Can Debt Actually Help PTs Grow? Yes — Here's How.

WEBVTT

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All right,

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good morning to PT Breakfast Club.

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Dave, Tony,

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we're serving up some bold

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ideas and some espresso this morning.

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I'm doing a double shot.

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We've got two big topics coming up,

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and I want to start with

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debt because you texted it

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this morning to the group chat,

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and I know very little about it,

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which is something you

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never hear on social media.

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Everyone has an opinion and

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cannot wait to tell you about it.

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I know very little about it,

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so I want you to go slow

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and explain it to me,

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and then you can go advanced.

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Well, I mean,

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I'm certainly not the expert by any means,

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but I figured,

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let me share how we've used

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debt for twenty five years.

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It's one of those things

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where I think it comes with

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a lot of emotional baggage.

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It comes with a lot of

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history from our parents

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and how they handled that

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either positively or negatively.

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uh, spouses, future spouses.

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You know, one of the things that we,

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we are talking about right

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now with my boys is, Hey,

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if you're going to marry somebody,

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you have to understand

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their beliefs around

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finance and the debt that

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they're carrying.

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And of course, you know,

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big topic in media and politics is, Oh,

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guess what?

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You have to pay for the

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money you borrowed.

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Um, that's going to be a hot button,

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you know?

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So I just think debt from a

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business perspective is,

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it's probably the biggest

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lever we can pull.

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Like,

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it is our opportunity to accelerate

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growth, to improve our business.

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And, you know,

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blanket statement people make is,

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debt is bad, stay away from it,

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don't ever borrow.

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That's BS.

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I mean, that's absurd.

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That's like saying a

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deadlift is bad for your back.

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It's like, you know...

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So here's a little context.

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And then I want to hear from

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the businessman himself, Dave Kittle.

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When we were starting out,

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we were down in South Florida.

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So we would see a third of our caseload,

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like things would drop by

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seventy percent August and

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September because all the

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snowbirds were gone.

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And then we would triple our

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volume January, February, March,

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because all the snowbirds were there.

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And so we would have to

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borrow money to cover

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payroll during those months.

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But we knew that we were

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going to make that money back.

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We just had to float the

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payroll until everybody

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came back to town.

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We would borrow money to

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open new locations.

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We would borrow money to buy equipment.

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And we never had an issue, obviously,

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paying that money.

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We borrowed responsibly.

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And people talk about credit card debt.

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Last one, credit card debt, right?

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We had credit cards.

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I don't know if they're

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still doing this today.

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That would offer us zero interest,

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six months on thirty thousand dollars.

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I'd snap that up every

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single time it was available.

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Because I could leverage

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that money to grow our business,

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to buy more equipment, to hire staff,

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to run ads,

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to do whatever we needed to do.

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And I just think now like

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people have been so scared

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of debt because of other

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people's mistakes.

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Where are you guys on this

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whole debt topic?

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Yeah, what do you got, Dave?

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Debt is great.

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You got the epidemic of credit card debt,

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which is one area of debt.

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And then you have,

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let's say you're going to

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take out a business loan.

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Let's say Jimmy and I,

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we're going to team up.

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We're going to buy Tony's

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Total Therapy Solutions.

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Tony's going to ride off into the sunset.

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We're going to acquire Tony's practice.

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uh and let's just say um and

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can I just can I pull up a

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hypothetical number because

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I was doing some homework

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before we did this okay

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let's say let's say we

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agree let's let's say we

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agree it's a million dollar

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purchase price so and let's

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say jimmy and I we're gonna

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split it fifty fifty right

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so it's like okay well

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historically if we're not

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gonna use debt we're gonna

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jimmy's gonna pull up five

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hundred k if we're

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splitting the deal and I

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gotta find five hundred k

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in cash and we buy it right

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If you use a seven day loan program,

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which is a government

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backed or it's fifty

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percent government backed for loans.

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We only have to put down ten percent,

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so Jimmy only has to pull up,

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get fifty K. I have to get

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fifty K and that includes

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like all the purchase, the closing costs,

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all that.

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So we only have to come up

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with one hundred K total to

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buy a million dollar business.

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Assuming that,

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and of course we have to

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submit all the financial

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documents and we have to

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show the banks that this business,

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Total Therapy Solutions,

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has a history of doing

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business and has stable

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financials and all that.

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So we submit all that.

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We have to submit our

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personal financial documents, all that.

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We can buy this million

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dollar business for a hundred K,

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which is ten percent down.

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And assuming we make all the

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debt payments over the

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coming months and years,

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and if we don't default on

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it or anything like that,

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then our return on cash or

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our return on equity is

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about a hundred and fifty

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percent per year.

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people want to put in money and get,

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you know,

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seven to ten percent in a stock market.

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This is why there's a lot of

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folks doing business acquisitions,

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because we can turn our, you know,

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fifty K each or one hundred

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K each on a annualized

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basis of one hundred and

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fifty percent return year over year,

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which and if we're going to

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buy total total therapy solutions,

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that we are using debt,

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but it's different than

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having thirty thousand

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dollars of credit card debt

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where the the interest rate

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of the credit card is like whatever it is,

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twenty, thirty percent,

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twenty five percent,

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something like that depends

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on the credit card and the

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interest rates to buy this

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business right now.

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And even through COVID,

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it's kind of going up and down,

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but it's kind of around

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seven percent to eleven percent.

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So the the cash flow of the

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business of Total Therapy Solutions

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We check all the numbers and

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the cashflow that the

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practice brings in every

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month covers the debt

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service payments to the bank.

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It does not come out of my

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pocket or Jimmy's pocket.

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The cashflow covers the debt

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service and the overhead, the rent,

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utilities, the payroll, all that.

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So all of that needs to be figured out

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And that's why it's extremely or very,

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very safe and why folks are

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able to acquire a business,

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covers the debt service,

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and it's an asset versus

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the credit card payment

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where you do thirty K in

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credit card debt.

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And the only way that that's

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going to get settled is

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your own money coming out

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of your pocket or assuming

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your job or whatever money

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you're making from wherever

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to make those payments at a

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higher interest rate.

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So debt is great.

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Debt allows individuals,

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it could be a physical

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therapist that has student loan debt,

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and I'm not sure if they're able to,

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but it depends on the person.

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They potentially could take out

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let's say they have no money,

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they could find an uncle or

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the rich neighbor nearby, Tony Meritato,

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and raise money from him.

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They could raise a hundred

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thousand dollars from the neighbor,

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Tony Meritato,

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and go buy a different

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million dollar physical therapy practice.

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Tony's gonna have to,

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he gets some pro rata or whatever,

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but you could have a

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therapist that has student loan debt,

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get an investor like Tony,

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buy a million dollar

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physical therapy practice,

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And yet it's debt on the

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business and it's different

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than the personal debt.

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So anyway, that that's long winded.

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That's kind of like how,

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how anyone can utilize debt

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and private equity

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companies do this on a big scale.

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But you can also do it on a

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smaller scale to acquire a business.

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And that's why debt is great

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because it allows someone

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that is unable to come up with the cash,

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but they can acquire an asset like this.

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And then obviously they want

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to grow it and work in it

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and expand it and all that.

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Yeah,

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I guess it's what we talk about in

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terms of good debt versus bad debt.

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If you have a plan for what

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you're going to be doing

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with that money and you're

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going to put it to use.

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Because, of course,

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when I sat down to talk

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about debt with you guys, I, of course,

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went to my teacher,

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which is now artificial intelligence.

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And I said,

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explain it to me like I'm in

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tenth grade because I feel

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like I'm perpetually in tenth grade.

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I'm like, get it,

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get it really basic for me.

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But I but after it explained it to me,

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I sort of understood it.

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Right.

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which is if you buy a flashy

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car just to drive around, that's bad debt,

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right?

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How is that going to bring

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you money or pay for itself?

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It won't.

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Social media.

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Social media, right.

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You could do that.

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I mean, there was a guy in South Florida.

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Then it's a write-off.

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Yeah.

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Yeah, it's a write-off.

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So there are different ways to play it.

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While we're talking about debt,

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I actually just did pay off

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my student loans.

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So just shy of ten years.

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Nope, nope, no big deal.

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But that does feel good.

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So let me twist this a

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little bit because there

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are conversations.

00:08:56.947 --> 00:08:57.368
Can you hear them?

00:08:57.587 --> 00:08:58.349
I can hear them right now.

00:08:58.828 --> 00:08:59.769
People convincing other

00:08:59.789 --> 00:09:01.812
people not to go into our profession,

00:09:02.072 --> 00:09:03.212
to go into our profession

00:09:03.513 --> 00:09:04.653
because of finances.

00:09:05.053 --> 00:09:07.035
Just yesterday, someone was asking –

00:09:07.176 --> 00:09:08.076
I'm a physical therapist

00:09:08.096 --> 00:09:10.077
assistant in Canada.

00:09:10.138 --> 00:09:11.298
I want to move to the US.

00:09:11.399 --> 00:09:12.480
I want to get my DPT.

00:09:12.500 --> 00:09:13.179
Should I do that?

00:09:13.380 --> 00:09:15.241
And of course, you can hear them.

00:09:15.302 --> 00:09:15.881
They come out of the

00:09:15.902 --> 00:09:16.763
woodwork and they can't

00:09:16.802 --> 00:09:17.864
wait to tell you their opinion.

00:09:18.183 --> 00:09:19.184
And that thread goes long.

00:09:20.365 --> 00:09:22.386
Is education a good debt in your opinion?

00:09:22.407 --> 00:09:23.268
Because that's taking on

00:09:23.307 --> 00:09:25.490
loans to then hopefully make more.

00:09:25.789 --> 00:09:27.091
Would you consider getting a

00:09:27.130 --> 00:09:28.831
DPT in twenty twenty five?

00:09:29.172 --> 00:09:30.013
Good debt or bad debt?

00:09:31.313 --> 00:09:31.533
Yes,

00:09:31.653 --> 00:09:33.056
and I think this is going to be

00:09:33.255 --> 00:09:33.897
controversial.

00:09:33.976 --> 00:09:35.018
I think it is still good debt.

00:09:35.357 --> 00:09:36.318
I have a lot of anecdotal

00:09:36.379 --> 00:09:37.921
experiences right now with

00:09:37.961 --> 00:09:39.282
buddies or younger guys

00:09:39.322 --> 00:09:40.363
that are coming out of

00:09:40.383 --> 00:09:41.924
college that are on

00:09:41.965 --> 00:09:42.705
different baseball teams

00:09:42.725 --> 00:09:43.426
that I'm playing with.

00:09:44.067 --> 00:09:45.128
And a lot of these guys are

00:09:45.207 --> 00:09:46.428
either not able to find work.

00:09:46.749 --> 00:09:47.370
They're working at

00:09:47.409 --> 00:09:49.011
restaurants and that restaurant,

00:09:49.392 --> 00:09:49.831
on average,

00:09:50.052 --> 00:09:50.913
that restaurant is going to go

00:09:50.932 --> 00:09:51.793
away in two to three or

00:09:51.833 --> 00:09:53.014
five or whatever years, right?

00:09:53.034 --> 00:09:54.655
So that job is not a long-term job.

00:09:54.676 --> 00:09:56.236
It's just like they're using

00:09:56.277 --> 00:09:57.518
something to go work

00:09:57.538 --> 00:09:58.778
somewhere and pay their

00:09:58.798 --> 00:09:59.438
bills or whatever.

00:09:59.899 --> 00:10:02.221
So what type of career is that,

00:10:02.261 --> 00:10:02.782
respectfully?

00:10:04.143 --> 00:10:04.942
I still think it's great.

00:10:05.043 --> 00:10:05.344
I think,

00:10:06.144 --> 00:10:07.225
especially if you're going to go

00:10:07.245 --> 00:10:09.787
into ownership, absolutely.

00:10:10.427 --> 00:10:11.548
Slam dunk, absolutely.

00:10:11.587 --> 00:10:11.788
Because

00:10:12.568 --> 00:10:15.297
Otherwise, like, I don't know, like,

00:10:15.798 --> 00:10:16.942
where else can you do what we're doing?

00:10:16.961 --> 00:10:18.466
Like, I'm seeing, you know,

00:10:18.567 --> 00:10:19.288
one patient a month.

00:10:20.289 --> 00:10:21.471
right now because I'm able

00:10:21.490 --> 00:10:22.370
to get out of the business

00:10:22.410 --> 00:10:23.572
and created a business and all that.

00:10:25.153 --> 00:10:27.355
I still think with the other

00:10:27.375 --> 00:10:27.975
options out there,

00:10:27.995 --> 00:10:29.115
I know Tony has spoken

00:10:29.155 --> 00:10:29.996
previously in the past

00:10:30.017 --> 00:10:31.778
couple of months about some

00:10:31.837 --> 00:10:33.678
of the like the sweaty

00:10:33.719 --> 00:10:35.419
startups or like the, you know,

00:10:35.440 --> 00:10:35.980
manual labor,

00:10:36.020 --> 00:10:37.020
manual labor is kind of

00:10:37.400 --> 00:10:38.062
having a little bit of a

00:10:38.121 --> 00:10:39.923
resurgence in the U S in terms of like,

00:10:40.243 --> 00:10:40.403
you know,

00:10:40.462 --> 00:10:43.465
long care and tree care and what else,

00:10:43.566 --> 00:10:43.765
you know,

00:10:43.905 --> 00:10:45.586
HVAC and plumbing and electrical

00:10:45.626 --> 00:10:46.267
and all that type of stuff.

00:10:46.287 --> 00:10:47.187
And that stuff is always

00:10:47.207 --> 00:10:49.208
going to be needed and is vital.

00:10:49.369 --> 00:10:49.909
Absolutely.

00:10:50.370 --> 00:10:53.292
Does that have less of a cost?

00:10:53.711 --> 00:10:53.991
Yes.

00:10:54.092 --> 00:10:55.614
Is it faster to get into the

00:10:55.634 --> 00:10:58.034
workforce through those methods?

00:10:59.316 --> 00:10:59.515
Yes,

00:10:59.556 --> 00:11:00.956
I think you can get into the workforce

00:11:01.037 --> 00:11:01.537
faster.

00:11:02.057 --> 00:11:03.678
But then isn't your upside capped?

00:11:03.739 --> 00:11:05.200
That's, in my opinion, I think it is.

00:11:06.283 --> 00:11:06.884
I don't know.

00:11:07.063 --> 00:11:07.744
I got a buddy who's an

00:11:07.764 --> 00:11:08.965
apprentice electrician,

00:11:09.184 --> 00:11:10.285
and I think it's taking him

00:11:10.385 --> 00:11:11.346
seven years to – now,

00:11:12.548 --> 00:11:13.928
he's doing the apprentice model,

00:11:14.009 --> 00:11:15.429
so he's in the workforce,

00:11:15.850 --> 00:11:17.831
but his upside is pretty huge.

00:11:18.652 --> 00:11:19.673
I think it goes back – so I

00:11:19.692 --> 00:11:20.933
agree with everything Dave just said.

00:11:21.214 --> 00:11:22.815
I agree – sorry.

00:11:23.395 --> 00:11:25.857
I think the upside is

00:11:25.998 --> 00:11:27.058
uncapped because you could

00:11:27.119 --> 00:11:28.219
own an electrical business

00:11:28.298 --> 00:11:29.639
or you could run a bunch of other guys.

00:11:30.620 --> 00:11:31.883
And I think the ultimate

00:11:31.903 --> 00:11:32.783
deciding factor is what do

00:11:32.803 --> 00:11:33.485
you like doing?

00:11:33.865 --> 00:11:34.706
Like that's I mean,

00:11:34.966 --> 00:11:35.567
you can make a million

00:11:35.587 --> 00:11:36.328
dollars doing anything.

00:11:36.389 --> 00:11:37.169
What do you like doing?

00:11:37.210 --> 00:11:38.552
Tony, what were you going to say?

00:11:38.572 --> 00:11:39.273
I was just going to say,

00:11:39.953 --> 00:11:41.315
I think education in

00:11:41.434 --> 00:11:43.839
general is always a good investment,

00:11:43.879 --> 00:11:46.081
especially taking on younger because.

00:11:46.802 --> 00:11:48.322
Dave has brought this point up,

00:11:48.363 --> 00:11:49.783
which is the best point

00:11:49.823 --> 00:11:51.245
anybody has ever made about

00:11:51.485 --> 00:11:52.946
getting a PT education.

00:11:53.506 --> 00:11:55.168
It's not about a job.

00:11:55.207 --> 00:11:56.448
It's not about the W-II.

00:11:56.489 --> 00:11:57.349
It's not about how much

00:11:57.369 --> 00:11:58.490
you're going to get paid an hour.

00:11:58.970 --> 00:12:01.731
It's about the knowledge of human anatomy,

00:12:01.792 --> 00:12:04.514
physiology, injury prevention,

00:12:04.614 --> 00:12:05.595
injury recovery.

00:12:06.095 --> 00:12:07.054
That's something that is

00:12:07.095 --> 00:12:08.975
going to affect you on a personal level.

00:12:09.096 --> 00:12:10.216
It's going to benefit you

00:12:10.296 --> 00:12:11.996
the rest of your entire life.

00:12:12.356 --> 00:12:13.037
You can't.

00:12:13.417 --> 00:12:16.057
The value of that is so outrageous.

00:12:16.658 --> 00:12:17.457
Even right now,

00:12:18.339 --> 00:12:20.058
like I've talked to you guys before,

00:12:20.519 --> 00:12:20.918
you know,

00:12:21.359 --> 00:12:22.840
I'm paying attention to my

00:12:22.879 --> 00:12:24.559
physiology at the age of fifty.

