In the Season 6 premiere of the Wealth Planning for the Modern Physician Podcast, host David Mandell welcomes Dr. Cynthia Matossian, an accomplished ophthalmologist, entrepreneur, and industry leader. Dr. Matossian shares her unique journey into medicine, starting from an initial interest in political science and international relations before ultimately discovering her passion for ophthalmology. She discusses the early challenges she faced in starting her own practice in 1987, particularly as a woman seeking financial backing in a male-dominated field, and the resilience and determination that fueled her success.
(Video Available May 28, 2025 at 6 AM Eastern)
Dr. Matossian reflects on the growth of her solo practice into a thriving multi-location enterprise with 14 physicians and over 90 employees. She emphasizes the importance of delegation, transparency, and staff empowerment in building an efficient, patient-focused practice. Her insights into practice management include implementing scribes to reduce physician burnout, investing in proper business education, and hiring skilled managers to bring structure and professionalism to the organization. She also highlights her personal approach to financial planning, beginning with small investments guided by a trusted advisor, which laid the foundation for long-term financial success.
The conversation also explores Dr. Matossian’s involvement in industry innovation, her leadership in clinical trials, and her founding of GPOptho, a group purchasing organization designed to help practices lower costs through collective buying power. She shares valuable advice for physicians considering private equity transactions, stressing the importance of preparing years in advance and selecting the right advisors. Ultimately, Dr. Matossian underscores the critical need for physicians to educate themselves on the business of medicine early in their careers, pairing clinical excellence with sound financial and practice management strategies.
INSIGHTS:
- Matossian transitioned from political science to medicine after realizing she wanted immediate, impactful feedback in her career.
- Starting her practice in 1987 was met with challenges, including gender bias in securing loans.
- Hard work, on-call availability, and transparency helped her grow her practice rapidly.
- Delegation, including the use of scribes, improved efficiency and reduced burnout among physicians.
- Continuous learning in business and finance through non-clinical courses was pivotal to her success.
- She emphasized the value of trusted financial advisors early in her career, beginning with modest investments.
- Building relationships with industry reps opened doors to clinical trials and innovation opportunities.
- Her involvement in clinical research set her practice apart as a cutting-edge provider, attracting patients.
- When preparing to sell her practice, she began planning five years in advance with the help of a professional banker/broker.
- GPOptho was founded to help practices save money by leveraging collective buying power, benefiting doctors, patients, and industry alike.
LINKS & BIOS:
- Guest, Dr. Cynthia Matossian | Matossian Eye Associates | GP Ortho
- Host, David B. Mandell | Bio