Full Transcript Podcast Introduction and Guest Welcome 0:00 the average Lutro client actually increases their monthly profit by 15 to 17% within the first business quarter with us. 0:08 So it's within three months. 0:09 Yeah. 0:10 And we have a number of different testimonial with doctors that have increased their profit, by 40, 50, $60,000 a month. 0:18 What if aging isn't about slowing down, but leveling up? 0:22 I'm Dr. 0:22 Izzy Jones. 0:23 This is the Longevity Leaders podcast. 0:25 Welcome everybody to the longevity leaders podcast, I am Dr Rudy Mueller and joined with me today is Dr Carter Carrou from Iowa. 0:32 He's got a chiropractic practice there and then he's also a business manager and lead clinician for Lucro. 0:39 So Dr, Carter, i'm interested in learning more about what lucro does for practices and So if you could share a little bit of background there. 0:47 Absolutely. 0:47 Yeah. 0:48 So we grow is we're a bookkeeping company for healthcare professionals specifically. 0:53 And so our owners, Dr. 0:56 Josiah Fitzsimmons, he started Lucro with Adam Rundle. 1:02 He's our CFO, but Adam had a background in the finance world and did a lot of different CFO coaching, that type of thing.
How Lucro Supports Healthcare Practices 1:12 He was a Cfo for $100 million company. 1:16 And then Dr. 1:17 Josiah started his chiropractic practice right out of school in 2019 and scaled it to $7 million actually. 1:27 So they met each other and they were like, All right, you're really good in this industry and Dr. 1:32 Josiah is obviously kind of a unicorn in the chiropractic industry. 1:35 And so they were like, what can we help? 1:40 Where's the gap at? 1:42 And it was for healthcare practitioners, not necessarily we master the clinical side of things, but we weren't trained to be business. 1:52 savvy and so that's where they picked up on it and they were like you know we could have a bookkeeping company for healthcare practices specifically and 2:03 then actually be able to teach them what to do with their numbers. 2:07 You know, where we stand out from a typical bookkeeper is like, you know they might be doing your books and reconciling your accounts or your accounting work, 2:16 right? 2:16 Usually they do it quarterly. 2:18 And so it's usually three to four months behind in retro aspect and for tax purposes only. 2:24 So it doesn't really help the business owner actually know what's going on in their business to be able to make objective business decisions. 2:33 That's our big thing is that We want to do the bookkeeping as the foundation, right? 2:40 And provide you a P&L every single month, you know, our account manager that we dedicate to your practice and we'll actually be reconciling your accounts 2:50 every week and then we will actually tell you what to with your numbers through our report that send you every month. 2:56 So what do you mean, like, what to do with my numbers? 2:58 Like, I'm seeing X, Y, and Z on your account. 3:01 Hey, doc, this is what we see. 3:03 This is how you could improve it. 3:04 Yeah. 3:04 So we would actually, just like a typical P&L report, instead of it The traditional P&L report, you know, it's line by line and it might show you, 3:16 okay, here's what payroll was. 3:18 Here's, what, marketing was, so we actually make our reports through our software. 3:26 So that's the Lucro dashboard. 3:29 Clinics have a login specifically to our software and then they can access all their dashboards, all of our tools through our vaults,
Bookkeeping Plus Fractional CFO Guidance 3:37 which they get unlimited access to that. 3:38 So, but within the report each month, our CFO is actually giving them three specific action steps on, you know, hey, here's what I saw with your numbers. 3:48 You know payroll's too high. 3:49 you need to drop this here or increase this year in order to get to the X goal that we talked about on the front end. 3:56 And so when we first start with a doctor, they're actually gonna meet with Adam or Dean, our CFOs, to come up with the specific growth plan that aligns 4:06 with their goals for the practice. 4:08 And then we use that as a... 4:10 So it's not just bookkeeping, you're getting like a C.F.O. 4:14 Exactly, yeah. 4:15 So that's exactly the point, is people are always like, what's Lucro? 4:19 And I'm like it is book keeping, but it so much more than book-keeping. 