"Advanced Medical Practice Business
And Marketing Profitability Boosters"

Ezine Magazine     May 2013

"One thing is certain, there is no more powerful force than choice."
--Dan Kennedy

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Discover the strategic methods for reaching your maximum potential as a doctor and never have to worry about having enough income ever again.

Article #47  May 2013

Why Doctors Fail---Series #8 

“6 Serious Compromises of Your Medical Practice That Result From Your Lack of Business Knowledge And Marketing”

Factors that you will never recognize about your medical practice business, any of which can sink your flagship.

If you one day find yourself and your disintegrating medical practice in deep financial trouble, you need to quickly analyze the meaning to you of, “You don’t know what you don’t know.” That single thought prevents almost all medical doctors from considering the extreme importance that business management  and marketing education contributes to your medical practice.

That thought, when disregarded because of your arrogance about thinking you know business already, clamps a ball and chain around your strongest efforts to make the income you expected your medical career to provide you with. Reaching the end of your medical practice career without ever understanding how much of your medical practice capabilities you involuntarily gave up, dishonors your goals, intentions, and expectations.  

It’s because of your attitude or belief about what you thought you knew, and didn’t! What’s worse, you probably never gave yourself the option of investigating what a sound business education would offer you over time in your medical career.   

Can you stand the overwhelming truth?  

Anytime during your medical practice career, it’s enormously profitable for you to dig into this business deficiency and do something about it. But first, you need to have a clear picture of what happens to you and your practice while you zigzag along in your medical practice wondering what it is that’s fowling up your expected path to affluence.

The following examples of what you miss out on should embarrass you to the core, but hopefully you will forget the embarrassment and take action that can exponentially enable you to reach the visualized goals and lifestyle you had at the very beginning.

You may find this series of "Why Doctors Fail" a critical and hand slapping rant intended to criticize your career, put-you-down, or to show you that you are not as smart as you think you are--or to show you how smart I am. My passion and intent is exactly the opposite. You might want to ask yourself who is the best person to ask about breast cancer? And you know that it's the person who has had breast cancer.

In that same sense you are actually reading these seemingly intrusive descriptions from a person, another physician, who discovered the reasons why his own practice failed, was destroyed by factors that he never knew was coming, and who would love to reveal to you what you need to know to avoid such failure.

What I tell you is the honest truth about how to protect your medical practice from what will happen to you if you disregard what I see as being the cure for financial failure of medical practice today... June 2013.

Also understand that I don't expect any thanks, or publicity, and I am not engaged in a pity-party as Joel Osteen often speaks of. But what is real, is that I am donating the hours of my life to what I believe will undoubtedly benefit everyone in our profession... and it makes me feel good inside.
 

1. Proven requirements for business success (including medical practice business) are lacking...  

Essentially all highly regarded business experts, teachers, and leaders are in agreement that there are foundational elements required for maximal business income, growth, and stability. Most medical practice small businesses lack all of them.

These are a few foundational elements for business that are missing...

·         Failure to recognize common basic business principles

When you never take the time to learn and manage your medical practice business as a real business should be managed, you're playing a losing game.

The time you spend correcting the problems and errors made in your office daily, or whenever the blunders come to light, wastes employee productive time and the money you are paying them.

Those problems arise because of your lack of management knowledge and what I call “floating employees.” You have not set the rules and standards you expect from them in their job duties, never reinforced those requirements verbally or often enough, and you never have shared your goals for your practice with your employees.

They have no idea what you want done, nor how to do it because they have no idea where your business is headed or how you want them to

    help you.

Be aware that 99% of medical office employees are kept in the dark by the doctor who employed them because of the doctor’s neglect to enlighten them. If you believe it’s none of their business, then you obviously won’t get the help you need to become highly profitable in your practice.
 
They do the job you hired them for as best they can, because they have no professional office procedures manual to follow or to refresh their memories. You may think you told them everything, but neither you nor the employees remember what it was that you told them when they were hired months or years ago.

Commonly you will never repeat those instructions again during their employment. Do you get the point I’m making?

Employees simply fall back to what they may have learned while working in other doctor’s offices or elsewhere. The only way you will find out whether they are doing their jobs as you want them done is to take the time to supervise each employee on a weekly or monthly basis.

When you don’t know or never learned the successful basic business principles, let alone implemented them, then you will never recognize the common business conflicts and problems that originate from your lack of using profitable
business principles.