00:12:25.100 --> 00:12:26.221
I'm losing muscle.

00:12:26.341 --> 00:12:27.380
I'm gaining fat.

00:12:27.921 --> 00:12:29.101
I haven't changed anything

00:12:29.142 --> 00:12:30.621
really in my lifestyle, but I'm like,

00:12:30.761 --> 00:12:32.783
what the heck is going on with my body?

00:12:33.883 --> 00:12:35.125
I feel like I'm better

00:12:35.184 --> 00:12:36.667
prepared to try different

00:12:36.706 --> 00:12:39.230
things now on my own than

00:12:39.311 --> 00:12:40.611
if I was a layperson who

00:12:40.631 --> 00:12:42.033
had none of this knowledge

00:12:42.514 --> 00:12:44.336
and I would have to go hire somebody,

00:12:44.417 --> 00:12:45.318
pay for something,

00:12:46.179 --> 00:12:49.423
run medical expenses up.

00:12:50.765 --> 00:12:51.346
Or do nothing.

00:12:52.309 --> 00:12:53.490
Or do nothing and then wait

00:12:53.530 --> 00:12:54.630
for something bad to happen.

00:12:54.850 --> 00:12:55.991
Yeah.

00:12:56.032 --> 00:12:57.932
So I think that's the huge value.

00:12:58.092 --> 00:13:00.134
But it's about the perspective of, okay,

00:13:00.193 --> 00:13:01.234
why are you becoming a

00:13:01.274 --> 00:13:02.115
physical therapist?

00:13:02.174 --> 00:13:03.535
If you think you're going to get a job,

00:13:04.416 --> 00:13:05.216
W-to, you know,

00:13:05.235 --> 00:13:06.317
all this stuff and make the

00:13:06.336 --> 00:13:08.398
money you need, probably not.

00:13:09.498 --> 00:13:11.719
It's more about just the knowledge,

00:13:11.759 --> 00:13:12.879
going for the knowledge.

00:13:12.899 --> 00:13:14.100
And that's where I would say...

00:13:15.000 --> 00:13:18.043
make the money, then go to PT school.

00:13:18.384 --> 00:13:19.346
So you have the freedom to

00:13:19.365 --> 00:13:20.667
do whatever you want.

00:13:20.706 --> 00:13:22.528
Just put that money in the bank account.

00:13:23.549 --> 00:13:24.831
Since Jimmy is in the

00:13:24.890 --> 00:13:26.893
revenue cycle management world now,

00:13:27.813 --> 00:13:28.634
some of the stuff that

00:13:28.654 --> 00:13:31.256
people don't talk about enough is, okay,

00:13:31.317 --> 00:13:33.440
so back when we were in growth mode,

00:13:33.919 --> 00:13:35.120
If I knew I was going to

00:13:35.200 --> 00:13:36.740
open a new clinic location,

00:13:37.120 --> 00:13:39.001
especially when we were down in Florida,

00:13:39.461 --> 00:13:41.841
we would do things like defer income.

00:13:41.903 --> 00:13:44.442
So I've got, you know, November,

00:13:44.523 --> 00:13:46.183
December worth accounts

00:13:46.224 --> 00:13:48.625
receivable and it's Medicare claims.

00:13:49.164 --> 00:13:50.745
I know Medicare is backed by

00:13:50.784 --> 00:13:51.384
the government.

00:13:51.485 --> 00:13:52.666
I know I'm going to get that money.

00:13:53.285 --> 00:13:54.386
if I'm going to open a new

00:13:54.427 --> 00:13:56.147
clinic in the next calendar year,

00:13:56.748 --> 00:13:58.928
I'm going to manage my revenue,

00:13:59.009 --> 00:14:01.370
my cashflow, and just defer collections.

00:14:01.470 --> 00:14:03.931
We would literally stop collecting.

00:14:04.510 --> 00:14:06.331
I would borrow money if I needed to,

00:14:06.371 --> 00:14:07.273
to cover payroll.

00:14:07.873 --> 00:14:09.894
And then in January or February,

00:14:10.453 --> 00:14:11.654
I would bring that money in.

00:14:11.695 --> 00:14:12.654
That's when I would submit

00:14:12.695 --> 00:14:14.655
my claims so that I would

00:14:14.716 --> 00:14:15.897
push that income to the

00:14:15.917 --> 00:14:17.457
next calendar year.

00:14:18.057 --> 00:14:19.359
which is going to be offset

00:14:19.399 --> 00:14:20.879
by the new clinic we're opening,

00:14:20.919 --> 00:14:22.201
by the capital expense and

00:14:22.221 --> 00:14:25.003
the investment we're making.

00:14:25.363 --> 00:14:26.984
Those are some of the things

00:14:27.004 --> 00:14:29.446
that I think a smaller provider,

00:14:29.525 --> 00:14:31.047
somebody who doesn't have experience,

00:14:31.086 --> 00:14:32.587
doesn't have people around them,

00:14:33.288 --> 00:14:34.009
they don't even know.

00:14:34.068 --> 00:14:34.989
They're not even thinking.

00:14:35.028 --> 00:14:35.730
And then, of course,

00:14:36.370 --> 00:14:38.390
I've got the advantage of real estate.

00:14:38.412 --> 00:14:39.831
So I own my building.

00:14:40.332 --> 00:14:42.214
I pay rent to myself as

00:14:42.394 --> 00:14:43.534
tenant and landlord.

00:14:43.575 --> 00:14:44.975
That rent comes in.

00:14:45.615 --> 00:14:48.118
It's offset by depreciation.

00:14:49.118 --> 00:14:50.078
I can depreciate my

00:14:50.119 --> 00:14:51.159
commercial building over

00:14:51.200 --> 00:14:52.059
thirty nine and a half

00:14:52.100 --> 00:14:54.280
years or whatever the time frame is.

00:14:54.922 --> 00:14:57.462
That's that's a way for me

00:14:57.523 --> 00:14:59.664
to manage cash flow.

00:14:59.705 --> 00:15:01.066
Gives me an advantage over

00:15:01.105 --> 00:15:02.086
another clinic down the

00:15:02.125 --> 00:15:03.246
street who maybe doesn't

00:15:03.307 --> 00:15:05.028
own their real estate or their property.

00:15:06.389 --> 00:15:07.730
We have to be better.

00:15:08.649 --> 00:15:09.933
about understanding how

00:15:09.994 --> 00:15:12.019
money works if we want to

00:15:12.078 --> 00:15:13.923
be business owners and grow

00:15:13.964 --> 00:15:15.908
business and be in that world.

00:15:16.363 --> 00:15:17.543
There it is, right?

00:15:17.744 --> 00:15:19.183
I don't know why I use this

00:15:19.244 --> 00:15:20.365
example a lot because I

00:15:20.384 --> 00:15:22.145
think it's a little bit easier to see,

00:15:22.186 --> 00:15:23.046
but just because you're the

00:15:23.245 --> 00:15:25.648
longest tenured nurse or

00:15:25.668 --> 00:15:27.649
you're the best nurse does

00:15:27.708 --> 00:15:28.509
not mean you're gonna be

00:15:28.548 --> 00:15:30.850
good at being the charge nurse,

00:15:30.889 --> 00:15:31.791
the nurse in charge.

00:15:31.811 --> 00:15:33.672
That is a different job,

00:15:33.971 --> 00:15:35.231
but many times we're promoted.

00:15:35.292 --> 00:15:36.552
So you might be the best

00:15:36.592 --> 00:15:38.274
clinician at a clinic and

00:15:38.293 --> 00:15:39.453
you might be frustrated by

00:15:39.495 --> 00:15:41.095
your growth opportunities and say,

00:15:41.475 --> 00:15:43.035
I'm gonna take my ball and go home.

00:15:43.056 --> 00:15:43.937
I'm gonna open my own clinic.

00:15:45.037 --> 00:15:46.616
And here's the great phrase

00:15:46.636 --> 00:15:48.158
that happens usually

00:15:48.197 --> 00:15:49.597
shortly before catastrophe.

00:15:50.038 --> 00:15:51.458
How hard could it be?

00:15:52.038 --> 00:15:53.298
I see what the boss does.

00:15:53.379 --> 00:15:54.479
He's not that sharp.

00:15:54.578 --> 00:15:55.500
I'm smarter than him.

00:15:55.580 --> 00:15:57.019
Patients respond better to me.

00:15:57.460 --> 00:15:58.919
Why don't I make all of the monies?

00:15:59.581 --> 00:16:01.301
And then sometimes it works

00:16:01.380 --> 00:16:02.441
out and sometimes it doesn't.

00:16:02.461 --> 00:16:03.542
And I think that the people

00:16:03.581 --> 00:16:04.522
that it works out for,

00:16:05.455 --> 00:16:06.615
They understand what game

00:16:06.635 --> 00:16:07.758
that they're now playing

00:16:08.177 --> 00:16:08.839
and they understand that

00:16:08.859 --> 00:16:09.559
they're now a business

00:16:09.620 --> 00:16:10.400
owner and they need to play

00:16:10.421 --> 00:16:11.861
that game and act accordingly.

00:16:12.543 --> 00:16:13.764
And that's a big differentiator.

00:16:13.825 --> 00:16:15.667
Dave, when did you know?

00:16:15.687 --> 00:16:16.567
Did you know before going to

00:16:16.607 --> 00:16:17.629
PT school that you were

00:16:17.649 --> 00:16:18.850
going to do this or were you like, hey,

00:16:18.870 --> 00:16:20.231
I want to be a clinician or you just said,

00:16:20.653 --> 00:16:21.332
I'm going along with this

00:16:21.352 --> 00:16:22.375
because this feels good and

00:16:22.615 --> 00:16:23.515
I'll figure it out later?

00:16:23.556 --> 00:16:24.177
Did you have a plan?

00:16:25.784 --> 00:16:26.346
I mean,

00:16:26.365 --> 00:16:27.767
I was always doing little

00:16:28.086 --> 00:16:29.628
entrepreneurial things when I was younger,

00:16:29.727 --> 00:16:31.309
so I always had the

00:16:31.409 --> 00:16:32.711
intention to have a

00:16:32.770 --> 00:16:34.111
practice and a business.

00:16:34.692 --> 00:16:35.732
Then I got swept up with the

00:16:35.793 --> 00:16:36.754
tech and the apps and all that,

00:16:36.774 --> 00:16:37.955
and I did Vinitial for a bit,

00:16:37.995 --> 00:16:39.056
and then that was a tech

00:16:39.255 --> 00:16:40.037
startup failure and all that.

00:16:40.057 --> 00:16:41.739
Yeah, but that's a business too.

00:16:42.359 --> 00:16:42.778
Yeah.

00:16:43.700 --> 00:16:44.740
I mean, that's still business,

00:16:44.760 --> 00:16:46.503
and that's still forward thinking.

00:16:46.523 --> 00:16:48.403
You've got to understand a giant market.

00:16:49.745 --> 00:16:49.945
Yeah,

00:16:50.086 --> 00:16:52.187
but I always had it in my head to

00:16:52.567 --> 00:16:53.248
have my own thing.

00:16:53.268 --> 00:16:53.548
Absolutely.

00:16:53.587 --> 00:16:54.048
Absolutely.

00:16:54.914 --> 00:16:55.754
Yeah.

00:16:55.774 --> 00:16:57.135
The way you asked that made

00:16:57.155 --> 00:16:58.235
me think I started

00:16:58.355 --> 00:16:59.395
identifying as an

00:16:59.495 --> 00:17:01.196
entrepreneur when I was six.

00:17:01.235 --> 00:17:02.557
Nice.

00:17:02.596 --> 00:17:03.517
You could take that in a

00:17:03.537 --> 00:17:04.497
couple of different ways.

00:17:04.576 --> 00:17:07.357
But but no, seriously, like I would,

00:17:07.377 --> 00:17:09.698
you know, wash cars in the neighborhood.

00:17:09.778 --> 00:17:10.999
I'd go collect leaves.

00:17:11.058 --> 00:17:12.398
I do all this kind of stuff.

00:17:12.439 --> 00:17:13.459
And then I'd start getting

00:17:13.519 --> 00:17:15.559
neighborhood kids into my

00:17:15.619 --> 00:17:16.720
business like that.

00:17:17.039 --> 00:17:19.020
You're just born with that.

00:17:19.361 --> 00:17:20.861
You know it from the beginning.

00:17:21.201 --> 00:17:23.303
Let me ask you, that was my question is,

00:17:23.623 --> 00:17:24.462
I did that too.

00:17:24.763 --> 00:17:27.326
I was the kid who would do two things.

00:17:27.365 --> 00:17:27.786
Number one,

00:17:28.125 --> 00:17:29.086
start knocking on doors and be like,

00:17:29.207 --> 00:17:29.988
we're playing baseball.

00:17:30.087 --> 00:17:30.528
Let's go.

00:17:30.587 --> 00:17:30.887
Grab it.

00:17:30.928 --> 00:17:33.109
Fifteen minutes, get like the galvanizer,

00:17:33.170 --> 00:17:33.390
right?

00:17:33.690 --> 00:17:34.750
And then I was the kid who was like,

00:17:35.511 --> 00:17:36.771
I'd like some pizza right now.

00:17:36.853 --> 00:17:38.554
There's a bunch of snow on driveways.

00:17:38.814 --> 00:17:40.075
So how could we organize and

00:17:40.134 --> 00:17:41.995
put our collective use –

00:17:42.115 --> 00:17:42.576
Did you,

00:17:43.037 --> 00:17:44.919
but you and I both gravitated

00:17:44.939 --> 00:17:46.380
towards bringing other people in.

00:17:46.621 --> 00:17:48.082
I never wanted to do any of

00:17:48.102 --> 00:17:49.522
these things alone.

00:17:49.742 --> 00:17:51.884
Like to me, it was if we're doing,

00:17:51.986 --> 00:17:53.547
I'll do it with one other person,

00:17:53.747 --> 00:17:55.949
ten other people, but never alone.

00:17:56.249 --> 00:17:57.570
Were you two similar to that?

00:17:57.790 --> 00:17:59.031
Like always looking for a partner?

00:17:59.051 --> 00:18:00.613
Because I always was and am.

00:18:00.773 --> 00:18:01.013
No.

00:18:01.913 --> 00:18:03.234
No, no, that, I mean,

00:18:03.454 --> 00:18:04.375
that's why we're like,

00:18:04.496 --> 00:18:05.115
that's why I'm an

00:18:05.155 --> 00:18:06.896
entrepreneur and I did these things,

00:18:07.017 --> 00:18:07.317
you know,

00:18:07.978 --> 00:18:09.598
I wasn't looking to have the shared risk.

00:18:09.679 --> 00:18:12.059
I, whether it was, you know, even Tony's,

00:18:12.240 --> 00:18:13.421
um, you know,

00:18:13.601 --> 00:18:14.862
washing cars or trying to

00:18:14.882 --> 00:18:16.423
make money when he's six

00:18:16.603 --> 00:18:17.262
years old or whatever.

00:18:17.502 --> 00:18:20.444
Uh, but whether it was, um, even initial,

00:18:20.464 --> 00:18:21.566
like started that a hundred

00:18:21.586 --> 00:18:22.566
percent myself and then

00:18:22.665 --> 00:18:23.406
concierge pain relief

00:18:23.467 --> 00:18:24.707
started that a hundred percent myself.

00:18:24.767 --> 00:18:25.768
So, um,

00:18:26.087 --> 00:18:28.010
I think maybe that signals

00:18:28.050 --> 00:18:29.372
like you're a different

00:18:29.432 --> 00:18:30.353
version of a potential

00:18:30.393 --> 00:18:31.134
entrepreneur or maybe

00:18:31.153 --> 00:18:31.835
you're not an entrepreneur.

00:18:31.855 --> 00:18:32.234
I don't know.

00:18:32.255 --> 00:18:32.836
But like, yeah,

00:18:32.895 --> 00:18:34.617
I just know like it takes

00:18:34.657 --> 00:18:36.059
the it takes just the one

00:18:36.099 --> 00:18:37.221
person to be the go getter.

00:18:37.981 --> 00:18:38.863
They assume all the risks.

00:18:38.923 --> 00:18:39.963
They have the energy,

00:18:40.044 --> 00:18:41.445
the ambition and all that.

00:18:41.546 --> 00:18:42.346
So they get after it.

00:18:42.366 --> 00:18:43.048
What do you think, Tony?

00:18:43.939 --> 00:18:45.940
Yeah, I never wanted a partner.

00:18:46.299 --> 00:18:48.241
I wanted people working under me.

00:18:48.501 --> 00:18:49.823
I wanted to direct and I

00:18:49.843 --> 00:18:51.222
wanted to delegate.

00:18:52.503 --> 00:18:54.644
But I never wanted a partner at the top.

00:18:54.806 --> 00:18:57.106
Like I always felt and to

00:18:57.126 --> 00:18:59.929
this day and I acknowledge

00:18:59.969 --> 00:19:00.888
like this is probably a

00:19:00.949 --> 00:19:02.490
shortcoming of mine that I

00:19:02.529 --> 00:19:04.771
would be far more advanced than I am.

00:19:05.672 --> 00:19:07.054
But I'm just one of those

00:19:07.094 --> 00:19:08.355
people that I feel like my

00:19:08.454 --> 00:19:09.957
idea is always the best idea.

00:19:10.458 --> 00:19:11.699
I acknowledge your idea

00:19:11.759 --> 00:19:12.900
might be equally good.