4:23 the foundation of it and actually you know something we like to say is like bookkeeping is 1% of the value or knowing your numbers is one percent of value 4:31 but the whole other 99% is knowing what to do with your number after that. 4:36 And that's what we see most commonly like when we have a doctor start with us or get on a call with me they're always like I know I need you guys already. 4:47 My bookkeeper sends me a P&L report and I don't even look at it because it causes a lot more confusion than anything. 4:54 And it doesn't actually tell me what's going on with the business. 4:58 Then we can relate to them on that. 5:01 I own my own practice and that was something that I had going with it. 5:05 My old CPA would give me a report each quarter and I was like, this makes no sense at all. 5:13 It didn't match any of my numbers that I had. 5:16 And so just by starting with Lupro for my business, I able to quickly identify some profit leaks actually in the onboarding process that actually ended 5:28 up saving me $10,000 a year. 5:31 Yeah, so I'm curious like working with other clinicians through lucro. 5:37 What are some, it could be that you work directly with them or no, Lucro champions that we've been able to do this for this practice. 5:49 mistakes that we're seeing on that P&L that the CFO is able to step in there or you as a coach are able step there and help them become more profitable. 5:57 If you're a medical doctor, nurse practitioner, chiropractor or other health expert that's stuck in a broken system, there's a better way.
Finding Profit Leaks and Improving Efficiency 6:05 The Freedom Webinar shows you a proven five step system to build a seven figure virtual health practice or how to modernize your current brick and mortar 6:17 practice without the burnout. 6:19 Learn to create high ticket programs, automated income, residual revenue, and attract clients ready to work with you. 6:27 Book your million dollar strategy session today by clicking the link in the description. 6:38 thing that we always pretty much run into is that doctors always want to get excited about, oh, I need to add this in, or I needed to have this and, 6:48 whatever, right? 6:49 But they don't realize that they actually have to maximize the capacity that already have. 6:56 And so we actually tools within our software. 6:59 But again, as I mentioned earlier, they get unlimited access to our vault, but we have a capacity calculator. 7:05 So we help them calculate What are you already paying for? 7:09 And you need to maximize that first before you start adding in hyperbaric oxygen chambers or decompression or all these things. 7:23 that usually clicks pretty quickly for people. 7:24 They're like, oh, wow, yeah, I am actually paying, you know, like payroll, right? 7:28 It's like is your payroll gonna change next week? 7:32 No. 7:32 Is your utilities or are some of these expenses aren't gonna actually change? 7:37 So you need to maximize that first before you start increasing your capacity. 7:43 And then that's how you started to scale. 7:45 Using these calculators and these formulas that we give them, they can actually repeat it then rather than Again, going back to your old reports of like, 7:56 well, I had a really good month, but I don't know what I did to have that good months, and so it's not repeatable. 8:01 Well, with Lucro, you literally, we give you all your reports, your data, coaching, CFO insights, that is just right there for you some that way. 8:11 We're showing you right where the gold's buried, essentially, then you can repeat it each month. 8:15 Yeah. 8:16 And then the map, basically. 8:18 The map of where to like, OK, what's your goal? 8:20 We're trying to meet that goal. 8:21 Here's how you can do it with your current operation. 8:24 This is where you're missing out on some potential profit. 8:26 Yeah, and then once we maximize that, then you could come to an event like this and buy the next thing, right? 8:32 That's right. 8:33 So a good analogy is like I always tell doctors it's kind of like using a GPS, so with Lucro, if you think of us as your GPS is If you're in the car and 8:44 there's traffic up ahead, it's going to tell you what's the next best, fastest, most efficient route. 8:50 And that's what we do, essentially, is just try to identify those profit leaks or inefficiencies ahead of time so that way they don't have to spend six 9:01 months fixing something that could have been fixed way ahead time. 9:04 Okay, so we touched on making sure we're most efficient with all the tools that we have. 9:10 I'm curious, do you have insurance-based practices, cash-base practices? 9:15 Yeah, that's a great question. 9:16 Literally, anybody. 9:19 Any healthcare practice?
