285: From Employee to CEO – The Mindset Shift Physicians Need
BootstrapMD - Physician Entrepreneurs Podcast with Dr. Mike Woo-Ming
Release Date: 03/19/2025
BootstrapMD - Physician Entrepreneurs Podcast with Dr. Mike Woo-Ming
How can military-honed resilience and positive psychology supercharge physician leadership? In this episode of Bootstrap MD, host Dr. Mike Woo-Ming interviews Dr. Christopher Colombo, as he shares his path from elementary school dreams of medicine to active-duty training, and his post-retirement "Lego break" before embracing part-time ICU night shifts and executive coaching. Inspired by a fellow physician's transition, he pursued training in executive and positive psychology coaching to address the personal-professional overlaps that frustrated him—like compartmentalizing life domains...
info_outlineBootstrapMD - Physician Entrepreneurs Podcast with Dr. Mike Woo-Ming
What does it take for a geriatrician to become a healthcare innovator impacting millions? In this episode, Dr. Mike Woo-Ming sits down with Dr. Michael Fang to share his journey from practicing medicine to co-founding Base10, an infection control software that saved lives in 150 nursing homes during the COVID pandemic, generating over $35M before its acquisition. He also co-founded Inosphere, impacting 7M mental health patients in the UK, Ireland, and Scotland. Now, as Chief Strategy Officer at Northwestern’s Feinberg School of Medicine and CEO of Rise Health, Dr. Fang is redefining...
info_outlineBootstrapMD - Physician Entrepreneurs Podcast with Dr. Mike Woo-Ming
In this episode, host Dr. Mike Woo-Ming exposes the "great physician money lie"—that high income automatically leads to wealth—and shares transformative insights from the book "The Wealth Ladder." Drawing from his 20+ years as a physician entrepreneur, he explains why many doctors earning $300,000+ live paycheck to paycheck, trapped in lifestyle inflation and employee mindsets. Dr. Woo-Ming breaks down the four levels of the wealth ladder, from financial insecurity to true freedom, and provides a simple formula to calculate your net worth. He emphasizes shifting from trading time for...
info_outlineBootstrapMD - Physician Entrepreneurs Podcast with Dr. Mike Woo-Ming
This episode is sponsored by: My Financial Coach You trained to save lives—who’s helping you save your financial future? My Financial Coach connects physicians with CFP® Professionals who specialize in your complex needs. Whether it’s crushing student loans, optimizing investments, or planning for retirement, you’ll get a personalized strategy built around your goals. Save for a vacation home, fund your child’s education, or prepare for life’s surprises—with unbiased, advice-only planning through a flat monthly fee. No commissions. No conflicts. Just clarity. Visit...
info_outlineBootstrapMD - Physician Entrepreneurs Podcast with Dr. Mike Woo-Ming
This episode is sponsored by: My Financial Coach You trained to save lives—who’s helping you save your financial future? My Financial Coach connects physicians with CFP® Professionals who specialize in your complex needs. Whether it’s crushing student loans, optimizing investments, or planning for retirement, you’ll get a personalized strategy built around your goals. Save for a vacation home, fund your child’s education, or prepare for life’s surprises—with unbiased, advice-only planning through a flat monthly fee. No commissions. No conflicts. Just clarity. Visit to...
info_outlineBootstrapMD - Physician Entrepreneurs Podcast with Dr. Mike Woo-Ming
This episode is sponsored by: My Financial Coach You trained to save lives—who’s helping you save your financial future? My Financial Coach connects physicians with CFP® Professionals who specialize in your complex needs. Whether it’s crushing student loans, optimizing investments, or planning for retirement, you’ll get a personalized strategy built around your goals. Save for a vacation home, fund your child’s education, or prepare for life’s surprises—with unbiased, advice-only planning through a flat monthly fee. No commissions. No conflicts. Just clarity. Visit to...
info_outlineBootstrapMD - Physician Entrepreneurs Podcast with Dr. Mike Woo-Ming
This episode is sponsored by: My Financial Coach You trained to save lives—who’s helping you save your financial future? My Financial Coach connects physicians with CFP® Professionals who specialize in your complex needs. Whether it’s crushing student loans, optimizing investments, or planning for retirement, you’ll get a personalized strategy built around your goals. Save for a vacation home, fund your child’s education, or prepare for life’s surprises—with unbiased, advice-only planning through a flat monthly fee. No commissions. No conflicts. Just clarity. Visit to...
info_outlineBootstrapMD - Physician Entrepreneurs Podcast with Dr. Mike Woo-Ming
This episode is sponsored by: My Financial Coach You trained to save lives—who’s helping you save your financial future? My Financial Coach connects physicians with CFP® Professionals who specialize in your complex needs. Whether it’s crushing student loans, optimizing investments, or planning for retirement, you’ll get a personalized strategy built around your goals. Save for a vacation home, fund your child’s education, or prepare for life’s surprises—with unbiased, advice-only planning through a flat monthly fee. No commissions. No conflicts. Just clarity. Visit to meet your...
info_outlineBootstrapMD - Physician Entrepreneurs Podcast with Dr. Mike Woo-Ming
This episode is sponsored by: My Financial Coach You trained to save lives—who’s helping you save your financial future? My Financial Coach connects physicians with CFP® Professionals who specialize in your complex needs. Whether it’s crushing student loans, optimizing investments, or planning for retirement, you’ll get a personalized strategy built around your goals. Save for a vacation home, fund your child’s education, or prepare for life’s surprises—with unbiased, advice-only planning through a flat monthly fee. No commissions. No conflicts. Just clarity. Visit to meet your...
info_outlineBootstrapMD - Physician Entrepreneurs Podcast with Dr. Mike Woo-Ming
This episode is sponsored by: My Financial Coach You trained to save lives—who’s helping you save your financial future? My Financial Coach connects physicians with CFP® Professionals who specialize in your complex needs. Whether it’s crushing student loans, optimizing investments, or planning for retirement, you’ll get a personalized strategy built around your goals. Save for a vacation home, fund your child’s education, or prepare for life’s surprises—with unbiased, advice-only planning through a flat monthly fee. No commissions. No conflicts. Just clarity. Visit: to meet...
info_outlineThis episode is sponsored by: Set For Life
Set for Life Insurance helps doctors safeguard their future with True Own Occupational Disability Insurance. A single injury or illness can change everything, but the best physicians plan ahead. Protect your income and secure your future before life makes the choice for you. Your career deserves protection—act now at Set for Life Insurance.
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Many physicians are looking for ways to achieve financial freedom beyond the traditional medical career path. In this episode, Dr. Mike Woo-Ming breaks down the mindset shift required to transition from an employee mindset to a CEO mindset. He explains why physicians must start thinking like business owners, embrace risk, and move beyond trading time for money.
Dr. Mike Woo-Ming shares his personal journey of leaving corporate medicine, starting multiple businesses, and how strategic thinking has allowed him to gain financial independence. He also highlights common obstacles physicians face, including fear of failure and resistance to delegation. This episode is packed with actionable insights for doctors looking to take charge of their financial and professional futures.
Three Actionable Takeaways:
- Start Thinking Like a CEO Today: Recognize that your career is your business and explore ways to increase revenue beyond patient visits.
- Stop Trading Time for Money: Identify scalable income opportunities, such as real estate, consulting, or business ownership.
- Embrace Risk and Make Decisions: Get comfortable making fast, calculated decisions and surround yourself with like-minded entrepreneurs.
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