Podcast: Escaping a broken system through cash-based functional medicine
Thursday, October 08, 2020
After Dr. Morgan Camp finished his medical residency, he accepted a position in a successful, cash-based functional medicine clinic where he got to work alongside experts in the field. He found early success and soon decided to open his own concierge medical practice, which attracted a good number of high-profile clients in the Bay Area.
He built his practice over time with low risk by moonlighting in ER and urgent care as he grew his patient base. For a variety of reasons we discuss in this episode, his practice grew into something he was not satisfied with, and though it was thriving financially he eventually decided to “mostly close.”
He took a couple of years to rest, travel, and decide what would come next. When he was ready, he reopened a functional medicine concierge practice that would allow him to help patients in the way he desires while maintaining a balanced life.
In this interview, Dr. Camp explains how he got started and what he’s learned from running two different cash-based medical practices, including what worked and what he’d do differently if starting over again.
More specifically, we discuss these cash-based practice topics:
- How he overcame his professional insecurities to be able to gain the confidence to charge what he was really worth.
- Why he believes his early lack of marketing expertise made it harder to grow the practice.
- Which approaches he found worked best to build strong relationships with potential referral sources.
- Why he doesn’t feel it’s a wise investment of resources to try to convince highly skeptical patients of the value of functional medicine or the cash-based practice model.
- How you can help educate staff to make sure they become the embodiment of your practice philosophy.
- The characteristics he looks for when hiring help him find the best fit for the position.
- What told him it was time to take a sabbatical and how he did things differently when he opened his concierge practice to avoid it happening again.
- How the structure of his current practice is different from his first practice and why that helps keep life easier for him.
- How one of Dr. Camp’s new business ventures is addressing sleep, anxiety, and neurological issues using nutritional supplements.
- The specific approaches he uses to help make his patients’ lives better.
Resources mentioned in this episode:
- Healthcare Administration
- Business Management, Services & Risk Management
- Medical & Allied Healthcare
- Sports & Fitness
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- CES 2021 highlights the federal force behind a new era in technology
- 10 simple reasons companies keep failing at strategic execution
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- Study: How job seekers’ social media profiles affect employability
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