Transcript:

 

Dr. Tea 1:25

I have the fabulous Dr. Carolina Sueldo. She practices fertility medicine in Florida. She's the owner of Ceibo Fertility Center, and I have the great privilege of seeing her transition away from employment and into her own direct care practice not using insurance to make it work for her. So welcome to the podcast.

 

Dr. Sueldo 1:48

Thank you so much for having me. It's really an honor, because you may not know this, but I actually really look up to you, and I really admire you as one of the, you know, front runners and kind of pioneers in all of this. So yeah, thanks for having me super excited to be here.

 

Dr. Tea 2:03

Oh, wow. That made me tear a little bit because I was just thinking to myself, like, I don't know if I can keep going on with this podcast. You know, we were just before we started this recording, we were just chatting about business ownership, and it's all hard, and I don't want to come here on the podcast with the impression that direct care is easy. It's just a different kind of heart. We have to learn a couple of different skills along the way, but it's not impossible. So we were just talking about which heart are you going to choose? Are you going to choose the heart of remaining employed working on somebody else's business, or are we going to take a chance on ourselves and just see what could happen? And worst case scenario, we can always find a job. We can always go back. That's not the end of the road. So tell us where, where this process was for you. How did you decide to open your own practice?

 

Dr. Sueldo 2:58

Yeah, so I like to share my story, because I think maybe it's a little bit of an anomaly, in the sense that I was not one of those people who, like, always knew they were going to own their own business, or always knew they were going to start their own practice. I was practicing in California, and my husband and I made the decision to move back to his hometown of Fort Lauderdale, Florida, and I had practiced in South Florida when I had just finished fellowship. So I knew most of the players, not everybody. And in the fertility space, private equity has actually taken over most fertility clinics. And so, you know, think of sort of a very corporate, very systematized type model. And, you know, that's a conversation for another day, but long story short, I chose that like I just decided that was just not an option for me. And so I made the decision that I was going to open, go solo, open my practice, and at the end of September. So starting Q4 of last year, I opened Sabo Fertility Center. So I say this to say, you know, it wasn't, I was not like, super gung ho and like, I definitely want to do this. It was more just, like, of the options that were on the table. I really just didn't want to do any of them. And so this was, this was basically the only alternative, right? And the decision to not take insurance was really it was born from a couple different places. One is that the way that I like to practice, like where, you know, we talk about, what's your zone of genius? Where do you thrive? And I really thrive in the doctor patient relationship. You know, really getting to spend that time, getting to know my patients, getting to hear their stories. You know, fertility is a very, very intimate, very vulnerable, you know, chapter in someone's life, and so connecting with the physician who's going to give you that. Time and space to feel the feelings that you may be going through in that moment. For me, at least as a provider, I thought, was invaluable. And then the second was really born out of necessity, right? So, I am self funded. I did not take out any loans. I worked at a locum, you know, I had some savings, and then I worked at a locum to maintain the practice for the first couple of months. And so really, it was born out of, you know, seeing my colleagues and understanding what reimbursements rates were. And in the infertility space, while coverage is getting broader, most patients are still self pay for infertility treatment, and so it wasn't that much of a stretch for patients when they heard that I wasn't taking insurance.

 

Dr. Tea 5:47

This is an entirely new field for me to even understand infertility, and I don't know what the setup looks like. So tell us a little bit about your medical background and how you got into fertility medicine. What does that pathway look like? And then maybe also shed some light as to how this type of practice needs to be set up, technology, expenses, that kind of stuff.

 

