Medical Practice Business Ezine Newsletter      Aug. 2014

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"Advanced Medical Practice Business And  Marketing Profitability Strategies"

Discover how to increase your medical practice income  
fast and efficiently using the right revenue tools!

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Are you losing your private medical practice because you 
can’t earn enough to keep it open? If so, it’s because you have never  had a formal business education! “They” taught you how to practice medicine, but not how to run a business profitably.

We're talking OFFENSIVE actions,
not Defensive actions.

You can learn these simple business lessons on this site!
 

 

Article #56 - Aug. 2014         

“Financial Parenting of Your
Medical Practice”

Financially treat your medical practice no differently
than you do  raising your son or daughter to grow in a predictable manner accomplished by your decisions, training, guidance, and teaching.
 

       You don’t have to be a board certified financial genius to understand that anyone who can’t manage their financial affairs can’t determine their destiny in life.

     Physicians who spend 40 years managing their private medical practice without any academic business knowledge or training are not capable of, or in a position to, determine their own professional medical destiny, they remain recipients of what their medical environment happens to offer them.
 

     Sure, they do OK but not fantastic. They become good doctors but not the most valuable doctors. They find refuge while floating along on their mediocre medical practice when they absolutely could do unbelievably better. Business people always do better because they use the business and
marketing tools to ensure their business success. If they
don’t, then they all fail.

     And, in a sense, it’s probably a good thing that physicians never learn how to recognize how much they could have accomplished in their medical practice, how much income they could have made, and how many fantastic opportunities that passed them by over all those struggling years.

     It’s likely the reason most aged doctors don’t have much hair left after learning the real truth. My problem is that I learned the truth too late in my life to do much about it.
       
     So I ask you, why is it that almost all physicians come to believe that they can become just as successful, earn just as much income, and accomplish just as much in medical practice as other business people do in their businesses without the benefit of  any academic business education?
 

      However, there are a number of beneficial means for overcoming the business education deficiency during each season of your medical life and career in medicine. Along with that are some basic medical career patterns and principles
that evolve over time.

·  Foundationally, every person that is able to create
and maintain any business successfully must learn
what business knowledge and education can do for
them in their business… something almost all medical doctors don’t have a clue about.

·  Because physicians usually have had no academic business education at all, they…

 * Are unable to recognize that their medical
    practice business is failing in time to take
    measures to prevent it. When they do
    recognize it, then they have no knowledge
    about how to fix the problem permanently.

 * With no significant business knowledge
    physicians have no way of telling how they
    are doing in their medical practice… because
    they don’t know how to measure that aspect
    of their practice and seldom rely on anything
    other than the bottom line on their monthly
    practice financial statements, which most
    don’t understand anyway.

 * Since physicians have little or no business
    education, they are never able to understand
    their need for a business education. So they
    rarely see the value of getting an academic
    business education.

 * Business knowledge and education only
    becomes important to those who have been
    thoroughly introduced to what business
    education can do for them. You have to first
    see what can be done, how to do it, and
    what the great benefits are before they are
    motivated and inspired to obtain a
    business education.

 * The most consequential result of the lack of
    a strong business education is that physicians
    are unable to either accept or to make the
    connection between the amount of income
    they draw from their medical practice and
    how it equates directly and proportionally
    with their personal quality as a physician.
 

     It’s necessary to elaborate more on the last issue in the
list because of it being the major transitional mode of
thinking and the driving force that pulls a physician out of
their comfort zone long enough to experience the excitement about finding themselves in a wide open world of
opportunities and advantages that they are unable to experience otherwise.
 

     Elaborate financial parenting of your medical practice
from the very start opens a new world of possibilities for you beyond what your imagination previously could ever have conceived for you.  And it all begins with business knowledge.

     What it does for you is nothing short of miraculous. The
self-sustaining loop of medical practice growth created by the use of the principles of business success creates  the income  necessary to enable you to…

  1. Maximize your medical competency
     

  2. Maximize your medical skills and talents
     

  3. Become a doctor much more valuable to
    your patients
     

  4. Extend your medical potential higher
    than you ever believed possible
     

  5. Reach all of your medical profession
    objectives
     

  6. Meet every financial obligation you have
    to family and yourself for the rest
    of your life
     

     Face facts...  As you stand today in your own
medical practice while having no academic business knowledge to fuel the process, you will eventually recognize that you will never reach the top limits of
any of the accomplishments listed above.
 

How do you apply the concept of parenting to magnify your own medical practice financial circumstances?

     Your objectives on the business side of your medical
practice are to earn enough income to do all of the things mentioned above. Also included and expected from your medical career is the comfort, fulfillment, and enjoyment of diagnosing and treating your medical patients.

     Even if the latter issue has always been your primary motivation, it will never work out for you if you are living in 
professional poverty.”

