Financial Strategies for Medical Practices: Interview with Fractional CFO Carl Stoddard
In this episode of the Medicine and Money Show, host Dr. Small Rose is joined by Carl Stoddard, a fractional CFO specializing in medical practices. Together, they discuss the critical financial aspects doctors face when running their practices. Carl explains the distinct roles of a CFO versus a CPA, emphasizing the need for strategic financial oversight beyond mere tax concerns. They explore topics such as P&L versus balance sheets, common financial mistakes, practice valuations, and the importance of building a sellable practice well before retirement. Carl also shares his background, practical advice for managing finances, and innovative uses of technology to streamline operations. If you're a physician looking to grow your practice, manage cash flow, or create long-term value, this episode offers essential insights and strategies.
00:00 Introduction to the Medicine and Money Show
01:32 Meet Carl Stoddard: Fractional CFO for Medical Practices
02:08 Understanding the Role of a CFO vs. a CPA
04:29 Carl's Journey: From Paper Route to CFO
10:18 The Importance of Simplifying Financial Processes
13:20 Strategies for Reducing Debt and Increasing Practice Value
23:06 Challenges in Recruiting and Retaining Medical Professionals
27:02 Delegation and Training for Practice Efficiency
28:16 Solidifying Training with False Questions
28:46 Embracing New Technologies
29:06 AI in Medical Practice
32:25 Monthly Meeting Walkthrough
33:09 Analyzing Financial Data
37:39 Managing Practice Costs
43:24 Importance of Savings and Preparedness
49:04 Conclusion and Resources