What Medicine Never Taught You About Money

Does anybody understand why they don't give you business classes in medical school? If you knew how badly they are screwing you, how badly they are taking advantage of you, and how purposefully they keep you in the dark so that you don't understand business. You didn't build your clinic to feel like an employee in your own business. I'm Matthew Gillogly, and on Out of the System hosted by Dr. Talks, we challenge the broken rules holding healthcare entrepreneurs back. Hear from clinic owners, rebels, and builders who are creating bold, profitable, patient-centered practices And doing it their way. It's 8:30 in the morning, but I got a couple really simple questions, and depending on how you answer these will determine whether or not you need to stay in the room. Is that fair? Okay, so if you answer no to these, you can go play bingo or whatever they do out there, go on the water slide. How many people in this room would like to make more money? Me. Okay, how many people in this room would like to work less hours? Okay, how many people in this room would like to have an exit strategy other than, I hope someone buys my practice? Yes. Okay. So, I have 30 minutes to give you a lifetime of information. And I'm going to ask something of you all. I'm going to ask you to open your minds. And I'm going to ask you to open your hearts. Because what I'm about ready to share with you most likely has been kept from you. And the reason why it's been kept from you Is that everyone in the medical industry makes money off of your license except for you? Can I get an amen to that? Okay, there we go. We're closer to the Southeast. You see, there is a lie that has been going on. It's been being told to you all, and I'm going to go through those lies, hopefully. So what we're going to do is we're going to talk about how doctors. leave behind what we call outdated systems. And what is— what happens is that you all think that your revenue issues are related to a lead problem, to a marketing problem. And with all due respect to all the lead generation companies out there, that is not the issue with your practice. The issue with your practice is you have a structural problem. When you have a patient that comes in and they're feeling tired and they have brain fog and they have all of these things and they say they just want to lose some weight, is that really the solution to their problem? Most likely not, correct? Yes? Yes. Okay, this is a participatory 30 minutes, folks. All right? Okay? Thank you. They have a lot of other issues going on. And in my work with doctors since 2014, and my work with entrepreneurs for the last 25 years in 30 industries across 5 continents, it's never a lead problem. It's never a marketing problem. It is a structural problem. And that structural problem can be tied to understanding the modern medical plantation. And I'm gonna tell you the story about Ned Cobb. Now, in 1907, Ned Cobb was a sharecropper. Does anybody understand what happened with sharecropping? I'll tell you. Sharecropping, basically, after the end of the Civil War, with the Emancipation Proclamation, the slaves still were on the plantation. And so they had to be, quote unquote, paid. And so what they did is the landowners created this ingenious system of creating them as partners. Partners. Of saying, boy, here's what I'm going to tell you what we're going to do. I'm going to front you your mule. I'm going to front you your seed. I'm going to front you your fertilizer. Hell, your family can even buy their food at my company store. At the end of the year, we'll just add everything up and we'll split the profits 50/50. Now, that sounds like a pretty good deal, doesn't it? Except that guess what? It never worked out in the favor of the sharecropper. And every year, the sharecropper got further and further in debt. They were the ones that worked 14 hours a day. They were the ones that toiled away 6 days a week, 7 days a week, that put their family to work in the fields. So Ned Cobb was sitting at the end of the harvest season after picking cotton, working 14 hours a day, 300 days a year, his family not going to— his kids not going to school, his family picking cotton. And he sits across in that same general store, sitting at the same worn wooden table, and his landowner goes, Well, Ned, better luck next year. Looks like you still owe me $43. And Ned Cobb, a Black man in rural Alabama in 1907, had the balls, the tenacity, the chutzpah to say, I'm sorry, but your numbers are wrong. Now I want you to think about that for a minute. I want you to think about The guts it took for an uneducated Black man, a sharecropper in rural South, to sit across the table from a rich white landowner and tell the landowner, I'm sorry, your numbers are wrong. It took courage. It took guts. And the landowner said to him— and by the way, you can look this up, this is a true story— The landowner looked at him and said, what'd you say, boy? And Ned Cobb said again, your numbers are wrong. What the landowner didn't know is at the end of working 14 hours a day, 300 days a year, Ned Cobb took a ledger. And sat with a lantern next to him, and he taught himself how to read and write, and he cooked. He kept his own notes, and he kept his own numbers, and he realized that he was paying double from the company store, and he realized that he was being charged interest, and he realized that he was going further and further into debt every single year. Ned Cobb got that $43. Ned Cobb took that money and started to buy his own mule and his own fertilizer and decided that he was