💰 This episode is sponsored by Gelt:

Practice owners and physician entrepreneurs; your business needs a tax strategy, not just tax filing. Most CPAs handle compliance but miss optimization opportunities that could save you tens of thousands of dollars. With Gelt you get a dedicated CPA that focuses on tax strategy for complex financial situations, multiple entities, real estate, practice ownership. Plus a tech platform to streamline everything in one place.

Built for physicians who think like entrepreneurs: joingelt.com

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Are you building a successful medical practice or healthcare business but still feeling blindsided by your tax bill every year?

In this episode of BootstrapMD, Dr. Mike Woo-Ming welcomes CPA Spencer Carroll of Gelt to discuss tax strategies that can help physician entrepreneurs maximize earnings and avoid costly mistakes. Spencer explains how tax planning becomes more complex as practices grow, highlighting key considerations around S corporations, reasonable compensation, and the differences between traditional medical practices and venture-backed healthcare startups.

The conversation dives into practical opportunities and common misconceptions physicians face when managing taxes. Spencer shares insights on hiring spouses and children within a business, owning medical office real estate, and navigating the added complexity of multi-state telemedicine operations. He also explains how tax decisions should align with broader business goals rather than simply focusing on short-term savings.

The episode emphasizes the importance of treating a practice like a true business by separating personal and business finances, maintaining accurate records, and building the right team of advisors. Listeners will learn how proactive tax planning, rather than last-minute tax preparation, can support long-term growth, wealth preservation, and successful future exits.

• Separate business and personal finances completely. Maintain dedicated accounts, accurate bookkeeping, and clean financial records so your CPA can develop effective tax strategies and help you avoid costly compliance issues.

• Review your tax structure as your business grows. Regularly evaluate S-corp compensation, retirement plans, real estate ownership, and other tax-saving opportunities to ensure your strategy evolves with your practice.

• Plan major financial events years in advance. Whether selling a practice, expanding into telemedicine, or bringing on family members, proactive tax planning can significantly reduce future tax burdens and maximize wealth retention.

About the Guest

Spencer Carroll is a CPA, educator, real estate investor, and Account Executive at Gelt, where he works directly with high-income professionals and business owners to optimize tax strategies and long-term financial outcomes. He hosts Gelt's Tax Talk Unfiltered podcast and has been featured in publications including Yahoo Finance and Fortune. Combining expertise in public accounting with firsthand entrepreneurial experience, Spencer brings a practical, business-owner perspective to tax planning.

Gelt: joingelt.com

Email: Spencer@joingelt.com

About the Show:

Bootstrap MD is the ultimate podcast for physician entrepreneurs looking to escape traditional healthcare and control their financial futures. Hosted by Dr. Mike Woo-Ming, a successful physician, entrepreneur, and investor, the show delivers actionable insights on starting businesses, creating passive income, and navigating healthcare entrepreneurship. Featuring interviews with industry leaders, physicians, and experts in telemedicine and digital health, it's your guide to building a profitable, fulfilling career.

Tune in weekly at http://bootstrapmd.com

About the Host:

Dr. Mike Woo-Ming has over 20 years of experience as a physician entrepreneur. He's built and sold multiple seven-figure companies and now leads Executive Medical, a group of clinics specializing in age management and aesthetics. Through BootstrapMD, he mentors physicians in business, content creation, and autonomy.

Let's Connect: www.https://www.bootstrapmd.com

Want to start a podcast? Check out the Doctor Podcast Network!

💰 This episode is sponsored by Gelt:

Practice owners and physician entrepreneurs; your business needs a tax strategy, not just tax filing. Most CPAs handle compliance but miss optimization opportunities that could save you tens of thousands of dollars. With Gelt you get a dedicated CPA that focuses on tax strategy for complex financial situations, multiple entities, real estate, practice ownership. Plus a tech platform to streamline everything in one place.

Built for physicians who think like entrepreneurs: joingelt.com

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This episode is also sponsored by GoTo:

If your practice is losing patients to missed calls and front-desk burnout, you're not alone. Most independent practices miss around 30% of incoming calls, that's 30% of your patient pipeline walking to the clinic across the street.

GoTo Connect consolidates your phones, patient messaging, video visits, and scheduling into one platform that helps you stay HIPAA-compliant. AI receptionist. EHR integration. No IT team required. Built specifically for physician-owned practices.

See how it works: goto.com/healthcare

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What if the biggest bottleneck in your business isn't intelligence, but time, attention, and execution?

Most physicians are using AI like a search engine. Asking one-off questions, getting answers, and moving on. But according to Dr. Mike Woo-Ming, that's only scratching the surface of what AI can actually do.

In this solo episode, Dr. Woo-Ming shares how he built a simple AI workflow to manage his overflowing inbox and why that small shift completely changed the way he thinks about productivity, delegation, and physician entrepreneurship. He explains the difference between using AI as a chatbot versus treating it like a worker with a defined role, clear instructions, guardrails, and review processes. From email triage and meeting summaries to content repurposing and operational systems, Dr. Woo-Ming walks through real examples of how AI workflows can help physicians reduce repetitive work without giving up oversight or control.

The conversation also explores why many doctors hesitate to adopt AI workflows, the mindset shift required to delegate effectively, and the critical areas physicians should never fully automate, especially when it comes to patient care and compliance. Whether you're a physician entrepreneur, practice owner, or simply overwhelmed by repetitive administrative tasks, this episode offers a practical framework for using AI to create more efficiency, autonomy, and scalability in your work and life.

Three Actionable Takeaways:

• Stop Using AI Like Google: The real value of AI comes from assigning it repeatable workflows, not asking isolated questions. Physicians can create leverage by treating AI like a supervised assistant instead of a search tool.

• Start With Low-Risk, High-Friction Tasks: Email triage, meeting summaries, content repurposing, SOP creation, and operational workflows are ideal starting points for AI delegation because they save time without increasing clinical risk.

• Keep Humans in the Review Seat: AI should prepare drafts and organize information, but physicians should remain the final reviewer for anything involving patient communication, compliance, or business-critical decisions.

About the Show:

Bootstrap MD is the ultimate podcast for physician entrepreneurs looking to escape traditional healthcare and control their financial futures. Hosted by Dr. Mike Woo-Ming, a successful physician, entrepreneur, and investor, the show delivers actionable insights on starting businesses, creating passive income, and navigating healthcare entrepreneurship. Featuring interviews with industry leaders, physicians, and experts in telemedicine and digital health, it's your guide to building a profitable, fulfilling career.

Tune in weekly at http://bootstrapmd.com

About the Host:

Dr. Mike Woo-Ming has over 20 years of experience as a physician entrepreneur. He's built and sold multiple seven-figure companies and now leads Executive Medical, a group of clinics specializing in age management and aesthetics. Through BootstrapMD, he mentors physicians in business, content creation, and autonomy.

Let's Connect: www.https://www.bootstrapmd.com

Want to start a podcast? Check out the Doctor Podcast Network!