IAM1108- CEO Helps Physicians Manage Their Finances

Justin Nabity is the founder and CEO of Physicians Thrive, an advisory group helping physicians make more, manage and protect their finances. As a wealth management advisor from a family of doctors, he launched his business by travelling to medical schools nationwide to educate physicians about their unique financial, legal, and business needs. In 2016, Justin co-founded the non-profit Give Sight Global, which sponsors cataract surgeries, glasses, and other forms of eye care all over the world. After volunteering in the Navajo Nation and Tanzania, Justin and his business partner were inspired to donate a portion of their business profits to fund vision care in underserved communities, and Give Sight Global was born.

• CEO Hack: Prioritizing on my health
• CEO Nugget: You can set personal records at any age
• CEO Defined: Discovering what your strengths are and building a team with you

Website: http://www.physiciansthrive.com/

LinkedIn: https://www.linkedin.com/in/justinnabity/
Instagram: https://www.instagram.com/justinnabity/
Facebook: https://www.facebook.com/Justin-Nabity-100316088662022

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Transcription

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00:22 – Intro

Are you ready to hear business stories and learn effective ways to build relationships, generate sales, and level up your business from awesome CEOs, entrepreneurs, and founders without listening to a long, long, long interview? If so, you've come to the right place. Gresh values your time and is ready to share with you the valuable info you're in search of. This is the I AM CEO podcast.

00:49 – Gresham Harkless

Hello. Hello. Hello. This is Gresh from the I AM CEO podcast. I have a very special guest on the show today. I have Justin Nabity of Physicians Thrive. Justin, it's great to have you on the show.

00:58 – Justin Nabity

It's great to be here with you.

01:00 – Gresham Harkless

Super excited to have you on. And I knew no. You're doing so many phenomenal things. What I wanted to do is just read a little bit more about Justin so you could hear about all the awesome things that he's doing. Justin is the founder and CEO of Physicians Thrive, an advisory group helping physicians make more, manage, and protect their finances. As a wealth management advisor from a family of doctors, he launched his business by traveling to medical schools nationwide to educate physicians about their unique financial, legal, and business needs.

And in twenty sixteen, Justin cofounded the nonprofit, GiveSite Global, which sponsors cataract surgeries, glasses, and other forms of eye care all over the world. And after volunteering in the Navajo Nation in Tanzania, Justin and his business partner were inspired to donate a portion of their business profits to fund vision care in underserved communities and GiveSite Global was born. Justin, great to have you on the show. Are you ready to speak to the I AM CEO community?

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01:48 – Justin Nabity

Let's do it.

01:49 – Gresham Harkless

Awesome. Let's do it. So to kick everything off, I wanted to rewind the clock a little bit, hear a little bit more on how you got started, what I call your CEO story.

01:56 – Justin Nabity

Yeah. After marrying a family of doctors and seeing my wife's brothers go through med school and transition into residency and fellowship. And, coming from a family where her father's a physician, her aunt and uncle are physicians, her cousins, now husband and his father and grandfather, and the extended family on my side with many physicians seeing the hurdles. It's really interesting. Today in health care, we think about the rising cost of it, and we get frustrated. And a lot of the the blame or the the concern gets allocated to physicians because that's the first point of contact usually that we have as patients. And the reality is is that ninety five percent of health care leadership are not doctors and have no patient hands on experience. Only five percent come from actually experiencing what it's like to provide care.

And so you have a system today that has ballooned into this monster that doesn't know what's best for physicians, doesn't know what's best for patients, and it's turned into a big big business kind of a behemoth that is not driven for the best interest of the patient. So you have doctors now who medicine attracts these amazing people. They're givers. They give and they oftentimes give to a fault. And so no one's looking out for them, and we have this kind of preconceived notion that they've got it all figured out. They're super smart, and they've got the nice car, the nice house, and all those sorts of things. And what they don't realize is the road that they go on to get to where they are, ten to fifteen to sometimes eighteen years late that they get to start their careers.

And they're sacrificing. They're working crazy. It's kind of a joke. Like, they have this eighty-hour maximum work week that they say that they can't be working more than that. They're working more than that for us. We don't realize it, but they are. And so their experience is all focused on medicine. They get this little bit of business finance and legal help. And so they don't have advocates. They've got the machine. They've got salespeople. They've got a target on their back. And they're under a tremendous amount of stress. Burnout's a major issue. Divorce is a major issue. Suicide is a major issue. The the stress level I mean, think about it.

They're trying to make decisions on what's in your best interest, and they're not perfect. They are not God. Like, they don't have an all knowing, all seeing sort of perspective. They've studied. They've learned. But the body's complex. And it's hard work. It's hard to know the ins and outs of everything. So we were so attracted by the caliber of these people and said, they're not being taken care of. We have a background, have experience, have resources, and we're different because our whole financial planning process starts out by saying, we're gonna go to the source of where the planning begins, which is their income, which is their compensation.

