annual
events, or you go to whateverthat is.
Whatever that event is, I'mgoing to show you three mistakes
that make sure that that eventwas just useless to you, like
(04:24):
completely useless.
You were there, you may haveeven been a little inspired, but
when you look back, you're notgoing to see any return on
investment.
Okay, so I want to talk aboutthose and you're going to use
this, you're going to use thisfor every event you attend from
now on every webinar, everymasterclass, every conference,
every retreat, every lunch, andlearn Like anything you're going
(04:45):
to, because you're like this isgoing to change my life.
I'm going to show you thethings to not do so it can
change your life.
Okay, all right.
So the first thing, the firstthing is approaching it with
pessimism, right, like you'relike.
So somebody, for the sake ofthe workshop I'm hosting,
someone, may come in and say,well, I don't believe anything
you're saying, because it's notabout what we can do.
(05:07):
Like, private practice justsucks, period, because of all
the things insurance companiesare doing.
There's nothing we can do.
We've done all we can do.
If you approach an event likethat, you will get nothing from
it, nothing.
And so, if that is the attitude, you might as well save
yourself the cost, right?
So you were going to flysomewhere, but you've already
(05:27):
made up your mind.
This doesn't work and all ofthat stuff.
Save yourself the flight ticket, save yourself the hotel bill,
save yourself the time away fromyour family.
Go have a great time with yourfamily.
Don't even bother.
Okay, if you show up an eventand you want this event to blow
your mind, you want it to changeyour life, you have to approach
(05:48):
it with a sense of optimism Wow, what am I going to learn?
A sense of curiosity, right,like, where you're open-minded.
Like, why would they say thatHuh, what if I did that?
What?
That is the approach, right?
Well, I don't think about thatthat way.
What if I did that?
What could that look like?
What would the result be?
In my business?
You have to approach it withoptimism and curiosity,
(06:12):
otherwise you will hear nothing,otherwise you won't be open to
get anything out of it, and itwon't matter that you are there.
Okay, now let me give a fewother examples, right, because
I'm talking about events ingeneral and not just this
workshop.
But, for instance, you go to anevent, you're a coach, it's a
business event, and you decideahead of time well, coaches
(06:33):
don't make money from coaching.
They cannot replace theirphysician salary with coaching.
Then, don't go.
Like, why are you going?
Don't go.
You've already made up yourmind, right?
Or you can say oh, people don'tbuy high ticket items, and so
because this stuff is highticket, it's not going to work,
it's just fake.
People don't buy that, right?
Or people don't value lowticket items, and it's an event
(06:55):
for that.
And you're like so don't go,right, private practice is dead.
Okay, then don't come to theworkshop.
You know what I mean.
And when I say don't come, Ireally hope what you're hearing
is I can change my attitude,right, it's a very simple flip.
It's from.
This doesn't work to hmm, Iwonder how this could work.
I wonder how this could bepossible.
(07:15):
I heard just her doctor, eunice, and extra 100,000.
And to be honest with you, mynumber is more like 500,000, but
I'll just say 100,000 to beconservative.
And you hear that you're like Idon't believe that.
You can say, hmm, I wonder howthat's possible, right, like
it's a simple flip, so don't notattend it.
I'm just trying to get you tosee that it will be useless.
So attend it but make a simpleflip Like how could that?
(07:39):
I wonder how that could bepossible, right?
So other examples oh, thisworks if people, if the practice
is cash-based, or this onlyworks if the practice is
insurance-based and all of that.
So the thing is that all ofthese things work.
There are people in DPC who arekilling it.
There are people withinsurance-based practices who
are killing it.
There are coaches who arekilling it.
There are people who are doinglow-ticket who are killing it.
(08:00):
There are people who are doinghigh-ticket who are killing it.
There are a lot of coaches whohave replaced their physician
salary.
So all of these things work,they could all work.
Now you're going to figure outwhat's going to work for you,
but the idea is, drop thepessimism for whatever event
you're going to Come withoptimism wow, this could work.
And show up going, huh, Iwonder how this could work,
(08:24):
right?
I mean, like, what's the worstthat can happen?
You already don't know how it'sgoing to work.
So maybe you could find how itcould work.
And if you didn't find it whichyou will find if you come from
my event, but if you don't findit, you're still just where you
were.
You didn't lose anything, right?
Okay, so that's the first onepessimism, and just look for it,
like, where is it in me?
