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FABI Insider

Join the FABI Community by subscribing to FABI Insider, get insights and videos from us twice a week. Every week we will reveal the newest trends, strategies, tips and hacks to help you create your own lifestyle practice.

Here’s what to expect:

  • Get the latest strategies to systemize and scale your practice.
  • Discover the latest marketing trends and strategies from Chris Milkie every Monday.
  • Learn how to create a lifestyle practice from Lowell Weil Jr every Friday.

WHAT IS FABI?

FABI is the place that doctors and their staff come to learn high-level business practices needed to provide superior patient care through embracing innovative technology and thought processes. From FABI, they’re able to create more efficient business practices to get to a more profitable business. Those that attend the FABI events find themselves amongst like-minded people who are looking for better ways to treat patients, looking for more profits, and creating a better work life balance so they can enjoy the fruits of their labors.

My name is Lowell Weil, Jr. and I am the Founder of Foot and Ankle Business Innovations (FABI). I have always been someone who is passionate about education and learning. I’ve enjoyed running the first and longest reconstructive surgical fellowship in podiatry. I’ve mentored many podiatry students who have spent time in our clinics. I’ve lectured and taught surgical cadaver labs all over the United States and internationally.

It was in the Fall of 2012 when I realized that there are many ways for physicians to get clinical and surgical education but minimal to no education on how to run a business…..truly business education. It all began during the Fall of that year. Lowell Weil, Sr. and I traveled to Columbus, Ohio to meet with the partners of the Orthopedic Foot and Ankle Center to discuss collaborative ways our two powerhouse groups could work together to provide education to foot and ankle surgeons. While we’d initially conceived that the focus would be on a surgical scientific meeting, our conversations quickly turned into best practices for business. One of the OFAC Fellows at the time said it was one of the most educational sessions he’d ever observed. From that meeting, we decided to take a big departure from our usual surgical education and look in order to create something that would help doctors understand and run their businesses better. Foot and Ankle Business Innovations (FABI) was founded.

While each of us was excited about this new direction of physician education, it became my passion project. I saw the enormous value to helping physicians navigate the enormously challenging world of being an excellent practitioner while also working as a small business owner.

We had our first FABI Event in Chicago in January of 2014. We did things a bit differently by delivering three days of business content, best practices for patient care, and open and collaborative discussion in a setting that was unlike any medical conference. The response from those who attended was nothing short of amazing. Most people said it was the best conference they’d ever been to.

At the conclusion of that Event, we offered year long coaching/mentoring to a select group of 11 doctors from all around the country. We worked with those doctors on a monthly basis remotely while meeting in person quarterly. Something amazing happened. These doctors found a group of people who were like-minded and going through the same challenges they were. They discussed and solved problems together. That group became incredibly close and most are still so until this day with several of them now my closest friends.

Another astounding thing happened. All of these doctors found a renewed passion for their practices, their patients and their lives. While finding new joy in treating patients, they all started running their businesses better and reaping more rewards. The average increased in revenue among that group was 18% over the previous year with one 32 year vet increasing by 28%.

So with that as a launching pad, FABI has continued on a similar path, year after year.

FABI has positively impacted literally hundreds of podiatric and medical businesses, thousands of employees and their families and hundreds of thousands of patients.

While FABI has evolved and changed over the years to meet the needs of the industry, the passion that I brought to that first Event in 2014 has not only not changed but actually increased. I can’t think of anything I have done professionally that has given me more joy than what we are doing with FABI and to have people come back year after year and tell me how impactful FABI has been in their lives (often with tears in their eyes) has been nothing short of astounding.

RECENT ARTICLES

Meet Lowell Weil, Entrepreneur and CEO of Weil Foot & Ankle Institute and Founding Partner of FABI.

Lowell believes “Building a successful medical organization is a careful combination of innovation and stability. We built a renowned multi–office practice using proven business strategies to increase our efficiencies – which leaves more time for real innovation to occur.
Innovation + efficiency = profit.”