So we negotiate for physicians, their contracts. We help them set up their own practices. We help them find jobs, help them, find physicians to join their practices. And so we're all starting off with the income component because that's what drives everything else that they can do. And, they're being expected to give more and more, and they're being offered less and less. And the physician population is growing by the growth of the US population as a whole. The rising amount of administrators joining the profession is skyrocketing. It's like three thousand percent increase in administration

05:29 – Gresham Harkless

Yeah

05:30 – Justin Nabity

And just this regular barely increasing population. So we were attracted to these people. They need help. We have the expertise and can help them tremendously in negotiating for them and and looking after their interest was something that we feel like we had to do. And so since we've been doing that, we've been helping over ten thousand physicians across the country, all fifty states, all specialties, all practice types. Academics. It could be a private practice. It could be large, hospital systems, or the whole spectrum. Even physicians who join the military, we've done some help with transitioning.

So, we had to help them because we saw the need was huge. And, we will start with the income, the debt repayment strategies, the financial planning, the protection, tax planning, and, gearing them up for retirement and even life after medicine because it used to be the thing where if you joined into the profession, you would think that you would become a doctor and be a doctor your whole life. That's not necessarily true. There is life after medicine. We have a lot of physicians transition into other consulting gigs and other, forms of work and business plans that they wanna pursue. So there definitely is life beyond.

06:39 – Gresham Harkless

Yeah. Well, I appreciate you for having that expertise, but I love that you talk too. Because I say so many so many times in life and definitely in business as well too, we forget about that human aspect of business. And you touched on, you know, the stress and the pressure that they have from so many different angles, angles financials to make the right decision. There are so many different things that I think a lot of times when you, have that opportunity to support a community or support a group of people, you wanna know that, of course, they have that expertise, but they also understand some of the stresses that you're going through and can speak to that and connect with that.

So I appreciate you for providing, for lack of a better term, holistic support for them. I know you touched a little bit on, how you work with those clients. Is there anything additional that you do to help support them? Then what you feel may even set you apart and make you unique, what I like to call your secret sauce.

07:25 – Justin Nabity

Yeah. So I would say that nobody negotiates contracts like we do. We help our clients get more compensation than any other firm does. And normally when you work with a financial planner or an investment adviser, you don't get them going to bat for you like a sports agent does on the front end. We get our clients more compensation on average. It's usually ten to fifth ten to fifteen thousand dollars per year on average is the the the amount that we get across the board.

Some contracts are the kind that we don't get negotiated that much, but there are times we've seen improvements of forty thousand per year, fifty thousand per year for a three-year contract. And so it starts there. And then once the income turns on, then it goes into a very focused planning process to minimize their income taxes because their taxes are astronomical. It's just their number one issue really to building wealth is taxes, both current year income taxes as well as future. So we're doing a combined approach of minimizing the future or the the current year taxes as well as what the future looks like.

08:23 – Gresham Harkless

I wanted to, switch gears a little bit, and I wanted to ask you for what I call a CEO hack. So this could be an app, a book, or a habit that you have, but what's something that makes you more effective and efficient? One of One of

08:33 – Justin Nabity

One of the things that have changed for me a lot in the last few years is when you're starting a company, and for anyone out there who's interested in starting their own business or who's in the midst of business, it's so easy for us to neglect our health. We're we're grinding. We're going from sunup to sundown. We're going sometimes past midnight. The schedule that I had early on was nuts and sometimes that's what it takes. But what I found is that I didn't balance things out as well as I could have. And now what I'm experiencing is I've gotten into a rhythm and a mode where I found an outlet for me that helps me with stress, with with, being refreshed. And it's done something that I would have never expected, and that is my best thinking, my best ideation, which is one of my strengths.

And problem solving strategy is when I'm when I get my heart rate up and I have my heart rate up for long periods of time. So when I'm out cycling or running or doing aerobic type of training, it's been a game changer for me. So I've gotten into triathlons and, the training that goes along with that. I found that my best breakthroughs have come because I've made this a priority. And there's there's things I could've done earlier on. I waited until it felt like it was safe enough to prioritize that and not go from sun up to sundown. And I could have probably got there faster if I would have been more cognizant of of my performance with clients, with leadership in the company, with strategic partners, and with what direction we're going. Like, one thing, for example, I was doing a run. I was running for over two hours in the hills in, just south of, the border on South Dakota and had a breakthrough moment where I had read a book probably three years or four years prior.

