Advice for Physicians Who Want to Be Business Owners

If you are, or want to be, a physician-business owner, you are part of the Revolution.

The future of medicine is at the intersection of science, medicine, and business. If you do not realize that the future of medicine is being built on all three legs, you are going to be sorely disappointed.

  1. Start calling your practice a business. It is a really important mindset shift. Long-term success (that is, keeping your office open for more than 2 years), requires you to run the office as a business because you are now operating in a profit and loss system.
  2. Figure out how to actually operate and manage a business. You rely heavily on your education and training as a physician, but yet you’ve had no formal training in business. The marketplace can be a fabulous teacher; but the cost of tuition is incredibly high. There is nothing that can keep you from paying: either you experience the gut-wrenching, when-will-this-end, why-did-I-start-this frustration for yourself, or you must find a way to pay someone to help you navigate the craziness of the highs and lows of entrepreneurship and business ownership.
  3. For the love of all that is holy: stop accepting being called – and even calling yourself – a “Provider.” It is demeaning and detrimental to the long-term welfare of Physicians everywhere. It also makes intelligent and well-informed patients not want to work with you.

For more information on how you can become a better business owner, click here: Impact Physician Services.

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