LEARN ABOUT

WHO WE ARE

Meet Lowell Weil, Entrepreneur and CEO of Weil Foot & Ankle Institute and Founding Partner of FABI.

Lowell believes “Building a successful medical organization is a careful combination of innovation and stability. We built a renowned multi–office practice using proven business strategies to increase our efficiencies – which leaves more time for real innovation to occur.
Innovation + efficiency = profit.”

What Are People Saying?

Craig Shapero

My business partner and I began our Profitable
Practice Mastermind Membership by creating a
90-day strategy and 3 and 5-year goals. We also
committed to becoming a 2 million dollar practice
along with giving ourselves a 17% increase in our
salaries.

Darren Silvester

When I started in the Profitable Practice
Mastermind my practice was in a state of
transition and turmoil. I needed more associate
doctors, I couldn’t get contracts for my surgery
center, I had too many patients, my staff was
disorganized, my phone system...

Paul Ross

In 2013, the year I started with FABI my practice
income was just under $800,000......the same as
it had been for several years with no appreciable
growth. At that time I was entering my 35th year
practicing solo in two offices with 3 personnel. I
was fatigued, disenchanted with practice...

Craig McLaws

“Impossible in a rural setting”. That’s what I was
told soon after taking over a little practice in
northern Wyoming. My dream was to develop a
practice with multiple locations and doctors
providing care and helping others as I supported
myself, my staff and our families...

Jondelle Jenkins

When I started working with FABI I owned a
relatively lucrative private practice for 25 plus
years and was at a financial plateau suffering
from serious 'physician burnout'. I had 5
Associates and was faced with the grave reality
that--- 'it is lonely at the top'...

Ben Marble

When I joined FABI, there was some immediate
results that justified the decision. The low hanging
fruit that Lowell and the Faculty helped me to see
in my practice were just what the doctor ordered!

Craig McLaws
I have to give FABI some credit. If I was going into this 4 years ago without understanding my business like I do now and having good plans and strategies I'm afraid the practice would be on the brink. Instead I'm feeling OK. Thanks all for helping me learn to be a better business owner/employer/podiatrist.
Mark Lewis

Before I joined FABI my work/life balance was
unhealthy. I was chasing charts, had little
innovation, and felt stagnant and professionally
isolated. I decided to attend FABI in February
2019 in Miami. I brought an open mind, my desire
for greater freedom, and my key employee...

Susan and Tim Barry
As we navigate through the days ahead and make decisions that will impact our future, we are grateful to you for sharing your wisdom and experiences with us. We appreciate your wise listening ears and caring hearts! May all the good you’ve shared come back to you ten-fold.
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Craig Shapero

My business partner and I began our Profitable Practice Mastermind Membership by creating a 90-day strategy and 3 and 5-year goals. We also committed to becoming a 2 million dollar practice along with giving ourselves a 17% increase in our salaries.

Our biggest obstacle to joining was the cost. It was faculty member, Chris, who made me realize “Nothing is going to change by itself”. If you don’t understand your numbers, actively market your practice, have better innovation, increase efficiency you will never increase your profitability.

We now understand my base numbers, We track core numbers monthly, and we have set goals, core values and a clear vision. We currently use a white board in our office to track weekly and long terms goals making ourselves accountable.

We have grown our practice by hiring an amazing new associate. We are now actively marketing our practice using internal, external and internet marketing strategies. We have incorporated new innovations and through FABI got the best pricing.

Being part of this group we are able to hear first hand what has been successful for others and which pitfalls to avoid. All of this has lead to an increase in our Patient Visit value!

During our first 8 months of FABI our practice has grown 140K. Our Initial office visits (IOV) have increased from 13-20% and we are on par to having a 20% increase in our personal salaries.

Most importantly, I have become a better person. I never thought I would be so excited to go to work everyday, to follow through with my daily goals, to see our 3-year and even 5-year plan. It’s one thing to be a great Doctor but thanks to FABI I understand how to finally take my practice to the next level.