gonna sell his own cotton outside of the market of the wealthy landowner. Ned Cobb went on to teach hundreds and hundreds of sharecroppers about how to free themselves, and he taught them something that they believed that they couldn't do. He taught them how to read. He taught them how to write. He taught them basic math. He taught them business. The structural problem that exists in your business is you. I have to beg and plead to get on stages at medical conferences because you want to spend all your time learning about Dutch tests. I'm not even sure what the hell it is, and I've been in the industry for 11 years. Please don't come up to me and explain it. Okay? You see, there is a systemic issue in your industry, our industry, and that is, do you know why they don't give you medical— why they don't give you business classes in medical school? Does anybody understand why they don't give you business classes in medical school? They don't want you to be a doctor. Because if you knew, if you knew how badly they are screwing you, how badly they are taking advantage of you, and how purposefully they keep you in the dark so that you don't understand business. They tell you things. Let's see if you've heard any of these phrases before. Hey, Doc, don't worry about it. You handle the medicine, we'll take care of the business. We're partners in this. How many people have heard that phrase before or something like that? Sounds a lot like the rich white landowner saying that to Ned Cobb. So you have a decision to make right now as I get 21 more minutes. You have to make a decision right now. Are you sick and tired of working 12 and 14-hour days? Are you sick and tired of patients leaving you because somebody is charging $2 less down the street? Are you sick and tired of your staff getting paid more on every other Friday than you get paid? Because what I'm going to go through is not a bunch of marketing tactics. I'm going to show you all the lies, and I'm going to show you case studies of client after client after client who have decided to leave the modern medical plantation. Who's with me? Who wants to leave the modern medical plantation? You all ready? You better strap in. Okay, so Quickly, very quickly about me. I got involved in medicine by accident. I owned erectile dysfunction clinics. I started one in 2014. In 18 months, I had 3 locations doing $6.5 million a year, and I sold those in 2017. Deb Matthew thanks me every single day for all the TV commercials and the radio commercials that we ran because it helped grow her clinic as well. We were both in Charlotte, and we did about 80 to 100 PRP procedures for erectile dysfunction and Peyronie's per month. Wow. Yeah, I know a few things about this industry, okay? And I've written 3 books, The Anatomy of a 7-Figure Medical Practice and How to Recession-Proof Your Practice. And most importantly, I just released this. This book is your new Bible. There is only 2 of them around right now. It's this one and one in my bag, and it's called Out of the System. And it's a doctor's guide to reclaim your purpose, your power, and your passion. In 19 minutes, I'm gonna give you an opportunity to get this book, and we'll ship it out to you. We were supposed to have them here, but they're somewhere in transit. Who knows where they are? But that's the way life goes, okay? But what I want you to understand is that there is chock-full of lies that go on. You have to understand a few things, and that's this. Medical school didn't teach you the things that I'm gonna show you, how to stack 6-figure cash revenue streams inside of your practice, How to do it without quitting insurance or your job yet, for those of you that are still there in startup mode, and how real doctors like you are reclaiming your purpose, your power, and your passion. So here's a couple of really hard facts. I told you that everyone profits off of your license except you. They tell you that business is beneath you, and you were trained to follow and not to lead. And here's a financial reality check, and that is this: if you look at your real hourly rate— I see a few heads nodding. Where's my orthopedics? There we go. Where's my— any more? I know there's a few orthopedics in this room. They snuck in, right? We normally don't let 'em into this room, but Schachter got in and then now we're all screwed up. Okay. All right. Love Shaq. They did a study for orthopedics. You know, they get paid $850 for an ACL reconstructive surgery. They figured out that by 2030, their average hourly rate for doing that surgery is gonna be $30 an hour. My brother, the union plumber, makes more money an hour than that. Okay? And they tell you these lies. And you carry 100% of the responsibility, right? Who carries the brunt of the lawsuit? You do. Who carries the brunt of that stress? You do, okay? Then they tell you that, Doc, what you need to do is just see more people. That is not how medicine should work. They tell you that more patients equals more success. I'm here to tell you that is a lie from the pit of hell. Your business is not designed on volume. You are not making widgets. You do not save money by shoving more people through the system. The number one metric— does anybody know what the number one metric is in business? Profit. When my business friends and I sit around, And we talk about the success of our business. Does anybody know what the number one metric is that we talk about? Take a guess. Anybody? Is it revenue? Profitability. Profit. Not the money in my bank. Profit. How many of you would like to have a $4.5 million a year business that makes no money, or a $2.5 million business that makes you $750,000 a year? How many want the second one? Okay. Stop right now trying to see more patients. See less. Okay? When you have high volume, you have low care, you have low energy, and it's a death spiral masked as productivity. You learned this, by the way, from the insurance model, right? They train you, they groom you from day one. You work 14 and 16 hours a day in residency. It's horrible for you. We know what the science says about that. You're up— it's like you're dealing with patients and you've got a blood alcohol level of 0.10. You can't drive a car like that, and you're making life and death decisions. They tell you that you have to sacrifice. They tell you all of these things while they sit on their ass cashing your checks. Then they tell you that, Doc, don't ask questions. You were taught to follow, not to question. If you question, you get yelled at. For those of you in residency, yes? Okay, most of you have probably blocked that out, right? Okay. And leadership, how to lead, was never part of the training. I was at dinner the other night and someone was asking me questions after dinner about their practice. And I can't get my employee to do this, and I can't find good people, and when I go away, the business doesn't do well, and, you know, we can't quite seem to find the right marketing agency. And what's the answer? And I looked at him and I said, it's you. You're the problem and you're the answer because you've never taken the time to learn about business and leadership. These are words that are foreign to you, and you'd rather be comfortable learning about, I don't know, DHEA. Whatever else. Those are all important, but they're not worth anything if you don't have patience, and they're not worth anything if you don't have profit. And when you have profit, you can hire more people, and you can get more training on how to lead, and you can positively impact your business, and you can positively impact your community, and you can save More lives. How many people realize we have an issue in America today? A health issue. And it ain't gonna be solved by Washington, D.C., is it? They're the ones that created the damn mess, didn't they? Froot Loops in the food pyramid? Come on, seriously? All right. It's your job. 'Cause what we're gonna do And Mavericks is we're going to lead the, the exodus of 100,000 doctors worldwide out of insurance-based care. And when we do that, we can save the American healthcare system $4 trillion a year. That means we can save our country $40 trillion in 10 years. But I need your help. I need you to do some work. I need you to get out of your comfort zone. I need you to do things like Dr. Rob Powers in Orlando. Rob is a full-time hospitalist. He came to me and he said, can I make this work? I just sublet space at a med spa. That's all I have time for. He goes, I work till about 2 o'clock every day. I've got a couple of hours every single day. I can do some Saturdays. Can you show me what to do? He was barely doing $10,000 a month, and he went through our program. Now, our program has helped 400+ doctors throughout the US, Canada, Australia. I was just in Japan. We have about 10 to 15 of our clients in the room, or graduates as I like to call them. Deb Matthew has been through our program. Amy Duffy has been through our program. Jonathan Ryberg is sitting over there. He's in our program right now. We have client after client. I'm going to give you some success stories. But you have to understand, you've got to ask yourself, are you willing to just invest a little bit more hours, just like Ned Cobb? Because to get off the plantation, folks, it's going to take something that's never been done before. Which, by the way, you already are doing. Because you're doing something that's never been done before. And it's through the beautiful mind and the energy and the guts of people like Donna who say, that's enough. I don't have to suffer like this. So, Rob does his work a little bit, and he goes from $10,000 a month to $11,000 a month to $13,000 a month to $25,000 a month to $40,000 a month, still waking— working as a hospitalist. Today, he does $75,000 a month, still has his full-time job as a hospitalist, has one employee and a small office. Doing functional medicine, hormone replacement therapy, all of it. Now, you might wonder, what did he do? He charges. We made a big shift. He went from charging, giving the office visit for free to get people to come in and debating whether or not should I run their labs through their insurance or not run them through their insurance. And what we did is we put in place The $2,500 diagnostic visit so that you get all the tests right up front so you can do them, all the analysis right then and there in the first office visit. And today, that slide's actually dated. It's not $50,000 a month. He's doing over $75,000 a month. 