For many medical practices, it appears as if no one is driving the bus; that is, no one is in charge of the group’s business. Instead, the practice operates like a runaway bus — yes, the providers are seeing patients, but where is it headed?
Manage Your Practice
It’s Human Nature: Incentivizing Performance
In 1919, New York hotelier Raymond Orteig announced the Orteig Prize: $25,000 to the first aviation team to fly nonstop between New York and Paris. In 1996, the X Prize, later named the Ansari X Prize for its major benefactors, offered $10 million to the first private, reusable manned spacecraft to fly into space twice…
Adopt the Company Mindset
Like it or not, the practice of medicine is also a business.
In many specialties, your competitors are businesses: the so-called national groups and practice management companies.
Physicians as Antiquated as “Books Printed on Paper”
While on a website obviously aimed at the college student age group, I noticed an ad for a book by a well-known author. Below a picture of the book’s cover were the following words: “All of the words, printed on paper. Classic!” This is an interesting signpost of the impact of what Joseph Schumpeter called creative…
There’s No Profit in “Look What They Did To Us”
Many physician group leaders look at events and circumstances impacting their practice as something that is happening to their group. By definition, this orientation is external – on the something that is happening to them. Instead, in this context, group leader orientation should be internal: it should be on what they as group leaders, together…
Physician “Alignment” – When $X Does Not Equal $X
Valuation consultants’ refusal to opine at higher than the 75th percentile is taking the fairness out of fair market valuation and robbing you of your income.
Timing Exclusive Contract Negotiation
Every interaction counts. Begin negotiating your next exclusive contract as soon as the ink is dry on the current one.
Same Company. Two Different Experiences. One Big Failure.
Understand the complexities of business failure through examples from the airline sector and its inconsistent customer experience.
Using (and Used By) Public Information
Learn the vital role of using public information for making better informed business decisions and potential partnerships.
The Traitorous Healthcare Collaborator
What the term really means is let the hospital hold all the money, let the hospital decide who gets to render the care, and let the hospital decide what those providers should be paid.