Financially treat your medical practice
than you do
raising your son or daughter to grow in a predictable
manner accomplished by
your decisions, training, guidance, and
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.
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
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
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
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
that evolve over time.
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
usually have had no academic business
education at all,
* 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
about how to fix the problem permanently.
* With no significant business
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
* Since physicians have
little or no
education, they are never able to understand
their need for a
business education. So they
rarely see the value of getting an academic
* Business knowledge and
becomes important to those who have been
thoroughly introduced to
education can do for them. You have to first
what can be done, how to do it, and
what the great benefits are before they are
motivated and inspired to obtain a
* The most consequential
result of the
a strong business education is that physicians
unable to either accept or to make the
connection between the amount
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
list because of it being the major transitional mode
thinking and the driving force that pulls a physician
their comfort zone long enough to experience the
excitement about finding themselves in a wide open world
opportunities and advantages that they are unable to
Elaborate financial parenting
of your medical
from the very start opens a new world of
possibilities for you beyond what your imagination
previously could ever have conceived for you.
it all begins with business knowledge.
What it does for you is nothing short of
self-sustaining loop of medical practice
growth created by the use of the principles of business
to enable you to…
Maximize your medical competency
Maximize your medical skills and talents
Become a doctor much more valuable to
Extend your medical potential higher
you ever believed possible
Reach all of your medical profession
Meet every financial obligation you have
to family and yourself for the rest
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
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
Even if the latter issue has always been your
primary motivation, it will never work out for you if
you are living in
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
It needs pampering,
coaching. It doesn’t happen rapidly, but happens only
Take a moment to remember that you
can earn a lot
of money practicing medicine but the only way you will
to keep it is by applying attention and
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
can do while
Spend an hour or two each day learning business and
marketing from the experts by reading their how-to books...
Ruthless Management of People & Profits” by
Dan S. Kennedy.
Business Success In The New Economy” by
Dan S. Kennedy.
Dan S. Kennedy
Dan S. Kennedy
Dan S. Kennedy
These easy to read and
understand books will give you a deep taste of
several aspects of business that are
appropriate to physicians.
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
Michael E. Gerber.
Everything You Can Out of All You’ve Got”
Maxwell Maltz, MD,
Factors of Business Success”
Dave Lakhani Mollie
“101 Ways to
3. For physicians
who want to use
self-improvement to attract new patients without having
to learn business strategies and principles...
“How to Be a
Nido R. Qubein.
The Psychology of Persuasion”
Robert B. Cialdini, PhD.
“The Laws of
Kurt W. Mortensen.
4. For physicians
who prefer to attract patients by word
The Battle for Your Mind”
Al Ries and Jack Trout.
Jack Trout and Steve Rivkin.
“To Be or Not
To Be Intimidated”
Own Information Marketing Business”
“Get Anyone to
David J. Lieberman, PhD.
physicians bent on getting down to the
Steven M. Hacker, MD.
Own Medical Practice”
Marlene M. Coleman, MD and
Judge William Huss.
Sydney Biddle Barrows with Dan Kennedy.
6. Everyone would be wise to subscribe to
several business and marketing newsletters written by
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.
has good financial advice and info. (online)
Practice magazine is excellent.
Advanced medical practice business and marketing
Go online and search out the ones that
aggressive physicians with money should do to
most bang for the buck
learning current business and marketing from the world’s
experts in one sitting...
1. Live 3 day
business and marketing
The Glazer Kennedy Inner Circle (GKIC) puts on a live
specialized three day seminar three times a year at
various locations around
welcome and costs around
Their newsletters are fantastic to learn from.
Contact Dave Dee at:
800-871-0147 (Chicago) for seminar
schedules and info.
Please be aware:
dangerous to learn too much about business and marketing
because it becomes addicting and might result in your
much more money and faster than you can tolerate. But,
spouse will love you anyway.