00:19:12.940 --> 00:19:14.942
Dave's ideas are equally good.

00:19:15.563 --> 00:19:16.984
But I don't want to do Dave's idea.

00:19:17.224 --> 00:19:18.426
I want to do my idea.

00:19:18.686 --> 00:19:20.288
I would rather do my idea

00:19:20.328 --> 00:19:21.670
and be less successful than

00:19:21.690 --> 00:19:23.092
do Dave's idea more

00:19:23.152 --> 00:19:25.295
successful because it's not my idea.

00:19:25.355 --> 00:19:26.115
It's not what I want to do.

00:19:26.760 --> 00:19:27.020
Yeah.

00:19:27.040 --> 00:19:27.560
I was always looking for

00:19:27.580 --> 00:19:28.422
people to come with me.

00:19:28.701 --> 00:19:29.801
I think that's what I was looking for.

00:19:30.122 --> 00:19:30.281
You know,

00:19:30.301 --> 00:19:31.303
I didn't need that person to be

00:19:31.343 --> 00:19:32.682
at the top with me, but I wanted to,

00:19:33.523 --> 00:19:34.243
I didn't want to be doing

00:19:34.284 --> 00:19:35.664
the idea or executing alone.

00:19:35.684 --> 00:19:36.444
That for me, wasn't,

00:19:36.865 --> 00:19:37.704
wasn't really exciting.

00:19:38.685 --> 00:19:39.685
Yeah.

00:19:39.746 --> 00:19:40.707
Are you an only child?

00:19:40.767 --> 00:19:41.166
I forget.

00:19:41.186 --> 00:19:42.247
No, I got a brother.

00:19:42.907 --> 00:19:43.147
Okay.

00:19:43.268 --> 00:19:44.307
I was an only child.

00:19:44.448 --> 00:19:45.769
I did everything alone.

00:19:45.909 --> 00:19:47.588
I loved doing everything alone.

00:19:47.729 --> 00:19:49.089
I think there was like a. A.

00:19:49.109 --> 00:19:50.671
A. A. A. A. A. A. A. A. A.

00:19:50.770 --> 00:19:52.050
A. A. A. A. A. A. A. A. A.

00:19:52.070 --> 00:19:52.932
A. A. A. A. A. A. A. A. A.

00:19:52.971 --> 00:19:53.592
A. A. A. A. A. A. A. A. A.

00:19:53.612 --> 00:19:54.011
A. A. A. A. A. A. A. A. A.

00:19:54.031 --> 00:19:55.452
A. A. A. A. A. A. A. A. A.

00:19:56.952 --> 00:19:57.854
Everything before and

00:19:57.894 --> 00:19:59.535
everything after I love.

00:19:59.755 --> 00:20:01.096
I never even thought I'd be married.

00:20:01.415 --> 00:20:02.675
I never thought I'd have kids.

00:20:02.776 --> 00:20:03.817
I'm happy that I do.

00:20:03.876 --> 00:20:05.238
And I I am.

00:20:05.278 --> 00:20:06.117
But seriously,

00:20:06.178 --> 00:20:08.339
like I could easily be that

00:20:08.400 --> 00:20:11.181
hermit in a in a shelter

00:20:12.021 --> 00:20:13.823
living my life completely solo.

00:20:14.423 --> 00:20:15.744
Dave, you got you got siblings?

00:20:16.204 --> 00:20:16.885
We're getting deep here.

00:20:16.965 --> 00:20:19.147
So yeah, we are getting deep.

00:20:19.167 --> 00:20:20.630
So I have a half brother and a half sister,

00:20:20.650 --> 00:20:21.810
but I was basically raised

00:20:21.851 --> 00:20:23.413
as an only child like they were older.

00:20:23.512 --> 00:20:24.034
So you know,

00:20:24.054 --> 00:20:25.055
they were in a different house.

00:20:25.095 --> 00:20:26.876
So I was just about to type

00:20:26.896 --> 00:20:27.998
in a chat GBT like if

00:20:28.018 --> 00:20:28.878
there's any correlation

00:20:28.898 --> 00:20:32.623
between having one child

00:20:32.804 --> 00:20:34.945
and entrepreneurial world or you know,

00:20:34.965 --> 00:20:35.747
entrepreneurialism.

00:20:38.003 --> 00:20:38.923
Real quick, Scott.

00:20:39.005 --> 00:20:39.724
Scott's here.

00:20:40.464 --> 00:20:41.685
One of the best fans we've

00:20:41.726 --> 00:20:42.605
got of the show.

00:20:42.665 --> 00:20:43.846
He said parents should teach

00:20:43.866 --> 00:20:45.347
their children at an early age.

00:20:45.847 --> 00:20:48.429
The best pro athlete all

00:20:48.489 --> 00:20:50.009
start at an early age.

00:20:51.029 --> 00:20:52.790
I'm already I'm already

00:20:52.830 --> 00:20:54.291
asking my thirteen month

00:20:54.372 --> 00:20:56.393
old if you've started a business yet.

00:20:56.413 --> 00:20:57.613
I mean, you can't even fully speak.

00:20:57.633 --> 00:20:58.173
But I'm like, hey,

00:20:58.213 --> 00:20:58.933
did you start a business?

00:20:58.953 --> 00:21:01.115
You know, you got to move along.

00:21:01.134 --> 00:21:01.835
You got to do something.

00:21:02.175 --> 00:21:02.915
You got to go wash cars.

00:21:02.935 --> 00:21:03.576
You got to do something.

00:21:04.156 --> 00:21:04.856
Diapers ain't cheap.

00:21:05.884 --> 00:21:08.145
Before we started today, I told Jimmy,

00:21:08.625 --> 00:21:09.906
my eighth graders had their

00:21:09.946 --> 00:21:12.127
graduation yesterday and

00:21:12.248 --> 00:21:13.449
one of their requirements,

00:21:13.469 --> 00:21:14.288
the teachers made them

00:21:14.308 --> 00:21:15.650
write letters to their parents.

00:21:15.730 --> 00:21:16.490
And so I was reading the

00:21:16.529 --> 00:21:18.090
letter last night and both

00:21:18.151 --> 00:21:19.711
of them kind of had a

00:21:19.771 --> 00:21:21.132
couple sentences in there

00:21:21.172 --> 00:21:23.252
where they were so thankful

00:21:23.313 --> 00:21:24.433
that their parents are

00:21:24.473 --> 00:21:26.694
working and putting them through school.

00:21:27.214 --> 00:21:28.476
But they also said that they

00:21:28.536 --> 00:21:30.957
love that their mom and dad

00:21:30.997 --> 00:21:32.817
are teaching them about business and

00:21:33.698 --> 00:21:35.240
how to make money in the future.

00:21:35.299 --> 00:21:37.361
Like it is, it's a core tenant.

00:21:37.401 --> 00:21:38.741
And I think this is one of

00:21:38.781 --> 00:21:41.023
those things that, you know, if,

00:21:41.263 --> 00:21:42.884
if a parent's never done it

00:21:43.365 --> 00:21:45.366
and they don't have exposure to it,

00:21:45.826 --> 00:21:47.867
young people need to find it somewhere.

00:21:47.887 --> 00:21:48.868
And I think they want it,

00:21:49.048 --> 00:21:50.369
whether I think it's an

00:21:50.450 --> 00:21:52.111
innate human quality,

00:21:52.171 --> 00:21:53.652
humans want to be creative,

00:21:53.692 --> 00:21:54.893
humans want to build,

00:21:54.932 --> 00:21:58.536
humans want to exchange value for value.

00:21:59.135 --> 00:22:00.196
And so, you know,

00:22:00.777 --> 00:22:02.778
kids are looking for it and

00:22:02.898 --> 00:22:03.980
and if we give them those

00:22:04.039 --> 00:22:06.001
opportunities uh they're

00:22:06.021 --> 00:22:08.664
gonna explore them did you

00:22:08.684 --> 00:22:10.286
want to talk about that uh

00:22:10.465 --> 00:22:12.989
ar uh idea or the ar

00:22:13.028 --> 00:22:15.151
situation tell me about it

00:22:15.211 --> 00:22:16.132
what I made it I made an

00:22:16.172 --> 00:22:16.853
intro for dave's

00:22:16.913 --> 00:22:17.933
profitability problems like

00:22:17.953 --> 00:22:18.795
three weeks ago I've been

00:22:18.835 --> 00:22:19.775
dying to use it I'm gonna

00:22:19.855 --> 00:22:21.156
use it whether we're doing it or not

00:22:26.141 --> 00:22:26.902
You were talking about in

00:22:26.922 --> 00:22:27.863
the group chat a bunch of

00:22:27.883 --> 00:22:29.124
companies offering to buy

00:22:29.144 --> 00:22:30.365
your accounts receivable

00:22:30.944 --> 00:22:32.346
for a percentage of the value.

00:22:32.386 --> 00:22:33.047
It's another form of

00:22:33.106 --> 00:22:33.827
borrowing what we're

00:22:33.847 --> 00:22:34.729
talking about with debt.

00:22:35.249 --> 00:22:36.750
And you said if you had effective ads,

00:22:36.790 --> 00:22:37.932
you could borrow money

00:22:37.971 --> 00:22:39.953
today to pay for the ads,

00:22:40.054 --> 00:22:40.954
use the ads to generate

00:22:40.974 --> 00:22:41.955
cash flow this week,

00:22:42.316 --> 00:22:45.018
and use that cash flow to

00:22:45.057 --> 00:22:47.921
pay back the ads and keep the profits.

00:22:48.481 --> 00:22:49.241
Yeah, I brought it up,

00:22:49.261 --> 00:22:50.202
but let's kick it over to

00:22:50.242 --> 00:22:51.462
Dave because Dave runs way

00:22:51.502 --> 00:22:52.583
more ads than me.

00:22:53.763 --> 00:22:55.443
So Dave, do you want to talk about this?

00:22:55.483 --> 00:22:57.085
We talked about selling our

00:22:57.105 --> 00:22:58.265
accounts receivable or

00:22:58.325 --> 00:22:59.665
financing off of our

00:22:59.685 --> 00:23:01.145
accounts receivable before.

00:23:01.965 --> 00:23:03.227
What can you share about that?

00:23:04.487 --> 00:23:04.987
Yeah, I mean, well,

00:23:05.027 --> 00:23:06.567
even so I use Stripe for

00:23:06.587 --> 00:23:07.607
our credit card processor

00:23:07.627 --> 00:23:08.347
and they're always sending

00:23:08.367 --> 00:23:10.689
me emails like you instantly qualify for,

00:23:10.788 --> 00:23:12.429
you know, thirty or sixty or a hundred,

00:23:12.490 --> 00:23:13.369
whatever grand and

00:23:14.425 --> 00:23:15.047
I don't usually look at it

00:23:15.067 --> 00:23:18.351
because it's like... I mean,

00:23:18.530 --> 00:23:19.952
they take the repayment off

00:23:20.032 --> 00:23:22.115
of the future cash flow

00:23:22.135 --> 00:23:22.836
going through the credit

00:23:22.856 --> 00:23:24.459
card processor from my practice.

00:23:24.499 --> 00:23:27.541
So there are a bunch of

00:23:27.582 --> 00:23:28.963
businesses that are always

00:23:29.084 --> 00:23:30.846
running ads that are saying, you know,

00:23:30.885 --> 00:23:31.446
hey, we'll...

00:23:32.761 --> 00:23:33.363
what is it like?

00:23:34.324 --> 00:23:35.085
Not a margin call.

00:23:35.144 --> 00:23:36.566
It's like they'll offer you

00:23:37.007 --> 00:23:38.669
cash now and it almost,

00:23:39.169 --> 00:23:39.970
it might almost sound like

00:23:39.990 --> 00:23:41.051
a loan shark kind of thing,

00:23:41.112 --> 00:23:42.432
like breaking thumbs.

00:23:42.854 --> 00:23:44.615
But yeah,

00:23:44.635 --> 00:23:47.078
they can offer cash upfront and

00:23:47.318 --> 00:23:49.922
they'll take a,

00:23:49.942 --> 00:23:51.523
they take the margin of the,

00:23:52.884 --> 00:23:53.826
between what they're paying

00:23:53.885 --> 00:23:57.527
you upfront and then they're making more,

00:23:57.606 --> 00:23:58.268
but they have better

00:23:58.307 --> 00:23:59.548
systems like a Phyllis or

00:23:59.587 --> 00:24:01.269
whatever their system is to

00:24:01.308 --> 00:24:02.089
capture the rest of that

00:24:02.109 --> 00:24:03.690
reimbursement in the long term.

00:24:04.691 --> 00:24:06.692
I haven't seen it for the

00:24:06.771 --> 00:24:08.913
cash of like other like in

00:24:08.932 --> 00:24:10.794
a business to use it for

00:24:11.213 --> 00:24:12.214
ads or use it for

00:24:12.954 --> 00:24:14.016
payroll or whatever uh

00:24:14.517 --> 00:24:15.778
although usually it is for

00:24:15.798 --> 00:24:17.159
like you know payroll and

00:24:17.180 --> 00:24:19.182
then again I I'm just not I

00:24:19.221 --> 00:24:19.961
just don't know too much

00:24:19.981 --> 00:24:20.843
about this world because it

00:24:20.883 --> 00:24:21.923
does kind of kind of it

00:24:21.943 --> 00:24:22.965
kind of gets into the whole

00:24:23.405 --> 00:24:24.366
you know loan sharking

00:24:24.406 --> 00:24:25.367
thing a little bit and

00:24:25.387 --> 00:24:26.469
maybe it's like the most

00:24:26.689 --> 00:24:28.371
white collar maybe the most

00:24:28.932 --> 00:24:30.733
ethical up and up side of

00:24:30.874 --> 00:24:32.455
the like the loan sharking

00:24:32.496 --> 00:24:34.617
kind of thing um am I am i

00:24:34.837 --> 00:24:36.499
Thinking about it correctly, Tony,

00:24:36.638 --> 00:24:37.059
or am I?

00:24:37.140 --> 00:24:37.720
Yeah,

00:24:37.740 --> 00:24:39.942
I would say it's less available in

00:24:39.981 --> 00:24:42.104
your world because you're more cash pay.

00:24:42.243 --> 00:24:43.625
It's more in my world.

00:24:43.724 --> 00:24:45.646
And so if I know that I've

00:24:45.686 --> 00:24:46.788
got one hundred thousand

00:24:46.827 --> 00:24:47.669
sitting in accounts

00:24:47.709 --> 00:24:49.210
receivable for Medicare,

00:24:49.710 --> 00:24:51.432
I know that money is going to come in.

00:24:51.471 --> 00:24:53.053
Maybe I bill three hundred thousand.

00:24:53.113 --> 00:24:54.094
I know one hundred thousand

00:24:54.134 --> 00:24:54.855
is going to come in.

00:24:55.894 --> 00:24:58.057
It's guaranteed by the federal government.

00:24:59.698 --> 00:25:02.398
But if I needed access to that capital now,

00:25:02.460 --> 00:25:03.519
there are companies out

00:25:03.579 --> 00:25:04.861
there that I could say, hey,

00:25:05.401 --> 00:25:06.481
I've got a hundred thousand

00:25:06.521 --> 00:25:07.363
that I'm expected to

00:25:07.403 --> 00:25:08.542
collect in the next thirty

00:25:08.583 --> 00:25:09.564
days from Medicare.

00:25:10.404 --> 00:25:13.346
I need eighty thousand now.

00:25:13.906 --> 00:25:15.607
They will give me the eighty thousand.

00:25:16.127 --> 00:25:17.249
They will collect the full

00:25:17.288 --> 00:25:18.109
hundred thousand.

00:25:18.150 --> 00:25:19.369
So they make the profit on

00:25:19.410 --> 00:25:22.772
the twenty percent difference there.

00:25:23.653 --> 00:25:24.773
But then I could take that

00:25:24.834 --> 00:25:25.554
eighty thousand.

00:25:26.153 --> 00:25:27.875
I could use it if I know

00:25:27.914 --> 00:25:30.415
that I want to run an ad campaign.

00:25:30.596 --> 00:25:31.977
I know I have a profitable

00:25:32.116 --> 00:25:34.178
ad and this is where people get stuck.

00:25:34.577 --> 00:25:36.378
They don't have profitable ads.

00:25:36.638 --> 00:25:38.200
I don't have profitable ads.

00:25:38.279 --> 00:25:40.780
Dave can say if I put one hundred bucks in,

00:25:40.820 --> 00:25:42.162
I'm going to get three hundred bucks out.

00:25:42.882 --> 00:25:43.843
I can't do that yet.

00:25:43.962 --> 00:25:45.482
I haven't cracked that nut yet.

00:25:45.883 --> 00:25:48.325
But in theory, if I knew that I could,

00:25:48.904 --> 00:25:50.546
I would snatch that eighty

00:25:50.586 --> 00:25:52.526
thousand today instead of

00:25:52.566 --> 00:25:53.646
waiting thirty days.

00:25:53.787 --> 00:25:54.727
I would put it into

00:25:54.807 --> 00:25:55.627
something that's going to

00:25:55.667 --> 00:25:57.208
turn eighty thousand into

00:25:57.269 --> 00:25:58.669
two hundred and forty thousand.

00:25:59.249 --> 00:26:00.349
And I would just, you know,

00:26:00.549 --> 00:26:03.030
ramp that until it stops working.

00:26:03.191 --> 00:26:05.632
And at some point it doesn't work anymore.

