Develop an Entrepreneurial Mindset.
Study after study reveals that physicians are leaving private practice in droves.
It seems the demands of managing a health care organization has become more than what most physician-owners bargained for.
The challenges that today’s physician-owners face are real and intimidating. However, the biggest challenge does not begin with the limiting and self-serving health care industry bureaucracies. The biggest challenge begins with the physician-owners mindset. For those physicians willing to embrace an entrepreneurial mindset the rewards and benefits of owning a private practice are still within reach.
Busting the Business Biases
If you are going to succeed and find satisfaction in owning and managing your own medical practice you have to embrace the fact that you practice medicine to earn a living. In other words, you provide people with health care in exchange for financial gain. Or to put it plainly, you practice medicine to make money.
Here is the thing…that is OK! Of course money isn’t the only reason you practice medicine, but it is your livelihood. You shouldn’t have to struggle to run a profitable health care organization simply because you are also in the business of helping people.
There are many ways to provide excellent health care and still be very, very profitable. But first you must embrace the entrepreneurial mindset. This means you need to begin to value what you do. This means you need to stand firm on making a profit. And this also means you must balance these factors with serving those with lesser financial resources or in dire need of care. Then, accept full responsibility for the success of your medical practice. This is how you adopt an entrepreneurial mindset.
Applying the Entrepreneurial Mindset to Your Practice
With the right paradigm, it’s time to get serious about maximizing your income potential. Begin to look for ways to start improving your bottom line. Assess the following areas of your practice to discover ways to enhance your bottom line today:
- Identify all of your income streams. Look for opportunities to create more of them.
- Review all of your managed care contracts for maximum reimbursement potential.
- Assess overhead and look for ways to streamline processes and job functions to reduce expenses.
- Improve your medical coding skills and strategies to maximize insurance reimbursement rates.
- Improve billing processes to reduce the number of delayed and denied reimbursement claims.
- Stop avoiding selling, marketing, customer service, collections, and management issues.
- Start approaching your practice with a positive attitude, and strive to find joy in what you do.
These are only a few places in which small changes will make incredible differences in your medical organization. Once you begin to focus on profitability the other areas of your practice with fall into place.
How so, you ask?
If you treat your patients right, and implement the appropriate business principles, your practice is going to grow…no matter what. If you disagree, the problem is in your mindset.
What Does An Entrepreneurial Mindset Have To Do With Healthcare Marketing?
In business they say marketing is everything. And it is. Especially in health care. Marketing is essentially communicating, educating, and providing value to your customers (patients). Now isn’t this the same exact thing you do as a physician every single day? You communicate, educate, and provide care to your patients regarding their health – that is marketing! The problem is without an entrepreneurial mindset, you fail to leverage this marketing opportunity to generate revenue for your business.
On a more fundamental level, if you can’t understand the value of marketing your health care organization you’ll find every excuse in the book not to do it. And if you don’t market your business sufficiently, it won’t grow. And if it’s not growing, it’s because you aren’t treating your practice like a business and approaching things with an entrepreneurial mindset. You see, it’s a cycle. And unless you change the way you see yourself, your profession, and your practice you won’t get out of it.
Successful healthcare marketing is for entrepreneurial-minded physicians.
Entrepreneurship Isn’t For Everyone
If you’ve gotten this far, you are probably interested in growing a sustainable and profitable medical practice that offers excellent patient care. Good for you! Applying an entrepreneurial mindset to your practice will require creativity, innovation, and dedication but it promises greater control over your lifestyle and earning potential.
However, if you’ve gotten this far and you are thinking “this is a bunch of crap,” that is okay too. The entrepreneurial mindset isn’t for everyone, find what works for you. Just remember in today’s ever-changing health care environment it’s truly a game of survival of the fittest. And the most equipped to survive in health care today are those who are willing to practice medicine on their own terms and with their patients best interest at heart.
By the way, I have a client (a family practice physician in a rural town) who earned over $500,000 this year working three times a week, supported by one other provider, a nurse practitioner, two medical assistants, and front desk staff. How did he do it? He has an incredible entrepreneurial mindset and treats his practice like a business on every level.
Oh, and his patients LOVE him!
Action Step 1
Find three ways to apply an entrepreneurial mindset to your practice this week. Use the assessment questions listed above as a guide. Take notes on the changes you are going to implement and track your progress. Make a continued effort to focus on these issues, and when you make an improvement don’t forget to celebrate your success!
Stay tuned for Lesson 2 because we will be getting into the nitty-gritty of the how-to fundamentals of successful healthcare marketing that most healthcare marketing consultants don’t want you to know.
See you then!
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About Rx MD Marketing Solutions
Rx MD Marketing Solutions is a no nonsense healthcare marketing firm that believes healthcare marketing doesn’t have to be unaffordable, complicated, or unethical to be effective.
At Rx MD Marketing Solutions we seek to provide you with the knowledge, tools, and technology you need to build a sustainable medical practice so that you can enjoy more of what you really want to do…practice medicine.
Rx MD Marketing Solutions can help you build better relationships with your patients, and help you bridge that sometimes uncomfortable gap between providing superior patient care and the need to market and sell your services.
We help savvy practice managers and entrepreneurial-minded physicians build successful and sustainable health care organizations without giving up what you stand for.