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WORK ON YOUR MEDICAL PRACTICE, NOT JUST IN YOUR MEDICAL PRACTICE
Approach your practice with an entrepreneurial mindset, letting go of
traditional doctor thinking for greater success and fulfillment.
Entrepreneurial Physician
Fresh out of residency, newly-minted doctors face a choice that will determine
the path of their professional careers. Should they become employees of a
hospital or medical organization, or should they strike out and own their own
independent practice?
The allure of independence beckons some, but the skills related to business
ownership are simply not taught in medical school. To make up for this,
physicians in private practice typically delegate business decisions to office
managers and staff who are supposedly better versed in running a practice.
In my three decades of private practice, I’ve consistently witnessed that newly
practicing physicians are generally ill-prepared for the business challenges
associated with founding, managing, and running a medical practice.
A NEUROSURGEON’S SECRET TO SUCCESS
Over drinks at a beach-side restaurant, a very successful neurosurgeon friend
remarked that his most profitable time was not his time in the surgery room.
Instead, it was the time he set aside each Friday afternoon to work on his
4-physician neurosurgery practice.
During this allocated time, he figured out where he made his money, how to
optimize his practice revenue, how to decrease billing friction, and how to make
his clinical and business processes more efficient. With a neurosurgeon’s
meticulousness, he dissected the smallest aspects of his practice for
optimization.
Although my friend was in one of the best paid specialties per unit of
patient-care time, he found it more profitable and reasonable to purposely set
patient care time aside to work on his practice.
But does this really make sense for a neurosurgeon? After all, they are
well-paid for their skills; there are few who can do what they do; their skills
take years to acquire, and they incur great risk when exercising those skills.
Neurosurgeons, like many specialists, often focus solely on exercising their
medical skills rather than adopting a business owner persona.
As my friend discovered, time spent thinking like an owner created the
conditions that improved his standard of care.
Time spent thinking like an owner improved his practice’s profitability and
ability to be self-sustaining. Moreover, the time spent making improvements
compounded every week that those improvements were put in place; thus yielding
great benefits over a long career.
Time spent thinking like an owner gave him the time that allowed us to have the
pleasure of having drinks on a sunny beach, far away from the office.
THE IMPORTANCE OF BROADENING YOUR PROFESSIONAL LENS
The first challenge to improving one’s medical practice is one of perspective,
not one of effort or intelligence.
Like a chef, a software programmer, or a musician, we physicians spend years
honing our technical craft. But those years of training create a tunnel vision
or blind spot in our perspective.
We tend to believe that all problems can be solved with more work or technical
learning. We strive to enhance our strengths while ignoring our weaknesses. We
physicians are particularly susceptible to this cognitive blind spot because our
strengths are so strong. As individuals, we are technically adept and have
proven ourselves “smart” in academia.
When we look at business problems in the same way we approach medical problems,
our training often blinds us to the necessary perspectives for starting and
managing a medical practice.
Physicians rightfully have strong egos and high opinions of themselves. It’s a
necessary behavioral adjustment to the work that we do. But often this leads us
to willfully ignore or not accept the perspectives of others, as we’re the ones
who are supposed to be “in the know.” This strong ego may also blind you to the
necessity of building business systems and recruiting the right team to run
those systems.
Understanding and accepting that our professional difficulties may be due to the
lens through which we approach problems is the first step to accepting different
points of view and ways to solve our problems.
Accepting that we don’t have all the answers is the beginning of understanding
that problems can be improved.
It means letting go of thinking like a doctor. It means approaching your
problems with the mindset of an entrepreneur and manager.
Thinking like an owner or founder and not just a technician or employee
(commonly known as a practicing physician) is the secret ingredient to achieving
success and personal happiness.
STARTING YOUR JOURNEY AS A MEDICAL ENTREPRENEUR
If you’re ready to start focusing on your practice from a new perspective, the
time to start is now.
Block your calendar for 2-4 hours per week of inviolable time to work on your
practice (and don’t squeeze in an extra case or patient that you couldn’t fit in
earlier in the week).
Put the meeting on your schedule as a repeating event, with an agenda to be
determined (TBD).
Get a hat that says “CEO,” “Founder,” or “Owner.”
Now you’re ready to start working on your practice.
But how? What is the first meeting supposed to be about? What’s on the agenda?
I’m Dr. Lawrence Gordon, and with decades of experience in private practice,
I’ve seen the transformative power of thinking like a business owner. Join me in
the next post where we’ll delve deeper into understanding roles and
responsibilities within your practice. See you there!
BOOST YOUR PRACTICE’S FINANCIAL HEALTH WITH OUR EXPERT KPI GUIDE.
Download Your Free Guide
Dr. Lawrence Gordon, MD
He is a practicing Otolaryngologist and the founder of ENT Specialty Care
located in Goshen, NY. He is also the CEO and Founder of WRS Health. The
software is an all-in-one platform, designed by physicians, providing
clinician-centered workflow solutions to continually improve and grow your
practice.
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