00:26:05.692 --> 00:26:06.913
The ads don't work anymore.

00:26:07.192 --> 00:26:09.034
I've exhausted my local

00:26:09.074 --> 00:26:11.174
geography if I'm not doing telehealth.

00:26:12.015 --> 00:26:13.916
Um, so, you know, like Jimmy said,

00:26:13.936 --> 00:26:15.578
there's lots of ways to finance.

00:26:15.638 --> 00:26:17.941
We're financing either with our labor.

00:26:18.402 --> 00:26:19.603
If I don't want to borrow money,

00:26:19.663 --> 00:26:20.644
but I'm saying, well,

00:26:20.784 --> 00:26:21.644
I'm going to work and I'm

00:26:21.664 --> 00:26:22.566
going to bootstrap and I'm

00:26:22.586 --> 00:26:23.626
going to do it all myself,

00:26:24.028 --> 00:26:24.788
but it's going to take me

00:26:24.848 --> 00:26:25.890
ten years longer.

00:26:26.289 --> 00:26:27.611
You're still financing.

00:26:27.691 --> 00:26:28.913
You're just financing it

00:26:28.972 --> 00:26:30.173
with your time and labor.

00:26:30.473 --> 00:26:31.194
Yeah.

00:26:32.175 --> 00:26:34.757
But there are so many unspoken,

00:26:34.936 --> 00:26:36.298
unknown strategies out

00:26:36.337 --> 00:26:38.459
there that you could use to grow.

00:26:39.058 --> 00:26:40.440
I think the mistakes that we

00:26:40.480 --> 00:26:42.240
make is we don't

00:26:42.300 --> 00:26:45.122
necessarily know enough about it.

00:26:45.162 --> 00:26:47.022
We don't have proof of concept.

00:26:47.042 --> 00:26:47.884
We're not sure.

00:26:48.624 --> 00:26:50.006
And then we borrow a little bit.

00:26:50.066 --> 00:26:50.887
We get scared.

00:26:51.628 --> 00:26:52.690
We fail at it.

00:26:52.951 --> 00:26:54.413
And then we never borrow again.

00:26:54.492 --> 00:26:54.712
You know,

00:26:55.054 --> 00:26:57.678
I picked up a fifty pound bag of

00:26:58.459 --> 00:26:59.119
horse feed.

00:26:59.259 --> 00:27:00.060
I hurt my back.

00:27:00.121 --> 00:27:01.083
I'm never going to lift

00:27:01.103 --> 00:27:02.204
fifty pounds again for the

00:27:02.224 --> 00:27:02.865
rest of my life.

00:27:03.310 --> 00:27:04.592
yeah I think it's I think

00:27:04.632 --> 00:27:06.134
it's we're very tied

00:27:06.193 --> 00:27:07.315
emotionally to money and

00:27:07.454 --> 00:27:10.057
and fear myself right so I

00:27:10.077 --> 00:27:11.078
mean the room I'm sitting

00:27:11.138 --> 00:27:12.180
in I renovated when I

00:27:12.220 --> 00:27:12.980
bought this house because

00:27:13.000 --> 00:27:13.882
hey how hard could it be I

00:27:13.902 --> 00:27:14.722
bought a house and I owned

00:27:14.923 --> 00:27:16.424
a hammer and a screwdriver

00:27:16.464 --> 00:27:18.366
right now luckily I had a

00:27:18.446 --> 00:27:20.308
buddy who like loves doing

00:27:20.348 --> 00:27:21.990
this stuff and was good at it but

00:27:22.711 --> 00:27:23.791
If you had told me how much

00:27:23.811 --> 00:27:25.751
it was going to cost to get this,

00:27:25.771 --> 00:27:27.032
to pay someone else to do it,

00:27:27.053 --> 00:27:28.193
I would have said, you're nuts.

00:27:28.773 --> 00:27:29.753
And then I went and did it.

00:27:30.035 --> 00:27:30.954
And halfway through it,

00:27:30.974 --> 00:27:31.934
I'm sitting here covered in

00:27:32.175 --> 00:27:34.576
dirt and sweat, and I hate doing it.

00:27:34.817 --> 00:27:35.096
I was like,

00:27:35.297 --> 00:27:37.278
I now understand why people pay

00:27:37.298 --> 00:27:38.419
to renovate a kitchen.

00:27:38.699 --> 00:27:41.319
But I'm paying for it one way or another.

00:27:41.720 --> 00:27:44.340
And that is a side view of

00:27:44.361 --> 00:27:44.922
what you're doing.

00:27:46.021 --> 00:27:48.003
The thing is, if you have a plan for it,

00:27:48.344 --> 00:27:49.324
that's the thing where I

00:27:49.344 --> 00:27:50.325
think a lot of people, right?

00:27:50.625 --> 00:27:52.606
Would you let a seventeen year old?

00:27:53.247 --> 00:27:54.228
Tony, how old are your kids?

00:27:54.708 --> 00:27:55.288
They're going to a couple

00:27:55.307 --> 00:27:56.189
and go to high school.

00:27:56.209 --> 00:27:58.190
Sixteen, fourteen, fourteen and twelve.

00:27:58.369 --> 00:27:59.211
Would you in a year?

00:27:59.230 --> 00:28:00.432
Would you let the seventeen

00:28:00.451 --> 00:28:01.833
year old borrow two hundred

00:28:01.873 --> 00:28:03.334
thousand dollars on their own?

00:28:03.814 --> 00:28:05.515
But you're doing that with college.

00:28:05.535 --> 00:28:07.035
You're saying, sure, good luck.

00:28:07.075 --> 00:28:08.875
Sign right here and we'll do that.

00:28:08.915 --> 00:28:10.997
So college feels like it's

00:28:11.096 --> 00:28:12.196
bowling with guardrails,

00:28:12.217 --> 00:28:13.897
but there's a lot of risk there.

00:28:14.097 --> 00:28:14.938
And do you understand what

00:28:14.978 --> 00:28:16.317
seven percent interest is

00:28:16.479 --> 00:28:17.679
over two hundred thousand dollars?

00:28:18.358 --> 00:28:19.940
The reason I paid off my student loans.

00:28:20.819 --> 00:28:22.922
I owed seventy two thousand dollars left.

00:28:23.122 --> 00:28:24.663
And I was like, I had the money,

00:28:24.962 --> 00:28:26.003
but I like to have money

00:28:26.044 --> 00:28:27.664
because what if something goes sideways?

00:28:27.924 --> 00:28:28.164
Right.

00:28:28.766 --> 00:28:30.166
And then I went to chat GPT.

00:28:30.207 --> 00:28:32.127
Now, I understand a little bit about math,

00:28:32.327 --> 00:28:33.209
but I sat down one day.

00:28:33.229 --> 00:28:33.868
I was like, you know what?

00:28:33.909 --> 00:28:34.970
I'm going to crunch these numbers.

00:28:34.990 --> 00:28:35.790
I'm actually going to do this.

00:28:36.391 --> 00:28:37.271
I would have I would have

00:28:37.291 --> 00:28:38.893
had to pay two hundred and

00:28:38.952 --> 00:28:41.214
fifty thousand dollars to pay off.

00:28:41.275 --> 00:28:43.576
Seventy seventy was the principal.

00:28:43.895 --> 00:28:44.336
It would have been one

00:28:44.396 --> 00:28:45.657
hundred and eighty thousand

00:28:45.698 --> 00:28:46.538
dollars in interest,

00:28:46.837 --> 00:28:48.078
paying two thousand dollars

00:28:48.098 --> 00:28:49.921
a month for a decade.

00:28:50.520 --> 00:28:51.621
I paid it off the next day.

00:28:51.922 --> 00:28:54.282
As soon as I understood two grand a month,

00:28:54.303 --> 00:28:54.803
you know what I could be

00:28:54.823 --> 00:28:55.863
doing with two grand a month?

00:28:56.022 --> 00:28:57.743
Dave, making money.

00:28:57.983 --> 00:28:58.743
That's what I'm going to be

00:28:58.784 --> 00:28:59.265
doing right now.

00:28:59.525 --> 00:29:00.285
So I risked it.

00:29:00.424 --> 00:29:01.144
I said, you know what?

00:29:01.345 --> 00:29:02.586
No, to me, that's bad debt.

00:29:02.925 --> 00:29:03.806
I'm going to pay that off

00:29:03.846 --> 00:29:05.307
and I'm going to take a

00:29:05.346 --> 00:29:07.048
thousand dollars a month and invest it.

00:29:07.327 --> 00:29:08.407
And the thousand dollars a month,

00:29:08.627 --> 00:29:09.127
the other half,

00:29:09.147 --> 00:29:10.269
I'm going to put it in my bank account.

00:29:10.588 --> 00:29:12.369
So to me, that looked like a good move.

00:29:12.410 --> 00:29:13.190
It felt like a good move.

00:29:13.210 --> 00:29:14.190
And I feel better every

00:29:14.210 --> 00:29:15.590
morning that I wake up now

00:29:15.611 --> 00:29:17.031
and don't have damn student

00:29:17.051 --> 00:29:17.731
loans anymore.

00:29:18.920 --> 00:29:20.060
Answer Scott's question.

00:29:20.161 --> 00:29:21.121
I'm curious, too.

00:29:21.221 --> 00:29:23.201
What happened to the basement renovation,

00:29:23.221 --> 00:29:24.602
the basement studio?

00:29:24.623 --> 00:29:25.682
Basement studio is done.

00:29:26.343 --> 00:29:27.163
Here's the problem.

00:29:27.223 --> 00:29:28.183
So, all right, let's rewind.

00:29:28.384 --> 00:29:30.904
So the basement studio was Jim.

00:29:31.105 --> 00:29:32.105
And then let's put somewhere

00:29:32.145 --> 00:29:32.806
where Jimmy doesn't have to

00:29:32.826 --> 00:29:35.126
do his live streams at his kitchen table.

00:29:35.686 --> 00:29:36.268
Jim's done.

00:29:36.347 --> 00:29:37.307
I'll do a full tour.

00:29:37.448 --> 00:29:38.167
I'd say it's ninety percent

00:29:38.188 --> 00:29:38.989
that I got put a few more

00:29:39.009 --> 00:29:39.548
lights down there.

00:29:39.729 --> 00:29:41.490
The problem is it's dark.

00:29:42.349 --> 00:29:43.270
It's a basement, right?

00:29:43.310 --> 00:29:44.050
I got a lot of lights,

00:29:44.090 --> 00:29:46.352
but I've got skylights up here.

00:29:46.373 --> 00:29:48.134
I got windows in all corners.

00:29:48.513 --> 00:29:49.795
So I was using it and then

00:29:49.815 --> 00:29:50.654
realized I didn't like

00:29:50.694 --> 00:29:51.615
being down there for that.

00:29:51.935 --> 00:29:53.896
So I'm moving all of the

00:29:54.136 --> 00:29:55.698
desk equipment upstairs and

00:29:55.718 --> 00:29:56.778
I'm going to make the gym bigger.

00:29:57.058 --> 00:30:00.540
So renovated the gym slash studio,

00:30:00.820 --> 00:30:01.842
realized I didn't really

00:30:01.862 --> 00:30:02.442
like it that much,

00:30:02.481 --> 00:30:03.722
but didn't cost me much

00:30:03.742 --> 00:30:04.282
because I'm still just

00:30:04.303 --> 00:30:05.123
going to use it as a bigger

00:30:05.163 --> 00:30:07.585
gym downstairs.

00:30:07.605 --> 00:30:07.684
Yeah.

00:30:08.294 --> 00:30:08.453
Now,

00:30:08.493 --> 00:30:10.335
before we go to the next segment from

00:30:10.434 --> 00:30:12.615
Jimmy, full disclosure,

00:30:12.795 --> 00:30:14.556
we are not financial experts.

00:30:14.596 --> 00:30:15.576
We are not lawyers.

00:30:15.615 --> 00:30:17.237
We're not giving you financial advice.

00:30:17.257 --> 00:30:18.356
We are simply saying what we did.

00:30:18.376 --> 00:30:21.018
Speak to your accountant and your lawyer.

00:30:22.557 --> 00:30:23.238
That's right.

00:30:23.397 --> 00:30:23.979
All right, Jimmy,

00:30:23.999 --> 00:30:25.098
let's steal this segment.

00:30:26.313 --> 00:30:27.054
I have a meeting with a new

00:30:27.094 --> 00:30:28.556
accountant today, actually.

00:30:28.635 --> 00:30:29.037
All right,

00:30:29.438 --> 00:30:30.880
time for you to steal the strategy.

00:30:30.900 --> 00:30:32.141
And I want to see if you two,

00:30:32.161 --> 00:30:34.484
because you guys are owners of clinics,

00:30:35.726 --> 00:30:36.827
virtual or brick and mortar,

00:30:37.028 --> 00:30:38.750
could you steal this today?

00:30:38.770 --> 00:30:38.871
Okay.

00:30:43.854 --> 00:30:45.075
All right, steal this strategy.

00:30:45.295 --> 00:30:46.335
I wanna take something

00:30:46.355 --> 00:30:48.596
that's ugly and invisible

00:30:48.816 --> 00:30:50.396
that people fricking hate doing.

00:30:50.436 --> 00:30:51.217
I just took my dad to a

00:30:51.257 --> 00:30:52.417
doctor's appointment and

00:30:52.478 --> 00:30:53.117
here's the thing.

00:30:53.518 --> 00:30:54.558
You walk into a clinic and

00:30:54.578 --> 00:30:55.819
what's the first thing you do?

00:30:56.140 --> 00:30:56.319
Here.

00:30:57.317 --> 00:30:58.157
Take this clipboard,

00:30:58.578 --> 00:30:59.838
take this clipboard and

00:30:59.898 --> 00:31:01.119
fill out the same information.

00:31:01.460 --> 00:31:03.721
Thirty seven times over and over.

00:31:03.780 --> 00:31:04.580
Even if you filled it out.

00:31:04.780 --> 00:31:05.141
Oh, yeah.

00:31:05.161 --> 00:31:05.942
But our system doesn't

00:31:05.981 --> 00:31:07.501
comply with this and that.

00:31:07.583 --> 00:31:08.063
OK, great.

00:31:08.502 --> 00:31:09.663
But what if you twisted it?

00:31:09.803 --> 00:31:10.663
And I understand there's

00:31:10.723 --> 00:31:11.784
information you've got to get.

00:31:11.844 --> 00:31:12.305
Number one,

00:31:12.365 --> 00:31:13.684
you can use agents to make

00:31:13.704 --> 00:31:15.346
phone calls to get that

00:31:15.365 --> 00:31:16.425
information ahead of time.

00:31:16.465 --> 00:31:16.967
That's great.

00:31:17.186 --> 00:31:19.188
You can have people scan cards.

00:31:19.268 --> 00:31:20.347
What's the O.R.C.

00:31:20.468 --> 00:31:22.189
optical reader technology, whatever.

00:31:22.568 --> 00:31:24.790
Optical character recognition, OCR.

00:31:25.151 --> 00:31:26.332
Take a picture of this and

00:31:26.352 --> 00:31:27.333
just take that information.

00:31:27.653 --> 00:31:28.593
But what if you could use

00:31:28.633 --> 00:31:30.775
the intake psychologically?

00:31:30.894 --> 00:31:31.895
What if you could create

00:31:32.296 --> 00:31:34.657
personality driven intake to point out,

00:31:34.978 --> 00:31:35.157
right?

00:31:35.377 --> 00:31:36.118
What if it didn't just

00:31:36.159 --> 00:31:37.400
collect basic information,

00:31:37.680 --> 00:31:38.921
but actually gave your team

00:31:39.060 --> 00:31:40.461
a cheat code to connect

00:31:40.481 --> 00:31:41.282
with every patient

00:31:41.863 --> 00:31:42.423
on day one.

00:31:42.804 --> 00:31:46.386
Now the strategy came from slim chickens,

00:31:46.787 --> 00:31:47.607
slim chickens.

00:31:47.928 --> 00:31:49.288
It's a chicken restaurant.

00:31:49.588 --> 00:31:51.109
They've been using AI and

00:31:51.150 --> 00:31:52.771
behavioral insights to turn

00:31:53.672 --> 00:31:56.294
ads from boring to customized.

00:31:56.473 --> 00:31:57.915
So it's using AI and they're,

00:31:58.496 --> 00:31:59.777
their customer behavior to

00:31:59.876 --> 00:32:01.258
actually change the ads

00:32:01.278 --> 00:32:01.877
that they're showing to

00:32:01.917 --> 00:32:03.460
people geographically, right?

00:32:03.680 --> 00:32:05.980
So this is making the invisible visible.

00:32:06.261 --> 00:32:08.282
So what I wanna do is pull

00:32:08.323 --> 00:32:09.703
personality and motivation

00:32:09.763 --> 00:32:11.925
insights from new patients

00:32:12.526 --> 00:32:13.666
before their eval.

00:32:14.027 --> 00:32:15.387
Think about this as like

00:32:15.768 --> 00:32:17.690
Spotify wrapped for

00:32:17.750 --> 00:32:19.131
physical therapy and healthcare.

00:32:19.171 --> 00:32:20.592
What if you could find out

00:32:20.971 --> 00:32:23.074
about a patient's coaching style,

00:32:23.213 --> 00:32:24.974
motivators, stress triggers,

00:32:25.035 --> 00:32:25.935
learning preferences?

00:32:26.556 --> 00:32:28.355
before ever saying hello.