Dr. Sueldo 6:12

Sure. Yeah. So my own personal background, so I am, like, a huge reproductive rights advocate. So, you know, when Roe v. Wade was overturned, I was one of those docs that was out in the streets protesting from a very young age, just really, really cognizant of, you know, women, women's education, women's empowerment, wanting to make sure that women were well educated about their bodies, about their options, and whether you know, regardless of what you believe, you know ethically or you know politically or whatnot, really just wanting to make sure that women were educated, so that that was really important to me. And so going into women's health, that was a huge part of why I chose OB-GYN as my specialty. And then when I was in residency, I was exposed very early on to the IVF laboratory. And I mean, it is like nothing short of a miracle of what they do. Even now. I mean, I've been practicing almost a decade, and I just like it. Still, it just blows my mind. What things were able to do. So, you know, we work in the IVF laboratory. We work with eggs sperm to make embryos, and those embryos may or may not be genetically tested and then placed back into the woman's womb and then potentially attached to turn into a pregnancy. So, like, literally creating life, right? Like, it's just, it's just so, so cool, and you're changing someone's life forever, right? Like this is potentially a person or a couple who may not have had that opportunity, and you know now they're going to have this child. I mean, again, I have patients from my very first year of being out of training that are still sending me pictures and updates. And it's just so so special and so cool. And it just never gets old for me, like that, that part of it that, you know, I felt I went into it for the science, I fell in love with it for the patient relationship, like that. Bond is just, yeah, it's really unique to medicine. I think

 

Dr. Tea 8:12

that's incredible to be able to, you're almost like what people will argue. You're playing God. You are creating life. You are handling them through the process. You're giving people a chance of something that they couldn't do naturally. And I think that is an unbelievable gift. So now let's talk about the logistics. What does it take to start this type of practice? Because you're relying on facilities and things, right?

 

Dr. Sueldo 8:39

There's really two approaches. I chose one. It's not right or wrong. The reason I chose it was for a variety that we can certainly talk about. But there's really two approaches if you're going to do this. One is you do a full build out and you have a full IVF Center, which includes all of the testing, all of the treatment. It includes the IVF laboratory. It includes the embryology team. And you can do that either through financing from a bank or, you know, sponsored by a partner, so potentially a capital investor who may have equity in the practice. And obviously that percentage equity is to be decided, etc, etc. So one way is to go, kind of full court press and do the full thing from day one in today's economy, to do that in a, you know, moderate to high cost of living area. Realistically, it could range anywhere from, you know, 3 million all the way to, I don't know, five, $6 million to do that kind of undertaking, because you have to think about the real estate. You have to think about the construction and IVF laboratory. There's very, you know, specific things that go into it, in terms of things like air filters and setup and distribution and all that stuff. And then the person. And operating capital, right? So, and then all the certifications, of course, and all the regulations and all that stuff. So, I mean, definitely gives you autonomy from day one you rely on no one. Once you have all your team in place, you have to have a really solid business plan about how you're going to pay back that, you know, multiple million dollar finance. Of course, you can bring in a partner who has the capital. That is, you know, a second way to do that venture, you know, like any marriage, that can be great or it can not be great. So it really depends on that structure, who they are, what percentage equity they have, you know, etcetera, etcetera, etcetera. The alternative, and I would say that this is probably the least common way, and I think that I know of there, I think there's only one or two other people doing this currently, is that you have your medical office and you are taking your patients to a different IVF center. And so essentially, you're paying the IVF center like a facility fee, right? And there is some reputation by association, because depending on where you take your cases, they may have better success rates or lower success rates or whatnot. So there is a there's a little bit of affiliation, just by default of where you're going, but really, you are your own independent practice, and you are using their IVF laboratory or their facility in the same way that you would take a patient to an ambulatory surgery center or to a hospital for a procedure. And the big downside is that obviously you're beholden to whatever fees you're being charged by that outside center. The big upside is number one, much, much lower financial risk. So, the operating cost to get yourself up and running are way different. And I, you know, I did it with less than six figures, not suggesting that's the right way to do it, but I did it with less than six figures. And then the second benefit is, you know, lower liability in the sense that you are not the one in charge of the lab, the regulations, the team, the quality control, etc, etc. You're, you know, obviously you are associated. So of course, there's some responsibility, but liability wise, it's just a little bit different,

 

Dr. Tea 12:22

damn. So that's beyond my comprehension. So you made it a year out. It's kind of like, you know, we're, we're in an age where we can, like, borrow facilities, just like you said, the Ambulatory Surgical Center for surgeons, there's an equivalent for an IVF where you're sharing it, because it just makes economic sense. So to me, that just sounds like a no-brainer, lower financial risk, do what you can with what you have, and then build up as you go. But again, you're kind of, yeah, beholden to somebody else. But that's okay, because you're still your own boss, and you have the freedom to kind of, I guess, shop around in some ways. I don't know if that's a real thing, but, you know, speaking of

