GUEST POST from Arlen Meyers
Physician entrepreneurs have different goals and play different roles. Some are trying to get an invention or discovery to patients. Some are social entrepreneurs trying to improve the human condition. Some are intrapreneurs, employees acting like entrepreneurs. But, they all have something in common- the pursuit of opportunity with the goal of creating user defined value through the deployment of innovation using a VAST business model.
Medical practice entrepreneurs are not different. Running a medical practice these days should be about medical practice entrepreneurship not medical practice management.
“Practice management” is an archaic, out-dated term that limits the scope of what 21st Century physicians need to know and know how to do to serve the need of their communities of patients, while making a fair profit doing it. While operations management is important, instead, the future belongs to those who add user defined value through innovation. In other words, medical schools and graduate resident education programs should offer mandatory courses, and require demonstrating competencies, in medical practice entrepreneurship, not practice management.
A course in medical practice entrepreneurship should provide the knowledge, skills and attitudes necessary for medical practice professionals to create and scale a medical professional services organization. As we know by now, a medical practice is not a flower shop or a restaurant and it requires particular entrepreneurial skills which are not taught in medical schools or during residency training.
At a minimum,courses should include:
1. Revenue Cycle Management including coding, billing and collecting
2. Human Resources
3. Digital Health, Social Media and Information Systems
4. Innovation,Entrepreneurship and Intrapreneurship
5. Marketing
6. Personal Financial Planning, risk management, asset protection and managing student debt
7. Basic Accounting and Financial Statements
8. Operations Management
9. The legal and regulatory environment of health
10. Comparative health care systems and alternative delivery channels
11. Business Models, Business Plans and business strategy
12. Exit strategies
13. Financing your new practice
14. Intellectual property
15. Product development and product line extension
16. Stress management and anti-burnout coping techniques
17. How to assess and choose a medical practice business model
18. How to read an employment contract
19. Two- physician family issues
20. Alternatives to full time clinical practice
21. How to create, scale and sustain an organizational innovation culture
23. How to build a personal and professional brand
24. Networking
25. How to build organizational ambidexterity and resilience
The competencies should provide practitioners with the ability to practice Othercare . The ACGME should include running a practice using a viable business model as another competency for residents.
Medical practice entrepreneurship is about innovating and innovation starts with the right mindset.
The entrepreneurial mindset is both similar, but different, from the clinical mindset.
The future of medical practice depends on whether you see the glass half empty or half full. One thing is clear, though, and that is that medical practice is changing and practioners need to adapt. Here are some observations, resources and comments that might help you find your way:
10 Reasons Why House Calls Are a Bad Idea
10 Signs It Might Be Time to Quit Medical Practice
How to Convert Prospects to Patients
The 5 Stages of the Doctor-Patient Relationship
Practice Othercare not Obamacare
10 Things Doctors Don’t Get About Sales and Marketing
10 Myths About Physician Entrepreneurs
There are many ways to offer these courses and education through medical societies, business schools, trade associations and non-profit educational and research foundations. However it is done, practitioners need to use the information to evolve from knowledge technicians, to managers, to leaders to entrepreneurs to leaderpreneurs. It will be the primary way for doctors to regain control of our profession.
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