For physicians running a medical practice, balancing the dual role of doctor and small business owner can be challenging. Rising overhead costs make it increasingly difficult to build and protect revenue, while providing patient-centered health care.
To help entrepreneurs build successful businesses, Ty Freyvogel, founder of EntrepreneursLab.com, wrote "Five to Help You Thrive: The Five Critical Business Relationships Every Entrepreneur Must Nurture."
"Five to Help You Thrive" includes relationships with customers, employees, vendors, bankers, and mentors, and teaches physicians to focus on the critical relationships that will turn their practices into a successful business. But the goal of accumulating wealth often comes with the risk of detracting from the value of the service being provided. For physicians, this can mean seeing more patients and writing more prescriptions, all while struggling with slow, third-party reimbursement.
"Physicians are realizing that theyâ€™re working longer hours, and they're making far less money than they used to," Freyvogel says. "Thereâ€™s more pressure economically for physicians to push volume through their office to increase income, and they only make so much in terms of cash flow based on what insurance companies are willing to pay."
Becoming a better entrepreneur by fostering important business relationships can help physicians overcome some of the difficulties of owning their own practice. It is important to develop the following five key relationships:
As a physician running a practice, itâ€™s important to think like a businessperson. This means developing a vision, creating a plan, and conveying this to others who share your passion for what you do.