They’ll happen, but even if you are aware of the problem, you will either think they’ll resolve themselves or someone on your staff will get it corrected somehow. Foolish thinking.

Employees that are inspired to do more than is expected of them are rare to find. Over 90% of your present employees do only enough to get by. If they do anything else, it only happens when they are told specifically to do something.

So, get it in your head that the management, supervision, and instruction job belongs to you… the doctor employer. If not, then you are settling for a mediocre practice and income… and the problems continue. And maybe, you simply don't care where you're headed.

 

·         Integration and implementation of basic business principles

The second step beyond knowing business principles is that of implementing them into your medical practice. You’re lucky if you have a solid knowledge about good business principles and strategies because 95% of medical doctors don’t. And another 3% are lying or think they know,
but don’t.

It’s quite common in today’s world that even the physicians with great business knowledge still won’t implement the business basics into their practice.

That attitude derives from the fact that no one told them they would need to know business to run a successful medical practice, meaning in this case that their practice income is big enough to fulfill all of the physician’s goals.

Neglecting to implement business basics is also the result of two other factors.

One--No one in the medical school community thought business was important enough to stress to the students that the knowledge was necessary.

Two—by traditional belief in medicine circles, a separate level of business knowledge is unnecessary for medical practice success. A hundred years ago that may well have been true… but not today.

This kind of outdated garbage is still in existence today. The tragedy is that most medical educators and doctors continue to believe this fairy tale.

Implementation of business knowledge into medical practice ideally should be done at the time medical practice is started. This implies that a doctor needs to get the business education before, during, or right after medical training is completed.

This could very well be accomplished I believe at a low cost and in addition to the medical school’s curriculum without interfering with the medical education process. 

 

·         What are some of the business issues most all doctor’s rarely consider?
 

o        Requirement for marketing strategies
being used persistently
 

o        Business plans
 

o        Organized manuals for employee job functions and office procedures
 

o        Use of employee teams to organize and perform business projects
 

o        Business management tactics to enable optimal profitability
 

o        Delegation of business functions
 

o        Complete transparency between doctor
and employees regarding your practice goals
 

2. In-Office business resources are lacking...

Every business needs to have in-house educational and business resources that add to the growth and development of your business.

Use of the Internet with computers, books, videos, educational CDs and DVDs, reports on specific medical issues and updates to the medical profession, and many more are important to how much benefit you receive from your medical practice business.

If you walk into any private practice medical office today, you are quite likely to find no... (a few of many examples)

·         Written/printed business plan
 

·         Manuals for duties of employees, functions
of business job responsibilities
 

·         Educational materials for the office staff
 

·         Educational materials for the patients
 

·         Supervision of jobs being done by employees
 

·         Team organized efforts on projects... like marketing the practice
 

·         Doctors who have no interest in profitable
and productive management... or they'd be
doing it
 

·         Doctors who resent being told they should
do things differently... so no one tells them, 
and the ignorance persists and the profits fall 
 

The greatest risks from having no office manuals are conflicts over job duties, suits by disgruntled employees you fired, and employees who forget what duties they were hired for… and you won’t remember those either. 

Because healthcare is getting much more complicated, faster, and less satisfactory to your patients, the need for staff education and improved customer service management is much greater. Patient visits need to be more than an "event". Office visits should be an “experience”… but only if you want to keep loyal patients coming back again. 

By providing educational materials, preferably written by the doctor or office staff for patients, you save time on hundreds of patient phone calls over time that could easily have answered with a printed handout.

Another good reason is that patients won’t remember what you told them 3 days later. The same is true for post-op instructions at the time of hospital discharge. Hours of office time are saved by doing these things whether you believe it or not. Do you honestly know how many phone calls are made back to your office that could be avoided by using handouts?

·         Handouts are an easy way for the doctor to avoid spending a lot of extra time answering patient questions about certain problems.
 

·         Handouts are a free marketing method for your practice. Patients often take handouts home to read, give to someone who could use good advice, visitors notice them laying around and pick them
up to read.
 

The absence of a written business plan leads to what David Ogilvy's brother calls, “The slippery surface of irrelevant brilliance” (chaos).

A business plan is an ongoing reminder used to keep you focused on your primary objectives in medical practice. Over time you will forget what it was. When you review it every 6 to 12 months, you have the option to alter the plan and refocus it on new and better business strategies.