     Your medical practice is the same as your own child. It needs close attention and needs to be taught to do the right things at the right time. Your practice is brainless from the
start and you need to educate it well enough to survive in
the business world of competition.

     It needs pampering, commitment, and coaching. It doesn’t happen rapidly, but happens only with perseverance,
planning, and  goal setting.

     Take a moment to remember that you can earn a lot of money practicing medicine but the only way you will be able
to keep it is by applying attention and direction to the
business side of medical practice
. And the only way to do
that is by having a business education by the time you start your private medical practice.    
   

What physicians and other professional
healthcare providers  can do while  continuing  
to practice... 

1. Spend an hour or two each day learning business and marketing from the experts by reading their how-to books...

  • “No B.S. Ruthless Management of People & Profits” by Dan S. Kennedy.
  • “No B.S. Business Success In The New Economy” by Dan S. Kennedy.
  • “The Ultimate Marketing Plan”  by Dan S. Kennedy
  • “No B.S. Direct Marketing”  by Dan S. Kennedy
  • “No B.S. Trust-Based Marketing”  by Dan S. Kennedy

These easy to read and understand books will give you a deep taste of several aspects of business that are
especially appropriate to physicians.


2. Spent your first intrusion into the world of business
by choosing to start off softly by viewing the books
which offer some fundamental reasons that business education will always be an advantage, even if you
quit medicine...

  • “The E-Myth Physician”  by Michael E. Gerber.
  • “Getting Everything You Can Out of All You’ve Got”  by
    Jay Abraham.
  • “The New Psycho-Cybernetics”  by Maxwell Maltz, MD,
    FICS
  • “The 12 Factors of Business Success”  by Kevin Hogan,
    Dave Lakhani Mollie Marti.
  • “101 Ways to Promote Yourself”  by Raleigh Pinskey.
  • “Think and Grow Rich”  by Napoleon Hill.


3. For physicians who want to use self-improvement to attract new patients without having to learn business strategies and principles...

  • “Top Performance”  by Zig Ziglar.
  • “How to Be a Great Communicator”  by Nido R. Qubein.
  • “Influence, The Psychology of Persuasion”  by Robert B. Cialdini, PhD.
  • “Triggers”  by Joseph Sugarman.
  • “The Laws of Charisma”  by Kurt W. Mortensen.


4. For physicians who prefer to attract patients by word of mouth...

  • “Positioning: The Battle for Your Mind”  by Al Ries and Jack Trout.
  • “The New Positioning”  by Jack Trout and Steve Rivkin.
  • “To Be or Not To Be Intimidated”  by Robert Ringer.
  • “Start Your Own Information Marketing Business” 
      by Robert Skrob.
  • “Get Anyone to Do Anything”  by David J. Lieberman, PhD.
     

5. For physicians bent on getting down to the
nitty-gritty...

  • “The Medical Entrepreneur”  by Steven M. Hacker, MD.
  • “Start Your Own Medical Practice”  by Marlene M. Coleman, MD and  Judge William Huss.
  • “The Ultimate Sales Machine”  by Chet Holmes.
  • “The ADWEEK Copywriting Handbook”  by Joseph
    Sugarman.
  • “Hire Your First Employee”  by Rhonda Abrams.
  • “Uncensored Sales Strategies”  by Sydney Biddle Barrows with Dan Kennedy.

 
6. Everyone would be wise to subscribe to several business and marketing newsletters written by
business experts...

  • GKIC has a weekly newsletter which I have subscribed
    to for10 years.
     
  • Bob Bly has a practical and frequent business and marketing newsletter. He’s an expert copywriter as well.
     
  • Medical Economics has good financial advice and info. (online)
     
  • Physicians Practice magazine is excellent.
     
  • My newsletter... Advanced medical practice business and marketing ezine. Go to  
    www.marketingamedicalpractice.com  and subscribe... free.

Go online and search out the ones that interest you.

 
What aggressive physicians with money should do to
get the most bang for the buck  quickly  about learning current business and marketing from the world’s
experts in one sitting...

1. Live 3 day business and marketing Seminars

The Glazer Kennedy Inner Circle (GKIC) puts on a live specialized three day seminar three times a year at
various locations around  the USA.
Everyone is welcome and costs around $3,000/person.
 

Their newsletters are fantastic to learn from.
Contact Dave Dee at:  info@gkic.com
Phone: 800-871-0147 (Chicago) for seminar
schedules and info.

Please be aware:   It’s dangerous to learn too much about business and marketing because it becomes addicting and might result in your earning much more money and faster than you can tolerate. But, your
spouse will love you anyway.

handwritten signature of Dr. Graham

 

 Business Nudges...

toddler being 
						nuzzled by three puppies


Be aware that crowd-funding is not the most appropriate way for doctors to go about medical practice business and financial management... mainly because
in the end you will take a licking.