 

Dr. Sueldo 13:02

No, and it is, I talked to most of the IVF centers in my area, and it came down to number one, were they doing a good job? Right? Because at the end of the day, if my patients have success, then that's good for them, and it's good for business. And number two, you know, are they, you know, so are they doing the job? And then number two is, what is economics, right? And if someone's charged, and I'm just throwing out numbers here, but if someone's charging you 20k and someone's charging you 10k for the same work, then it may, you know, it's a no brainer. In my particular scenario, you know, I was the breadwinner of the family. You know, I was coming into an area, geographic location, where I was totally unknown, and so there was just some time that needed to be invested in reputation building and really building that patient panel. And number three, really deciding, you know, with everything that's going on in Florida politically, like, is this somewhere that I want to invest in. Because once you take out that kind of financing, or take on that kind of adventure, like you, you're committed, right? Like you're committed for a while, and so is this somewhere that I was planning to be long term. So there was just too many variables for me to make that kind of investment up front.

 

Dr. Tea 14:17

I totally forgot about the climate in Florida. I feel like that's a whole nother ethical conversation we can go down, but we're going to be practical today, because this is a taster of what could happen for those who may be interested in this type of practice. So you set about moving from California to Florida. You worked with what you had, you took out. You have your own money to fund yourself now. How did you get patients on your schedule? What did you do to get known in a place in which you didn't really have a reputation in

 

Dr. Sueldo 14:51

Yeah, so that's a great question. I'm going to try and go through it systematically so i. I want to just say that the first two to three months were hard in all caps, right? Because I literally subleased an office. It was a 1400 square foot office that needed to be completely remodeled. Now it's all aesthetic, right? There was not anything major, but it was, you know, I had to buy exam tables. I had to figure out, you know, the lights and where I was going to get speculums and, you know, the centrifuge and all those types of things. And I had never done any of that before. So even just identifying vendors and who to talk to, to even get those things like that, was a whole thing in a geographic area that I didn't know anyone and didn't really know who to talk to or where to start. So that was its own process. And then once I had sort of the foundation, if you will, then it was like, Okay, now I need to actually get patients in the door. And I did a couple different things, I think, had I known Okay, so let's let's start. So the first thing I did was I created a website, so that was somewhere that patients could easily go and sort of just search content, right? So I'm Googleable, or whatever the right term for that is, I'm searchable. And then I created social media accounts, Facebook and Instagram for the business. So I had my own personal branded accounts, and then I created accounts for the business and would share content between the two accounts to try and drive my own personal followers towards the business account. The third thing I did was go to speak to OB-GYN offices, primary care offices, DPC practices, in my world of fertility, acupuncturists, or another big provider that serve in fertility patients, and most acupuncturists don't accept insurance, and so their patients are already familiar with the concept of not taking insurance, and so they love the idea of a holistic approach. They love the idea of boutique, personalized care. And so they really were a great source of patience for me in the beginning. And I really nurtured those relationships, not only because I actually believe in them and believe in what they do. But also because it was a win win for us in terms of, you know, when for the patient, when for the acupuncturist, and then when for myself. So that, I think, you know, talking to referral sources was probably the third big thing that I did. And I will say it was, it was very hard. So you know, OB-GYN would be the natural referral source for me. And I, you know, my ego took a big hit going to those different offices as soon as I said, you know, I don't take insurance. Or as soon as I said, I don't have my own IVF lab, you could just see, like the conversation was done, you know, you could just see, like their eyes shut down, like, Oh, you don't take insurance. Like, what's my patient supposed to, you know, or whatever, like, anyway. So, that was really, really tough, and I think I really had to work on my messaging something that a Actually, she's a physical therapist and has a thriving practice all across South Florida, three counties, and she recommended having a one pager that I went in with, right? Like, stats, don't lie. You know, how long have you been in practice? How many pregnancies Have you had? You know, what are patients saying? Include patient testimonials on that one page. And, you know, all those types of things. And really, sort of reframing, from the I don't take insurance, to reframing where your patient will get, you know, experienced, like no other place and like, How can I, you know, what can I do to better serve your patients, or what can I do to collaborate with you so that your patients have the best experience, or whatnot? So she was actually super helpful in reframing some of the messaging when I was visiting those referral sources.