2 and a half, 2 years in our program, 1 employee. It has changed his life. Very straightforward, very simple. There's another myth that you're told: rich doctors are evil. And I only have a few minutes to dive into this, but this is really important for you to understand. You've been told that you can't be a great doctor and make money. I was sitting at a conference and I was talking about how you raise prices, and a doctor raised his hand and he goes, But Matt, we were told not to discuss money with the patient. And I said incredulously, who the bleep told you that? Bleep, you can fill in the phrase, folks, okay? He said, well, an older doctor told me that we should never discuss money with a patient. And I said, it's a lie. In study after study after study from Sweden, Finland, and Europe, and throughout the United States, the studies show that the only person The patient wants to discuss money and care with is their doctor. You are their most trusted ally next to their CPA. And yet you have been told a lie. A doctor should never, ever discuss money with its patient. A doctor should never, ever be worried about how much money they make. They should be doing it for the good of society. While everybody else is like, hey, let me get another bottle of that Dom Pérignon over here. That we just made all the money off the doctor. Do you see it? How many of you see it? How many people want out of the plantation? Okay. This whole concept that you shouldn't make money is your leash. Our best work that we do is when we have our doctors and we can do some really deep Inner work with them, and we can break through all the barriers that have existed and all the lies that they've told themselves about what it means to make money. Do you know that when you make money, you can hire more people? You can spend more on advertising if you want. You can go on vacation. You can play more tennis like Amy Duffy. Okay? You don't have to be success— you don't have to be broke. This is Amy Duffy. Now, Amy didn't have this concept of being broke. Amy came in, already done a ton of, ton of great work on herself, but she met me at an event 3 years ago in Charlotte, 3 and a half years ago in Charlotte, and I did a full day or a half day, I believe, and I talked about raising prices. Here's how most doctors get what they're supposed to charge. Here's the conversation. So, Doc, how did you come up with what you're charging? Well, I was sitting at a conference and was at the bar with a bunch of my other doctors, and they were all talking about what they charge for hormone replacement therapy, and One's charging $400 and one's charging $300. And so I just decided that I would go right in the middle and charge $350. That just felt pretty good. How many people come up with your pricing like this? Yeah. Okay. To my response, it then goes, so let me get this right. You're at a bar with a bunch of other dead broke doctors who can't make payroll and are 2 months behind on their rent and owe the IRS $50,000 on how to set up pricing. You see, pricing is scientific, just like medicine. Business is just like medicine. If you violate basic fundamental rules in medicine, bad stuff happens, correct? If I were to just decide that, you know what, before I cut this patient open, I don't really need to sterilize the area, that's just a suggestion, right? What would happen? Would bad stuff happen? Jonathan, would bad stuff happen? Absolutely. Absolutely. Okay, would you get sued? Could you lose your practice? And this is what you all do. When I have conversations with our clients, I call all my clients patients, okay? My job is to heal the healers. And I go, so, Doc, how'd you come up with those pricing? They tell me that story. I said, well, you know, if you follow the basic fundamentals— oh, but Matt, you don't understand. My patients won't pay more. How many of you have said that? How many of you believed it? Okay, Beth Sandals raising her hand over here, naturopath out of Oregon, one of our clients, active clients. She said the exact same thing, and she did the work just like Amy did. This is the exact same thing that Amy said to me at the back of the room in Charlotte after speaking for a half day, and she was charging $5,000, $6,000 for your top program. Something like that. And I said, Amy, just go— she wasn't even a client. I said, just go raise your prices on Monday. She went and raised her prices like $1,000 or $2,000, I think, and went to $6,000, right? And she sold more. Monday afternoon, she sent me a text or an email and said, I'm in. You see, what you charge tells your prospect everything they need to know about your skill set. You have to hire an attorney. You got a really big legal issue. You have a choice. You can hire the attorney that's $700 an hour or the attorney that's $150 an hour. How many of you hire the $700 an hour attorney? Why? Because you think they're better. Because you think they're better because they charge more. I got news for you folks. You're not selling widgets. There is zero opportunity for you to drop your costs by driving more patients through the system. You actually increase your costs when you are cheap. And so we did that with Amy. Here's what Amy's numbers did. Okay. 2022, $1.2 million. '23, $2.4 million. '24, $2.8 million. I don't know where we are now, but I know here's the most important thing to Amy is she plays more tennis. The purpose of the business is to serve your desires, to take care of your family. It is not for you to work 90 hours a week. Okay, Roddy McGee, another success story. Um, what if your patients won't pay premium prices? Let me tell you something, they're already paying premium prices. They just got back from their river cruise. They just bought a new Tesla. Okay? They just bought a— they just did a kitchen addition. They're paying the money. Let me give you some really cold, hard advice, folks. How many of you are badasses at what you do? Yeah. Where are my badasses? If you ain't raising your hand, y'all gotta get with the program. All right? You're a badass. Charge like it. Act like it. How many of you are helping save lives? Okay. How many people are changing your community? Okay. How many people want respect? Yeah. Our society can survive without lawyers. Our society can survive without politicians. Our society cannot survive without a medical