I am excited to start a multi-episode arc of Planning on Call focused on helping physicians in Private Practice. My first interview in this series is with Nermin Jasani. Nermin is the owner of We Are Wildly Successful (https://www.wearews.com/doctors), a business consulting firm that helps medical practices grow more efficiently.
I would encourage you to listen to full interview of this episode of ‘Planning on Call,’ the podcast, here:
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When discussing growth, Nermin always starts with the end goal – what is a practice looking to accomplish? Perhaps, it’s to add patients, or locations, or service offerings. As an owner, are they more focused on growing the practice to a certain size or on a certain amount of take-home pay?
Nermin breaks practices into eight different business elements and works to identify what individual areas to focus on first. Starting small is important – a $10 million revenue goal starts with the first $100,000 – and Nermin likes to work in manageable timelines of 30-to-60-to-90-day goals.
Each area of improvement requires strategic focus… but fundamentally relies on efficient tracking and detailed budgeting. Our conversation provides greater insight into her process and examples of how she has helped grow individual practices.
We also take time to dive into certain problem areas for many growing practices such as marketing and succession planning. She further provides insight on when to ask for help from consultants like her and how to build a successful team of professionals.
Being a member of a network of professionals that supports doctors, this discussion was particularly interesting for me. Nermin and I work in similar ways on divergent sides of a doctor’s financial life – myself, on the personal side and Nermin on the business side. We of course have some overlap as well… We both help individuals identify financial goals and break down how to efficiently accomplish these goals. In the exploratory process of identifying what an owner wants out of their medical practice, it often comes back to their personal financial goals. Is their focus on reducing debt or can they take on more? Is their short-term goal spending more time with family, their practice, or philanthropic pursuits? Is current cash flow important or is generational wealth the goal? Sorting out personal financial questions and priorities can give a clearer direction for business planning as well.
Connecting the dots by creating a knowledgeable team of financial professionals that work together will create efficiencies in a doctor’s financial life that could improve output and add time back to their day. Nermin ends our discussion by stressing what so many other guests of Planning on Call have mentioned – be kind to yourself and avoid burnout early. She has seen too many doctors burnout too early in their career by taking on too much. As she says, and I agree, doctors spend too much time training and are too valuable to society to burn out [so quick]. That is why using the right trusted professionals early on is so important.
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