Description:

Today, Meghan and Braden are super excited to be joined by their guest, April Stroink! April is a financial guru and strategist, a profit-first certified coach, and is demystifying money for practitioners worldwide.

Having been in this space for over 20 years, April knows a lot when it comes to the relationship between health and finances — especially when it comes to healthcare practitioners and clinic owners. Every day she works with small business owners to help them develop systems within their businesses so that their finances do not control them and they can truly move towards the state of freedom that all entrepreneurs desire.

In this conversation, April shares the dos and don’ts of financial literacy, how to begin taking control of your finances, where you should be (and should not be) investing your money, what you should be aiming for with your profit margin, and what it really means to be profit-first.

Key Takeaways:

[:15] What is one of the best things that Braden and Meghan have done in their lives with regard to the management of their money?

[3:22] Welcome back to the Virtual Practice Podcast!

[4:16] About today’s guest, April Stroink.

[5:01] Meghan and Braden welcome April to the podcast!

[5:37] April shares her story and what led her to work with naturopathic doctors. April also shares her worst money mistake.

[8:26] April highlights the common areas of improvement around money that we can collectively tackle as practitioners.

[9:50] What does it mean to be profit-first?

[11:55] Why do some practitioners see being profitable as being a negative thing? How does April assist practitioners that feel this way?

[14:55] What is the profit margin of a typical associate and/or practice? And what is the benchmark that we should all be aiming for?

[18:36] Expectations vs. reality for the clinic owners regarding profit margins.

[21:10] Why 1:1 models are not scalable.

[22:07] A common problem that April sees with clinics: pooling all your revenue into one area, and her advice on where you should be investing your money.

[24:58] April’s experiences with working with resistant clinic owners and practitioners.

[27:22] If April could change one thing about how the industry runs or structures its business, what would it be?

[28:38] Braden’s top key takeaways from today’s conversation with April.

[30:11] About next week’s episode!

[30:29] Regardless of your background or credentials, if you want to build a practice or business that creates impact and health for others, Meghan and Braden are your team!

[30:50] If you are looking for a place to see patients and you don’t want the hassle of contracts, rent splits, or commitment, head on over to HealthHives.com to create your free account!

[31:00] If you found today’s episode helpful, please consider leaving a review wherever you listen to the podcast!

Mentioned in This Episode:

April Stroink

Clinician Business Labs

For More on the Virtual Practice Podcast:

Visit HealthHives.com/Podcast and join us on Facebook and Instagram @HealthHivesCo.

For future episodes, visit HealthHives.com/Podcast!

Tweetables:

“[A common problem I see with practitioners is that] they are passionate about their products, their services, [and] the community that they service, but do not want to look under the hood of their business – and especially not at their finances.” — April Stroink

“Profit-first is ... making sure that everything you are producing in your business, ... is baking growth margin or profitability into it. Because, if you are not profitable, you will not be staying in business. … And … who’s going to serve your community?” — April Stroink

“You really have to have your finger on the pulse of your numbers if you’re going to run a business. You just have to.” — April Stroink