122. Physicians: What Nobody Taught Me About Private Practice with Arlen Meyers MD

This podcast is for informational and educational purposes only and does not constitute financial, investment, legal, or medical advice. The views and opinions expressed by hosts and guests are their own and do not necessarily reflect those of State of MedTech LLC. Nothing discussed on this podcast should be interpreted as a recommendation to buy, sell, or hold any investment or security. Listeners should conduct their own due diligence and consult with a qualified financial advisor, attorney, or other professional before making any financial or investment decisionsAre you a medtech CEO in need of some marketing help attracting investors, growing sales pipeline, and more? Go to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠GrowMyMedtech.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to book time for a free analysis.Subscribe to our Youtube Channelhttps://www.youtube.com/@thestateofmedtechSubscribe to our LinkedIn Newsletterhttps://www.linkedin.com/newsletters/state-of-medtech-pod-7328860752952352770/Follow The State of MedTech onLinkedIn https://www.linkedin.com/company/thestateofmedtech/Instagram ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.instagram.com/stateofmedtech/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TikTok ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.tiktok.com/@stateofmedtechpodX https://x.com/stateofmedtechFacebook ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.facebook.com/stateofmedtechFollow Omar M. Khateeb onLinkedIn ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/in/okhateeb/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.instagram.com/omar.m.khateeb/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TikTok https://www.tiktok.com/@omar.m.khateebX ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https: https://x.com/OmarMKhateebFacebook ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.facebook.com/OmarMKhateeb#medtech #surgicalrobotics #aiinhealthcare #healthcareinnovation #digitalhealth Chapters:00:00 Introduction and the Lack of Education on Private Practice03:02 The Five Forces for Analysis in Private Practice04:09 Dr. Meyers' Experience in Private Practice05:01 Lessons Learned in Private Practice06:00 The Importance of Business Mindset in Medicine09:12 The Changing Landscape of Medicine and the Threat of Substitutes13:14 The Four P's: Power, Productivity, Professionalism, and Purpose15:21 The Challenges of Private Practice in Today's Environment17:08 The Difference Between Practice Management and Practice Entrepreneurship18:07 Understanding the Customer's Perspective in Healthcare20:11 The Commoditization of Care and the Importance of Differentiation22:02 Improving Patient Experience and Engagement23:26 The Bar Has Been Raised in Healthcare24:08 The Importance of Marketing and Innovation in Medicine28:47 The Importance of Internal Financial Controls30:27 Dealing with Salespeople and Controlling Costs33:27 Preventing Employee Theft and Cyber Crime37:38 Understanding Financial Statements and Cashflow41:21 Lessons Learned from Financial Mistakes43:19 Tips for Preventing Employee Embezzlement45:32 The Importance of Cybersecurity and Internal Financial Controls48:35 Cybersecurity and Protecting Personal Information50:24 Being Cautious with Investments51:31 Maximizing Earning Potential52:01 Training Employees on Cybersecurity53:15 The Limitations of YouTube Tutorials56:18 Knowing When to Hire SomeoneUnlock your AMA PRA Category 1 CME Credit: https://earnc.me/fgn8qZ\Dr. Meyer's articlehttps://www.linkedin.com/pulse/10-things-nobody-taught-me-private-practice-arlen-meyers-md-mba/ Sign up for Dr. Meyer's newsletter: https://arlenm.substack.com/Are you a physician who wants to run an insurance free private practice? Learn more here 👉https://easyorthopedics.com/consulting/Become a digital opinion leader and unlock 25 CME credits 👉 https://www.orthodigitalopinionleader.com/Follow The State of MedTech on:⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠Twitter⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠Follow Omar M. Khateeb on⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠Twitter⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