If this future doctor is lucky enough to have parents who are willing to teach him how to work with money starting about four years later, and help him start his own business as a teenager, then his future in medicine will be a testimonial to what I teach you, and what you will come to preach to other doctors who are struggling financially.
 

 
Are you listening?

     The smartest thing you can do today for your own business and marketing knowledge that is FREE and readily available is to subscribe to at least 20 free physician/medical practice newsletters online that will barrage you with new and practical information about how to manage the business side of your medical practice.

     It would be a fantastic means of learning business strategies as you go on practicing and implementing the ones you find adaptable to your medical practice situation.

You don't need an MBA... but you have to learn from business experts, like Dan S. Kennedy, and not the college professors who have never built, owned, or managed any business in their lives.

Start by "Goggling" keywords like,  medical practice business,  medical practice financial tools, or best of all, medical practice business learning.

Tip  =   put quotes around the keyword phrase and then you get all sites that contain exactly those words in exactly that order in the websites listed on Google. It eliminates the rubbish sites containing the same scattered words with different meanings that won't help you at all.

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In Every Issue:

You lose money every day  in your medical practice if you have not listened to what I tell you to do. Who else will tell you how it happens…..at this price?

Profitable Practice Tips


1.  
It's not wise to skip the skill reviews and practice recertification exams that are being demanded more every year.

Reason: You find out quickly just how much you don't know or remember in your area of medical expertise.

2.  A recent article in the WSJ reported the huge amount of money that Johns Hopkins has to pay out in a suit settlement because a physician on staff had take hundreds of photos of his women patients genitals without their knowledge.

Tip: To be safe, let each patient that you intend to take medical photos of in the O.R. or office---inform them before you do it.

Borderless Humor


Sometimes, when I look at my children, I say to myself, "Lillian, you should have remained a virgin."
---
Lillian Carter,
mother of President
Jimmy Carter
 

Goals - Plans

1.  It is reasonable to expect that it will be mandatory very soon for all physicians to have a formal business education if they intend to continue practicing medicine in private practice. 

This also goes for Cash-Only concierge practice doctors, especially.
 

Inspiration Time


"A diplomat is someone who can tell you to go to hell in such a way that  
you will look forward to the trip."

---Paraprosdokian fun
 

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.
 

 Facts And Stats


1.  There are 60,000 U.S. registered chiropractors.

2.  Recent (Dec. 2013) United-Healthcare decision to dump some 2,250 physicians in Connecticut.

3.  Nov. 22, 2013--WSJ, United Health notified contracted doctors that their fees have been lowered to below the fees allowed by Medicare and Medicaid.

What Your Kids 
Are Capable Of…….


Insist on 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 )

Teach your kids these things

--
business principles, 
--
money-management,
--creative thinking,
--entrepreneurship,
--self-discipline,
--integrity,
--decision making,
--independence,
--kindness,
--respect,
--truthfulness,
--humility,
--goal setting,
--faith in God,
        and
the power of money
 

New Important 
Notices


Protect  your practice using the strategies in this  Ebook,   which  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 checkmarkyou 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 checkmarkyou want to improve your medical practice income dramatically in a short period of time.

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

red checkmarkyou demand effective and reliable  means for preventing the financial collapse  of your medical practice.

red checkmarkyou are determined to find ways to  combat govt. fee restrictions that continue to increase.

red checkmarkyou recognize that what you are missing in your medical business are implementation of business principles and marketing strategies.

red checkmark you want to do it yourself and save a bunch of money.

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

red checkmarkyou 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 checkmarkyou understand the severity of being in a business   without ever being taught the business knowledge  to run it profitably.

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

References For Maximizing Your Practice Income

 

My Other Medical Websites

www.healthcare
secretsrevealed-finally.com 

www.hushed-upweightloss
secrets.com

www.howtopropel
yourmedicalpracticeincome.com  

www.medicalstudenttips.com    

www.healthcare-toolbox.com

www.medicalpracticecoaching.com
(pending)

 

bird laying on its back with feet up in the air--giving up

 

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     Dr. Graham and two corpsmen--Vietnam 1965        photo Dr. Graham 1977        photo Linda, Dr. Graham's wife            photo of Dr. Graham                photo Dr. Graham with his 5 medical practice associates   

Flight Surgeon Vietnam 
1964-65     Dan-Curt-Dave

Diet Worked 1980

 My Wife Linda

Retired 1999

My prior Medical Practice Group  
Graham, Mayo, Kaplan, Seibert, DelValle, Chuba

masonic insigniaAmerican flag imageCurt Graham, M.D.
2404 Mason Ave.  Las Vegas, NV 89102
E-mail = cgmdrx(at)gmail
© 2004-2015  Curtis Graham, M.D., All Rights Reserved.