Providing medical and business training for your employees is a powerful magnet for reducing employee turnover in your office. Most doctors don’t do this--which is a very good reason for you to do it. You can pay for them to go to medical meetings, to medical courses, and to get training skills to run tests and perform office medical procedures... like sonography.

Having an office library of medical books for the medical staff and yourself, is of great value. Those resources that are readily available to doctors and staff and offer almost instant answers and ideas to diagnosis and treatment, including tough patient questions.  

Office management resources are important as references for managing your medical office and resolving issues that come up often. I see... you don't have any of that... right? 

Most doctors laugh when you ask them if they have regular office staff meetings to iron out office problems. However, it reflects on the fact that, if they have no meetings, they are not going to discover problems that need to be resolved. And that there is no intention of doing anything in the medical practice to improve efficiency, productivity, and profitability. That is a slowly dying medical practice.

Any physician, who is not asking his staff for ideas about improving the office business processes or patient management processes, is telling his employees that they are too dumb to come up with anything useful... without saying it.

Asking your employees for ideas, and accepting them gracefully, makes them feel valuable, needed, and motivated to run the extra mile for you. Make it a point to compliment every staff member about something they have done at least once a week. You’d be surprised what it does for your practice.
 

3. Very poor customer service and attention...   

Other than an all out dispute with a patient, the most common reason patients leave a medical practice is the way they are treated while in the office and outside
your office.

Such issues arise most commonly when a staff member is upset with a patient and it shows in their voice pattern and gestures without ever saying anything verbally that’s offensive. Patients pick up on it instantly.

In each case when recognized, an apology from the staff member given promptly will usually resolve the patient’s anger or frustration—even if the staff member did not originate the problem—but pretend that it was
their fault. 

Office visit appointments are another source of problems and of poor customer service. There are at least three instances when patient’s reach their tolerance level, and you need to be aware of them if you aren’t already.

1.     When patients are not notified that their appointment was cancelled and travel all the way
to the office only to discover they have no appointment.
 

2.     When patients are waiting beyond the time of their scheduled appointment time and no one tells them the reason why.

A “because” answer and response to the patient is an instant defusing of the patient’s frustration. The patient will remain calm if someone tells them how much longer it will be every 5 minutes after they are told something like, “…..because the doctor is running late on appointments.”

Actually, Robert Cialdini, PhD, in his book, “The Psychology of Persuasion—Influence” has shown by studies that just the speaking of the word “because” followed by almost any simple or weak excuse will accomplish the same result repeatedly.

The same is true if the doctor is called out of the office for an emergency patient problem and a patient’s appointment has to be rescheduled.
 

3.     When patients are left alone in the exam room for a prolonged period of time (like over 10 to 15 minutes) before the doctor sees them, without being informed promptly about the reason for
the delay.

Any common reason will do. But it’s necessary for someone to pop open the exam room door at least every 5 minutes to give them follow-up guesstimations of time left.

Customer service, although often not very important to many physicians, is simply a process of being nice to a patient while they are there—plain and clear. But, it goes much deeper than smiles and greetings.

The deeper levels of customer services that are far more satisfactory to patients have to do with such things as showing respect to patients, recognizing their presence, saying their name, saying a greeting, making them feel important, remembering things about them that they told you at the last visit and bringing that up for discussion again, reacting and responding to their needs promptly,
among others. 

The ideal level of customer service offered by wealthy physicians and dentists is to provide an “experience” for the patient.

Multiple enjoyable services and treatments are available beyond that of the doctor visit—like a massage, nails done, hair done, or even a spa treatment.

For doctors who can’t afford such luxury items, examples like patient activities boards, patient of the month with photo taken, and promotion of a patient’s recent awards or accomplishments, work well. Recognition is an important issue for all of us. 

Sending patients holiday cards, birthday cards, and keeping in touch with them gains loyalty of patients... recognition is a powerful patient pleaser.  

Doctors who have no idea about the value of marketing to their practice business,  don’t know what it takes to grow and expand their practice... so it doesn’t happen.

Great customer service is an inexpensive means of marketing your practice and drawing patients to
your practice.
 

4. Doctors don’t see their practice is failing...  

The great majority of medical practices that eventually fail for financial reasons can be brought back to life.

The primary problem is that by the time physicians see that they are not able to pay the office overhead and stop paying their withholding taxes to the IRS to temporarily bolster up their bank account, the medical practice financial problems are often beyond fixing.

The only way that a medical practice is salvageable financially is if the physician has enough self-discipline, business knowledge, and aggressiveness concerning their medical practice business to have these factors in place long before the practice is on life-support measures.