Right, and then just make asimple switch, be optimistic,
(08:45):
like, maybe, hmm, maybe I couldfind something that will make
this work, maybe I could findsomething that will make a huge
difference, right, and you'recurious like huh, they said that
they think different from me.
How do they think like that?
Why do they think like that?
Oh, that's how they worked it.
I wonder if that could work forme.
Optimism and curiosity, okay,all right.
(09:07):
So that's the first thing.
The second thing, the secondmistake, is looking for shiny
objects, right?
And the reason why I bring thisup is, if you listen to the
podcast, you know that I amreally committed to simplicity,
right, I don't talk aboutcomplex things.
I actually take complex thingsand make them simple.
I don't talk about 35 steps.
(09:27):
I will talk about 35 or seven,with three being my favorite,
and I don't look for fads.
I look for the timeless,classic, proven things that have
always worked.
I will continue to work.
And so, for instance, someonecoming to my workshop chances
are you're not going to hearsomething that you're like I
have never, ever, ever remotelyheard that in my life.
(09:51):
Now, you may, you may, butchances are you will not.
It is in the simplification ofit, so you can consistently
execute on it, so you can getthe result Okay, and so you know
this.
This happens without fail.
Every event I do.
Wow, this is so simple.
(10:11):
I'm like yes, but don't let thesimplicity come confuse you.
It is profound and it will getyou the result.
My job is to make it simple soyou can understand it, so you
can execute on it, so your teamcan execute on it for you.
That is my job.
My job is to make it simplewhen you say this is so simple,
I'm like good job, dr Una.
You did your job.
And so sometimes you're lookingfor something you've never
(10:34):
heard before.
But the execution of acombination of things you have
heard before is sometimes whatyou need to create the big break
.
Yes, you can hear some thingsyou've never heard before, but
chances are you hear thingsyou've heard before that maybe
you didn't understand.
Now you understand.
You hear things you heardbefore and you did understand,
(10:54):
but you didn't execute on it.
So now you know what to do soyou can consistently execute on
it.
You heard something before youunderstood it.
You thought you would do it,but it would make more sense for
your team to do it, and now youknow for your team to do it.
It's not about knowing.
It's about executing andgetting the result.
And so, even if you hear thesame things, when you hear
something like I've heard thatbefore, that's the wrong
(11:15):
statement.
The question to ask is but am Idoing it?
Am I doing it?
Am I doing it consistently?
That's the question.
It's not about if you heard itbefore.
You've been alive long enough.
If you've been an entrepreneurfor long enough, you've heard a
lot of things and chances areyou're going to hear repetition
of the same thing, repetitionafter repetition.
But the thing about repetitionis repetition is the mother of
(11:38):
deep and lasting transformationsor impressions.
Okay, so be okay.
Even if you don't hear earthshattering, brand new stuff,
stay curious, ask yourself am Idoing this?
Am I doing it?
Because, if you're not, maybeyou need to hear it again.
(11:59):
Okay, okay.
So that's number two.
Okay, so think about your shinyobjects as junk food for kids,
right?
And what makes them healthy isthe same old, same old.
The same old veggies, the sameold fruits, the same old drink
of water, some carbs, all ofthose things.
Exercise is the same old thing.
So they're classic, proventhings.
You are going to hear them overand over and over and over
(12:21):
again, and your thing would beto either get a deeper
understanding so you can do it,or to do it better, or to do it
bigger, or to do it through yourteam.
There's so many modifications,but it's the same thing.
So don't be thrown off becauseyou didn't find a shiny object.
Okay, all right, becauselooking for shiny objects,
that's a mistake.
You can lose out.
(12:42):
You can lose out on your ROI,your return on investment, on an
event.
Okay, number three.
Number three is is lack ofexecution.
Okay, lack of execution.
So you've heard the theme, youunderstand the concept, you know
what to do, you've done thecalculations, you know this will
work.
If you don't have the intentand the follow through to
(13:08):
execute, then you'll know whatwill create the result.
But you're not going to createthe result because you're not
doing it right.
And I find that it takesmotivation and accountability.
So there's the intent, there'sthe motivation, the
accountability to follow throughwith what you decide to do.
And the intent can look like Ischedule, for instance, you're
(13:30):
at the workshop and you're like,oh, my goodness, if we did this
, it will, it will total.
Oh my word, like we can, we caneasily add 50 grand, 100 grand
to the bottom line.
