From not having a pricing strategy in place to not knowing how to leverage the money that you are making — Meghan and Braden are highlighting all of the biggest mistakes that they’ve seen (and have made themselves) in the healthcare industry so you don’t have to make the same ones!

Key Takeaways:

[:15] About today’s episode.

[:44] What are the biggest money mistakes Meghan and Braden have made?

[4:56] Welcome back to the Virtual Practice Podcast!

[5:25] Why it is important to study mistakes that others are making in the industry.

[5:57] Mistake #1: A lack of intention about what is needed.

[7:16] Mistake #2: No pricing strategy.

[9:00] Mistake #4: No separation of personal and professional finances.

[9:28] When is the right time to hire a bookkeeper or an accountant?

[9:45] Mistake #5: Not understanding the cost of running a business.

[10:44] Mistake #6: Banking everything on the next launch, sale, or tax return to pay for things in your business.

[12:21] Mistake #7: Not setting money aside for taxes.

[13:28] Mistake #8: Not investing in yourself, your business, and your people.

[14:40] Mistake #9: Not understanding the difference between net income or income in your business versus solid, consistent cash flow.

[16:20] Mistake #10: Not understanding the difference between leveraging yourself and spending money you don’t have.

[18:49] Braden’s top key takeaways.

[19:43] About next week’s episode!

[20:03] 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!

[20:20] 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!

Mentioned in This Episode:

The DNA Company

Kashif Khan

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:

“Sometimes for us to understand the solutions we need to have in place, we need to just call out the mistakes that we’re making.” — Meghan Walker

“When you start to differentiate yourself not by location or by credentials, but by the outcome that you deliver for a specific group of people, you’re no longer beholden to that piece.” — Meghan Walker

“You need to set your prices so that you can afford to have people who help you leverage your time. If you sell your time, you cannot spend your time on everything.” — Meghan Walker

“Your job as the CEO of your business is to constantly understand: … Will this particular investment yield me a return on investment? Yes or no?” — Meghan Walker

“Money is something you’re not born learning about. You need to take responsibility and learn — and part of that is learning from your mistakes.” — Braden Urquhart