00:32:28.636 --> 00:32:30.797
Now, psychologically, I looked it up,

00:32:31.136 --> 00:32:32.978
personalization builds trust,

00:32:33.198 --> 00:32:35.298
identity-based goals boost compliance,

00:32:35.357 --> 00:32:36.917
and autonomy fuels motivation.

00:32:36.998 --> 00:32:38.219
Those are three things we want to build,

00:32:38.338 --> 00:32:40.538
trust, compliance, motivation.

00:32:41.058 --> 00:32:42.839
So it's like taking a personality test,

00:32:43.200 --> 00:32:44.200
but you could make it fun.

00:32:44.460 --> 00:32:46.340
Use like a type form or a jot form,

00:32:46.780 --> 00:32:47.840
use ChatGPT.

00:32:48.641 --> 00:32:49.921
I would actually suggest

00:32:50.021 --> 00:32:51.541
using a mix of open-ended,

00:32:52.535 --> 00:32:53.355
and multiple choice

00:32:53.394 --> 00:32:54.555
questions because I looked

00:32:54.575 --> 00:32:55.655
it up and psychologically

00:32:55.675 --> 00:32:56.375
they say that gives you the

00:32:56.395 --> 00:32:57.215
best insights.

00:32:57.615 --> 00:32:59.435
So I would say better connections,

00:32:59.615 --> 00:33:01.156
we say lead to better outcomes,

00:33:01.237 --> 00:33:02.237
more completed plans of

00:33:02.297 --> 00:33:04.196
care and fewer drop-offs

00:33:04.277 --> 00:33:06.538
and patients feel like, oh damn,

00:33:06.778 --> 00:33:07.518
these people get me.

00:33:07.577 --> 00:33:08.738
Now I know a great therapist

00:33:08.758 --> 00:33:11.759
can get this in an eval or visit one,

00:33:11.898 --> 00:33:12.618
two or three,

00:33:12.898 --> 00:33:13.878
but what if you could find

00:33:13.939 --> 00:33:15.159
out about that person or

00:33:15.199 --> 00:33:16.720
things you might not by

00:33:16.900 --> 00:33:19.079
asking those questions beforehand?

00:33:19.420 --> 00:33:20.340
So this was turning that

00:33:20.480 --> 00:33:21.902
intake into something

00:33:22.221 --> 00:33:25.564
tactical and usable.

00:33:25.723 --> 00:33:26.265
Interesting.

00:33:26.505 --> 00:33:27.365
Very interesting.

00:33:28.026 --> 00:33:30.386
Question would be with the

00:33:30.467 --> 00:33:32.648
tablet or whatever with this process,

00:33:32.669 --> 00:33:35.631
Jimmy, is there five questions,

00:33:35.671 --> 00:33:37.132
ten questions?

00:33:37.311 --> 00:33:38.292
How are you pulling this

00:33:38.333 --> 00:33:39.633
information out of me?

00:33:40.213 --> 00:33:41.114
And would that be annoying

00:33:41.153 --> 00:33:42.996
to most like the average patient?

00:33:43.596 --> 00:33:43.836
Yeah,

00:33:44.096 --> 00:33:45.336
I would probably do it before the

00:33:45.376 --> 00:33:46.596
person ever came in and you

00:33:46.616 --> 00:33:47.738
could do it a couple different ways.

00:33:47.837 --> 00:33:48.758
You can do it with an AI

00:33:48.798 --> 00:33:49.878
phone call right now.

00:33:50.419 --> 00:33:51.098
You could do it through a

00:33:51.138 --> 00:33:52.960
series of text messages or

00:33:53.019 --> 00:33:54.661
you could do it with a tablet on intake.

00:33:54.681 --> 00:33:55.881
We're seeing people do that right now.

00:33:56.260 --> 00:33:57.682
I'd say ideally you wouldn't

00:33:57.701 --> 00:33:58.701
want to ask more than seven

00:33:58.721 --> 00:34:01.743
to ten questions at absolute most.

00:34:01.784 --> 00:34:03.723
And it could also be it could also learn.

00:34:03.743 --> 00:34:04.904
This could be a decision tree.

00:34:05.224 --> 00:34:07.026
If you under if you could teach it,

00:34:07.046 --> 00:34:08.005
like if we understand what

00:34:08.025 --> 00:34:09.067
this person's motivators,

00:34:09.226 --> 00:34:10.686
we have the information we need.

00:34:10.947 --> 00:34:11.947
Don't ask any more questions.

00:34:12.007 --> 00:34:12.487
We're done here.

00:34:14.041 --> 00:34:14.581
Like questions,

00:34:14.601 --> 00:34:15.782
like I have some example questions.

00:34:16.103 --> 00:34:17.123
How do you like to be coached?

00:34:17.282 --> 00:34:18.583
Directing to the point, encouraging,

00:34:18.643 --> 00:34:20.123
collaborative, data-driven and precise.

00:34:20.523 --> 00:34:21.324
What motivates you?

00:34:21.643 --> 00:34:23.605
Reaching a goal, seeing visible progress,

00:34:23.664 --> 00:34:24.644
accountability from others.

00:34:25.045 --> 00:34:27.606
Preferred communication style, email, text,

00:34:27.686 --> 00:34:28.326
in-person only.

00:34:28.706 --> 00:34:30.507
Like things that annoy people,

00:34:30.867 --> 00:34:32.648
like how am I supposed to know that?

00:34:32.728 --> 00:34:33.628
It really drives me nuts

00:34:33.688 --> 00:34:35.068
when you always email me

00:34:35.148 --> 00:34:36.309
and I never see my emails.

00:34:37.110 --> 00:34:39.353
You didn't tell me that, but I never asked,

00:34:39.454 --> 00:34:40.637
and I didn't give you the option.

00:34:40.998 --> 00:34:42.420
For example, at Athelas,

00:34:42.902 --> 00:34:43.963
something I thought was kind of cool

00:34:45.137 --> 00:34:46.637
Instead of everything being digital,

00:34:46.918 --> 00:34:47.798
we offer people who are

00:34:47.818 --> 00:34:49.159
talking about accounts receivable,

00:34:49.519 --> 00:34:51.721
we can send out mailers with a QR code.

00:34:52.302 --> 00:34:53.802
Some people of a certain age

00:34:54.023 --> 00:34:55.463
or just communication style

00:34:55.764 --> 00:34:57.344
prefer getting things in paper,

00:34:57.585 --> 00:34:58.445
myself included.

00:34:59.065 --> 00:35:00.567
I uncheck all the things

00:35:00.586 --> 00:35:02.188
from my bank to say that

00:35:02.208 --> 00:35:03.168
your statements go digital.

00:35:03.369 --> 00:35:04.550
I like to see it and be

00:35:04.590 --> 00:35:05.690
reminded to check it.

00:35:06.070 --> 00:35:08.572
And I get like blind to email in my inbox.

00:35:08.592 --> 00:35:09.432
So I like that.

00:35:09.713 --> 00:35:11.054
So that's a preference for me.

00:35:11.074 --> 00:35:12.976
And if that went away, I'm pissed.

00:35:13.056 --> 00:35:15.016
And Wells Fargo tries to fool me into it.

00:35:15.777 --> 00:35:16.637
because every once in a while,

00:35:16.697 --> 00:35:17.619
they don't want to,

00:35:17.659 --> 00:35:19.119
they don't want to send it to you.

00:35:19.139 --> 00:35:20.740
Well, what they'll do is when I log in,

00:35:20.760 --> 00:35:22.302
they don't want to mail it to you.

00:35:22.322 --> 00:35:23.123
They want to save on the

00:35:23.523 --> 00:35:24.744
postage and all that.

00:35:24.965 --> 00:35:25.965
So when I log in,

00:35:26.005 --> 00:35:28.547
they make me unselect and

00:35:28.628 --> 00:35:31.090
save versus like, so it's a damn trick.

00:35:31.110 --> 00:35:32.269
And I have to stop and be like,

00:35:32.309 --> 00:35:32.771
wait a minute.

00:35:32.851 --> 00:35:34.251
I want to get the paper.

00:35:34.271 --> 00:35:36.032
So I have to unselect the thing.

00:35:36.293 --> 00:35:37.153
Cause of course they want to

00:35:37.173 --> 00:35:38.074
save a nickel times,

00:35:40.757 --> 00:35:41.117
I don't know.

00:35:41.338 --> 00:35:42.820
It's boring and it's necessary.

00:35:43.000 --> 00:35:44.782
It's fifty five damn questions anyway.

00:35:44.922 --> 00:35:45.824
What if you could sneak in

00:35:45.983 --> 00:35:47.246
seven that could give you

00:35:47.365 --> 00:35:48.728
insights to someone's

00:35:49.128 --> 00:35:50.891
personality to boost those

00:35:50.931 --> 00:35:51.833
things afterwards?

00:35:52.833 --> 00:35:54.233
I don't know if you guys remember,

00:35:54.333 --> 00:35:57.115
we talked about this months ago,

00:35:57.235 --> 00:35:58.317
maybe even a year ago.

00:35:58.336 --> 00:35:59.498
We did.

00:35:59.518 --> 00:36:00.597
When I was first getting

00:36:01.039 --> 00:36:02.840
familiar with AI scribes,

00:36:03.000 --> 00:36:04.800
I was saying how if this is

00:36:04.840 --> 00:36:06.382
going to listen to my conversation,

00:36:07.202 --> 00:36:08.804
it can identify

00:36:09.565 --> 00:36:11.166
characteristics within the

00:36:11.226 --> 00:36:12.726
personality of the patient.

00:36:12.806 --> 00:36:13.807
It could give me an

00:36:13.867 --> 00:36:15.588
assessment of this person.

00:36:16.168 --> 00:36:17.730
AI will understand our

00:36:17.789 --> 00:36:19.090
personalities better than

00:36:19.190 --> 00:36:20.311
we will understand our

00:36:20.351 --> 00:36:21.472
personalities better.

00:36:21.612 --> 00:36:23.974
So I want it'll tell me like, hey,

00:36:23.994 --> 00:36:25.675
you should do this or you should do that.

00:36:25.715 --> 00:36:26.974
You should understand this

00:36:27.054 --> 00:36:28.476
anxiety or this fear.

00:36:29.076 --> 00:36:30.956
So much of what I do on a

00:36:30.996 --> 00:36:32.456
first visit is not about

00:36:32.496 --> 00:36:33.237
the patient care.

00:36:33.277 --> 00:36:34.697
It's not about the evaluation.

00:36:34.717 --> 00:36:35.938
It's not about any of that stuff.

00:36:36.318 --> 00:36:38.039
It's about understanding the personality.

00:36:38.398 --> 00:36:38.639
Like,

00:36:38.838 --> 00:36:41.739
is this a high anxiety or low anxiety

00:36:41.780 --> 00:36:42.161
person?

00:36:42.400 --> 00:36:43.920
Is this person fearful?

00:36:44.001 --> 00:36:45.242
Is this person sleeping?

00:36:45.322 --> 00:36:46.561
Is this person medicated?

00:36:46.601 --> 00:36:48.583
Like, what is all the other stuff?

00:36:49.655 --> 00:36:51.516
Then I, you know,

00:36:51.556 --> 00:36:53.097
who cares about a four out

00:36:53.157 --> 00:36:55.079
of five manual muscle test

00:36:55.139 --> 00:36:56.539
on adult doesn't matter.

00:36:58.480 --> 00:37:00.561
AI will do that in amazing ways.

00:37:00.601 --> 00:37:02.302
And I think we could probably learn.

00:37:02.342 --> 00:37:02.902
And I don't know,

00:37:02.963 --> 00:37:06.463
I'm just guessing from counselors,

00:37:06.503 --> 00:37:08.885
from psychiatry and psychology.

00:37:08.925 --> 00:37:12.106
And they've taken that so far online.

00:37:12.246 --> 00:37:13.387
Like I thought I saw a

00:37:13.467 --> 00:37:14.347
number of like thirty or

00:37:14.387 --> 00:37:15.489
forty percent is done

00:37:15.509 --> 00:37:17.789
through telehealth for counseling.

00:37:18.561 --> 00:37:19.521
they've got to have the

00:37:19.561 --> 00:37:20.663
advanced technology and

00:37:20.724 --> 00:37:21.744
understanding of

00:37:22.304 --> 00:37:24.228
identifying these personalities,

00:37:24.547 --> 00:37:25.409
then getting back

00:37:25.489 --> 00:37:27.590
information on what this person needs,

00:37:27.952 --> 00:37:29.152
positive reinforcement,

00:37:29.213 --> 00:37:30.235
negative reinforcement,

00:37:30.275 --> 00:37:31.516
what's going to work best for them,

00:37:31.536 --> 00:37:32.858
what's going to motivate them.

00:37:33.358 --> 00:37:34.438
And, and,

00:37:35.099 --> 00:37:36.840
We see it in Facebook, right?

00:37:37.260 --> 00:37:38.501
We see it in all the social

00:37:38.521 --> 00:37:39.442
media platforms.

00:37:39.561 --> 00:37:40.862
What makes this addictive?

00:37:41.342 --> 00:37:43.304
What triggers that dopamine release?

00:37:43.784 --> 00:37:45.204
How can I bring that into my

00:37:45.244 --> 00:37:46.385
physical therapy practice?

00:37:46.405 --> 00:37:47.664
Because I promise you,

00:37:48.266 --> 00:37:49.746
you can take all the best

00:37:49.806 --> 00:37:51.186
con eds in the world.

00:37:52.293 --> 00:37:53.653
If you know how to trigger

00:37:53.693 --> 00:37:54.893
that dopamine release,

00:37:54.974 --> 00:37:56.474
your patient's never going to cancel.

00:37:56.795 --> 00:37:57.675
Your patient's going to get

00:37:57.695 --> 00:37:58.775
a positive outcome.

00:37:59.135 --> 00:38:00.235
You are going to be the best

00:38:00.275 --> 00:38:01.657
therapist in the world if

00:38:01.677 --> 00:38:03.617
you trigger that dopamine enough times,

00:38:04.217 --> 00:38:05.277
but not too many times.

00:38:07.193 --> 00:38:09.436
I like this as a potential tool.

00:38:10.657 --> 00:38:12.940
My initial assumption would

00:38:12.960 --> 00:38:15.101
be that these busier

00:38:15.322 --> 00:38:16.884
in-network practices across

00:38:16.903 --> 00:38:19.306
the country probably won't buy this tool.

00:38:19.347 --> 00:38:20.086
They probably won't care

00:38:20.106 --> 00:38:21.469
about it because they're just like,

00:38:21.989 --> 00:38:23.130
you know, it's...

00:38:23.971 --> 00:38:25.331
whatever their co-pay is to

00:38:25.371 --> 00:38:26.273
attract the patient to come

00:38:26.333 --> 00:38:27.253
in and they're you know

00:38:27.273 --> 00:38:28.215
they're good enough however

00:38:29.115 --> 00:38:29.755
what you're talking about

00:38:29.775 --> 00:38:30.516
on the front end of like

00:38:30.556 --> 00:38:31.378
learning more about this

00:38:31.418 --> 00:38:33.378
person and then trying to

00:38:33.900 --> 00:38:34.760
you could leverage this

00:38:34.800 --> 00:38:35.902
with like making sure that

00:38:35.942 --> 00:38:37.322
there's better completions

00:38:37.362 --> 00:38:38.824
of you know plans of care

00:38:39.664 --> 00:38:41.166
I think this would be way

00:38:41.286 --> 00:38:42.809
better for the

00:38:42.849 --> 00:38:43.949
out-of-network self-pay

00:38:43.989 --> 00:38:45.471
practices as opposed to in-network.

00:38:45.992 --> 00:38:47.052
If you pitch this to Tony,

00:38:47.092 --> 00:38:49.014
if you didn't know Tony, Tony,

00:38:49.735 --> 00:38:50.577
would this catch your eye?

00:38:50.597 --> 00:38:52.338
Would you then start paying, I don't know,

00:38:52.358 --> 00:38:52.699
whatever,

00:38:52.759 --> 00:38:53.679
a hundred dollars a month or

00:38:53.699 --> 00:38:54.842
whatever for this type of service?

00:38:56.070 --> 00:38:58.391
I can tell you if I see

00:38:58.431 --> 00:38:59.452
something that has a

00:38:59.512 --> 00:39:02.836
material difference in my operations,

00:39:03.317 --> 00:39:04.177
I'll pay in a heartbeat.

00:39:04.739 --> 00:39:05.800
I absolutely will.

00:39:06.099 --> 00:39:07.300
What is, how do you make,

00:39:07.340 --> 00:39:08.342
what's material difference

00:39:08.362 --> 00:39:08.922
in your operations?

00:39:08.963 --> 00:39:10.965
Like make things easier, make things like,

00:39:10.985 --> 00:39:12.306
what is like, how do you, what is that?

00:39:12.346 --> 00:39:13.947
No extra work and more money.

00:39:13.987 --> 00:39:16.070
More money, more money.

00:39:16.750 --> 00:39:17.610
No extra work.

00:39:17.791 --> 00:39:19.052
No extra work first.

00:39:19.253 --> 00:39:20.173
But let me ask you this.

00:39:21.036 --> 00:39:21.836
And more money.

00:39:22.277 --> 00:39:24.579
Is this too far, honestly?

00:39:24.780 --> 00:39:26.702
Because what I'm saying here is, listen,

00:39:26.742 --> 00:39:27.963
by finding out these things

00:39:28.003 --> 00:39:30.646
about patience, later on,

00:39:31.186 --> 00:39:32.748
you're probably going to be

00:39:32.768 --> 00:39:33.489
able to measure this.

