So, you need to hire a financial advisor but you don’t know anything about managing money and assets. Or, you already have a financial advisor but you’re not sure if they’re a good fit. How do you figure it out? Ask great questions! What questions do you ask? My guest today is a financial advisor to doctors and dentists who own their own practices, and he’ll give us the questions he thinks are useful for you and questions that sound great but are not.

Drew Powers is the Founder of Powers Financial Group, LLC, a Registered Investment Advisor. He specializes in advanced insurance and investment strategies for doctors. Drew is 100% independent, he doesn’t work with any investment or insurance company, which means he’s able to give unbiased advice that is most beneficial for his clients. Drew started his career in 2001 as a Market Maker on the Chicago Board Options Exchange, where he managed trading portfolios comprising hundreds of equity- and equity-index option listings. In 2008, he transitioned to the role of Financial Advisor and Investment Advisor Representative, where he helped clients develop individual financial strategies. At Powers Financial Group, Drew leverages his stock and options trading expertise with his financial advising experience to help clients increase and protect their wealth. Drew lives in Naperville with his wife and their two children. He is an avid downhill skier, active in youth sports, a proud "Rooster" within the Naperville Jaycees, and is passionate about CrossFit and the Paleo/Primal Lifestyle.

In this episode Carl White and Drew Powers discuss:

The Questions that really matter:

1. Are you 100% independent? Do you get a W-2 from an insurance company, an investment company, and/or a broker dealer?
2. How do you get paid? (Explain all the ways you get paid, the options I have in paying you, and differences in payments between companies you use.)
3. Do you have other clients like me for whom you did similar work? (Other Doctors, other practice owners, other high-earners, others with this same type of transaction or situation.)

The Questions that get asked but matter less:

1. Are you a Fiduciary? (Technically, Bernie Madoff was a Fiduciary.)
2. How much money do you manage? (What answer are you excited about: a lot or a little?)
3. How many clients do you have? (What answer are you excited about: a lot or a little?)
4. Are you a [insert designation here]? (CFP, CFA, CPA)

Questions to consider instead:

1. How do you handle conflicts of interest in your practice?
2. Do you have the capacity to take on another client right now? How often will we communicate?
3. What kinds of education do you have specific to my needs?

Want to be a guest on PracticeCare®?

Have an experience with a business issue you think others will benefit from? Come on PracticeCare® and tell the world! Here’s the link where you can get the process started.

Connect with Drew Powers

https://powersfg.com/

Connect with Carl White

Website: http://www.marketvisorygroup.com

Email: whitec@marketvisorygroup.com

Facebook: https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: http://www.linkedin.com/in/healthcaremktg

Public relations has its place in the marketing plan of private practices. The problem I’ve found is that quality public relations often costs more than most practices can allocate, but the quality affordable public relations is too bad to use. Is there a sweet spot, and how do you find it and use it? My guest today helps small businesses do just that, and he’ll help us understand it.

Mickie Kennedy founded eReleases (http://www.ereleases.com) 28 years ago to help small businesses, authors, and startups increase their visibility and credibility through press release distribution. He lives in the Baltimore area.

In this episode Carl White and Mickie Kennedy discuss:

• What public relations is and is not
• Why “quality” public relations is so pricey and affordable public relations is so bad
• A sweet spot in PR for local practices

Want to be a guest on PracticeCare®?

Have an experience with a business issue you think others will benefit from? Come on PracticeCare® and tell the world! Here’s the link where you can get the process started.

Free Resource

Mickie has created a free video Master Class on how to create a winning PR strategy, based on the PR campaigns of his most successful clients: https://www.ereleases.com/plan/

Connect with Mickie Kennedy

https://x.com/ereleases

https://www.facebook.com/ereleases.press.release.distribution https://www.instagram.com/ereleasespr/

https://www.linkedin.com/in/publicity/

https://www.pinterest.com/ereleases/

https://www.youtube.com/user/ereleases

Connect with Carl White

Website: http://www.marketvisorygroup.com

Email: whitec@marketvisorygroup.com

Facebook: https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: http://www.linkedin.com/in/healthcaremktg

When you go into practice with someone, you should consider the relationship like a professional marriage. Your partnership agreement needs to support that relationship no matter how it turns out, but many do not. What are the essential elements of a good partnership agreement?