There's not a single acceptable excuse for any doctor to permit their medical practice to fail. Why does your practice financially fail? 

·         Doctors don’t know how to establish ways to measure how their medical practice is doing from month to month. There are very reliable and easy ways to do it.

Unfortunately, most doctors depend on advice from their CPA, accountant, or practice attorney to alert them of trouble coming down the pike.

Actually, these advisors don’t give a damn about you or your practice, and it’s not their belief that it’s their job to do so. That’s a sad fact throughout the medical advisory kingdom.
 

·         If and when a physician happens to have ways of measuring how their practice is doing, it’s a start on the right path. Almost all of the situations where the physician notices that their practice productivity and profits are steadily decreasing, the physician faces the issue of what to do about it. Then does nothing!

Is there one physician in a thousand that knows what to do next?  NO.

Hiring a business expert to get your medical practice business back on track is very difficult at this point because
most often you lack the significant funds to hire one.

One option is to quickly get advice from everyone you know, put it all together, and see how it goes with what you can do yourself. When you consider that you have never had a business education, how would you know if the advice you received was reliable or not?

How would you know that what you choose to do will fix the financial problem? Beyond that question is another. What will it take to maintain the progress you may have accomplished by then?

Any reasonable person would understand that fixes are only temporary. After that, you drift right back to the original circumstances that caused your problem in the first place. You’ve just dug yourself another hole.
 

·         Another option that most physicians in financial distress face with their medical practice businesses is the most common option today. They’re being forced into participating in their worst nightmare. They saddle their horse and head for the hills… and hope that their destiny has a much better place for them. RUN!!

Of course, this second option need never happen... EVER!

Any doctor with a good business foundation and education already has all the tools to fix everything on their own if they choose.

Doctors quit because they don’t have those business tools, never thought about getting those tools, and probably will never get those business tools because no one has ever told them that the business tools would come in handy later in their medical practice.
 

5. Almost all doctors fail to recognize the most effective practice building strategies, as well as fail to know how to use them when they find out what they are...

The infamous method for building a medical practice touted by medical practice tradition for the last century is little more than opening a medical office and waiting for the tsunami of patients fighting to get in the door first. Logically, if that happened to be true, there would not be the attrition of medical doctors today quitting private medical practice.   

If your load of patients drops off and are not replaced with new patients, your income drops proportionately and you will be forced to close your office. Accepting the rush of new patients most new doctors starting in private practice notice in the first year or so of practice, doesn’t continue forever, as some mistakenly believe.  

There’s a reason why that happens. Like any business starting out patients for one reason or another are curious to discover if your business has more to offer them than the previous one. So they are willing to search for a doctor that offers them something that others can’t or don’t. What ever that reason is, if you have the ability to respond to their needs better or faster, they
are hooked. 

If you have knowledge of the magnetic marketing factors that entice customers or patients into your medical business, you will often maintain a loyal group of patients far longer than those who don’t know how to make
it happen.  

Your practice will remain financially stable for a few years longer, or at least long enough for you to create the next level of attraction or persuasion necessary. You may have heard some famous individuals mention that they had to keep reinventing themselves to maintain their position and status.

Successful businesses must be constantly be reinventing itself to remain viable and attractive to its customers. Do you have any idea what that means? It’s not only important, but essential, for medical doctors to understand and employ.

What does a business that sells products such as toys do when it becomes obvious that the numbers of customers returning is decreasing annually. It’s always the same old store selling the same old products and toys and loses its attraction for customers.

The store then, if they are smart, has to be bringing in more exciting and new products continually to keep their customers coming back.  

Your medical practice business is no different!

Instead of products like toys to sell, you are in a services business. What do you sell to keep your patients coming back forever?

What do you sell to keep your herd of patients loyal to your medical business and even maintain a flow of incoming new patients. Remember what I said above about the beginning initial flood of new patients when you start medical practice? Then in a few years that flood becomes a trickle and the doctor wonders what the
hell happened?

Well, those who remain business and marketing ignorant will never know what hit them. Even worse, they have no idea what reinventing their business services would mean or how it would help, or even it would work if they actually knew.

It’s no wonder that the stress, disappointment, and burnout are so frequent in medical practice. Face facts, you are responsible for putting yourself in that position.

You are also responsible for getting yourself out of that quicksand. It’s where the medical practice graveyards are found. However, there is a positive side to all this.

