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From Cars to Clinics: Miguel Diaz's Journey to Building a Successful Physician-Owned Practice
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How did a young man from a Cuban immigrant family in Miami navigate his way to becoming a successful medical entrepreneur in the Florida Keys?
Welcome to another episode of Skin Deep with Dr. Anna Chacon. Today we’re joined by Dr. Miguel Diaz, M.D. a Board-Certified Family Medicine Physician. Today’s discussion is focused on medical practice management. Dr. Diaz shares his remarkable journey from humble beginnings as a Cuban-American in Miami to becoming a successful multi-practice owner and family medicine residency program director. His path was anything but conventional – starting as a 16-year-old orderly in the ER, serving in the Navy, completing nursing school, and eventually attending medical school in the Dominican Republic where he met his wife. Dr. Diaz's story emphasizes the importance of having backup plans and being willing to take calculated risks, illustrated by his transition from ER medicine to private practice ownership in the Florida Keys.
You’ll hear valuable insights into the business aspects of medical practice, particularly regarding SBA loans, practice acquisition, and scaling operations. Dr. Diaz details how he grew from a small 1,000-square-foot office to managing four clinics, emphasizing the importance of keeping overhead low and reinvesting in the business. He shares candid advice about the advantages of private practice ownership over hospital employment, including greater autonomy, better work-life balance, and more financial opportunities through real estate and business expansion. The episode concludes with his perspectives on exit strategies and the importance of balancing business success with family time, offering practical wisdom for physicians considering private practice ownership.
Dr. Miguel Diaz, M.D., is a board-certified Family Medicine physician with over 11 years of experience and a passion for both healthcare and practice management. Born in Miami to Cuban parents, his early exposure to the mechanics of business and structure shaped his career. Dr. Diaz's journey into medicine began at 16, and after serving in the Navy and completing nursing school, he earned his medical degree in 2011. As an entrepreneur, he grew his practice in the Florida Keys from one to four clinics. Dr. Diaz is also the Director of the Larkin Residence Program and a strong advocate for physician-owned practices.
In This Episode:
- (00:00) Introduction of guest Dr. Miguel Diaz, his life growing up in Miami with Cuban parents who immigrated in 1962, including influence of grandfather - who participated in the Cuban Revolution
- (04:57) Dr. Diaz’ path to medicine, working in an ER at age 16, joining the Navy, attending nursing school, family pressures
- (08:06) Medical school in Dominican Republic, meeting his wife in medical school, having five children, attempting adoption, and balancing family with medical career
- (14:35) Buying & building a practice in the Florida Keys, sharing expenses with previous owner, growing the business
- (31:30) The ease of obtaining SBA loans, starting an LLC, expanding to new buildings, scaling up patient capacity, journey from teaching medical students to becoming a family medicine residency program director
- (37:00) Becoming a teacher after residency, selling a practice, growing from one clinic to four locations, entering the Medicare Advantage space
- (43:35) Exit strategy & future plans
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About the show:
Welcome to Skin Deep, a podcast and community designed for dermatology professionals. Host Dr. Anna Chacon, a distinguished dermatologist and author, shares her unique experiences and offers valuable insights on the future of dermatology, including the growing importance of telemedicine and teledermatology in reaching underserved communities. Dr. Chacon also provides actionable recommendations for dermatology practices, emphasizing compassion, patient education, and staying current with the latest advancements in the field. Tune in for an inspiring conversation with one of America’s most trusted dermatologists!
About the host: Dr. Anna Chacon, a board-certified dermatologist and founder of Indigenous Dermatology specializes in treating patients in remote and rural communities. Following in the footsteps of her father, a pioneering critical care physician in South Florida, she pursued medicine with the same compassion she witnessed in his practice. As the first dermatologist serving Alaska's Bush region, she travels by bush plane to reach isolated communities. Dr. Chacon holds medical licenses in all 50 states, DC, Guam, and the U.S. Virgin Islands, providing both in-person and teledermatology services across Florida, Alaska, and California.
Resources:
Website: www.drannachacon.com
Facebook: https://www.facebook.com/miamiderm
Linkedin: https://www.linkedin.com/in/miamiderm/
Instagram: https://www.instagram.com/miamiderm/
Twitter/X: https://x.com/DrMiamiDerm
Youtube: https://www.youtube.com/channel/UCILwfZsDb3LyXPMP8968QwA?themeRefresh=1
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