00:39:33.510 --> 00:39:34.311
There's a delay.

00:39:34.972 --> 00:39:35.672
There's a delay.

00:39:35.731 --> 00:39:36.472
So that's my question.

00:39:36.753 --> 00:39:39.416
Is the distance too far for you to invest?

00:39:39.456 --> 00:39:40.998
I guess the price would have to be right.

00:39:41.018 --> 00:39:41.838
If you were like, listen, for...

00:39:42.579 --> 00:39:44.039
you know x number of dollars

00:39:44.059 --> 00:39:44.739
like it's a dollar a

00:39:44.780 --> 00:39:46.021
patient right that you use

00:39:46.061 --> 00:39:47.101
it with or some person like

00:39:47.121 --> 00:39:48.240
we'll do it that way and if

00:39:48.260 --> 00:39:48.960
you're going to use it high

00:39:49.001 --> 00:39:50.541
volume but then could you

00:39:50.581 --> 00:39:51.402
build something into your

00:39:51.501 --> 00:39:53.242
ehr like I would do it with

00:39:53.282 --> 00:39:53.961
fifty percent of your

00:39:54.001 --> 00:39:55.043
patients in the first six

00:39:55.083 --> 00:39:55.983
months and fifty percent of

00:39:56.003 --> 00:39:57.063
your patients don't and

00:39:57.083 --> 00:39:58.903
then compare length of stay

00:39:58.963 --> 00:39:59.764
right could you do that

00:39:59.784 --> 00:40:01.043
that a b test it that way

00:40:02.983 --> 00:40:04.144
there you go yeah so that

00:40:04.164 --> 00:40:05.644
could be like a pilot or whatever a paid

00:40:06.971 --> 00:40:08.231
The value of it mostly talks

00:40:08.271 --> 00:40:09.333
about the difference

00:40:09.373 --> 00:40:11.355
between price and value and time.

00:40:11.675 --> 00:40:12.576
If I could give you a

00:40:12.615 --> 00:40:13.817
thousand dollars and have a

00:40:13.876 --> 00:40:17.721
six pack abs today, I'm going to do it.

00:40:17.860 --> 00:40:18.842
But if you're going to tell

00:40:18.882 --> 00:40:19.822
me I give you a thousand

00:40:19.862 --> 00:40:20.983
dollars and I have to eat

00:40:21.043 --> 00:40:22.385
less and exercise more and

00:40:22.405 --> 00:40:23.505
do all these things in six

00:40:23.565 --> 00:40:25.568
months from now, maybe I get a six pack.

00:40:25.608 --> 00:40:26.268
I'm not going to do it.

00:40:27.248 --> 00:40:29.010
Um, with something like this,

00:40:29.449 --> 00:40:30.831
I think there's that,

00:40:31.291 --> 00:40:32.751
how long is this going to take me?

00:40:32.811 --> 00:40:34.572
And is there another way to

00:40:34.612 --> 00:40:35.371
make this work?

00:40:35.431 --> 00:40:38.393
Like, is this something that I can run?

00:40:38.534 --> 00:40:38.793
Okay.

00:40:38.833 --> 00:40:42.815
So Athelas has, um, agents or AI, you know,

00:40:42.914 --> 00:40:44.416
telephone calls, right?

00:40:44.436 --> 00:40:45.275
Is this something that I

00:40:45.295 --> 00:40:47.456
could just today I can run

00:40:47.516 --> 00:40:49.577
an AI to call patients who

00:40:49.617 --> 00:40:51.398
are scheduled for new evaluations,

00:40:51.918 --> 00:40:54.400
go through a series of three questions,

00:40:54.800 --> 00:40:54.940
not

00:40:56.740 --> 00:40:58.862
And at the end of those three questions,

00:40:58.902 --> 00:40:59.943
how many of these patients

00:40:59.983 --> 00:41:01.103
are going to buy my

00:41:01.963 --> 00:41:04.125
resource pack before they

00:41:04.164 --> 00:41:05.646
come for my evaluation?

00:41:05.686 --> 00:41:08.487
So my resource pack has a set of pulleys,

00:41:08.646 --> 00:41:10.188
an ice pack, and a TENS unit.

00:41:11.068 --> 00:41:12.028
And are they going to put a

00:41:12.048 --> 00:41:13.369
hundred dollars in my bank

00:41:13.409 --> 00:41:14.469
account before they even

00:41:14.510 --> 00:41:15.610
come for the eval?

00:41:15.630 --> 00:41:17.032
Because the AI scribe

00:41:17.632 --> 00:41:19.755
Ask the right questions and

00:41:19.835 --> 00:41:21.918
pose this as if you really

00:41:21.938 --> 00:41:23.099
want the best outcomes.

00:41:23.400 --> 00:41:24.460
These are the products that

00:41:24.481 --> 00:41:26.163
we recommend to make you

00:41:26.182 --> 00:41:27.304
feel better today.

00:41:27.744 --> 00:41:28.005
You know,

00:41:28.025 --> 00:41:29.907
like that's immediate return on

00:41:29.947 --> 00:41:30.588
the investment.

00:41:30.608 --> 00:41:31.630
And I think that's something

00:41:31.670 --> 00:41:34.153
that would buy build buy in for this.

00:41:34.554 --> 00:41:36.275
so let's let's ask right so

00:41:36.335 --> 00:41:37.297
well a couple things that

00:41:37.317 --> 00:41:38.677
came to mind but if you had

00:41:38.717 --> 00:41:40.460
to ask three questions you

00:41:40.519 --> 00:41:41.661
could not ask for it

00:41:41.701 --> 00:41:43.762
doesn't matter here's what

00:41:43.983 --> 00:41:45.684
uh max our producer says

00:41:45.744 --> 00:41:46.905
are the three must-have

00:41:46.965 --> 00:41:47.847
questions I want your

00:41:47.887 --> 00:41:49.969
thoughts number one what is

00:41:50.009 --> 00:41:52.210
something specific you want

00:41:52.231 --> 00:41:53.811
to get back to doing that's

00:41:53.851 --> 00:41:55.012
number one although I feel

00:41:55.032 --> 00:41:56.054
like dave you asked that

00:41:56.074 --> 00:41:57.536
that's already in what you ask right

00:41:58.155 --> 00:41:58.715
Number two,

00:42:00.356 --> 00:42:01.697
how do you like to be coached

00:42:01.818 --> 00:42:02.637
or motivated?

00:42:03.239 --> 00:42:05.018
This tells the therapist how

00:42:05.099 --> 00:42:06.139
to talk to the patient.

00:42:06.360 --> 00:42:08.880
Push, support, explain, or cheerlead.

00:42:09.121 --> 00:42:10.262
I hate being cheerleaded.

00:42:10.461 --> 00:42:12.663
I do like being coached.

00:42:12.842 --> 00:42:14.023
I do like understanding how

00:42:14.083 --> 00:42:15.324
far I am from the finish line.

00:42:15.643 --> 00:42:16.364
And number three,

00:42:16.864 --> 00:42:18.045
what usually gets in the

00:42:18.085 --> 00:42:20.927
way of you sticking with a routine?

00:42:20.987 --> 00:42:22.708
Gives you a heads up on compliance.

00:42:23.208 --> 00:42:24.710
So focusing on those three,

00:42:24.731 --> 00:42:25.431
those would be the three

00:42:25.452 --> 00:42:27.115
different questions that Max,

00:42:27.155 --> 00:42:27.737
our producer,

00:42:27.956 --> 00:42:29.260
the AI thinks we should ask.

00:42:30.614 --> 00:42:32.335
So I think that's what it

00:42:32.476 --> 00:42:33.416
thinks we should ask.

00:42:33.617 --> 00:42:34.597
I don't think those are

00:42:34.637 --> 00:42:35.538
effective questions.

00:42:35.557 --> 00:42:37.818
And I've been binge watching

00:42:37.938 --> 00:42:39.480
my six hundred pound life.

00:42:40.000 --> 00:42:42.302
What is that?

00:42:42.382 --> 00:42:44.543
I am unfamiliar.

00:42:44.563 --> 00:42:45.682
I mean, I'm assuming based on the title,

00:42:45.762 --> 00:42:46.543
I can figure it out.

00:42:46.563 --> 00:42:47.284
But seriously,

00:42:47.304 --> 00:42:48.664
you've never seen my six

00:42:48.704 --> 00:42:49.405
hundred pound life.

00:42:49.505 --> 00:42:50.346
OK, it's a TV.

00:42:50.365 --> 00:42:52.806
Please don't don't screen share it.

00:42:52.867 --> 00:42:53.807
Do not screen share it.

00:42:54.148 --> 00:42:55.969
I'm not, but you gotta,

00:42:56.009 --> 00:42:57.909
like any therapist watching

00:42:57.929 --> 00:42:59.690
this has gotta go watch those episodes.

00:42:59.751 --> 00:43:01.532
So these are individuals

00:43:01.572 --> 00:43:03.293
that have accumulated a lot

00:43:03.333 --> 00:43:04.012
of body weight.

00:43:04.393 --> 00:43:08.036
They're going to this surgeon, Dr. Now,

00:43:08.735 --> 00:43:10.137
and they wanna get either

00:43:10.217 --> 00:43:11.918
gastric bypass or a lap

00:43:11.958 --> 00:43:13.619
band or whatever it is that he does.

00:43:14.239 --> 00:43:16.280
And so it takes you behind the scenes.

00:43:16.320 --> 00:43:18.061
You see what the patient

00:43:18.121 --> 00:43:19.461
says to the doctor

00:43:20.262 --> 00:43:21.523
And then you see the reality

00:43:21.543 --> 00:43:22.762
of the patient's life when

00:43:22.802 --> 00:43:23.884
the doctor is not around.

00:43:24.403 --> 00:43:26.023
And I think we see this in

00:43:26.043 --> 00:43:27.545
physical therapy constantly.

00:43:27.605 --> 00:43:27.824
Right.

00:43:27.885 --> 00:43:28.885
Patient walks in the door.

00:43:28.925 --> 00:43:29.885
They tell me one thing.

00:43:29.925 --> 00:43:30.826
They tell me what they think

00:43:30.865 --> 00:43:31.487
I want to hear.

00:43:32.246 --> 00:43:32.666
Yeah.

00:43:33.507 --> 00:43:34.947
Then they do something

00:43:35.108 --> 00:43:37.228
likely very different behind the scenes,

00:43:37.329 --> 00:43:38.849
whether they realize it or not.

00:43:39.269 --> 00:43:41.550
So my problem with those questions is.

00:43:42.681 --> 00:43:45.244
These are really, really good episodes.

00:43:46.164 --> 00:43:46.864
My problem with those

00:43:46.885 --> 00:43:48.527
questions is the person is

00:43:48.547 --> 00:43:49.507
going to tell you what they

00:43:49.547 --> 00:43:51.528
think you want to hear or

00:43:51.628 --> 00:43:54.311
what they want the reality to be,

00:43:54.351 --> 00:43:55.672
but it's not the reality.

00:43:56.313 --> 00:43:58.775
I want the AI to ask

00:43:58.815 --> 00:44:00.838
questions that the patient

00:44:00.878 --> 00:44:01.858
can't get wrong.

00:44:01.898 --> 00:44:02.659
In other words...

00:44:03.719 --> 00:44:04.039
You know,

00:44:04.201 --> 00:44:06.041
I want to get into what have you

00:44:06.222 --> 00:44:07.262
actually paid for?

00:44:07.342 --> 00:44:08.762
What have you actually purchased?

00:44:08.782 --> 00:44:10.244
And I shared a post recently.

00:44:10.304 --> 00:44:10.804
I'm like, look,

00:44:11.143 --> 00:44:12.644
the best patients are the

00:44:12.744 --> 00:44:13.864
ones who are already doing

00:44:13.925 --> 00:44:14.666
everything right.

00:44:14.965 --> 00:44:16.246
They're already eating well.

00:44:16.347 --> 00:44:17.306
They're not telling me

00:44:17.327 --> 00:44:18.188
they're eating well.

00:44:18.228 --> 00:44:19.768
They're actually eating well.

00:44:20.028 --> 00:44:21.349
They're already working out.

00:44:21.608 --> 00:44:22.809
They're already researching

00:44:22.849 --> 00:44:23.550
their condition.

00:44:23.570 --> 00:44:25.251
They're already doing everything.

00:44:25.670 --> 00:44:26.931
This person is going to get

00:44:26.972 --> 00:44:28.132
better no matter what.

00:44:28.652 --> 00:44:30.034
All I can do is screw it up.

00:44:30.054 --> 00:44:30.414
Right.

00:44:31.293 --> 00:44:32.815
These are the people that I want.

00:44:32.855 --> 00:44:34.074
So I want an AI that

00:44:34.175 --> 00:44:35.556
understands human behavior

00:44:35.615 --> 00:44:38.797
enough that they're not asking questions.

00:44:38.818 --> 00:44:40.177
They're observing what the

00:44:40.237 --> 00:44:41.458
person is already doing,

00:44:41.958 --> 00:44:43.940
plugging them into an algorithm,

00:44:44.340 --> 00:44:46.601
and then giving the information back.

00:44:46.981 --> 00:44:49.224
which is what Facebook does.

00:44:49.344 --> 00:44:50.164
Instagram does.

00:44:50.204 --> 00:44:51.306
Facebook doesn't ask you

00:44:51.326 --> 00:44:52.067
what you want to see.

00:44:52.547 --> 00:44:54.588
Facebook starts showing you stuff.

00:44:54.969 --> 00:44:56.630
And based on how you respond

00:44:56.670 --> 00:44:57.853
to what it shows you,

00:44:58.213 --> 00:44:59.514
it gives you more of that.

00:44:59.914 --> 00:45:01.536
That's the AI that I want.

00:45:01.556 --> 00:45:02.677
That's going to grow my business.

00:45:06.237 --> 00:45:07.177
So could you use something

00:45:07.197 --> 00:45:08.097
that was predictive?

00:45:08.237 --> 00:45:08.998
So something that you would

00:45:09.079 --> 00:45:10.039
ask a question and then the

00:45:10.079 --> 00:45:11.960
second question would only

00:45:11.981 --> 00:45:13.161
be based on the answer the first?

00:45:13.322 --> 00:45:13.762
Is that what I mean?

00:45:14.322 --> 00:45:15.643
I would say probably still

00:45:15.704 --> 00:45:17.045
not asking questions.

00:45:17.545 --> 00:45:19.427
Figure out a way to get the

00:45:19.487 --> 00:45:20.887
information without ever

00:45:21.007 --> 00:45:21.949
asking the question.

00:45:22.409 --> 00:45:23.170
Like, I don't know,

00:45:23.289 --> 00:45:24.130
I don't know how we just,

00:45:24.590 --> 00:45:25.632
we just need the AI to

00:45:25.952 --> 00:45:27.153
maybe we'll talk to Apple,

00:45:27.193 --> 00:45:27.994
we'll get a little,

00:45:28.014 --> 00:45:29.936
a little earbud that plugs

00:45:29.956 --> 00:45:30.737
into their brain.

00:45:30.838 --> 00:45:33.300
And then you know, we find out their true,

00:45:34.081 --> 00:45:35.784
the true likelihood of

00:45:35.864 --> 00:45:38.507
their willingness to change

00:45:38.527 --> 00:45:39.507
their behavior and invest

00:45:39.568 --> 00:45:40.829
time and money into their

00:45:40.849 --> 00:45:41.449
health and wellness.

00:45:42.065 --> 00:45:42.525
I mean, look,

00:45:42.784 --> 00:45:44.286
imagine a credit card company.

00:45:44.346 --> 00:45:45.985
They have unreasonable

00:45:46.025 --> 00:45:47.146
amounts of information

00:45:47.206 --> 00:45:48.806
about what we actually buy,

00:45:49.407 --> 00:45:50.686
what we're actually putting

00:45:50.766 --> 00:45:52.507
our dollars behind.

00:45:53.068 --> 00:45:54.148
They are the ones that have

00:45:54.188 --> 00:45:55.047
the best predictive

00:45:55.108 --> 00:45:57.349
information about how to

00:45:57.409 --> 00:45:58.849
approach this person for

00:45:58.909 --> 00:46:01.150
better healthcare decisions.

00:46:01.389 --> 00:46:03.150
It's got that whole big data

00:46:03.170 --> 00:46:05.670
thing that became popular years ago that

00:46:05.751 --> 00:46:06.911
This is where we're going to

00:46:06.952 --> 00:46:07.972
get the information,

00:46:08.012 --> 00:46:09.494
because I still think if

00:46:09.534 --> 00:46:12.235
you ask me what I want,

00:46:12.936 --> 00:46:14.918
even if I think I know what I want,

00:46:15.179 --> 00:46:17.221
it's not really what I want.

00:46:17.300 --> 00:46:18.422
I don't know what I want.

00:46:18.461 --> 00:46:19.722
It's a blind spot for me.

00:46:20.623 --> 00:46:21.884
You have to see what I've done.

00:46:21.965 --> 00:46:23.666
What are the decisions that I've made?

00:46:23.726 --> 00:46:25.206
Like, I want to eat less sugar,

00:46:25.246 --> 00:46:26.909
but I still go get a piece of cheesecake.

00:46:27.449 --> 00:46:27.748
Right.

00:46:27.869 --> 00:46:30.190
So you've got to find what

00:46:30.231 --> 00:46:31.632
is it that's driving me the

00:46:31.672 --> 00:46:34.074
physiology to eat that cheesecake.

