Interview with Dr. Mike Woo-Ming

In today’s show, Dr. Mike Woo-Ming returns to the podcast to explain how to start and grow a successful cash based medical practice.

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You’re a clinician and you know how to care for patients. Finding a way to provide clinical care for patients who are willing and able to pay us directly sounds pretty attractive.

Our Sponsor

We’re proud to have the University of Tennessee Physician Executive MBA Program, offered by the Haslam College of Business, as the sponsor of this podcast.

The UT PEMBA is the longest-running, and most highly respected physician-only MBA in the country. It has over 700 graduates. And, the program only takes one year to complete. 

By joining the UT Physician Executive MBA, you will develop the business and management skills you need to find a career that you love. To find out more, contact Dr. Kate Atchley’s office at (865) 974-6526 or go to nonclinicalphysicians.com/physicianmba.

Benefits of a Cash Based Medical Practice

Since it eliminates the hassle of billing insurance companies, a cash based medical practice brings more autonomy and satisfaction. 

There are several types of businesses that follow this model, including:

  • weight loss
  • skincare and aesthetics
  • medical spas
  • concierge medicine

Reviewing the Steps

During the conversation, Dr. Woo-Ming describes how he started, how his business has adjusted to meet market needs, how he added new services, and how he grew the number of clinics over time.

His advice is to keep things simple, start small, leverage your team, and take advantage of opportunities when they arise.

Best of Both Worlds

As a physician, you invested many years of your life, and a potentially sizeable amount of money to learn your profession. When overwhelmed or burned out, removing payers from the equation can make your practice more enjoyable and meaningful. Our guest, Mike Woo-Ming is a living example of that promise.

NOTE: Look below for a transcript of today’s episode. 

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Disclaimers:

Many of the links that I refer you to are affiliate links. That means that I receive a payment from the seller if you purchase the affiliate item using my link. Doing so has no effect on the price you are charged. And I only promote products and services that I believe are of high quality and will be useful to you.

The opinions expressed here are mine and my guest’s. While the information provided on the podcast is true and accurate to the best of my knowledge, there is no express or implied guarantee that using the methods discussed here will lead to success in your career, life, or business.

The information presented on this blog and related podcast is for entertainment and/or informational purposes only. I do not provide medical, legal, tax, or emotional advice. If you take action on the information provided on the blog or podcast, it is at your own risk. Always consult an attorney, accountant, career counselor, or other professional before making any major decisions about your career.