Darren Silvester

When I started in the Profitable Practice Mastermind my practice was in a state of transition and turmoil. I needed more associate doctors, I couldn’t get contracts for my surgery center, I had too many patients, my staff was disorganized, my phone system was not responsive to our needs (we had not been answering 45-50% of our phone calls), my overhead was high and I was under a lot of stress and had not taken a vacation for 3 years.

What I wanted was to have 4 or more doctors who provide the best care in south Texas and add a couple of more locations. I also wanted to make a profit and more personal time.

Once I joined the FABI Profitable Practice Mastermind things began to shift. I wrote and put in place diagnostic and treatment protocols for the new associates, I successfully hired a new doctor, I got a new VOIP phone system, I outsourced our billing and kept one in-house biller. And I began having the team create systems for everything they do in the office.

As a result of being part of this mastermind our overall monthly gross revenue increased from $115,000 to $170,000 per month. My Per visit value has risen from $150 to $225. I have much more free time and I have a profit every month. I have an organized, structured clinic that follows protocols and a much more organized and happier staff. I also have a contract to hire another associate next year.

Personally, my wife and I are much happier. Last Christmas we decided to take our three children and their families to Disneyland for a 4-day vacation. As I walked in the park I felt a wave of peace and joy come over me.

Thank you FABI

Mark Lewis

Before I joined FABI my work/life balance was unhealthy. I was chasing charts, had little innovation, and felt stagnant and professionally isolated. I decided to attend FABI in February 2019 in Miami. I brought an open mind, my desire for greater freedom, and my key employee. I wanted to know what I didn’t know.

FABI represented what I was looking for: a fresh mindset, innovation, business, profit, collaboration and sincere interest by our fellow master minders in a non threatening environment. FABI is about understanding that we need to run our practices like a BUSiNESS. It is possible to be a doctor and run a BUSINESS. They are not mutually exclusive.

After 6 months of being part of FABI I have hired two associates, purchased a medical building, implemented innovation with GO4D 3D printed orthotics and my orthotic volume has increased conservatively by 20 percent this year. I’ve been contacted by media sources to do stories on the 3D Orthotic technology which has resulted in free external marketing for my practice so we are growing rapidly on a monthly basis in our orthotic volume at both offices.

I have also added MLS laser therapy and we are currently scheduling between 40-50 laser appointments per week and growing. This month I am on pace for over $10,000 in laser collections and have hired two laser techs to support it.

So far this year our per patient value is up 10%, net collections are up 10%, new patient volume is up 10%, and I am on pace for a 20% increase of orthotics in my Renton office alone.

I’ve added 6 new employees to my organization and I have an energized, incentivized and happy staff. And most important, I’ve achieved a work/ life balance that feels right for me. I find joy in every day and gave up the idea that someday down the road I would arrive at happiness. Happiness is NOW not a destination with conditions attached.

Thanks in huge part to FABI mastermind I have grown tremendously personally and professionally. I no longer have to do this alone. I no longer wait for the perfect external and internal conditions to take action. I have allowed myself to dream and create again. Patients feel the energy, see the innovation, and are allowing me to be their guide to decreased pain and increased mobility.

Thank you FABI!

Craig McLaws

“Impossible in a rural setting”. That’s what I was told soon after taking over a little practice in northern Wyoming. My dream was to develop a practice with multiple locations and doctors providing care and helping others as I supported myself, my staff and our families.

My financial goal was to have a $1,000,000 practice. I worked hard year after year and we actually got within $500 one year but no matter how hard I worked and how much I sacrificed in my personal life I couldn’t hit what I was beginning to think was an impossible goal.

I branched out to learn more in the hopes that would change things. At scientific seminars the business of podiatry was never discussed. Organizations that supposedly focused on this had little useful information or tools that really helped. There seemed to be no credible source to help learn the ropes.