00:46:34.153 --> 00:46:35.215
Even when I know I don't

00:46:35.295 --> 00:46:36.697
want to eat the cheesecake,

00:46:36.757 --> 00:46:37.817
my body is telling me to

00:46:37.836 --> 00:46:40.318
eat the cheesecake.

00:46:40.460 --> 00:46:41.900
I understand Tony's stance

00:46:42.021 --> 00:46:43.181
on it might not even be

00:46:43.242 --> 00:46:45.503
questions that actually is so important.

00:46:47.074 --> 00:46:48.653
high level iq of

00:46:48.713 --> 00:46:49.875
understanding this topic

00:46:50.434 --> 00:46:51.635
because I'm I'm typing in

00:46:51.655 --> 00:46:52.954
chat gpt as we're talking

00:46:52.994 --> 00:46:54.016
like you know what are the

00:46:54.135 --> 00:46:55.815
best three questions to

00:46:55.896 --> 00:46:56.795
actually understand

00:46:56.815 --> 00:46:57.715
someone's likelihood of

00:46:57.795 --> 00:46:58.577
behavior change and all

00:46:58.597 --> 00:47:00.117
that and it said you know

00:47:00.336 --> 00:47:01.157
what happens if nothing

00:47:01.197 --> 00:47:02.197
changes in the next three

00:47:02.217 --> 00:47:03.518
to six months right so then

00:47:03.538 --> 00:47:04.858
they have to emotionally

00:47:04.878 --> 00:47:05.918
describe like then they're

00:47:05.938 --> 00:47:07.157
still stuck in that rut of

00:47:07.197 --> 00:47:09.139
whatever uh or why now

00:47:09.699 --> 00:47:10.958
as the second question or on

00:47:10.998 --> 00:47:11.840
a scale from one to ten,

00:47:11.860 --> 00:47:12.679
how committed are you to

00:47:12.719 --> 00:47:14.500
doing what it takes, including time,

00:47:14.579 --> 00:47:15.780
effort and financial

00:47:15.820 --> 00:47:16.840
investment to fix this?

00:47:16.880 --> 00:47:18.802
So those are those are awesome.

00:47:19.521 --> 00:47:20.081
I love these.

00:47:20.121 --> 00:47:21.481
I love the ones Jimmy was talking about.

00:47:22.003 --> 00:47:24.262
But I also I'm also now

00:47:24.443 --> 00:47:26.143
stepping back and I'm like, of course,

00:47:26.204 --> 00:47:27.764
Tony's right, like most of the time.

00:47:28.204 --> 00:47:30.824
And if let's say if you had a patient,

00:47:31.025 --> 00:47:32.125
if they would have to agree to this,

00:47:32.244 --> 00:47:32.865
but you're talking about

00:47:32.905 --> 00:47:34.505
the credit cards and the

00:47:34.525 --> 00:47:37.067
financial history,

00:47:38.047 --> 00:47:39.347
could a personal trainer or

00:47:39.467 --> 00:47:40.548
a nutritionist or a

00:47:40.588 --> 00:47:41.648
dietitian or a physical

00:47:41.668 --> 00:47:42.969
therapist or whatever have

00:47:43.030 --> 00:47:44.351
some ai program that the

00:47:44.391 --> 00:47:46.293
patient approves of and

00:47:46.313 --> 00:47:47.572
then you're using ai to

00:47:47.632 --> 00:47:49.335
pull in like where do they

00:47:49.375 --> 00:47:50.815
go for food what you know

00:47:50.896 --> 00:47:52.856
restaurants or grubhub or

00:47:53.217 --> 00:47:55.179
mcdonald's versus some

00:47:55.219 --> 00:47:56.139
healthy greek food or

00:47:56.179 --> 00:47:57.760
whatever could that

00:47:57.880 --> 00:47:59.121
actually change behavior

00:47:59.201 --> 00:48:00.121
more because then they have

00:48:00.222 --> 00:48:01.762
oversight into their actual

00:48:02.463 --> 00:48:03.724
transactions the things

00:48:03.744 --> 00:48:04.324
that they're buying on

00:48:04.385 --> 00:48:05.525
amazon that are you know

00:48:05.565 --> 00:48:07.527
wasting money and they're not

00:48:08.387 --> 00:48:11.648
I don't know, no one buys DVDs anymore,

00:48:11.688 --> 00:48:13.869
but on Amazon Prime,

00:48:14.509 --> 00:48:15.329
every night they're buying

00:48:15.389 --> 00:48:17.550
a new digital rental on

00:48:17.650 --> 00:48:20.170
Amazon Movies or whatever it is,

00:48:20.972 --> 00:48:24.472
Amazon Video, as opposed to, I don't know,

00:48:24.492 --> 00:48:25.994
buying like resistant bands

00:48:26.054 --> 00:48:27.833
and new shoes for walking or whatever.

00:48:30.427 --> 00:48:32.288
Tony, I'm just so impressed with you.

00:48:32.407 --> 00:48:33.969
Like, I'm thinking like, yeah, of course,

00:48:33.989 --> 00:48:34.608
it's question based.

00:48:34.628 --> 00:48:35.309
And I'm going to double

00:48:35.509 --> 00:48:36.730
double down on what we're talking about.

00:48:36.769 --> 00:48:37.949
And these are the questions

00:48:37.969 --> 00:48:38.831
that we ask anyway.

00:48:39.170 --> 00:48:40.150
But then it's like, wow,

00:48:40.311 --> 00:48:41.972
like Tony comes at this different angle.

00:48:42.291 --> 00:48:43.532
And it's like that actually

00:48:44.333 --> 00:48:45.893
makes the most sense to try

00:48:45.914 --> 00:48:47.014
to get into someone's brain

00:48:47.173 --> 00:48:48.335
and not through a questions

00:48:48.375 --> 00:48:48.974
based framework.

00:48:49.849 --> 00:48:51.070
So real quick, you know,

00:48:51.090 --> 00:48:52.452
what's funny about it is I

00:48:52.512 --> 00:48:53.893
remember my wife and I,

00:48:53.932 --> 00:48:55.014
when we went through,

00:48:55.094 --> 00:48:55.934
like when we were getting

00:48:55.954 --> 00:48:57.715
ready to be married, we were engaged.

00:48:57.755 --> 00:48:59.817
We went through this thing

00:49:00.056 --> 00:49:01.117
through the church and we

00:49:01.157 --> 00:49:02.858
had to like answer these questions.

00:49:03.820 --> 00:49:05.221
And both of us came out of

00:49:05.300 --> 00:49:07.141
it saying the same thing.

00:49:07.181 --> 00:49:07.523
We're like,

00:49:08.262 --> 00:49:09.923
Why are you asking me these questions?

00:49:10.003 --> 00:49:11.985
We know what the answer is supposed to be.

00:49:12.025 --> 00:49:12.985
We're going to give you the

00:49:13.106 --> 00:49:14.447
answer that it's supposed to be.

00:49:15.027 --> 00:49:16.668
And for personality tests

00:49:16.708 --> 00:49:18.690
and all of those kinds of tests, I just,

00:49:18.809 --> 00:49:21.170
I always remember from a childhood,

00:49:21.791 --> 00:49:23.132
I know what you want me to say.

00:49:23.172 --> 00:49:25.353
I'm going to say what you want me to say.

00:49:26.894 --> 00:49:29.436
But Dave, you made me think of this.

00:49:30.382 --> 00:49:31.784
So there are apps,

00:49:32.244 --> 00:49:34.686
biometric tracking apps right now,

00:49:34.746 --> 00:49:36.407
continuous glucose monitors.

00:49:36.447 --> 00:49:38.090
We look at all of these step

00:49:38.130 --> 00:49:39.050
counters and stuff.

00:49:39.672 --> 00:49:42.335
Give me access to that or,

00:49:42.635 --> 00:49:43.596
and this is where I think

00:49:43.735 --> 00:49:45.918
AI replaces a physical therapist,

00:49:46.679 --> 00:49:51.063
Or give me a personal AI

00:49:51.083 --> 00:49:52.463
that can analyze my

00:49:52.503 --> 00:49:56.286
behavior across multiple platforms.

00:49:56.306 --> 00:49:57.307
So what am I buying?

00:49:57.648 --> 00:49:58.389
What am I doing?

00:49:58.469 --> 00:49:59.248
How am I moving?

00:49:59.349 --> 00:50:00.590
When does my heart rate,

00:50:00.911 --> 00:50:02.251
my physiology change?

00:50:02.291 --> 00:50:03.733
When does my heart rate go up?

00:50:04.213 --> 00:50:05.675
What was I doing at that

00:50:05.715 --> 00:50:07.275
moment that made me excited

00:50:07.315 --> 00:50:08.657
and made me happy?

00:50:09.418 --> 00:50:09.737
Now,

00:50:09.797 --> 00:50:12.260
how do I leverage that dopamine response?

00:50:12.280 --> 00:50:13.460
I'm going to keep saying that.

00:50:13.992 --> 00:50:16.054
To enhance the behavior that

00:50:16.134 --> 00:50:18.614
I think I want, at least, you know,

00:50:18.695 --> 00:50:20.856
so if I want to feel good

00:50:20.896 --> 00:50:22.538
about making these choices,

00:50:23.697 --> 00:50:25.059
how am I feeling good right now?

00:50:25.672 --> 00:50:27.112
And how do I replicate that

00:50:27.172 --> 00:50:29.715
into feeling good in future choices?

00:50:30.795 --> 00:50:32.036
I don't think a human

00:50:32.097 --> 00:50:33.498
physical therapist can ever

00:50:33.538 --> 00:50:34.798
do that by themselves.

00:50:34.818 --> 00:50:35.559
They either need to be

00:50:35.699 --> 00:50:37.702
augmented by AI or they're

00:50:37.722 --> 00:50:39.322
going to be replaced by AI

00:50:39.663 --> 00:50:41.545
to create that kind of solution.

00:50:41.784 --> 00:50:41.945
Yeah,

00:50:42.005 --> 00:50:43.286
too much information would be needed.

00:50:43.306 --> 00:50:44.686
But we have apps like this.

00:50:45.067 --> 00:50:46.447
I use rocket money, right?

00:50:46.507 --> 00:50:47.849
It tracks what I'm spending.

00:50:47.869 --> 00:50:50.472
It can actually do AI phone calls.

00:50:51.092 --> 00:50:53.393
to at t to negotiate for me

00:50:53.434 --> 00:50:54.675
to try to negotiate you

00:50:54.695 --> 00:50:56.117
know ten dollars off of my

00:50:56.177 --> 00:50:57.438
monthly bill does that like

00:50:57.478 --> 00:50:58.278
every three months because

00:50:58.318 --> 00:51:00.161
I told it to and I pay like

00:51:00.422 --> 00:51:02.123
six bucks a month but look

00:51:02.143 --> 00:51:03.684
what rocket money has

00:51:03.824 --> 00:51:05.606
access to everything that

00:51:05.626 --> 00:51:06.947
I'm buying and I bet you in

00:51:06.967 --> 00:51:07.949
the terms of service it's

00:51:07.969 --> 00:51:08.909
like by the way we can sell

00:51:08.929 --> 00:51:10.532
that information when I was

00:51:10.552 --> 00:51:13.193
working in a research lab at mount sinai

00:51:13.755 --> 00:51:14.936
I remember the people in the

00:51:14.976 --> 00:51:16.356
lab saying the data from

00:51:16.476 --> 00:51:18.157
this product that we're

00:51:18.518 --> 00:51:20.539
creating or researching is

00:51:20.559 --> 00:51:21.699
going to be worth more than

00:51:21.940 --> 00:51:23.300
all the money that they'll

00:51:23.340 --> 00:51:25.302
make from the product being sold.

00:51:25.722 --> 00:51:27.242
Even if they make millions,

00:51:27.922 --> 00:51:28.804
the data is going to be

00:51:28.824 --> 00:51:30.965
worth hundreds of millions or a billion.

00:51:31.144 --> 00:51:31.925
And I remember being like,

00:51:32.025 --> 00:51:33.246
I don't understand that and

00:51:33.266 --> 00:51:34.086
then watching what they

00:51:34.106 --> 00:51:35.188
could do with that information.

00:51:35.847 --> 00:51:36.648
So you could have...

00:51:37.429 --> 00:51:38.550
I was reading an article the other day.

00:51:38.630 --> 00:51:40.150
I know the data they call

00:51:40.190 --> 00:51:41.652
from an Apple Watch, like dirty data.

00:51:41.672 --> 00:51:42.432
It's pretty good,

00:51:42.452 --> 00:51:44.014
but it's not precise enough.

00:51:44.335 --> 00:51:45.255
But it's pretty damn good in

00:51:45.295 --> 00:51:47.297
terms of activity and what you're doing.

00:51:47.617 --> 00:51:49.179
Could you make it easy to

00:51:49.699 --> 00:51:50.860
track what you're eating or

00:51:50.940 --> 00:51:52.422
doing at that particular moment?

00:51:53.322 --> 00:51:53.503
I mean,

00:51:53.702 --> 00:51:55.123
I have to think that we're there at

00:51:55.164 --> 00:51:56.945
this point just –

00:51:56.405 --> 00:51:57.925
Is someone motivated to take

00:51:57.945 --> 00:51:59.126
all that information together?

00:51:59.146 --> 00:52:01.487
Because now your treatment plan changes.

00:52:01.809 --> 00:52:03.009
When I was doing my last Ironman,

00:52:03.050 --> 00:52:03.750
I hired a coach,

00:52:04.110 --> 00:52:04.871
not because I didn't know

00:52:04.891 --> 00:52:06.532
how to train for an Ironman.

00:52:06.592 --> 00:52:07.512
I'd done a couple before,

00:52:08.012 --> 00:52:09.193
but I wanted to get better.

00:52:09.233 --> 00:52:10.534
So I realized I had to change something.

00:52:10.795 --> 00:52:11.494
So he didn't just give me a

00:52:11.534 --> 00:52:12.556
plan for the month and say,

00:52:12.576 --> 00:52:13.315
I'll see you in a month.

00:52:13.335 --> 00:52:14.657
Like we changed it every two

00:52:14.677 --> 00:52:15.898
or three days based on how

00:52:15.998 --> 00:52:17.378
I did and how I was feeling

00:52:17.418 --> 00:52:18.480
or how I was sleeping or

00:52:18.500 --> 00:52:19.960
how much I was traveling for work.

00:52:20.800 --> 00:52:22.061
Could AI adapt to that?

00:52:22.161 --> 00:52:22.302
I mean,

00:52:22.322 --> 00:52:23.123
I don't even think I need to ask

00:52:23.143 --> 00:52:23.623
that out loud.

00:52:23.643 --> 00:52:24.463
You know, the answer is yes.

00:52:26.211 --> 00:52:26.972
Yeah.

00:52:26.992 --> 00:52:28.072
Do we have another segment?

00:52:31.175 --> 00:52:32.355
I didn't have another segment.

00:52:32.434 --> 00:52:33.635
Real quick, with that app,

00:52:33.675 --> 00:52:35.536
are we going to call it the Jimmy app?

00:52:37.297 --> 00:52:38.717
The Jimmy app?

00:52:38.878 --> 00:52:40.599
I mean, that service, though,

00:52:40.918 --> 00:52:43.181
is originally, again,

00:52:43.201 --> 00:52:43.681
we're talking about the

00:52:43.701 --> 00:52:44.800
questions-based framework,

00:52:44.820 --> 00:52:45.322
and then we're talking

00:52:45.362 --> 00:52:47.222
about pulling in someone's

00:52:47.983 --> 00:52:49.523
transactions and purchase history.

00:52:50.003 --> 00:52:51.485
I'm actually fascinated with it,

00:52:51.565 --> 00:52:53.606
and it is maybe bigger than just,

00:52:53.985 --> 00:52:54.226
obviously,

00:52:54.246 --> 00:52:55.746
it's just bigger than physical therapy.

00:52:56.755 --> 00:52:59.617
Yeah, so the ultimate app, right,

00:52:59.637 --> 00:53:01.259
would be access to everything that you do,

00:53:01.398 --> 00:53:03.101
your biometric data from your Apple Watch,

00:53:03.541 --> 00:53:05.121
your search history, your food,

00:53:05.222 --> 00:53:07.224
what you're buying, but more importantly,

00:53:07.244 --> 00:53:08.164
what you're eating and when

00:53:08.184 --> 00:53:09.726
do things spike and things like that.

00:53:10.067 --> 00:53:11.547
That's like, I don't know.

00:53:11.708 --> 00:53:12.929
That's the government oversight.

00:53:12.989 --> 00:53:15.711
But I might now change...

00:53:17.014 --> 00:53:18.054
where the app is,

00:53:18.394 --> 00:53:19.655
since we have an AI scribe

00:53:19.675 --> 00:53:21.157
and there's fifty million of them, right?

00:53:21.277 --> 00:53:22.217
And some of them are better

00:53:22.237 --> 00:53:23.217
than others or different than others.

00:53:24.039 --> 00:53:26.099
Why wouldn't you use an AI

00:53:26.360 --> 00:53:27.840
agent to have this phone call?

00:53:27.880 --> 00:53:29.041
Like we give options like

00:53:29.402 --> 00:53:30.443
answer the phone call now

00:53:30.583 --> 00:53:31.923
or don't or answer these

00:53:31.963 --> 00:53:33.545
questions at a kiosk or don't.