 

Dr. Tea 19:00

That is such a good point not just because I went through the same thing. You know, I would go to my old colleagues, my old friends, and say, Yeah, I'm not taking insurance. But then, and then I lost the right. I think all of us can relate to that, but to reframe it like say, I can take care of your patients. I can take the best care of your patients and send a totally different energy. And it's assumed that if you're going to give them the best, then, yeah, some dollar signs are going to follow, versus leading with, I don't take insurance, blah, blah, blah, you know? And that messaging is so spot on.

 

Dr. Sueldo 19:40

Yeah,right. And I think also highlighting, you know, if you're getting these glowing five star reviews, and patients are having such a great experience, that's also a reflection of them, right? They sent you, they sent you here. The patient had a beautiful experience. Goes back to them, and they look like the hero, right? Because they sent you, they sent them to me. Okay, so anyway, I really had to work on my messaging. And then the fourth, and probably the thing that came most natural to me, this was by far the easiest, because I'm an extrovert. Was speaking locally in my community. So any sort of women's organization that was going to have women of reproductive age, I would just, I would just cold call, email, you know, etc. I and it comes from a true place of passion for me. And I think that comes through again, going back to that education piece, understanding fertility decline, understanding, you know, being able to freeze your eggs as a bat, you know, etc, etc, all these different things. It's a topic that I'm so passionate about and I think it's an easy conversation. It's an easy talk for me. And so it's easy for me to pitch, because I'm not really pitching the practice. I don't feel like I'm selling. I feel like I'm educating. And so speaking to me came very naturally, and I partnered with a women's group here. It's called the beauty boost, and they're actually nationwide. So if you have women of reproductive age women as your ideal client, you may want to look into it in your city, the beauty boost, they have a Fort Lauderdale chapter, but they're across the whole country. And you know, you can pay to be a community partner, and so you pay X amount of dollars, and they have different pricing and packaging. And so you can, like I was able to speak at one of their women of wellness events. I was able to host an intimate evening at my practice, and that's all word of mouth, right? Like, even if I get one patient from that, then that one patient has a good experience and she tells two or three of her friends and such and such, right? So speaking was probably the biggest driver for me, outside of the acupuncturist in those first six months.

 

Dr. Tea 21:44

I love that you said you're an extrovert naturally, because I'm sitting here like no wonder drawn to you because I'm like, you know every introvert needs an extroverted friend.

 

Dr. Sueldo 22:01

You're so sweet. No, but I do think if you are really passionate about something like, you know, reproductive education, like I will die on that sword, like I just believe so passionately that women should understand their bodies. Need to understand a normal menstrual cycle. Need to understand about ovarian aging like I am. I am so so, like, even if I did that for free for the rest of my life, like I would still, you know, even if I won the lottery, like I would still do that, because I believe so deeply in that. And I think for most physicians, honestly, like we went into medicine at its core, because we love what we do, right? And most of us can pick out one topic, and I don't know what that is for UT, but like most of us, have one topic that really lights our fire and really gets us going, right? And you can do that all day, every day, in your sleep, because you believe so much in it.

 

Dr. Tea 22:58

Well, since you asked, What lights me up, and my patient actually told me she's like, she came in with the leg wound that wasn't healing. And you know, I don't get these anymore, because once I opted out of insurance, those are usually Medicare patients, and they were covered by Wound Care Center. So I kind of pitch them that way. They require a lot of resources. But the one time I had a patient who came in she had this wild looking wound, and I pulled out all of my advanced wound care supplies, and she goes, Dr. Tea your face lit up so fast when you started talking about the different products. And it's like, in my mind, I'm like, oh, did I not look as excited about the other things that I'm doing? Like it was almost like getting called out because, you know, I had to morph into a different type of person, in a sense, to have a direct care practice, I had to leave my old identity, which was attached to insurance. Unfortunately, I had to leave the gluten Care Center. So what I do now is drastically different than how I was trained, but it was all in the attempt to help people have better lives, whether it be without an amputation, without pain, you know, like whatever it was, the core of it is getting people to stay active on their feet. So I get that you love to educate. And if you encountered a doctor who is like not an extrovert, who is terrified of putting themselves out there. What would you advise them?