E.J. Cyran has spent over a decade as a healthcare lawyer, which means he represents physicians, dentists and their practices in negotiating vendor agreements, buying or selling their practice, handling associate buy-ins, and getting advice on their regulatory and payor issues. He knows his way around HIPAA, telehealth, Medicare and all other matters affecting healthcare practices. E.J. is a go-to lawyer for his clients.

In this episode Carl White and E.J. Cyran discuss:

• Essential elements of a good partnership agreement
• What condition he finds partnership agreements in when he gets involved
• What to providers who want to become partners should assess about each other before deciding to become partners in the first place

Want to be a guest on PracticeCare®?

Have an experience with a business issue you think others will benefit from? Come on PracticeCare® and tell the world! Here’s the link where you can get the process started.

Connect with E.J. Cyran

https://www.foxrothschild.com/edward-j-cyran

Connect with Carl White

Website: http://www.marketvisorygroup.com

Email: whitec@marketvisorygroup.com

Facebook: https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: http://www.linkedin.com/in/healthcaremktg

Taking insurance for payment is painful, and the pain starts immediately with credentialing. There is a maximum speed that credentialing can go, but you really need to know what you’re doing. My guest today helps providers all over the country get credentialed, and he’ll give us a taste of what it takes to go maximum speed.

David Zetter is the founder and President of Zetter HealthCare, LLC in Mechanicsburg, PA and has over 24 years of operational and healthcare experience. David is nationally recognized for his speaking, presentations and healthcare business expertise. He is well versed in regulatory requirements, revenue cycle management, credentialing and contracting, compliance, coding and documentation. He is considered an expert on Medicare, not only by his clients, but also through consultant colleagues and healthcare attorneys across the country. David is an expert on ERISA regulations, which protect over 80% of the claims in the US, and he knows how to stop payor recoupments dead in their tracks and what is legal and illegal in many payor contracts. David’s firm works with healthcare professional clients and facilities coast to coast, in all areas of practice and facility management.

In this episode Carl White and David Zetter discuss:

• The major steps of credentialing and what’s needed
• Most common pitfalls and how to avoid them

Want to be a guest on PracticeCare®?

Have an experience with a business issue you think others will benefit from? Come on PracticeCare® and tell the world! Here’s the link where you can get the process started.

Connect with David Zetter

https://zetter.com/

Connect with Carl White

Website: http://www.marketvisorygroup.com

Email: whitec@marketvisorygroup.com

Facebook: https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: http://www.linkedin.com/in/healthcaremktg

When selling your practice, a fair price is not necessarily the price you set or the price you need. It’s a good to have an idea of a fair price for your practice before you start the selling process. My guest helps his clients wrap their arms around this concept, and he’ll explain it to us.

Joe Lessard is a partner at Professional Business Management, a healthcare practice management and accounting firm in the northwest Chicago suburbs. Joe has been with PBM since 2009 and a Principal since 2020. He has attained designations as a Certified Public Accountant (CPA), Health Practice Advisor (HPA), and as a Certified Healthcare Business Consultant (CHBC). He believes in rolling up his sleeves and is usually on site visiting his clients’ operations first-hand. Joe is responsible for all accounting and payroll services as well as personal and business tax returns for his clients. He helps them review operations and day-to-day aspects such as HR, employee benefits, retirement plans, collections, billing, and patient interactions. Every client has different needs and that’s why Joe’s commitment to his clients’ needs and his customer service is what he prides himself on.

In this episode Carl White and Joe Lessard discuss

• A simple definition of a fair price for a practice
• Quantitative and qualitative inputs to a fair price
• When it’s a good time to figure out what a fair price would be for your practice

Want to be a guest on PracticeCare®?

Have an experience with a business issue you think others will benefit from? Come on PracticeCare® and tell the world! Here’s the link where you can get the process started.

Connect with Joe Lessard

https://www.linkedin.com/in/joelessardpbm/

https://www.instagram.com/thedoctorscpa/

For more depth on this episode, read Understanding and Managing Overhead Costs in Your Practice, a blog this guest wrote about it.

