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Do you have a Medical Practice or a Medical Business?

November 25, 2016

 

 

In the International Bestselling book E-Myth, author Michael Gerber states that the Entrepreneurial Myth (E-Myth) is the flawed assumption that people who are experts at a certain technical skill will therefore be successful running a business that does that technical work.

 

The reality is that while doctors are truly highly skilled at technical skills and are, without question, some of the world’s technically skilled individuals, few are able to translate that into true success on the business side of things.  Fewer still have a concept of what business success even looks like.

 

Successful businesses run on a strong foundation of Core Values, Mission, and Vision. Put in different ways, what do we believe, how do we function (patient service, consulting, etc), and where are we going. Without a keen sense of Priorities, Accountability and a true commitment to results most practices just survive on how hard the doctor works. In business, this lacks scale and value – there’s value, however, in working smart.

 

Smart entrepreneurs translate their philosophies on how they behave into a relatable set of Core Values, which help their teams behave “like they do,” it tells them what to do when no one is looking. It teaches them the soft skills of patient interaction and attention to detail. 

 

They also articulate their “unique way of doing things” that is usually expressed in a Mission Statement. This, along with supportive examples and stories, coupled with the Core Values helps teams understand “how” they are supposed to work and how a patient, supplier, referrer, and colleague is supposed to feel when they walk into your practice.

 

Finally, they share their clear and concise Vision for the future. What does the Practice look and feel like in three years? How about in five years? How is the team contributing to that future Vision? What kind of recognition, scale, scope, reputation, and patient load does the Practice serve? How does it serve them?

 

Once you have established all of this, the question becomes: how do we measure our progress along the way? What are the KPIs that you must follow day-to-day that guarantee progress along your future vision?

 

The reality is none of this is easy for business-owners either. Remember, the E-Myth was written with “regular” business owners in mind. That said, focusing on the foundations of what makes for a strong business will help you attract better talent for your team, align them with your priorities, and actually reach your personal and professional goals both in and outside of your practice (or business).

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