Identifying your Medical Business

Who are the business owners?

In medicine practice owners have traditionally been seen as small business owners. A small proportion of these owners understand business. Most have fallen into opening a practice due to necessity rather than by entrepreneurship with business savvy ideas. The results can be disastrous with practice owners working extraordinary hours and increasing stress levels. Despite excellent earning potential the net result is frequently the same as or less than an independent contractor (IC).

All Medical Practitioners who work in private practice are essentially business owners. Regardless of the specialty area the same business rules apply.  Without basic business education they risk losing the opportunity for growth and business success. Understanding that an IC  is also a business owner will change practitioners mindset in delivering services to patients as well as the way they engage with the practice business owners.

General Practice vs Other Specialists

General Practice has traditionally been the least savvy in business entrepreneurship. This could be a result of General Practice training occurring in an “apprenticeship model”.  Training in private practice frequently results in the post fellowship mindset remaining that of an employee rather than transitioning to a true IC. In comparison practitioners that have undertaking training within a hospital system engage with potential business partners prior to completion of fellowship training. They are acutely aware that the fortnightly income that has been automatically deposited into their account since internship is about to cease. Even with this insight some leave planning their future income sources late in their training.

Building a Successful Business

The successful model of small business requires careful planning and basic business skills.  Dedication from the business owner is needed to develop and grow the business. As medical school and post graduate studies have no content on business, management, marketing or accounting most doctors fall far short of having the tools that would result in a successful business. Often the business stay afloat by pure luck. The owner works longer and harder to produce results that would have come at ease with a good business model.

In educating medical practitioners on business the first step is for them to understand they are a business owner. Unless engaged as an employee then by default you are a business owner. To achieve success they need the basic skills in business, banking, finance and marketing. Relying on outsourcing those essential skills will result in venerability in the market and a business that would dissolve on the retirement of the IC.

Business Education for Medical Practitioners

As medical practitioners have typically been self-educators during the concept of self-education in business is a viable and achievable goal. With the changing market place medical businesses need to embrace managing a small business model of face extinction. Business for Doctors facilitates access to self-eduction tools, business professionals, conferences and workshops that provide the basics for Medical Practitioners to run a successful business.