 

Dr. Sueldo 24:22

So I think there are ways that you can do it without doing it right? I think that there. So, for example, especially in our post covid world, like virtual talks, I think are a great way for maybe somebody who's a little more introverted. The other thing that I have found helpful, particularly and even this extrovert, when it's like a big meeting, or when the stakes are high, you know, you get nervous if there's someone you know in the audience and you can kind of talk to that one person, like if there's a friend, or even if you invite a patient and you're talking to them, um. I think, you know, it's really helpful from a practical standpoint. I would love to be able to say to you, well, your message is too important, and you need to get it to the people, right? But like, the reality and like, your business depends on you, and like all this stuff, right? Like, but the reality is, if you don't like to speak in public, you don't like to speak in public, so, you know, you have to do it. So how do you make it easier for yourself, right? And so maybe it's small, intimate gatherings, maybe you host in your office. So it's, you know, your territory, you feel a little more comfortable. I don't know. I think there. I think there are ways you can go about it. I guess I would flip the question back to you, what have you done to get as an introvert for the speaking piece, because I feel like you're everywhere. I feel like I see you everywhere.

 

Dr. Tea 25:47

I do. I do enjoy speaking about what I care about, and I think that's what drives me the most, is that my purpose has always been to create an impact. And so the one on one interactions with patients is lovely, because we can see instantaneous results with our treatments, and then, being on a platform like a podcast, I can record a million times over until I'm ready to publish. I don't mean, I've gotten really messy these days, because within the age of AI, it's hard to know what's real and what's not. And if I can just show up a little bit messy, I think that is a way for people to just embrace who they are, how they speak, you know, and not not have to worry about one more thing about the way you look and the way you're dressed and things like that. So for me, I live in my skin. I'm very happy with who I am, and I'm very happy to meet other doctors. And for me, the message is bigger than who I am, and that's why I continue to do what I do. If I didn't love it, I wouldn't be doing it, essentially. So yeah, yes, it's hard for me to be in a big group. It's energy draining. But if I allocate my time maybe once a quarter, once a year, you know, I push myself just a little bit, that helps me grow too. So I do it because it helps me grow.

 

Dr. Sueldo 27:03

Yeah, I love that. I love that. And I think, you know, and I'm going to get a little touch corny here, but I think, you know, a message that I have heard a lot in the last two years that has really resonated with me is that this is not a dress rehearsal, you know, like, we don't get any do overs. And so if you're not happy with your life, then you need to look and see what you need to do to change it, because you don't really get, like, to just hit the reset and try again, right? And so I think that has made me a lot braver, and I've done a lot of things that, you know, maybe before, I was not brave, like I was just so worried, like, what are people going to think? Yeah, honestly, that external judgment was a huge thing for me. And sort of understanding that this is my life, this is my race, this is my project, right? And, and, and I get to make it whatever I want. Like that has really kind of sat with me for the last little bit, for sure.

 

Dr. Tea 28:08

So this last, this first year in your practice, how would you, how would you rate it in a five out of five star rate your business

 

Dr. Sueldo 28:17

depends on the day you asked me. No, um, so, so in all fairness, you know, and again, you and I were talking about this before the recording started. I never want to paint it as like this rosy, you know, field of flowers, and I'm so glad. And everything is wonderful. And all of that, right? It comes with this challenges, you know, you choose your hard I think for me, the autonomy and control I have over my practice and the way that I practice medicine, the patient care, the treatment plans, you know, how often I see patients, how often I talk to them, kind of that autonomy, if you Will, is super, super important and super fulfilling. But also, and I was at a meeting this weekend and talking to some colleagues, and this really resonated with me is, I don't have to ask anyone like, you know, today was the first day of school. I didn't start until 1130 and I just had them close my schedule. Or, you know, I want to go to a conference on a Thursday, and so, you know, I just close it or move patients or whatever, like the ability to control my own schedule. And it sounds so silly, but you know, if you are employed like you're asking for all of those days off, they have to be approved, or you have to find coverage, or, you know, you can't start early, or, I mean, sorry, you can't start later because you already have patients starting at eight o'clock or whatever. And so it sounds really silly, but that control over my schedule, and that ability to really dictate how I live my life, and that that has probably. Been, you know, the number one salient point for me this last year, I had to rate it out of five stars.

