The Savvy Approach
Over a year ago, I had the pleasure of meeting Jamie Spann, and from our first conversation, I was interested in learning more about how she built a successful consulting practice by targeting physicians and medical spa owners exclusively.
By perceiving a gap in the market, she has not only established a thriving business but has also become a guiding force for physicians and medical spa owners. In an industry where medical expertise requires a balance with business acumen, Spann and her team empower physicians to concentrate on their love of seeing patients while collaboratively working behind the scenes to help establish or build profitable practices.
Tell us about Business Savvy Physician.
Business Savvy Physician (BSP) is a distinguished boutique physician consulting firm, which supports private practice physicians and medical spas with a range of specialized business resources. Its comprehensive services cater to those launching their practice or seeking to grow existing ones.
Where did you get the idea to start your company?
Witnessing my father single-handedly manage his private medical practice, and later observing the struggles of surgeons in my medical sales role, sparked my determination to provide support. This led to the inception of BSP, initially conceived as an online video library featuring concise, on-demand content crafted by physicians and industry experts. Initially targeting residency programs and newly practicing physicians, the venture evolved. I realized the demand for consulting specializing on the business side of private practices and medical spas.
How did you come up with the name of your company?
It was important for me to select a name that made it easy to understand what I do. It took longer than I imagined to come up with a name that helped define what I do but was also interesting and unique.
What do you consider to be Business Savvy Physician’s “secret sauce?” What makes it different from other organizations?
What sets BSP apart is a wealth of experience derived from years of being in the medical industry and working with physicians in all specialties. Our team excels in understanding the best practices necessary to run a successful and highly profitable practice. Our secret sauce is that we can come in to most any practice and jump-start their business simply by applying our well-defined best practices and partnering with the staff to successfully implement them.
As a business owner, what has been the most rewarding part of your entrepreneurial journey so far?
Watching my company grow. I have built something substantial from the ground up by successfully solving a common challenge in the medical and medical spa industry. When I work with a physician group or medical spa, I help my clients see results quickly — and most importantly allow them to focus on what matters most to them, which is serving their patients. I’ve been told by my clients that they no longer feel as though they are having to figure their business out alone. That has been the most rewarding part of my journey so far.
What regular habits do you believe contribute to your overall success as a business owner?
Being determined, driven and willing to pivot quickly are three things that have gotten me to where I am today. Starting a business is hard and requires lots of pivoting. You run into roadblocks and challenges you didn’t plan on in the beginning. It is important to keep pushing forward even when you are told “no” or realize something isn’t working. It is important to keep an open mind and listen to what your customers want and need.
When you are not running your company, what can we find you doing?
I enjoy playing tennis for fun and competitively. I also love spending time with my family and friends. I have a 5-year-old daughter who keeps me very busy!
What is the most difficult part of being a business owner?
I think the most difficult part of being a business owner is learning to have a work-life balance. No one works as hard as you will when it is your company, and work follows you whether you are home or away. It is hard to let go and focus on enjoying the moments you are in sometimes when you have a growing company.
What is one piece of advice you would give a physician just starting his or her own practice?
I have two options I would give a physician thinking about or just opening his or her practice. The first option is to hire a consultant to help you get things done faster and more efficiently. Consultants are highly connected and can help with hiring, banking relationships, legal relationships, etc. You can get in front of the right people much quicker, usually, with a consultant. Consultants also are highly valuable in helping get a practice profitable quicker and help a new physician avoid common mistakes that are often costly.
The second option is I encourage a physician to build their own personal board of directors. Ensure you have an attorney, a banker, a consultant and a trusted friend/ family member. Use your own board of directors to help you move forward in the right direction.
Where do you see Business Savvy Physician in 5 years?
I believe Business Savvy Physician will be well-known as a valuable resource to physicians and medical spa owners throughout the country. My clients are all over the country, and I hope to continue expanding my reach to ensure doctors and medical spa owners do not have to go it alone. I want to be the “go-to” resource for physicians with their own practices and physicians that are wanting to leave a hospital and start their own practice. The medical spa industry is continuing to expand, and I look forward to being a consultant owners can rely on to help them become profitable and long-term sustainable. I envision having a national team of consultants and recruiters to help more physician practices and medical spas.
We all enjoy the different luxuries life has to offer. Tell us a little about what you consider to be your favorite “luxiere” in life.
I like to treat myself with treats such as a spa day or a fun day shopping. My latest luxury is taking my team and their spouses on a trip to celebrate our hard work and build deeper connections with one another. •