If we do this and it hassomething to do with your biller
and you schedule right there,you send a message to the biller
, you schedule a schedule, anappointment, it's all in the
books.
So there's the intent.
(13:50):
Your scheduling is kind of alittle layer of accountability
there, right?
So your forth.
So sometimes people say, oh, Istruggled with execution.
I'm like everybody does, likethe most disciplined people do
right.
It's just that they've builtmindset, tricks, people,
programs, systems in place tokeep them accountable.
But I mean, there's nothingwrong with you because you
(14:12):
struggle with execution.
This is being human.
Okay, so the intent so you'remaking decisions as you go,
right, like you're makingdecisions.
You can schedule thosedecisions.
You can have an accountabilitypartner, right, you can find
yourself in a community, like webuilt one it's called the
(14:32):
EntryMD Business School whereyou are in a community of doers,
and so you're constantlylooking like doers, you're
constantly inspired by doers,you're constantly inspired by
what they're doing, becausemotivation wears off.
It does, it does, and this wayyou get exposed to it every day.
Right, okay, so the executionso plan to execute.
The starting point of executionis making decisions.
(14:54):
Right?
So maybe we talk about one waythat private practices are
leaving money on the table, andyou're like I'm deciding, we're
not going to do this anymore, sothis is what we're now going to
do.
You schedule a meeting withwhoever you need to work on that
with right away.
You have another buddy who's inprivate practice, or you're in
the EntryMD Business School, andyou're like, okay, we're going
to get this done and this is theday that I'm going to do it.
(15:17):
And then you follow throughwith it, right.
If you make mistakes or youdon't keep up to the commitments
you made to yourself, showyourself grace and boom, get
back on it.
Right?
Okay, good, I'll do that.
Compared to the low cost.
Ok, if you will be the personwho will show up at an event and
you're optimistic and curious,you are okay, not seeing shiny
objects.
Like you don't say thatconference, I mean everything
(15:38):
they said.
I heard it before, like why,why?
Why?
Why?
If you have the results, yes,but if you don't come on, so
you're gonna show up,understanding that what makes
businesses work?
It's like classic, timeless,proven strategies, and I may
hear the same thing over andover again, but it's not about
have I heard it before?
Is it working for me?
Am I doing it?
Cause?
If I'm not, then I probablyneed to hear it again and then
(16:01):
do it.
And then, third, if you'lldecide that I'm gonna start
taking action immediately, I'mgonna start executing
immediately.
You will be this person whoalways gets a return on event,
on investment, for every eventyou attend.
I do not lose money on events.
I have never lost money on anevent since I learned these
things.
When I go to an event I show up.
(16:23):
I get massive results because Ido these three things.
So if you are a privatepractice owner and you're coming
for the workshop, I wannainvite you to come.
This way, it will change yourpractice.
If you're not a privatepractice owner, there are events
you're going to attend.
There are retreats you're goingto attend.
(16:43):
There are conferences you'regoing to attend.
Show up this way.
It will change your business.
It will change your life, allright.
So if you found this episodereally helpful, what I would
love for you to do is to takethis episode, share it with
another doctor in your life.
Tell them oh, my goodness, youneed to take a listen to this.
Let's do this together.
That could be youraccountability buddy and you're
(17:03):
coming for the private practiceworkshop.
Get somebody who's anaccountability buddy.
There's a whole Facebook groupfor you, so there's gonna be
people in a group.
But then you decide I'm gonnaact.
I'm gonna go to day one.
I'm gonna act day two.
I'm gonna act day two.
If you do that, you have abrand new practice.
Okay, so share this episodewith another doctor in your life
.
You can share it on socialmedia.
Tag us, hashtag EntreeMD.
I'd love to shout you out fordoing that as well, because
(17:26):
you're a critical part of theEntreeMD movement, sharing the
message that we're just oneskill away from living life and
practicing medicine on our terms.
So thanks again for listeningand I'll see you on the next
episode of the EntreeMD Podcast.
Hey, if you love listening tothe EntreeMD Podcast, I wanna
invite you to join EntreeMD OnDemand.
It is my signature subscriptionprogram that gives you access
(17:49):
to a library of business coursesdesigned to help you do one
thing as a physicianentrepreneur, and that is to
thrive.
Just head out to EntreeMDcom,forward slash on demand and I'd
love to have you join us.
See you on the inside.