 

Dr. Tea 30:07

How do

 

Dr. Sueldo 30:10

you know there? I mean, listen, there's definitely been some valleys, but there's definitely been some mountains. And I think you know, for me, and I'm glad we're having this conversation today, because I have, you know, I had one patient recently who had done, you know, multiple cycles somewhere else came to me. We tweaked one thing that I found in her history, and now, you know, she's, she's pregnant, and things are going well, another patient who had, you know, lot, a lot of miscarriages, you know, we tweaked one thing, and she graduated today, you know? And so it is just when you're able to see the outcome, like when you're far enough in, right? Because if you had asked me in month three, I don't, I don't know, it might have been zero stars, right? But I'm now month 11. I just started month 11 of year one. By the end of this year, I will have been able to pay myself back my startup costs, so I'll be at breakeven, and I'm already covering my overhead. So you know, in that, in the financial sense, I'm on more solid footing, and I'm far enough in that I'm starting to see those pregnancies. I'm starting to see those graduations. I'm starting to see those patients who had been struggling for three, four years somewhere else, and then, you know, thank God they're successful with me or whatnot. You know, like you're far enough in to see though that, and that makes it all worth it.

 

Dr. Tea 31:34

That's so beautiful. That's incredible that because you get to monitor the growth of your practice with pregnancy, there is an endpoint. It's really cool. What has been, like, a really big surprise or a challenge that you didn't expect with you

 

Dr. Sueldo 31:51

Yeah, that's a great question. Um, so in the beginning, I really, really struggled with what I didn't know, like everything that popped up, making a decision about a vendor, making a decision about a contract like that, all just felt super hard. And then the more I did it, the more I realized that that was just part of being a business owner, and that that was always going to be there. And so that became easier, I think, probably the biggest surprise for me has been you can go and I don't want this to come out the wrong way, so I'm trying to word myself carefully that not 100% of people will value what you bring to the table. And that goes across the board, right? So that goes for vendors, that goes for patients, that goes for, you know, everyone you interact with. I think, you know, we as physicians have this very or maybe it's just me. I'll speak for myself, like there's this very naive notion of I'm giving 100% so I expect all of their parties to be giving 100% and then you realize that even if you give 1,000% like some people are just they're just never going to meet you where you are. And so that realization and being able to move forward in a healthy way, and understanding that it's not about me, has made me more resilient and so, and I'm, I'm reading my team, and so we do a book of the quarter. We're reading Miracle Morning right now by Hal Elrod, and in that book, he talks about, you know, the difference between accountability and responsibility. And so, like, factually, there is somebody who is accountable for what happened, right or responsible for what happened, and that may be you, or it may be the other party, but, but who is? You know, how you respond to that and how you choose to face that challenge, will really define sort of who you are becoming as a person, right? And I think that that is really beautiful and has really made me, you know, don't get me wrong, when the highs are high, they're amazing. When the lows are low, they suck. But I think the rebound has shortened significantly in the last year of business ownership and being able to bounce back like, okay, yeah, this sucked. But what did I learn? How am I choosing to respond? How am I choosing to move forward? Because this is the type of person that I want to be,

 

Dr. Tea 34:23

and I want to just emphasize that it's not that things will suck, and it's okay if you feel terrible. I have gone streaks of wanting to be by myself going on solo vacations, like mental breakdowns, and I'm not really one to share my mental breakdown with others, you know, like I just, I like peace to be by myself. Unfortunately, that was my upbringing, and so that's my peace. And I think just realizing that we don't have to hide how brave we are or cover it up with Oh, we're so resilient, we can. You know, overcome this and just sometimes be okay that, yeah, this was a fragile moment in time, and I hope that it will pass. It's going to happen.