Practice Growth Results and Client Outcomes 9:21 That's another thing. 9:22 Chiropractors, medical doctors, whatever? 9:24 We started with only chiropractors, but now we've branched out into MDs, nurse practitioners, wellness clinics, med spas, 9:34 all sorts of different things. 9:35 So yeah, we can do any healthcare practice. 9:41 As far as where you're at in your career, I've literally met with doctors that aren't even open yet. 9:47 They're like, hey, i'm really close to opening my doors, but I need to get a bookkeeper on staff. 9:53 And so we've handled that to somebody who has 30 years in business and they're just like, I need to maximize my exit value. 10:02 So that way I can make this business profitable and valuable so that that I could exit and sell this to whoever is going to take over. 10:14 Yeah, and then within that, you know, we have doctors that have one practice. 10:19 We have, uh, a few that... 10:22 we had one that has 48 clinics actually. 10:24 Holy smokes. 10:25 Yeah. 10:26 So we can literally handle anything and everything. 10:29 So when you're meeting with the practitioners that are under, under you as you are coaching them, what, uh, What are some of the, 10:35 like, I guess what's the frequency of coaching? 10:38 That would be one of my questions. 10:39 And then the other one would. 10:41 What does that conversation look like? 10:43 Like, how does. 10:44 Yeah, yeah. 10:45 So as far as like the breakdown of Lucro services go, just to answer your question, I guess, is it's like, yes, so we're bookkeeping and we gonna be reconciling 10:56 your books every single week. 10:57 And then we send you a financial report every month by the 10th of the month, no matter what, right? 11:03 So you have all that and then you unlimited access to within our software. 11:08 We actually integrate with our QuickBooks online account. 11:11 and then that pulls all their data into their dashboard, right? 11:16 So they can utilize all those reports. 11:17 And then twice a month we do coaching calls. 11:21 So that's with Dr. 11:22 Josiah and he'll do like a group call where everybody jumps on it. 11:27 He's presenting on a healthcare topic or industry specific topic, and at the end of the call it's unlimited question and answers. 11:34 That's bi-weekly or twice month. 11:36 Okay, nice. 11:39 Literally, they get all those things for our cost. 11:44 It's not like, oh, you get this with this level or tier. 11:50 You get more month-to-month, no contracts. 11:54 very easy onboarding process. 11:56 We handle all like data transfer because we run into a lot of doctors that, you know, oh, I don't use QuickBooks. 12:02 Well, that's okay. 12:02 we can get you set up on Quickbooks.We can transfer all the data from whatever platform you're currently using or people that might have Quick Books desktop version, 12:11 right? 12:12 That used to be kind of a hurdle to able to transition from Quick books desktop to Quick clicks online. 12:19 But now we handle is seamless and easy as possible for doctors to start with us. 12:25 So when you identify, like when they're identifying as a CFO, I mean, look at this as like, bookkeeping is is great, but it's really like having your own CFO, 12:35 right? 12:37 For the cost of a bookkeeper. 12:39 For actually less, yeah.