Then 4 years ago I stumbled upon a podcast by Dr. Lowell Weil. In a 2 hour podcast I picked up more about running my practice than I had traveling to multiple seminars. I decided to attend the annual FABI meeting and was blown away by the wealth of information I received over 3 days. I literally filled a notebook with my notes. I distilled it down to 7 things that would make the most impact in my practice. We implemented 5 of them in the 1 st year and saw a 46% increase in income and blew well past that $1,000,000 marker I thought was impossible.

The next year I went back to the annual FABI event and joined the FABI mastermind. We saw increases in income of 23% that year and 14% the next. At the end of August this year we are up 21% from last year and anticipate we’ll end up 20-25% up from last year.

FABI and my mastermind friends have helped me to think differently and see that the potential I thought I had early in my career really is possible - and more. My life/work balance is better, I’m happier and more fulfilled in my practice and I’m happier in my personal life.

Craig McLaws, DPM

Paul Ross

In 2013, the year I started with FABI my practice income was just under $800,000......the same as it had been for several years with no appreciable growth. At that time I was entering my 35th year practicing solo in two offices with 3 personnel. I was fatigued, disenchanted with practice as if I was in a cage running on a wheel, no vision of what the exit strategy was and quite frankly not enjoying coming into the office.

I received a mailing for a FABI meeting in Chicago which included a visit to your Des Plaines office. I signed up and from that moment forward it has been a whirlwind of upward/continued growth. The first 10 months after the initial meeting and implementing many of the things I learned the revenue increased approximately 25% with me working 22 less days!

Fast forward to 2019.....We are now a smooth running machine in all aspects of practice:

  • 7 employees including Physician Liason
  • we’ve added technology to the practice that was not being utilized previously
  • added a high level Associate with 3-year residency and additional one year Fellowship working full time in both offices
  • a concise and intentional marketing plan that includes revamping the website and social media
  • expansion within the next 12 months with another office location
  • hiring of a COO to manage the daily operation and continued strategy for growth including additional Associate
  • the expected revenue for 2019 has us on course to approach $2M......what a turn-around since 2012!

The major obstacle that got in the way was my own apathy. Once I embraced all the concepts I learned creating an action plan by addressing all the "low hanging fruit" and building upon that then the apathy disappeared and was replaced by optimism. I became newly reinvigorated and excited about practice again.....there has been no looking back.

I now have a clear vision of what the next 12, 36 and 60 months look like............there is a clear path toward an exit strategy.

Thank you for your vision and inspiration,
Paul

Jondelle Jenkins

When I started working with FABI I owned a relatively lucrative private practice for 25 plus years and was at a financial plateau suffering from serious 'physician burnout'. I had 5 Associates and was faced with the grave reality that--- 'it is lonely at the top'.

FABI Mastermind has totally transformed the way I think about my practice. We have strategic workshops and presentations covering everything from new innovations in Podiatric Medicine and how to increase your 'bottom line' to Advertising and relationships with family and employees. The Mastermind Group taught me how to focus on the numbers and the outcomes which can drive your practice to new heights. I have seen tremendous progress in my attitude and the attitudes of all of my employees including Associates just by the implementation of some of the concepts from FABI Mastermind.

I look forward to continuing to be a part of this group and consider it as an investment in my well being and my future as a Podiatric Physician.

Ben Marble

When I joined FABI, there was some immediate results that justified the decision. The low hanging fruit that Lowell and the Faculty helped me to see in my practice were just what the doctor ordered!

Beyond that, we’ve seen improved operations in our practice as a result of the tools we now have access to. But the big differentiator so far has come in having immediate access to Lowell, Chris, Matt, and other practice owners who are going through the same trials and tribulations of business ownership that I am. In having their help, we’ve received answers on problems we had with operational questions, organizational questions, treatment questions, and probably most importantly, billing and coding techniques that I haven’t had access to anywhere else.

All this doesn’t even take into account the long term benefits I know my practice will see as we make big changes to how we do business! I can’t wait to see what the NEXT six months hold!!


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