|Medical Practice Business Ezine Newsletter Oct. 2013|
"Advanced Medical Practice Business And Marketing
Practice Insights Archives
Your Business /
Article #51 Oct. 2013
I’ll detail the benefits to three groups of professionals below...
1. Medical students.
Why it’s important...
For Medical Students
you don’t read this book right now, you
can expect to
today’s constantly changing medical practice
environment you likely are pitifully innocent of
the majority of pending, constantly changing and
present medical practice issues that will create
for you umpteen hurdles to jump.
You absolutely must have this information in
mind as early
No one else will do that “favor” for you while in medical school because most of your teachers likely are in academic medicine and have no medical practice business to manage themselves, the employer facility administration does it for them.
Wouldn’t you prefer knowing the inside details of the 20 + critical factors you need to know about and comply with just to get into your own medical practice? Start your "practice" investigation a year or two sooner than everybody else?
Residents in training
By the time you have reached the midpoint of your specialty training, the majority of new physicians haven’t made the big decisions. You are so busy with your medical responsibilities you procrastinate until the last hour of training it seems like.
The fact that your decisions being made at this time will determine how you will spend the rest of your next 20 or 30 years in medical practice… at least for most of you… should wake you up to reality.
Your reasoning and decision making are made well
before you are in the real process of practicing
medicine the way you planned. That, my friend,
is exactly why your extreme
Unfortunately, it’s rare to find a resident in training who is not only willing to “know” all the future circumstances regarding their next professional step in practice but also is willing to sacrifice the time during training to make it happen.
The resources that I intend to suggest to you are what you will need to help you to stay on track and focused on what really counts. Let me present you with a few questions that you need to ask yourself that you may not have thought of.
The recommended reading is meant to help you to
find answers to these questions and many others.
It’s critical that you know ahead of time what
you are going to find when you get there… for
your own peace of mind and practice
Why would any physician already practicing care about these resources anyway? You are already in practice somewhere and usually doing a satisfactory job at it. However, you and I know that you could do a lot better. There are hundreds of ways to get to your optimal capabilities and practice income… if you are inspired to do better.
The AMA surveys show that about 14% of doctors move every year. Are you in that category, or will you be in the future? If you’ve been in medical practice over 10 years, you likely aren’t familiar with the changes in practice requirements in other states, new HIPPA rules, advantages of joining the Federation Credentials Verification Service (FCVS), your NPI number, EFIO, CAQH, OAS, PECOS, NPPES, RED FLAGS RULE, CLIA, COI and MEC, etc.
With the final disposition of the Affordable
Care Act still in
So, a brush-up on the world of Credentialism. It’s is a smart thing to do today. If you thoroughly investigate your options, then you’ll be well prepared to make good decisions later. Just don’t get the idea that a transition is easy and not painful. Let a bolt of common sense lightning strike your brain and open some new doors for you.
Don’t let mediocrity hold you back. You deserve
top level status not only in your medical
community but also in your capacity
Take my word for it. The resources I am recommending will provide you with new inspiration and motivation to magnify what you already are doing. I am a no BS person to work with. You get the truth.
Dives right into what every doctor has already been through like choices we all have to make after medical school graduation and before we see our first patient. The purpose is primarily for the benefit of medical students who rarely are told much at all about what to expect about setting up a medical practice of their own.
Pitfalls are pointed out and his advice about management of those is validated in writing in the book by legal professionals and others who are experts in every area concerning establishing a medical practice that I can think of.
This is the first book I’ve found that carefully describes in detail all the necessary factors for the foundation of a strong medical practice. These necessary requirements commonly are just a blur to most students and young doctors. They certainly were for those of us back in the late 1960’s, and I suspect still are today.
Balancing the pitfalls with pearls of wisdom
that come from
The information includes everything from forming
a corporation to creating setting up an estate
plan. The details are so well described that you
to any expert or attorney fully
What I found extremely helpful to me knowledge
wise was the section on “Licenses, Laws, and
Acronyms”. The great majority
Older doctors didn’t get by all those years in
practice without living in terror either. The
medical malpractice insurance crisis
Others were the new “recertification” requirements, the CME revolution, and the increasing malpractice risks along the way.
What Dr. Hacker is trying to get across to
medical students is
Included in these preparations for the state
Part two is a brilliant and unique section of
the book dealing with the monetary need today
for all physicians to consider starting outside
businesses… that is if you intend to financially
survive in private practice
or even as an
in the future.
Part 2: For all physician entrepreneurs.
The word entrepreneur has surfaced all over the Internet, in books, in education, and worldwide in recent years. The interesting thing about the word is that few doctors really understand what the word “entrepreneur” truly means and all that it encompasses.
This fact has been a significant obstruction to the business education of physicians and most others in business. Entrepreneurism has reached the level of a career path in colleges and universities.
The irony is that most doctors are entrepreneurs
by nature and they don’t
even recognize it. If
you knew what it was all about, you would have
the advantage of expanding your medical practice
several times over.
A good definition of an entrepreneur is…
“It’s someone who becomes aware that they have far more
capabilities for creating and expanding a
business than they
Coupled with these factors are the determination,
Some call an entrepreneur a persistent SOB, in a leopard’s attire. Now, if you don’t believe doctors are natural entrepreneurs right from the start, then consider what doctors do when they often run up against a patient that they have no idea what is causing their medical problem.
That’s right. You consciously open your mind to every detail of your medical knowledge, training, and education tucked away in your subconscious memory banks and with persistence come up with a close to perfect diagnosis and treatment. You never give up on it until it’s solved and managed adequately. How does that sequence get fired up suddenly and automatically?
Right, you send an email on your mobile device to the subconscious librarian and ask for all the medical information concerning the issue. Dr. Maxwell Maltz explains how that happens, how the mind works, in his classic book still recognized today from the 1960’s titled, “Psycho-Cybernetics”.
can feel it. You are catching on so fast that I
can’t keep up
Dr. Hacker, as I am, about the fact that most doctors are headed for financial poverty in medical practice unless you have multiple streams of income besides medical practice. I’ve written about this in my newsletters for the last 6 years.
He wisely gives you a rather detailed analysis about how to understand financial statements, protect your intellectual property, and raise capital or funding for those separate businesses you certainly will need in the near future. Additionally, he includes specific data and instructions on medical websites, critical business requirements and standards you can’t do without, and resources for everything he says.
The idea is to work less and earn more by
following the proper channels
Part 3: Pearls and proceedings from the 2012 Medical Entrepreneur Symposium
This section of the book tells you what the
experts are saying about the business of medical
practice and how to avoid the pitfalls along the
way. It appears that this Symposium is put on
once a year in Florida in the spring… March to
May. Any medical doctor or medical student
should make every effort to attend the next one.
Curt Graham, M.D.