Every doctor, including you, can tap into business and marketing education and learn some essential things that can dramatically reduce your stress and increase
your income.
 

How do doctors reinvent themselves and their medical services?

·         You improve your surgical skills, expand your skills into treating new health problems patients are looking for... if you have the income to afford it.
 

·         You improve your management of your office and staff, make it more efficient, hire employees who demonstrate a work ethic and willingness to help improve your practice. If you can afford it.
 

·         You repeatedly promote to your patients and to other medical doctors who refer patients to you what new skills you have learned and can now do safely. You promote any new bit of knowledge you learn to them. They will never know these things unless you spread the word. If you can afford it.
 

·         You dramatically increase your customer services for patients to the point of being outrageous about what you do for your patients. Other doctors wallowing in the mud hole of stagnation certainly won’t be doing this. If you can afford to do it.
 

·         You may purposely avoid overextending your practice load and number of patients. Your feeling is that you are working hard enough in your medical practice. It’s not difficult to grow your practice, increase your patient load, and accomplish much more when and if you discover the well documented ways to work less and earn more.

That’s done much easier when you understand what marketing your medical practice business will do for your practice growth, income and career. If you can afford it.

At first it may seem you are doing double duty and are increasing your load doing both marketing and running your practice. Becoming much more efficient in how you run your medical practice business, however, creates shortcuts and automation using business systems.

That, profoundly reduces your workload time running your business and allows you to work less and accomplish more.
 

    Remember...
 

    Did you happen to notice the "if you can afford it" at the bottom of each medical service listed above? I did that to reinforce the fact that in order to do most anything in medical practice you need enough money/income to do so.

To make the money, you need lots more patients.

To get more patients and keep your practice growing, you need to know how to
do it persistently.

To do recruiting of patients continually, it requires business knowledge and especially marketing knowledge. Your new patients otherwise get to you by referrals from someone. Studies show that 60% of those referrals usually come from other
referral doctors.

Those who have a grasp of business and marketing know how to triple their new patient load and income. You might want to "sweet-talk" a bunch of doctors in your area. It's your primary resource
for patients.

 

6. Your inability to step out of your comfort zone once you’re in practice is probably the most serious conflict hindering your career, progress, and income...

This is the primary reason that over 95% of doctors end up with a mediocre private medical practice with sloppy ineffective practice business functions. It’s what I call “medical education burnout.” You're not willing to continue your strong passion for any more education of any type. 

By the time that the majority of medical doctors leave medical school and specialty training, they have used up most of their educational energy and ambition to persist beyond where they are at that junction.  

If I’m right, it’s easy to understand why doctors are so predestined for medical practice burnout later. And, it also is the reason why doctors are so quick to avoid the idea that for the rest of their career in their medical practice, it will require even more education on top of just remaining medically current in their skills and knowledge. Swallowing all this would choke an elephant. 

As an old white haired medical practioner viewing the medical profession now, I am astonished that any person would choose to become a medical professional in light of what I have just written here.

I am certain that keeping all of these factors secret from college students, medical students, and new doctors is the only reason we still have doctors available today looking around for someone to hire them. But, there’s always another way to paint that picture.

The definition of an entrepreneur matches the personality pattern of virtually every physician I have ever known. Entrepreneurs are people who are entirely comfortable with stepping out of their comfort zone and willing to take the risks involved with doing so.

Physicians see and treat symptoms, diseases, findings, and medical issues almost every day that they have never heard of, never seen before, have never been taught about, never found in a medical book, and don’t fit into any recognizable pattern that points to an exact diagnosis and treatment.

Your willingness to wander into a profession that requires this clearly makes you an entrepreneur. Have you ever thought of that effect on your capabilities? 

One could also surmise that physicians have minds that search out answers, solutions, and undiscovered steps to successful medical practice. Wouldn’t you also have a mind that understands why a business education is mandatory for extracting from medical practice everything you need to reach a level of affluence, practice income, and meeting financial obligations you never dreamed of?

Making a business education a necessary essential part of a productive and profitable medical practice should be a non-issue in your mind.  

The enigma is that it is an issue in the minds of almost all doctors for some reason. Tackling and changing one’s belief and thought patterns isn’t easy, but it can be done if diligence and self-discipline are aroused. 

What's the secret about your “comfort zone” management that you may have never
heard of?

·         When you make the decision to go beyond the ordinaryacceptable and less than optimal medical practice life, remarkable changes occur in
your mind.

