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Medical Practice Business And Marketing Articles
Article #18 - Dec. 2010
Any doctor can make money. The issue is whether he or she can
ď3 Keys to Medical Practice Financial StabilityĒ
make "enough" and then know how to keep it flowing.
The time is now. Itís the perfect time and opportunity to move your medical practice into high gear... quite a preposterous idea because you thought you were already there. Most medical professionals have no idea how they are doing in practice because they have no reliable way to measure it. Thatís directly a consequence of, ďYou donít know what you donít know.Ē
Healthcare professionals have been trained and live in an environment of scientific and evidence based beliefs. Finances and business to most medical providers are completely separate and seemingly obscure animals without a leash. Not only are these two necessary and strategic foundations for a successful medical practice kept in the shadow of neglect, but also are shamefully assigned to the least qualified individuals to manage.
Additionally, when these individuals seek advice and direction from the top (That is you, my friend.) they will be consulting with a boss or owner who knows little more than the employee assigned to the job. Does the often quoted, ďthe blind leading the blind,Ē strike a nerve for you?
This is not to insult your intelligence, knowledge level, or belief system. Itís simply how it is in our medical profession as well as in other professions. Wouldnít it be a miracle to discover that any medical professional can escape from that invisible straitjacket anytime they choose? You can escape under you own power, by having someone help you, or the combination of the two (always better).
The business of medical practice is not an entity you fiddle with and hope it runs well. It, contrary to common opinion, is a system employed by individuals for the purpose of organization, efficiency, and profit. A system enables measurements, provides evidence, and is measurable... a critical set of qualities that are every bit as scientific as medical care. It wasnít thought of by medical professionals like that 50 years ago, but it is now by intuitive professionals.
Any business person (like you) in todayís economy will create a system to follow, or the business will sooner or later fail. This is the time when your mindset can be adjusted and adapted to winning business strategies.
Keys to medical practice business success
1. Implementation of business systems...
Every ultimately successful business creates a business system they can use to multiply profits, profoundly withstand the whims of the economy, and functions in an automatic manner. When you have no idea what a business system is, you have only two choices... continue limping along or folding. It is quite evident that the majority of medical practices today are in the first category.
The evidence is supported by the widespread frustration within the medical professional population, number of doctors moving their practices, number of physicians and others changing careers, the decreasing numbers of doctors, and the increasing problems recruiting medical professionals from our own population.
Our resource for learning business systems is readily available to you.
My articles related to this issue are...
2. Knowing the current business and marketing strategies
Once the business foundation system is in place, you then must do something with
it that makes your medical practice business system easily usable, reproducible, expandable, visible, self-propelling, and a magnetic attraction to your target market. If you have no business system, you have continuous chaos, which requires more time and attention, supervision, and repair work.
That process takes away from your time with patients, your earning potential, and, ultimately, removes the growth factor for your practice. Are you willing to settle for
a second rate medical practice?
3. Yardsticks for success, practice and career goals
Repeatedly taking measurements of every aspect of your practice life blood should
be a habit pattern in your career. Even the simplest tracking of the number of new patients entering your practice each month, compared to the number who leave is a process of measurement of the health of your practice that over 90% of physicians never attempt to do. What are your excuses?
Having those facts and statistics burnt into your conscious mind is a constant
stimulus for you to continue tracking everything, such as; net profits monthly, monthly growth of your patient population, monthly results of your practice marketing efforts in terms of new patients, monthly referrals coming in, monthly consultations you are asked to do, among others.
If you donít do measurements, you will never know where your business is going! And, doctor, that is a formidable mistake you absolutely must avoid.
Why do you think business owners outside of medical circles commonly make much more income than most physicians earn? It isnít because they are more intelligent, have more training and education, and see the financial world differently. Itís not because they know business secrets not available to you. Itís not because they
spend more time in their business and have a better work ethic than you do. Itís
not because they all have family money to use to make it easier and faster to earn money than you.
It is because they take the establishment of the proven and time-tested basic parameters of successful business deadly serious... and physicians donít.