 

Dr. Sueldo 35:09

I just want to add one last thing to that is, if you are going to choose to start your own business, which I highly encourage everybody to consider, if you're gonna do it, you need to find your people like you need to have a container where you can live your story out loud. And Tea has been there for me since the beginning, so she has heard it all. She has heard it all. But really, like you need to have a community to lean on, and a community that's going to push you forward. Because I will tell you that in the fertility space, certainly in the South Florida fertility space, everyone thinks I'm nuts. Everyone's like, what do you open by yourself? You're crazy like, like, not, not so much saying this, but like, everyone's expecting you to fail, right? And so if that's the only messaging that you're hearing all day every day, you're going to right, like you're gonna eventually believe that, and eventually you will just take a job somewhere and forget about it, especially when it's when stuff gets hard. So finding your people and having that container where you can live your story out loud, for me, has really made the difference between sable fertility, opening sable fertility making it to month six, sable fertility making it to month 12, and knowing that it's going to continue and continue to thrive. Honestly,

 

Dr. Tea 36:34

I don't love that I pronounced your business name wrong. So I apologize.

 

Dr. Sueldo 36:38

Everybody does, everybody does the marketing. When I ran it through marketing, they were like, That's a terrible name. Do not choose that. But I really wanted something with symbolic meaning. And Ceibo is the national flower of Argentina, and it's a symbol of unity and strength. And so it was just really meaningful to me. And I wanted something, you know, that really I held close to me.

 

Dr. Tea 37:00

Oh, you can educate us now that we know what it is, now that we know it's part of my vocabulary. It's fun for Argentina, so I appreciate that. And I just really love how you say be in a space where you're allowed, where you live out loud. And I've just never seen it that way. And you know what, if you're crazy, then I'm crazy too. And all of us crazy people just need to be together and be okay with it.

 

Dr. Sueldo 37:22

Yes, amen. Amen. Sister for sure.

 

Dr. Tea 37:26

Well, I want to thank you so much for being here and just being vulnerable and sharing with us what it really looks like to own a direct care practice. It's not easy, but it certainly isn't even easier being employed or being tethered to an insurance that can care less about physicians or their patients. So if you had one last word of advice for the listeners, what would that be?

 

Dr. Sueldo 37:46

Just do it. Just do it. Because now, and it sounds silly, but you know, piggybacking off of what you just said, even with all the hard like I basically will break even by the end. You know, I'm in month 11 now or month let's say I break even. By month 12, I'm going to start paying myself a salary, and I am building an asset, right? I can choose to sell that asset. I can choose to bring in another doctor and grow that asset. I think that we don't really realize or view our practices as a business asset. You can incorporate, you know, verticals to that asset, or whatever, whatever it may be, but I think just do it. And I think a lot of times we make a direct correlation, like, if I was employed, I'd be making, you know, X amount of dollars, and now I'm doing this business ownership, and at best, I'm going to be making x amount of dollars, or whatever. And you know, my answer to that is, number one, you actually don't know that, because you don't know what your business is going to become. You don't know what verticals are going to get incorporated. You don't know, let's say you bring in another doctor. Now you've doubled your revenue, you know, etc, etc, um. But secondly is, you're building this asset, and then you get to choose what you do with that asset. And I don't think we think about that or consider that when we're doing when we're making these decisions,

 

Dr. Tea 39:09

you're totally right. We are building an asset so that it's mine, it's my own,

 

Dr. Sueldo 39:15

Exactly, exactly.

 

Dr. Tea 39:17

Well, thank you so much for the financial literacy in the world. And thank you so much for also just being my crutch as well. And you're so right. If I didn't have a team to lean on privately, I would just Doom scroll on Instagram or wherever and just be in a field of misery seeing how good others have it, not realizing what's really happening behind the scenes. I really appreciate you for that. All right, we've got to wrap it up, so that's all we've got for today. I really appreciate you here listening to the podcast, and I will catch you next week. Take care.