Your unconscious mind becomes intent on finding everything buried and forgotten in your memory banks that could possibly help you reach that new goal. Thoughts arrive consciously that you would never have considered otherwise. This magic continues with every new step you launch into.

It’s not my perception, but is the documented occurrence that happens to those with self-confidence and faith in their own capabilities. Self-confidence originates with expanded knowledge
and belief in yourself.
 

·         There is in every physician the tendency to stretch their skills beyond what they thought they could handle. Some do and some don’t, need to keep pushing the edge of what they are already doing.

The combination of all the life long factors that have accumulated in your mind about yourself and your capabilities is almost always highly underestimated. Don't accept it as fact.

Believe it or not, you have the built-in capabilities to do astoundingly more in your profession and life than you ever thought possible. So why don’t most doctors understand and accept that fact? Yah… another enigma.
 

·         “Normalcy bias”, fatigue, stress, depression, burnout, lack of ambition and motivation, goals that disappear or are unattainable, are a few distractions that will leave you feeling helpless,
like finding yourself in an alligator pond.

I love how Henry Ford explained this kind of dilemma,
"Thinking is the hardest work there is, which is probably the reason so few
engage in it."


Taking the quiet undisturbed time thinking to set up your priorities for your career and then the attainable steps it will take you to get there will eliminate most distractions and make you maintain focus on your path to success in your
medical career.

“Only those who risk going too far can possibly
know how far to go.   ---
T. S. Elliot
 

“If we did all the things in life we are
capable of doing, we would literally
astound ourselves.” 
--Thomas Edison

The author, Curt Graham, MD, and experienced physician, author, marketer and
expert in medical practice business and marketing strategies, motivator of
professionals in the business world, published widely in web article directories,
in Modern Physician and Medical Economics Magazines, and has three books
available online.
Discover how to make your medical practice flourish and exceed
all expectations with simple business and marketing strategies.

Click Now: http://www.HowToPropelYourMedicalPracticeIncome.com
© 2013, All Rights Reserved

handwritten signature of Dr. Graham

 

 Business Nudges......

photo of tank sitting on it's nose, driven off a cliffYour medical practice might be in this position now... flat on it's nose financially. However, you can see that it can be repaired without much trouble similar to your practice income problem.

Now the driver of this behemoth is a whole other story. One might say the driver was under a lot of stress and lost sight of his destination. Maybe he had never been taught how to drive a tank or manage its controls--not so different from a doctor lacking good business knowledge.

As you can see, this vehicle's massive damage was prevented because of the prop holding it up until recovery was possible. The prop holding up a suffering medical practice isn't a cannon, but is the ability of the physician to know how to recover from a financial practice tragedy.
 


 

photo of Dan Kennedy

Renegade Millionaire -

"Futurists"

By Dan Kennedy

Last year, Bob Iger’s compensation as CEO of Disney was raised 20% by the Board, and he was paid $40.2-million. I’m happy for him. As a Disney fan and customer I appreciate his stewardship of legacy and quality.

As a shareholder, I only regret not wagering a lot more on this horse when the price was cheap. Disney, if you haven’t been paying attention to the news, is thriving, and nearing another explosion of revenue and value growth as a China park’s opening grows closer.

$40.2-million is a lot of cheese, especially for someone who’s judgment is so repetitively questioned.  In 2006, shortly after taking the kingship from Eisner, Iger personally negotiated a deal with Steve Jobs to buy Pixar for $7.4-billion, and was openly criticized by Wall Street analysts, business media, and peers for grossly over-paying.  

But Iger said that Pixar’s value was in its   future  films, not its existing assets, and he believed the Pixar capabilities and people were what Disney needed to reinvigorate its animation.

You might look up all the revenues earned from the
Toy Story franchise alone, if you want to pass judgment on the $7.4-billion. Recently Iger bought Marvel, and the same criticism about paying more than its worth was loudly raised.

After the new Iron Man and Avengers films’ success
and what is obviously to follow, critics quieted.  Very recently, he bought Lucas films from George Lucas, thus acquiring everything Star Wars, and again, a chorus of critics emerged decrying the price tag.

It seems to me that Iger has over-paid in each of these instances based on bean-counters’ formulaic analysis of present worth but bought at bargain prices factoring in the immediate increases in revenue and value made possible by Disney ownership and synergy, let alone the future value to be created with the assets. In short, he has a renegade formula.