Connect with Carl White

Website: http://www.marketvisorygroup.com

Email: whitec@marketvisorygroup.com

Facebook: https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: http://www.linkedin.com/in/healthcaremktg

Of all of the business concepts not taught in any school for healthcare providers, the CEO mindset might be the most glaring gap. However, the moment you open a practice you are a CEO. Don’t fight it or ignore it or hope nobody notices. Instead, shift your mindset to include it.

Lisa Levesque is the principal and Business & Executive Coach at Breakthrough Business Strategies with a focus on healthcare professionals who are technically excellent but need help with the practice of business. Prior to her current business, Lisa held senior level leadership roles at Fidelity Investments, and she leverages these experiences to help her clients achieve business excellence.

In this episode Carl White and Lisa Levesque discuss:

• The differences between individual contributors and leaders
• The essential elements of the CEO mindset for clinician practice owners

Want to be a guest on PracticeCare®?

Have an experience with a business issue you think others will benefit from? Come on PracticeCare® and tell the world! Here’s the link where you can get the process started.

Connect with Lisa Levesque

www.linkedin.com/in/llevesque

Video Resources Lisa Levesque Mentioned in this Episode

• Help with a vision statement: https://www.youtube.com/watch?v=dZShbB59giM
• Help with a mission statement: https://www.youtube.com/watch?v=1xs4I349cdc

Connect with Carl White

Website: http://www.marketvisorygroup.com

Email: whitec@marketvisorygroup.com

Facebook: https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: http://www.linkedin.com/in/healthcaremktg

Gaining traction in the private practice segment is the medical service organization. They’re not new, but what is still a little new is that private practices are becoming owners of them, not just private equity. That means the MSO is a vehicle to stay independent. What is it? Is it a good move for you?

Bob Whittemore is a consultant in the Healthcare Services Group with WebsterRodgers, an accounting and consulting firm in South Carolina. Bob has over three decades of experience both as a senior executive at large physician practices and as a commercial lender at some of the country’s biggest banks. Bob brings practical and insightful understanding of the regulatory, financial, and operational pressures that healthcare entities encounter. In his consulting role, Bob advises physicians and their practices in the areas of operational and financial improvement, compensation, and overall practice optimization.

In this episode Carl White and Bob Whittemore discuss:

• What an Medical Service Organization (MSO) is
• A brief history of MSOs
• Pros and Cons of MSOs

Want to be a guest on PracticeCare®?

Have an experience with a business issue you think others will benefit from? Come on PracticeCare® and tell the world! Here’s the link where you can get the process started.

Connect with Bob Whittemore

https://www.linkedin.com/in/bob-whittemore-3a2b5413/

Connect with Carl White

Website: http://www.marketvisorygroup.com

Email: whitec@marketvisorygroup.com

Facebook: https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: http://www.linkedin.com/in/healthcaremktg

A brand is more than some people think, but simpler than a lot of people think, all at the same time. It’s way more than a logo, but boils down to a promise you make to your patients. Problem is, so many practices think it’s more and miss the simplicity.

Ashley Gay is the founder of Digital Ash Agency, a boutique healthcare branding firm that helps physicians launch and grow independent practices. With 25 years in branding and design, she built her husband's oculofacial plastic surgery practice under an 18-month noncompete — hitting $1 million in billables and 261 referring physicians in year one. She now works exclusively with MDs and DOs, building brands, websites, and patient acquisition systems for practices that want to stay independent.

In this episode Carl White and Ashley Gay discuss:

• Why brand is so misunderstood amongst practice owners
• What state she finds brands in when she first works with clients
• What really goes into a brand and what does not

Want to be a guest on PracticeCare®?

Have an experience with a business issue you think others will benefit from? Come on PracticeCare® and tell the world! Here’s the link where you can get the process started.

Connect with Ashley Gay

@md.brand.pro on Insta and TikTok

Connect with Carl White

Website: http://www.marketvisorygroup.com

Email: whitec@marketvisorygroup.com

Facebook: https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: http://www.linkedin.com/in/healthcaremktg