community. You cannot build a great society without great medicine, and you have been kept in the dark for too long, and I'm here to free you. Your patients want simplicity. They want outcomes. They want connection. Your patients want to be told what to do. When you offer à la carte services and you say, you can do this or you can do that, your patient— it's like you're the cardiologist and your patient needs a quadruple bypass. Imagine the cardiologist saying to the patient, tell you what we're going to do. We're gonna do 2 arteries, we're gonna see how it goes, and then you're gonna come back. And then we'll decide if we gotta do the other 2. How many people would've run from that cardiologist? Okay? Imagine the same cardiologist going, tell you what we're gonna do, you need a quadruple bypass? No problem. Do the first 2, you're gonna pay full price. Second, I'll give 'em to you for 50% off. And what do you all do? Does your lawyer ever say, tell you what, you're gonna buy 10 hours from me, I'll give you another 10 hours at 50% off? Does your lawyer ever say that? Can you do me a favor? Stop it. Start acting like the badass that you are. Meet Dr. Wilhoss. Dr. Wilhoss is in Charlotte, North Carolina. He came to me, he built an IV practice, and this is the last story I'll share, and then I'm gonna give you an opportunity to book an appointment with us. He was using insurance and went to one of the insurance companies. I can't tell you which one. It's one of the big 5 or the mafia. Which one? The 5 insurance companies, the health insurance companies, are like the 5 Families of the New York Mafia of the 1950s. And we're going to take them down. Who wants to take them down with me? Who wants to reclaim healthcare in America? Who wants to heal our country? Okay. Will Haas thought that he could do it with the insurance plan, and he was using IVs to do insurance and built a $2.5 million a year company. And he had approval from all the insurance companies, documented paperwork of saying, this is how you file everything, this is what we're going to pay you, everything. Before his consulting day with me, he walked in that morning and he said, we've got something new to talk about. I just got a 2 point— I just had a $2.5 million clawback from one of the insurance companies. 2.5. And what the— when he got it, when he did put all his paperwork together and he put it all together and he sat with their attorney, the attorney said, I don't care. I'm going to bankrupt you. I'm going to take your practice. I will take your building. I will take your house. I will make sure you never practice medicine again. I will ruin you. They're not your friends, folks. The sooner you leave the plantation, the better. Okay, today he is on track. He's doing— we converted 12 months and 90% of his insurance payments to cash. Today he's 100% insurance-free. He did $4.5 million last year. Okay, so here's the thing. Schachter's a client, right? I don't have time to go through all this. Schachter's a client. He's been through our program. He's been through our system. He got free. So here's the deal. I'm going to give you a very quick offer. One, I'm gonna give you an opportunity to get a copy of my book. I have to go because my time is up, and that's this. I'm gonna give you an opportunity to get a copy of my book. Christine, raise your hand over here. Christine's gonna come up here when we take a break here in just a minute, and we have a form for you to fill out. And what we're gonna do is we're gonna get you a copy of our book. I'll also get you a copy of my, my first book, The Anatomy of a 7-Figure Medical Practice. We will ship it to you this week. Okay? You will also get a one-on-one strategy call with Christine. And in that call, we're gonna take a look at your practice. And what you're gonna get is a 30-minute strategy call. I'm gonna give you the full version of this presentation on a webinar next Saturday. If you miss it, we have a recording. We're gonna give you a copy of my book. And here's the deal, it's $97. Okay, now why $97? Why not? Because we're not giving it away for free. That's my girl, that's it. We're not giving it away for free. For free. If investing $97 and getting 2 books and a webinar and talking to Christine is too much of a risk and you go through it and you don't like it, I'll give you your $97 back. Okay? But here's the thing, and I'm going to leave you with this. You raised your hands because you said— You're sick and tired of not getting paid what you're worth. You're sick and tired of not being able to take time off. You're sick and tired of your practice not making money when you're on the cruise ship. I can tell you this right now, Deb's practice is making money while she's here. Jonathan's is, Amy's is, Beth's is, because they took the time like Ned Cobb. They invested the energy. They got uncomfortable. Ned Cobb went on to free hundreds and hundreds of sharecroppers. I'm looking for the next 10 that want to get free. Who's with me? All right. Christine is going to be down front here. I think we're taking a break. I'm going to hand off the microphone. I thank you for your time. And on behalf of all the citizens of our country, I thank you for everything that you've sacrificed. To do something that most people don't have the guts to do. Now it's time to get paid what you're worth. Thank you. If this episode got you thinking differently, hit follow and share it with someone stuck in the system. Please leave a review. It helps us grow. Want more? Visit MavericksProfitSystem.com to schedule your free discovery call and explore how far your business can go.