creating core values

Join me, Matthew Gillogly, for another episode of The Practice Profit System. 

In this episode, we dive into the fascinating world where medicine meets business, featuring the incredible journey of Dr. John Ferrell III.

Join us as we explore how Dr. John Ferrell III has seamlessly integrated cash-based procedures into his orthopedic practice, bringing substantial financial growth in just 60 days. We'll hear firsthand about his passion for regenerative medicine and the challenges he faced in introducing less invasive treatments like Platelet-Rich Plasma (PRP) to a surgery-focused medical community.

Discover the pivotal role business understanding plays in the success of a medical practice as he shares his experiences and insights. From the founding of his practice to navigating growth decisions and insurance strategies, we'll discuss the strategies that have propelled his practice forward.

Furthermore, learn about Dr. John Ferrell III's vision for the future of regenerative orthopedics, where evidence-based practices and education are paramount. Together, we'll explore how blending medical expertise with business acumen is essential for modern healthcare practices, especially in fields like regenerative medicine.

So, if you're ready to gain valuable insights into the intersection of medicine and business, join us for this exciting episode featuring Dr. John Ferrell III. 

In this episode, we discuss the importance of core values and how to build them for your business.

We talk about what core values are and what they mean to us and our corporation. We then go through ours, one through five.

Core values are something that we see thrown around a lot. We read about them - there are business articles on core values. People give a lot of time to core values, but I'm not really sure if everyone understands why you do core values.

I look at core values as sort of a compass, maybe even as a decision lens for our team. So if you have a certain set of core values, it should allow your team to make a decision through the lens of your core values.

So as we go through ours, we talk about why we came up with those, what they mean to us. And for those listening, I just want you to think what would that mean in your organization. How could that apply?

Overall, I’d say you need core values. It's very important and your team needs to be able to keep them top of mind. We know we have ours pasted up in the trainer office.

Once you have your set core values, there's a lot of ways those can manifest themselves in your business.

Stay tuned to know more.

Key Points of Discussion:

• We had many more core values when we started than we do now (3:45)
• When you come up with core values, you almost need to brand the idea (3:53)
• Come up with something specific to you and your culture, that can grow… (4:21)
• As your team gets larger, your core values need to be even simpler (4:55)
• A lot of organizations now are employing a chief simplification officer (5:24)
• Number one of our core values: Own your role; be your own boss (5:58)
• Number two: Bring your A game every day (10:59)
• Working yourself out of a bad mood by acting nice, upbeat, and happy (13:57)
• Our core value number three: Humor with a touch of crazy (15:51)
• If you can't have fun doing it, you know you're not going to do very well (20:54)
• Our core value number four: Drive change (21:54)
• Our core value number five: Keep it simple (26:34)
• Taking our core values from 12 to five, that's keeping it simple (27:21)

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Additional Resources:

• Learn About The Alloy Franchise Opportunity
• "How to Lead When You're Not in Charge" by Clay Scroggins on Amazon

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