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Matthew Gillogly is the CEO and Founder of “Our Practice Profit System” grew his three medical practices to $6.5 million in a single year, but his clinics became the #1 provider of Men’s Sexual Health Solutions.

By year three, Matthew sold his practices and created the Mavrix Profit System (formerly SRP Medical Marketing) to help other doctors grow and scale their businesses. Since then, Matthew and his team have helped generate over $100 million in new revenue and own an interest in six practices nationwide.

Summary

• Introduction and Guest Introduction 0:00
  • Dr. Barrett introduces his guest, Matthew Gillogly, founder and CEO of Mavericks Profit Systems, highlighting his mission to help physicians escape the insurance system.
  • Dr. Barrett shares Gillogly's background, including his success in opening a cash-based medical practice and his current work helping doctors’ transition to cash-based practices.
  • Gillogly confirms his name pronunciation and expresses his excitement about the conversation.
• Gallogly's Journey into Medicine 0:51
  • Gillogly shares his unexpected entry into the medical field, starting with a friend's suggestion to enter the erectile dysfunction business.
  • He describes his initial skepticism and eventual involvement, leading to the opening of his first clinic in Birmingham, Alabama.
  • Gillogly details the growth of his clinic to three locations, achieving $6.5 million in annual revenue within 18 months.
  • He explains his transition from running clinics to coaching and consulting doctors to start or grow cash-based practices.
• Challenges in the American Healthcare System 4:24
  • Dr. Barrett and Gillogly discuss the differences in healthcare systems globally, particularly focusing on single-payer systems like Canada and England.
  • Gillogly argues that even in single-payer systems, patients desire options and freedom of choice, similar to the American healthcare system.
  • They discuss the role of insurance companies in the American system, likening them to the heads of the five families in the New York Mafia.
  • Gillogly highlights the financial control insurance companies have over the healthcare system, including the $16 billion they made in 2023.
• Impact of Insurance-Based Care on Physicians 29:00
  • Dr. Barrett and Gillogly discuss the negative impact of insurance-based care on physicians, including reduced reimbursements and increased administrative burdens.
  • Gillogly emphasizes the frustration both doctors and patients feel with the current system, comparing it to a water torture.
  • They discuss the historical changes in medicine, such as the shift from simple SOAP notes to complex electronic medical records and pre-authorization requirements.
  • Gillogly argues that insurance-based care does more harm than good, as it restricts doctors' ability to make the best decisions for their patients.
• The Case for Cash-Based Practices 29:13
  • Gillogly explains the benefits of cash-based practices, including higher income for doctors and better quality of life.
  • He shares success stories of doctors who have transitioned to cash-based practices, achieving significant income and work-life balance.
  • Dr. Barrett and Gillogly discuss the importance of physician-patient relationships and the inability of the current system to support these relationships.
  • Gillogly highlights the need for doctors to educate their patients about the costs and benefits of their treatments, which is often discouraged in medical school.
• Transitioning to Cash-Based Practices 29:58
  • Gillogly outlines the steps doctors can take to transition from insurance-based to cash-based practices, starting with recognizing their dissatisfaction with the current system.
  • He explains the process of subletting space from med spas and other facilities to start a cash-based practice.
  • Gillogly shares success stories of doctors who have successfully transitioned, including a doctor in Philadelphia who now earns $30,000 a month in cash services.
  • He emphasizes the importance of learning the fundamentals of business and understanding that any skill can be learned with dedication.
• Challenges for Doctors in the Hospital System 30:49
  • Gillogly addresses the challenges faced by doctors in the hospital system, particularly those who have never had their own practice.
  • He explains that these doctors can start part-time while still working in the hospital, gradually building their cash-based practice.
  • Gillogly shares the story of a doctor who reduced his hospital hours to three days a week while growing his cash-based practice.
  • He highlights the importance of having a book of business and the potential for significant income through cash-based services.
• The Role of Experience and Mentorship 34:28
  • Dr. Barrett and Gillogly discuss the value of experience and mentorship in the medical field, particularly for younger doctors.
  • Gillogly emphasizes the importance of having experienced doctors to mentor the next generation and share their knowledge.
  • They discuss the challenges of new graduates entering the hospital system and the impact of hospital consolidation on independent practice.
  • Gillogly argues that the current system is unsustainable and that doctors need to take action to protect their independence and quality of care.
• The Future of Cash-Based Practices 35:54
  • Gillogly shares his vision of freeing 100,000 doctors from insurance-based care by 2033 and the importance of this mission.
  • He discusses the potential for cash-based practices to revolutionize healthcare and improve patient outcomes.
  • Dr. Barrett and Gillogly emphasize the need for doctors to take control of their practices and make the necessary changes to thrive.
  • They highlight the importance of community and support among doctors to achieve this goal.
• Resources and Support for Doctors 46:12
  • Gillogly outlines the resources available through Mavericks Profit Systems, including his book "The Anatomy of a Seven Figure Medical Practice" and the Business Mastery Fellowship program.
  • He explains the benefits of the fellowship, including access to a community of doctors and comprehensive training in growing a cash-based practice.
  • Dr. Barrett encourages listeners to visit the Mavericks Profit Systems website for more information and resources.
  • They conclude the conversation with a discussion on the importance of taking action and the potential for positive change in the medical field.