Medical Practice Management
Feb 13

Are you an innovating type of physician?

To be a true innovating physician entrepreneur means you must be in a constant state of awareness. No one can survive without focusing in their own way on what matters and drives their medical practice. Therefore, you must relentlessly focus that ownership on what drives your practice, create a culture that reflects who you are, and stay grounded as you make things happen. Too often we focus on what matters to survive now, because those are the highest-value targets. As you push to evolve your practice, remember that nothing is ever going to be perfect, so don’t be embarrassed about the mistakes you make or the actions you take. Losses may hurt but they won’t kill the practice. You can recover as long as you have a plan. Failing to stay connected and see things from all angles though, is a clear sign that you are losing perspective.

Medical practices must constantly change in order to survive in today’s competitive healthcare arena. Practices should never settle for something that is considered completed; all things can improve with change. While success is important, it is equally important to recognize that in the healthcare industry success will generally not come easily or quickly. Highly effective physician entrepreneurs emphasize that success in the healthcare arena requires the planning and conduct of operations based on two imperatives: adaptability and perseverance.  In an era when the future of healthcare may not be predictable, physicians must avoid overreliance on pre-existing assumptions.

A physician entrepreneur’s strategy is a vision for the practice, owned by the practice. And to succeed the whole practice must engage with it and live and breathe it. That strategy should be the pillar against which the physician entrepreneur assesses priorities, actions, and performance. It’s from here that great leaps in growth and productivity can be achieved.

 

About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read more →