Ordinary  entrepreneurs and investors run screaming away at the idea of deliberately paying a price significantly higher than the accountants and analysts say something is worth.  The most interesting Renegade Millionaires live by it.

Trump told me he has, quote, over-paid, unquote for every one of his best deals and properties, but just hanging his name on something makes it worth 20% to 30% more, and on top of that,  he buys based on his vision  for its future  value. Iger said he borrows inspiration from Walt Disney in making these decisions and others like them. He says: “Walt was an unbelievable futurist.”

Entrepreneurs and marketers face this “how much to pay?” question a lot  – not just if acquiring a company, but when it comes to the differential costs of acquiring different kinds of customers from different sources, the costs of joint ventures or strategic alliances, the costs of key people. Most make poor-minded, short-sighted decisions. I have quite a bit to say about all this in my book,  No B.S. Guide to Ruthless Management of People and Profits.

Being able to pay a higher price for a worthwhile asset than anyone else can or will pay or even thinks sane but, by your calculations, getting a deeply discounted bargain is the legerdemain of a true   master  entrepreneur.   

This is THE secret behind many built-from-scratch, amazing enterprises, particularly in the direct marketing world. It has built my client Guthy-Renker to a near-$2-billion business. It made HealthSource’s meteoric rise from start to over 350 franchises in just 3 years possible. It is a force that should be ardently coveted and never cavalierly dismissed. Any idiot can easily find ways it can’t be done – are you any idiot?

Despite Iger’s success, he was quick to remind an interviewer that he’s the guy who put the show “Cop Rock” on ABC. “The longer you’re around and the more you do, the more failures you have on your resume.”  Disney’s “John Carter From Mars” was on Iger’s watch.

Trump invested in an embarrassing alternative football league that lived briefly. He has, once, maybe twice danced at the edge of bankruptcy. His planned Vegas casino is a non-casino condo tragedy. I’ve had a number of duds myself and none of them matter.

The beauty of being an entrepreneur is that even a few big wins can cover a lot of other mistakes – and erase them from public consciousness. There is also a big fail-forward-factor in most Renegade Millionaire success stories: the piles of shit we fall (or climb) into often have hidden passageways that lead to gold mines. We do not fear these falls.

All Renegade Millionaires are futurists. We create and try to predict future value. This is the only way you can ever get beyond simple earning of daily bread. It  is  important that the trains run on time today, but that’s not enough. Where is the  visionary  leader? You must bring  this  to your business.

NOTE: To receive $633.91 of free money-making marketing and sales information from Dan Kennedy and GKIC simply click the link below.

https://gkic.infusionsoft.com/go/bodk/drgraham  

DAN S. KENNEDY is a serial, multi-millionaire entrepreneur; highly paid and sought after marketing and business strategist; advisor to countless first-generation, from-scratch multi-millionaire and 7-figure income entrepreneurs and professionals; and, in his personal practice, one of the very highest paid direct-response copywriters in America. As a speaker, he has delivered over 2,000 compensated presentations, appearing repeatedly on programs with the likes of Donald Trump, Gene Simmons (KISS), Debbi Fields (Mrs. Fields Cookies), and many other celebrity-entrepreneurs, for former U.S. Presidents and other world leaders, and other leading business speakers like Zig Ziglar, Brian Tracy and Tom Hopkins, often addressing audiences of 1,000 to 10,000 and up.  His popular books have been favorably recognized by Forbes, Business Week, Inc. and Entrepreneur Magazine. His NO B.S. MARKETING LETTER, one of the business newsletters published for Members of Glazer-Kennedy Insider's Circle, is the largest paid subscription newsletter in its genre in the world.

Click the link below and take advantage of the free gift which can make you wealthy!

https://gkic.infusionsoft.com/go/bodk/drgraham

Articles © 2008/Glazer-Kennedy Insider’s Circle LLC.


 

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In Every Issue:

1. Profitable Business and Marketing Articles.

2. Practice Views And Opinions.

3. References For
Maximizing Your Medical Practice Potential, Income, and success.

4. Practice Building Articles Library.

5. Practice Ideas And Tips For Improving Your Practice Income
And Efficiency.

6. Views About Medical Practice.
 

Profitable Practice Tips


Since 60% of your new patients are referred from other doctors, it's wise to establish a referral program that will entice other doctors to send you more patients to grow your practice.

It also is essential not to lose referrals from doctors who have already been sending you patients.

