"How physicians are able to survive financially
in private medical practice, without having to
borrow money and accumulate more debt."
Medical practice physicians and other healthcare providers who are in their own medical practice businesses are feeling the overpowering economic tsunami threat taking place everywhere, biting fingernails and probably praying a little more than usual, while sensing their own vulnerabilities to being able to protect their careers, professions, and businesses.
That said, I can assure you there are thousands of brilliant people out there who are willing and able to share their knowledge with you and help you rise out your business stagnation and hopelessness that have infiltrated to some degree every medical practice management professional's mind.
A while ago I had an opportunity to strike up a conversation with a second year medical resident while he was observing the practice activities of an endocrinologist. The process of choosing a place to practice had him confused.
I could sense his frustration, but it was also obvious from his comments that he felt he had started thinking about a place to practice way too late. Not only had he never researched various places, cities, regions, or opportunities to any significant extent, but also appeared not to be very worried.
His pleasant attitude to my questions indicated he was comfortable with the concept that "I can practice anywhere" I choose. Clearly, he was being held in bondage to the outdated and traditional medical practice attitude that medicine is an art and not a business.
Further questioning confirmed what I have repeatedly been saying about the deficiencies of medical education--the lack of any business or marketing training necessary to succeed. Nowhere in his educational process, he admitted, had anyone indicated the practical need for or benefits of extensive knowledge of medical practice business management or medical practice marketing.
He did understand that he should have that expertise, but had no idea how to get it in the middle of his education process. I cringe every time I see an example of another young medical doctor being educationally crippled by lack of business and marketing education.
Who, besides me, has taken on the challenge of correcting that deficiency? The rationalization I hear so often from those who could take a stand, is the usual stuff. Physicians should hire some business and marketing experts to do it for them is the standard advice. These foolish advisors dare give that advice when the young physician is still in the medical education process or training with a $160K educational debt hanging over their heads the moment they start a medical practice business or are employed somewhere.
The ridiculousness, even laughable nature, of that thought is so often refuted by the financial compromises physicians are being forced into. Major numbers of physicians and other professional health care providers aren't making enough money to afford to hire experts to help them in their business. Either way they lose.
If our world remains intact, and if the medical profession remains important (I often think that it may not be) in the near future, the only direct means of fixing the business and marketing knowledge problem is to have the medical academic administrators and medical professionals do it on their own--by the AAMC which has the power to make changes it all American medical
school's curriculums.
It requires:
- Convincing medical professionals that medical business knowledge is necessary for survival
of physicians in private medical practice and for enabling physicians to reach their maximum potential in medical practice business.
- Persuading physicians that their maximum potential in their career can only be obtained through the use of documented business and marketing educational knowledge.
- Providing them with the information materials to learn the strategies
- Introducing them to creative ideas about what can be done with those materials
- Showing them the business systems to use to increase productivity
- Giving guidance about how to manage their private medical practice business effectively and convincing them to do it right.
- Showing them that business and marketing systems improve income a thousand percent.
- Unsticking them from the traditional mindset of not needing these factors.
- Promoting step-by-step blueprints for creating each modality of medical practice business
and marketing
----Professional Probe----
"A medical practice business whose income
bounces up and down for years like a yoyo, is a sign
that the business is not growing and lacks the essential
ingredients that every business requires to meet its
purpose--making money which enables success."
Articles©2013-2022/CGG INVESTMENTS LLC. All rights reserved. #110, 3-16-22