Physicians minds are supposed to be open to new medical technology, improvements in medical treatments, new and improved procedures, and they are. Then, why
arenít physicians minds open to the same aspects of doing business? The answer
is simple. The medical educators neglected to furnish you with the knowledge and business tools you need to reach and maintain medical practice financial stability under any and all economic circumstances.
The author, Curt Graham, is a highly experienced business and marketing expert, copywriter, and entrepreneur who has been published in various media over 50 years while in medical practice and after.
Discover what it takes for you to reach the optimal limits of your potential in medical practice, and how to do it: Click The Link NOW!
© 2004-2011, Curt Graham M.D., All rights reserved.
THE NARROW PATH
Oct. 2011 Dan Kennedy article
Government does not work because it is more about royalty remaining royalty than it is about results, so the only time it gets anything of real importance accomplished is in moments of severe crisis, when all the royals are equally threatened. Business works - when it works - because of an opposite
Small business works better than big business, because its leaders have little fear of being deposed; they are the owners, a status actually higher than royals (which is why royals despise business owners), so they can act without political considerations. For that reason, they are often proactive instead of only reactive. Because they deal in real rather than fictitious numbers, have a limit on debt they can get their hands on, and eat profit, they often make intelligent and rational decisions.
Many work at defusing problems at their tiniest, in their infancy, rather than postponing doing so as long as possible, until the monster has grown big enough to eat them. If you stand back and observe all this, you can see what works and what doesn't work quite clearly, and make your personal behavioral and business practices choices accordingly. If you will.
Felix Dennis is a Renegade Millionaire - actually worth about $500-million, which he manufactured for himself, entirely on his own, from scratch. He is one of Britain's richest citizens. In his newest book, The Narrow Road, he tells more blunt truth about what works in the making of money, more succinctly than any other credible person I've ever read on the subject. I am more simpatico with his conclusions than I am with anyone else's. Like me but more so, Dennis is offensive to many and frightening to many more. Truth is rarely pleasing or reassuring, except to the very tiny number of people who prefer it to being pleased or reassured. I suggest getting and reading this little book, but in a well-lit room, not in gloom inhabited by scary shadows.
Unlike most authors of most success genre content, he makes no attempt to deliver ideas that will be popular with a large audience. This mirrors my own approach as an author, spanning, now 32 years and more than 20 published books. ( www.NoBSBooks.com), My scariest is No B.S. Ruthless Management of People and Profits.
One very big difference between the path most are on versus The Renegade Millionaire Way is mixed agendas vs. laser-focused dedication to what works. The Renegade Millionaire Way is simple: find what works and use it. (That's what being part of a great mastermind group is all about. Why coaching is important.)
Others' way is far more complicated. It is cluttered with: what will people think of me? am I permitted to do this? but we've never done it this way. We should do get more consensus. My peers are all rushing off to do the new thing and I don't want to be left behind. Will this make me popular? liked? or gossiped about? What if it sparks criticism about me on Google? Ordinary business owners are trying to run fast through a dense forest of all these concerns,
thus bumping into trees at every turn, spending a lot of time lost and confused. Renegade Millionaires have left that forest and are running on a clear, paved path.
DAN S. KENNEDY is a serial, multi-millionaire entrepreneur; highly paid and sought after marketing and business strategist; advisor to countless first-generation, from-scratch multi-millionaire and 7-figure income entrepreneurs and professionals; and, in his personal practice, one of the very highest paid direct-response copywriters in America. As a speaker, he has delivered over 2,000 compensated presentations, appearing repeatedly on programs with the likes of Donald Trump, Gene Simmons (KISS), Debbi Fields (Mrs. Fields Cookies), and many other celebrity-entrepreneurs, for former U.S. Presidents and other world leaders, and other leading business speakers like Zig Ziglar, Brian Tracy and Tom Hopkins, often addressing audiences of 1,000 to 10,000 and up. His popular books have been favorably recognized by Forbes, Business Week, Inc. and Entrepreneur Magazine. His NO B.S. MARKETING LETTER, one of the business newsletters published for Members of Glazer-Kennedy Insider's Circle, is the largest paid subscription newsletter in its genre
in the world.
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