HERE'S HOW....     
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article 33

Borderless Humor


"Eventually you will reach a point when you will stop lying about your age and start bragging about it."

 

Goals - Plans


If you plan to become an employed doctor, you should read this first.......

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article 45
 

Inspiration Time


"Remember, the thoughts that you think and the statements you make regarding yourself determine your mental attitude. If you have a worthwhile objective, find the one reason why you can achieve it rather than hundreds of reasons why you can't ."

---Napoleon Hill

Views I Only Share With My Friends--


What my medical career taught me.......
Click Here... and how it can help you manage your medical practice business at the highest level of expertise---which certainly will be far above that of your peers.
 

 Facts And Stats

1. Overall, 18% of your employees arrive late to work once a week or more.

2. Nearly 30% of employees come late to work at least once a month.

3. Nearly one-third of employers surveyed have fired a staff member for not being at work on time.

These facts should alert you about how frequently employees cheat on their work time, steal wages from you, and always results in shoving their responsibilities in their absence on to other staff members who won't tell you about the issue.

So, unless you check out where your employees are at starting time yourself, likely you will be wasting money, find resentment among the other employees, and reduces the efficiency and productivity of your medical business.
 

Start Your Kids
In A Business--

Permit and help your kids to become assets....

When you want to understand what your modern day kids are capable of and have the ability to do, regarding starting a business of their own, then hit the link below and give yourself a dose of inspirational enlightenment.....

(CLICK HERE )

 

New Important
Notices


Protect your practice using the strategies in this

  Ebook, w hich  contains the keys to your medical practice survival.

"How To Rapidly Propel Your Medical Practice Income To Unlimited Levels In 6 Months"
 
Click Here When you need expert help and advice, and when........

red arrow pointing to rightyou just don't know where to turn to get honest and reliable help with your battle to fight the external forces that compromise your practice revenue and growth.

red arrow pointing to rightyou want to improve your medical practice income dramatically in a short period of time.

red arrow pointing to rightyou prefer to find the means to reach your highest level of practice income and productivity.

red arrow pointing to right you demand effective and reliable means for preventing the financial collapse of your medical practice.

red arrow pointing to right you are determined to find ways to combat govt. fee restrictions that continue to increase.

red arrow pointing to right you recognize that what you are missing in your medical business are implementation of business principles and marketing strategies.

red arrow pointing to right you want to do it yourself and save a bunch of money.

red arrow pointing to right you are sick and tired of putting up with what you are being forced into doing with your practice to stay afloat.

red arrow pointing to right you are aware that no other physician author is making any effort to tell you what to do and how to do it effectively to reach your expectations you had for your medical career when you started.

red arrow pointing to right you understand the severity of being in a business without ever being taught the business knowledge to run it profitably.

red arrow pointing to right you insist on having a blueprint for your medical practice business that provides every key to your practice success at the highest level. 

100% money back guarantee--you have nothing to lose.

 

References For Maximizing
Outside Income


best references for doctors who invest.......

For Investing advice:

1.Stansberry
   Research.com
   (Porter
    Stansberry)

2.The Palm Beach
   Letter--Mark Ford

3. Retirement Millionaire Newsletter.......
published by David Eifrig Jr., MD, MBA, Ophthalmologist, stock  market expert. (my choice)

Subscriptions
call 888-261-2693

Note: I have no personal or business connections with these references other than subscriptions to their publications.  I suggest them because I do think they have unique value for investors.  You decide.
 

My Other Medical Websites

www.healthcare
secretsrevealed-finally.com 

www.hushed-upweightloss
secrets.com

www.howtopropel
yourmedicalpractice
income.com 

www.medicalstudent
tips.com
 

www.healthcare-toolbox.com
 

 

 

 

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  photo of Dr. Graham with two corpsmen in Vietnam 1965    photo of Dr. Graham early in practice       photo of Linda Dr. Graham's wife      photo of Dr. Graham late in practice        photo of Dr. Graham's practice associates    

Flight Surgeon Vietnam1965--
Dan-Curt-Dave

Diet Worked 1980

 My Wife Linda

Retired 1999

Our Medical Practice Group
Graham, Mayo, Kaplan, Seibert, DelValle, Chuba

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bright colored American flag Curt Graham, M.D.
2404 Mason Ave.  Las Vegas, NV 89102
E-mail = cgmdrx(at)gmail.com
© 2004-2015  Curtis Graham, M.D., All Rights Reserved.