Who Lucro Serves and How Coaching Works 12:41 So like that to me is the win right there. 12:45 As a physician, if I'm hiring you and I am bringing you in, on average if you were to think about all the accounts or the stories, 12:51 like how much savings per year? 12:53 You mentioned 10 grand for your practice and you did. 12:55 Yeah, well that was just in the onboarding process. 12:59 I was able to quickly identify that like through one of Lucro's tools and seeing, oh, other practices in my revenue van are spending this much on their 13:09 operational costs. 13:10 And then in the reports, I was able to then kind of drill down into that and see, all right, well, my EHR cost is way too high, 13:17 especially comparatively to other practice like mine. 13:20 Because we're able actually show these doctors like, okay, here's the revenue that you fall into and then we can actually decipher and customize that even 13:29 further to what type of practice or model they run, whether it's insurance, cash, all those things, right? 13:34 So with mine, I was able to see EHR was one of the big things that was something I knew I could change, at least. 13:43 It was a big project, but then I able switch to a better EHL system and go from spending $1,100 a month to $299 a months for unlimited providers and a 13:55 lot more bells and whistles. 13:56 that type of thing, which again, like I said, saved me $10,000 a month. 14:01 But to go back to your question, we actually, so the average Lutro client actually increases their monthly profit by 15 to 17% within the first business 14:13 quarter with us. 14:14 So it's within three months. 14:16 Yeah. 14:17 And we have a number of different testimonial with doctors that, you know, have increased their their profit by 40, 50, $60,000 a month. 14:23 So if that's, I always tell doctors when they're coming on board, which usually they don't even need it. 14:33 But like if they do, I'm like, we can set you up and you know, you can, chat with this doc and see what they've done. 14:40 That way you see it right for yourself. 14:42 It's a, it's pretty like easy process. 14:47 And like you said, doctors are just like Well, yeah, this is a no-brainer, right? 14:51 Well that's what it seems like to me. 14:53 I need to have a bookkeeper anyways, but now I'm going to a fractional CFO and I get all these resources and asset calculators, 15:02 master classes, coaching calls, all for the price of a Bookkeeper. 15:06 The biggest problem is that in school we're not trained, whether it's medical doctors, DOs, naturopaths. 15:10 We're trained in the business. 15:11 Exactly. 15:12 You're training to be a doctor. 15:13 I would say in chiropractic school, you'd probably get a few more business classes, but I remember my business teacher, I'm like, 15:19 and what business did you open? 15:21 She's like oh, open my three times and failed all three time. 15:25 This is who we're learning from. 15:27 So yeah, be able to bring in a fractional CFO along with obviously the necessary process of having a bookkeeper and be about to identify these key areas
Getting Started with Lucro 15:37 in 15, 20, upwards of 40% after the first quarter is pretty legit. 15:41 And obviously now that we're branching out into like all, you know, healthcare as a whole, right? 15:46 But just going back to what you were talking about with chiropractic, like a couple weeks ago I was with Dr. 15:51 Josiah actually in Tampa and listening to him give a presentation and he was saying he's like, We all know that chiropractic is one of the best health 16:00 care products in the world. 16:01 He's like, so why is it not exploding? 16:06 We know it should. 16:07 It's a good question. 16:11 That was really what his question was when he was trying to answer when we started BlueCrow. 16:17 There's got to be something that the industry is missing. 16:22 And so, and that's what he set out to do is like, I want to have an impact on chiropractic and then that evolved into now just, 16:29 he wants to help transform the healthcare world. 16:33 To run better businesses and bribe like that. 16:37 So I think you're at the right place too. 16:38 Cause I mean, that our goal here is to really make this transition and allow people to experience health and a healthy lifespan versus just last 16 years 16:48 of their life going from doctor to doctor, right? 16:51 Yeah. 16:51 Awesome. 16:51 Well, if I'm a practitioner and I want to hear more information or learn more, what's the best way to reach out to Lucro? 16:58 So you can go to morelucro.com with all of our information there. 17:03 There's a spot on there that you actually schedule a demo call with myself. 17:08 You can literally schedule it right on my calendar. 17:12 or give me an email. 17:14 My email is drcarter at morelucro.com. 17:17 So Dr. 17:18 Carter, I appreciate your time today. 17:23 Appreciate it. 17:24 Yeah. 17:24 Thank you. 17:26 Thanks for listening to the Longevity Leaders podcast. 17:28 A Lungevity leaders community is on mission to transform a hundred million lives by 2040. If you enjoyed the show, please share this with somebody that 17:37 you know, especially another doctor or physician, but also click that follow button. 17:42 Until next time, stay strong and live long.
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