TRANSCRIPT

00:00:00 In this section, we learn about the background and early life of Dr. Todd Otten, who is a co-founder of the quadruple aim movement and author of the Ripple Change book. Dr. Otten grew up in Southeast Michigan and was always interested in science and math. He was a troublemaker in high school but had good grades and went on to run track in college. He then received a phone call from a Navy recruiter while working at BASF, which led him to join the Navy and eventually go to medical school. Dr. Otten went to medical school at Wayne State and took the health professional scholarship program, which covered any school around the country if he got accepted.

00:05:00 Dr. Todd Otten discusses his experience in the military medical school program, where he was commissioned before starting medical school and paid for his education, as well as his subsequent career as a flight surgeon in the Navy. He talks about how he moved into general surgery and eventually into family medicine, where he found his passion. He also talks about his leadership role in his hospital and how his job, which was once magical, began to weigh heavily on him and cause significant physician burnout, which he feels was not unique to him and impacted many others in the field.

00:10:00 Dr. Todd Otten explains physician burnout and its impact on starting a physician burnout "ripple of change" according to him. He recounts his own experience as a small hospital physician, where he averaged 6,000 visits per year and had a high Peak RVU (Relativity-Adjusted Value Unit) of 7,500. He highlights the heavy burden of electronic medical records (EMR), prior authorization, and various demands on physicians from administration, insurers, and other entities. Despite his former focus on being resilient, self-reliant, and compartmentalizing tasks, he found that constantly competing jurisdictions and condensed visits made it difficult to give his best to his patients. Dr. Otten emphasizes the importance of EMR in the medical field and the challenges it presents, as it often forces physicians to write lengthy notes that may be rejected, but can still be approved with humor. He recognizes the gravity of burnout and its potential impact on the profession, including suicide rates, which are extremely high among physicians. He urges the medical community to discuss burnout more openly in the media and to take action to reduce it.

00:15:00 Dr. Todd Otten discusses the issues of physician burnout and how it affects various healthcare professionals, including providers, nurses, dietary staff, and administration. He mentions that the healthcare industry has become more industry-driven rather than patient-driven, leading to a focus on profits over people. He also touches on the impact of the COVID-19 pandemic on healthcare finances and the transition towards telemedicine. According to Dr. Otten, while the pandemic may have negatively impacted finances for larger institutions, he personally found it to be steady for himself from a financial perspective.

00:20:00 In this section, the speaker discusses the challenges they faced during virtual meetings with clients and the positive experience they had with scheduling a physician appointment for a young person. The speaker also talks about the Ripple of Change book that they wrote with a co-author who was a former patient, and the motivation behind the book. The book aims to address the issue of financial planning for high-income earners who are looking to turn their income into real wealth. The book is longer than usual due to its aim to address multiple issues and the need for a larger font due to the co-author's retinal issue. The book evolved as the speaker was coming out of burnout, and they felt it was important to shed light on the issue of burnout in the medical profession.

00:25:00 Dr. Todd Otten discusses how he used his own experience with post-concussive headaches to offer a medication to patients for neuropathic pain. He talks about how this medication devastated one of his patients from a health perspective, which led him to consider other alternatives for pain relief, including acupuncture and yoga. Dr. Otten also discusses the quadrant blame, an approach that involves focusing on patient experience, quality care, lower costs, and provider wellness, as well as the importance of provider care within this framework. Ultimately, this approach led to the creation of a 500-page book that explores the relevance of the quadruple aim in healthcare.

00:30:00 Dr. Todd Otten shares the importance of treating physicians as customers rather than just looking at profitability. He argues that when providers are valued and have a positive experience, patients are more likely to return and recommend the hospital to others, potentially creating a loyal customer base. Dr. Otten also emphasizes the power of word of mouth and the need for connectivity and collaboration in creating change in the healthcare industry. He believes that everyone has a role to play in creating a better system and believes that his "quadruple aim" offers a simple roadmap to do so. The podcast also highlights the difficulty of creating lasting change and the importance of multiple individuals contributing to the effort.

00:35:00 In this section, Dr. Todd Otten discusses the connections significant change can occur in investments. He talks about a group called A10 Investments, which started as four individuals who enjoyed collecting and flipping comic books at a local flea market. Over time, the group grew and incorporated various alternative investments such as stocks, cryptocurrency, and NFTs. Dr. Otten emphasizes that 401ks and other traditional investment vehicles are wonderful, but there are opportunities in alternative investments as well. He advises that physicians and others should consider putting certain amounts of money in different buckets and exploring different ways of thinking and working to take advantage of those opportunities.

00:40:00 Dr. Todd Otten discusses his journey from being a physician and serving in the military, to becoming an advocate for others and eventually creating an alternative investment platform. He mentions the advantages of having no student debt and the capacity for risk tolerance in allowing him to pursue alternative initiatives. Dr. Otten also emphasizes the importance of looking into alternative investments and not putting all one's eggs in one basket. He uses the analogy of a "buckets" to explain the different types of investments and their various uses. Dr. Otten highlights the fun and camaraderie aspect of alternative investing and the importance of having a strong support system in the journey towards financial freedom.

00:45:00 Host, Nate Crannell discusses the importance of having a second medical opinion on treatment plans. He argues that the same principle can also be applied to financial planning, to have a second opinion from a financial professional can bring a fresh perspective, different financial strategies that are being overlooked, reevaluating financial goals, and ultimately, confidence in the financial outlook. He offers free second opinions during three time slots every Wednesday. The slots are popular, and people should send him an email.