And there was a thing in the book it talked about, and it was what is your hedgehog? And maybe that that is something that you recall from the the good to great book from Jim Collins, but what is your hedgehog? And it's something that we've been trying to discover for the longest time. And what is it? We have all the things that we do. We do a lot of different things to help people. What's that differentiator for us? And it was because I was out doing a long run that it clicked. Part of it is prayer, part of it is reflecting, and part of it is just thinking through having some good uninterrupted time to focus and to think deeply about this stuff.

And it was during that time that it clicked, and I can tell you that because of that connection that I was able to define during that time, it's redirected and refocused and channeled so much of what we're doing today that we're in the best place we've ever been as a company, and we're providing more value for our clients at the same time because of it. And so I've been to conferences, and I've heard so many different speakers talk on different things. Somebody once referred to it as white space, having white space daily, where you get to work on yourself. And that's a topic I feel like we're so focused on the business and services. We don't think deeply about who we are and what makes us tick and why we're here. And how are we a gift to the world and how are others gifts to us and being able to tap into that?

So the training side of it, I feel like, is an area where I started pressing into that. I've been finding that the more that I press into my physical and mental and spiritual well-being, that it has a direct correlation to the quality of what I bring to the table and performance in the workplace. And so if anybody's interested in hearing more about that journey, I would love to talk to anybody who's interested and, can share ideas, experiences, and I would love to see somebody maybe kick off a new journey in their life as a result of what I've experienced. A few weeks ago, I went out and did one of the conquer one hundred days with James Lawrence. He's a friend of mine. He did a hundred days straight of a hundred of a of a hundred a full distance triathlons.

Most people think of them as Ironman distance events or a hundred and forty-point six miles. We went out and did one of those days with him to celebrate his completion of that, which was on June eighth. He just crushed every record known to mankind for endurance. And he was a part of my story as far as getting on the pathway for this. So, he impacted my life, and love to share with anybody who would like to take up something they could do to start redirecting the focus on their health and their well-being as a way to really start getting more performance out of itself for their business.

13:00 – Gresham Harkless

Appreciate that. And I want to ask you now for what I call a CEO nugget. So this could be a word of wisdom or a piece of advice. It might be something you touched on, or it might be something if you were to hop into a time machine you would tell your younger business self.

13:12 – Justin Nabity

I just turned thirty nine this year. I don't know what your perspective is in life in terms of as you age. And for me, age is just a number. And maybe a thought process is that you get to a certain point in time, then you hit that peak and things begin to fade away after that point in time or you have some other idea. But wherever you're at right now, age wise, you can be setting new personal records. And if you're not setting personal records right now, you can start doing that. And if you start to live in a place where you're weekly striving toward new PRs, you can. And even as you get older, you can begin to reverse your age, reverse your cardiovascular age and health as you get older by doing certain things.

14:09 – Gresham Harkless

Yeah. Absolutely. I think that we understand that there is no limit, and we can start to redirect so many different things in our lives. And you might have already touched on this, but I want to ask you my absolute favorite question, which is the definition of what it means to be a CEO. And we're hoping to have different CEOs on the show. But his leadership, which he kinda touched on, is that how you would define being a CEO?

14:27 – Justin Nabity

I don't know if I would define that as a CEO. I think that would define that for anybody being a leader. And I think the key thing for CEOs is about vision and about a team, having the right team with you. And it's hard being a CEO. It can be a lonely road, and it can be tough. And you might be able to go fast by yourself for some time, but you're not gonna be able to go the distance like you could if you have a team. And so I think it's about really discovering what your strengths are and being able to build that team with you.

15:06 – Gresham Harkless

I love that you have been able to do that and you're making such an impact for so many, people. And for people that wanna, get a hold of you and and and all the awesome things that you're doing, what's the best way for them to do that?

15:18 – Justin Nabity
Reach out to me on Instagram, on Facebook. You can do LinkedIn too, or you can go through our website. Love to hear from you. I've been blessed with so many mentors, so many people who have helped me and have, reached a hand down to pull me up and to give ideas. We wouldn't be where we are if it wasn't for everyone else around us who has taken us in their arms. And, if I can help somebody find that next step, that breakthrough moment or whatever, it's so gratifying. So we'd love to help anybody who has a question or has an idea they wanna bounce off or maybe has a business issue that they're in the middle of and they wanna brainstorm and get going to the think tank. Would love to kinda do that with anybody. So, feel free to reach out.

16:05 – Gresham Harkless

Awesome. Awesome. Awesome. Well, thank you so much, Justin. I truly appreciate that. We're gonna have the links and information in the show notes as well too, and especially for the nonprofit too. So I appreciate all the work that you do. But thank you so much for taking some time out and being Yeah. That ear for us and providing so much great, information and knowledge, and I hope you have a phenomenal rest of the day.

16:23 – Outro