00:53:34.264 --> 00:53:35.505
Or do you bake this into the

00:53:35.545 --> 00:53:36.606
first conversation of the

00:53:36.646 --> 00:53:39.909
evaluation and now train the AI like, hey,

00:53:40.849 --> 00:53:41.889
part of these questions or

00:53:41.949 --> 00:53:43.331
I need you to get some

00:53:43.652 --> 00:53:45.172
semblance of the motivation

00:53:46.817 --> 00:53:48.197
of of this patient out of

00:53:48.237 --> 00:53:49.918
this to tell the the

00:53:49.978 --> 00:53:52.659
clinician how to style this

00:53:52.739 --> 00:53:53.398
and when you give

00:53:53.478 --> 00:53:54.380
suggestions for the

00:53:54.440 --> 00:53:56.139
treatment in subsequent

00:53:56.159 --> 00:53:57.721
visits that needs to be

00:53:57.760 --> 00:53:58.840
taken into consideration

00:53:58.981 --> 00:54:00.202
not just their diagnosis

00:54:00.242 --> 00:54:02.081
their psychology so I don't

00:54:02.121 --> 00:54:03.222
know does this have to live

00:54:03.242 --> 00:54:04.702
in the emr or is this part

00:54:04.722 --> 00:54:05.704
of the intake or is this

00:54:05.963 --> 00:54:07.784
always part of the process

00:54:07.804 --> 00:54:09.264
and should always be part of the process

00:54:11.416 --> 00:54:12.318
I think it should always be

00:54:12.358 --> 00:54:13.358
part of the process.

00:54:13.418 --> 00:54:15.161
I think good therapists

00:54:15.221 --> 00:54:17.903
inherently do this to some level already.

00:54:18.704 --> 00:54:20.626
I modify my treatment based

00:54:20.688 --> 00:54:21.748
on the personality and

00:54:21.768 --> 00:54:22.769
based on the response.

00:54:23.351 --> 00:54:26.293
You know, so when I get an angry,

00:54:26.414 --> 00:54:27.195
frustrated,

00:54:27.255 --> 00:54:29.577
fearful individual who walks

00:54:29.617 --> 00:54:30.318
into my clinic,

00:54:31.018 --> 00:54:31.980
Everything that I was

00:54:32.019 --> 00:54:33.561
planning on doing goes out the window.

00:54:33.860 --> 00:54:35.282
I completely changed the way

00:54:35.322 --> 00:54:36.882
I'm approaching this individual.

00:54:37.503 --> 00:54:39.043
I'm matching their personality.

00:54:39.063 --> 00:54:40.184
I'm matching their tone.

00:54:40.264 --> 00:54:41.485
I'm trying to build trust.

00:54:41.605 --> 00:54:43.346
And what were you going to say?

00:54:43.365 --> 00:54:44.567
No, no, keep going.

00:54:45.585 --> 00:54:48.128
Whereas if I get that super jolly,

00:54:48.188 --> 00:54:49.429
super friendly little old

00:54:49.449 --> 00:54:50.688
lady who loves everybody

00:54:50.728 --> 00:54:51.769
and just wants to talk,

00:54:52.409 --> 00:54:53.911
I'm going to approach that

00:54:53.971 --> 00:54:54.791
very differently.

00:54:55.331 --> 00:54:57.032
I definitely think AI can

00:54:57.072 --> 00:54:59.135
figure that stuff out over the phone,

00:54:59.335 --> 00:55:02.717
by voice, and even to the point of, okay,

00:55:02.737 --> 00:55:03.677
if we're going to have this

00:55:04.038 --> 00:55:05.239
AI conversation,

00:55:06.059 --> 00:55:08.039
I think it can definitely know,

00:55:08.240 --> 00:55:09.922
does this person want to talk to me,

00:55:10.181 --> 00:55:11.282
the AI, longer?

00:55:11.802 --> 00:55:12.923
Or does this person want to

00:55:12.963 --> 00:55:14.284
wrap up this conversation?

00:55:14.344 --> 00:55:16.226
And so for us to say like three questions,

00:55:16.286 --> 00:55:17.746
that's stupid because it

00:55:17.766 --> 00:55:19.188
should adjust to the

00:55:19.228 --> 00:55:20.628
context of the situation.

00:55:20.909 --> 00:55:21.228
Correct.

00:55:21.528 --> 00:55:22.429
Just had an idea.

00:55:22.869 --> 00:55:23.791
Hey, listen,

00:55:24.210 --> 00:55:25.492
Dave asking for a

00:55:25.572 --> 00:55:27.273
recommendation might be a

00:55:27.293 --> 00:55:28.634
little awkward from Dave's part.

00:55:28.673 --> 00:55:29.675
It might also be a little

00:55:29.755 --> 00:55:30.434
awkward from the person

00:55:30.454 --> 00:55:31.295
you're asking because now I

00:55:31.315 --> 00:55:32.456
feel obligated, right?

00:55:32.476 --> 00:55:33.938
It's a good way to get recommendations,

00:55:33.998 --> 00:55:35.318
but is it a good recommendation?

00:55:36.478 --> 00:55:38.099
asking someone else to ask

00:55:38.519 --> 00:55:39.521
is a different thing.

00:55:40.021 --> 00:55:41.702
So after visit four,

00:55:42.121 --> 00:55:43.523
could you have an AI agent

00:55:43.563 --> 00:55:45.083
trained and say, listen,

00:55:45.224 --> 00:55:46.023
we just want to see what

00:55:46.043 --> 00:55:46.643
your thoughts are.

00:55:46.724 --> 00:55:47.864
Is Dave a good fit for you?

00:55:48.085 --> 00:55:48.244
Like,

00:55:48.264 --> 00:55:49.646
would you want to maybe consider a

00:55:49.706 --> 00:55:51.226
different therapist or how's it going?

00:55:51.726 --> 00:55:52.547
Oh, it's going great.

00:55:52.967 --> 00:55:53.248
Great.

00:55:53.327 --> 00:55:55.469
This, this sounds overwhelmingly positive.

00:55:55.708 --> 00:55:57.070
Now's the time to ask for.

00:55:57.329 --> 00:55:57.469
Yeah.

00:55:58.731 --> 00:56:00.751
a a a recommendation or

00:56:00.893 --> 00:56:01.592
what's the word I'm looking

00:56:01.612 --> 00:56:02.534
for how come I can't come

00:56:02.554 --> 00:56:04.896
up with it uh uh leave a

00:56:04.936 --> 00:56:06.456
review review review leave

00:56:06.478 --> 00:56:07.518
a google review like I'm

00:56:07.878 --> 00:56:08.780
losing nouns for some

00:56:08.820 --> 00:56:09.679
reason at nine twenty seven

00:56:09.699 --> 00:56:10.701
in the morning um leave a

00:56:10.721 --> 00:56:11.922
review is this

00:56:12.061 --> 00:56:13.423
overwhelmingly negative how

00:56:13.443 --> 00:56:14.344
can we make this better

00:56:14.423 --> 00:56:15.806
like so could you train it

00:56:15.826 --> 00:56:16.365
could be part of the

00:56:16.485 --> 00:56:17.507
ongoing process but it's

00:56:17.567 --> 00:56:19.329
not dave doing it it's a

00:56:19.449 --> 00:56:20.710
third party so you feel

00:56:20.730 --> 00:56:22.512
like a chance to be a little bit more

00:56:23.072 --> 00:56:24.373
honest maybe it's even

00:56:24.474 --> 00:56:25.894
better than it's ai because

00:56:25.934 --> 00:56:26.615
now I don't feel like I'm

00:56:26.635 --> 00:56:27.597
trashing dave I'm talking

00:56:27.617 --> 00:56:29.278
to a computer but I do want

00:56:29.298 --> 00:56:30.780
to you want that feedback

00:56:31.141 --> 00:56:32.242
that person probably would

00:56:32.282 --> 00:56:33.242
like the result of that

00:56:33.282 --> 00:56:35.045
feedback make it easier

00:56:36.827 --> 00:56:38.889
Let's look at parting shots.

00:56:39.028 --> 00:56:39.909
One of the things I want to

00:56:39.929 --> 00:56:42.931
talk about next week is do

00:56:43.070 --> 00:56:45.092
we want patients, clients,

00:56:45.152 --> 00:56:46.532
prospects to know they're

00:56:46.592 --> 00:56:47.632
talking to an AI?

00:56:47.753 --> 00:56:48.793
Now, I know there's laws.

00:56:48.833 --> 00:56:49.954
I know there's regulations.

00:56:50.014 --> 00:56:51.715
I know compliance is going

00:56:51.735 --> 00:56:52.434
to come into play.

00:56:52.474 --> 00:56:54.536
But just in a perfect world

00:56:54.596 --> 00:56:55.436
where we could actually

00:56:55.476 --> 00:56:57.297
make our own decisions for ourselves,

00:56:58.038 --> 00:56:59.840
Would there be an advantage

00:56:59.880 --> 00:57:01.440
to the person on the phone

00:57:01.501 --> 00:57:03.523
knowing this is a robot I'm talking to?

00:57:04.184 --> 00:57:06.967
Or if the AI is at the level

00:57:07.027 --> 00:57:08.407
that it's imperceptible,

00:57:08.949 --> 00:57:11.650
I wonder if there is benefit to, you know,

00:57:11.911 --> 00:57:13.052
let the person on the phone

00:57:13.092 --> 00:57:14.434
just assume this is a human

00:57:14.454 --> 00:57:16.556
that I'm talking to.

00:57:16.635 --> 00:57:17.056
Real quick,

00:57:17.137 --> 00:57:18.737
my parting shot and then Dave

00:57:18.757 --> 00:57:19.998
and then Jimmy, you close it out.

00:57:21.440 --> 00:57:22.922
So today was a great conversation.

00:57:23.121 --> 00:57:25.422
Guys, if you don't have mentorship,

00:57:25.463 --> 00:57:26.664
if you don't have people

00:57:26.724 --> 00:57:27.985
around you that are willing

00:57:28.045 --> 00:57:30.427
to share their personal experiences,

00:57:30.467 --> 00:57:32.007
share what worked, what didn't work,

00:57:32.108 --> 00:57:33.469
even if it's not going to work for you.

00:57:34.088 --> 00:57:35.751
That's why you get on social

00:57:35.791 --> 00:57:38.012
media and connect with people like us,

00:57:38.092 --> 00:57:39.413
people like Stephen Dunn,

00:57:39.753 --> 00:57:40.833
people like Scott.

00:57:40.914 --> 00:57:42.375
Like there are so many

00:57:42.414 --> 00:57:43.835
people at all stages of

00:57:43.916 --> 00:57:44.836
business development.

00:57:45.697 --> 00:57:47.318
go find them, connect with them,

00:57:47.757 --> 00:57:49.298
answer questions, talk to each other,

00:57:49.358 --> 00:57:50.579
build those relationships.

00:57:50.639 --> 00:57:52.000
You will advance so much

00:57:52.019 --> 00:57:53.940
faster if you have other

00:57:53.981 --> 00:57:54.920
people that are ahead of

00:57:54.960 --> 00:57:58.702
you and behind you.

00:57:58.862 --> 00:57:59.043
Man,

00:57:59.083 --> 00:58:00.764
parting shot earlier in the conversation,

00:58:00.864 --> 00:58:02.744
leverage is all about for

00:58:02.784 --> 00:58:03.385
entrepreneurship,

00:58:03.965 --> 00:58:05.045
leveraging other people's

00:58:05.085 --> 00:58:06.686
money in that acquisition example,

00:58:06.827 --> 00:58:07.806
or leveraging other

00:58:07.827 --> 00:58:09.467
people's time with hiring

00:58:09.487 --> 00:58:10.387
team members and employees.

00:58:10.407 --> 00:58:11.188
That's why I'm able to

00:58:12.260 --> 00:58:13.422
only treat one patient a

00:58:13.461 --> 00:58:14.081
month or whatever.

00:58:14.583 --> 00:58:15.443
So thankful for that.

00:58:15.463 --> 00:58:16.423
But it took a lot of effort

00:58:16.443 --> 00:58:18.025
and time to get to that point.

00:58:18.724 --> 00:58:20.827
But that was part one of today.

00:58:20.847 --> 00:58:21.746
And then the second part

00:58:21.766 --> 00:58:23.568
about the fascinating

00:58:23.989 --> 00:58:25.210
navigation that we just did

00:58:25.289 --> 00:58:27.530
through the the idea stages

00:58:27.690 --> 00:58:31.172
of a potential technology or app for

00:58:32.014 --> 00:58:33.815
the intake or just for, I don't know,

00:58:33.835 --> 00:58:34.914
patient experience overall.

00:58:35.396 --> 00:58:36.576
And then also a sidebar,

00:58:36.916 --> 00:58:37.817
I just had Jerry Durham on

00:58:37.836 --> 00:58:38.657
the Dave Kittle show.

00:58:38.677 --> 00:58:39.498
It's coming out soon.

00:58:39.657 --> 00:58:40.577
We covered, Tony,

00:58:40.657 --> 00:58:41.719
exactly what you just said.

00:58:41.739 --> 00:58:44.639
So next Thursday, we'll talk about it,

00:58:44.679 --> 00:58:47.161
about the AI agents on the

00:58:47.181 --> 00:58:47.842
phones and all that.

00:58:47.882 --> 00:58:48.362
We covered it,

00:58:48.402 --> 00:58:49.422
but I have some opinions and

00:58:49.461 --> 00:58:49.943
thoughts on it.

00:58:49.983 --> 00:58:51.603
So I'll take it over to Jimmy.

00:58:51.623 --> 00:58:52.463
Yeah,

00:58:52.483 --> 00:58:53.684
I would yes say on both of those

00:58:53.744 --> 00:58:55.844
things and say the idea is really great,

00:58:55.885 --> 00:58:56.465
but are you...

00:58:57.485 --> 00:58:58.266
if you think you're going to

00:58:58.326 --> 00:58:59.606
hide that idea because it's

00:58:59.686 --> 00:59:00.806
worth so much and you don't

00:59:00.827 --> 00:59:02.387
want to give it out um like

00:59:02.407 --> 00:59:03.688
the idea I you know gave

00:59:03.748 --> 00:59:05.268
out this morning it's sort

00:59:05.309 --> 00:59:06.588
of nothing and I think the

00:59:06.628 --> 00:59:07.389
conversation we had

00:59:07.429 --> 00:59:08.530
probably if I was going to

00:59:08.550 --> 00:59:09.909
take this idea to market I

00:59:09.929 --> 00:59:11.150
think even the twenty

00:59:11.170 --> 00:59:12.411
minute conversation we had

00:59:12.971 --> 00:59:14.952
sped that process up by six

00:59:14.992 --> 00:59:16.331
to eight months if if just

00:59:16.592 --> 00:59:17.592
I was sitting here looking

00:59:17.672 --> 00:59:19.273
at it right but again the

00:59:19.393 --> 00:59:20.893
idea versus execution

00:59:21.494 --> 00:59:22.856
light years difference right

00:59:22.936 --> 00:59:24.597
an idea is worth kind of

00:59:24.657 --> 00:59:25.958
nothing unless you're

00:59:26.018 --> 00:59:27.039
willing to do something

00:59:27.079 --> 00:59:27.760
about it there's a guy

00:59:27.780 --> 00:59:28.521
who's got an instagram

00:59:28.541 --> 00:59:29.262
account who just walks

00:59:29.282 --> 00:59:31.706
around and says um do you

00:59:31.726 --> 00:59:33.286
have a business idea right

00:59:33.306 --> 00:59:34.248
that's his whole thing and

00:59:34.268 --> 00:59:34.989
he just walks around the

00:59:35.028 --> 00:59:36.231
streets and just jams a mic

00:59:36.331 --> 00:59:37.052
a microphone in people's

00:59:37.092 --> 00:59:38.532
faces but he this is a

00:59:38.612 --> 00:59:39.454
brilliant media move

00:59:39.474 --> 00:59:40.295
because there he's I think

00:59:40.315 --> 00:59:41.597
he's from like a vc company

00:59:42.016 --> 00:59:44.358
where he's trying to show, not tell, hey,

00:59:44.378 --> 00:59:45.398
if you've got a great idea

00:59:45.498 --> 00:59:46.619
and you pitch it and you're

00:59:46.639 --> 00:59:47.539
willing to go all in on it,

00:59:47.559 --> 00:59:48.358
we're willing to fund it.

00:59:48.539 --> 00:59:49.559
So what's your big idea?

00:59:49.619 --> 00:59:50.760
Don't keep it to yourself.

00:59:51.179 --> 00:59:52.121
I think that sort of yes

00:59:52.240 --> 00:59:54.481
ands what Tony is saying in

00:59:54.541 --> 00:59:56.061
terms of building the network.

00:59:56.302 --> 00:59:57.922
So we'll be back on Thursday.

00:59:58.003 --> 00:59:58.702
I don't know why Tony is

00:59:58.722 --> 00:59:59.242
saying we want to talk

00:59:59.262 --> 00:59:59.882
about that next week.

00:59:59.922 --> 01:00:00.844
I thought today was Thursday.

01:00:00.864 --> 01:00:02.264
Today is Tuesday, Tony.

01:00:02.284 --> 01:00:03.603
We are only at Tuesday.

01:00:03.724 --> 01:00:05.385
But check out the Dave Kittle show,

01:00:06.065 --> 01:00:07.126
Total Therapy Solutions,

01:00:07.365 --> 01:00:08.126
and we'll see you on the

01:00:08.166 --> 01:00:09.766
Pinecast pretty soon.

01:00:09.786 --> 01:00:10.547
Gentlemen, have a great day.

01:00:11.007 --> 01:00:11.634
You too, guys.