E#27 | Clinic Margins, Bad Leads, Private Equity, Neko Health & Botox Clubs | The Business of a Clinic (BOAC)

In this episode of The Business of a Clinic, Jared sits down with Michael Schumacher, co-founder of HMDG, to talk about what is actually changing in private healthcare — and what still is not. They get into why healthcare remains slow to innovate, why so many clinics struggle to adopt technology well, and why AI tools like receptionists or voice agents often sound more impressive than they perform once they hit real clinic workflows. Michael shares his view on the Private Practice Barometer, what it reveals about clinic margins and benchmarking, why many clinic owners still undercharge, and why pricing is often one of the fastest ways to improve profitability. The conversation also explores the difference between lead volume and lead quality, how poor follow-up distorts marketing performance, why some clinics are hard to buy or scale, and what private equity often misunderstands about the realities of healthcare operations. The episode then opens up into a broader conversation about the future of healthcare businesses: patient trust, experience design, brand, gamification, recurring revenue, Neko Health, and why healthcare still has a long way to go in building consumer-grade experiences that actually keep patients engaged. From “bad leads” to Botox clubs, this one covers a lot of ground. In this episode, we cover: Why healthcare is still behind on innovation and digital transformation  The real problem with AI receptionists and autonomous front desk tools  Why implementation matters more than the software demo  What the Private Practice Barometer reveals about clinic performance  Why many clinic owners underprice their services  Why follow-up pricing matters more than most clinics think  The difference between lead quantity and lead quality Why clinic marketing often breaks after the lead comes in  Why buyers and investors often misunderstand clinic value  What clinics can learn from Neko Health, gamification, and membership-style models About Michael Schumacher Michael Schumacher is the co-founder of HMDG, a marketing agency originally focused on MSK clinic owners and now working more broadly across healthcare. In this conversation, he brings a commercial and operational lens to clinic growth, pricing, marketing, and the future of healthcare delivery.