Are You Making These 5 Financial Mistakes In Your Medical Practice?

We know doctors don't get finance or accounting training during the time they spend in medical school. As a result, they tend to rely heavily on practice managers, accountants and other financial experts with managing their money.   But as medical practice owners (aka small business owners), the buck stops with the doctor. Thus, it is wise not to rely blindly on the "experts" and from time to time take a look at areas of the business for … [Read more...]

Three Simple Questions To Help You Manage Disruptive Employee Behavior

Guest post by Brenda S. Campbell One of the most challenging aspects of practice management is managing the people within the business. It can feel overwhelming to manage employee attitude, behavior and performance, especially if confrontation doesn’t come naturally. I have had the privilege of working for an amazing pediatrician for the last fifteen years. He’s been in practice for decades and has taught me so much about practice management, … [Read more...]

Learn How To Create A Budget For Your Medical Practice

In medicine, the mention of the word profit is often viewed or interpreted as a dirty word. It is as if the word does not belong in the lexicon when health care is addressed.   I argue (in the context of the private medical practice setting) that profitability is a medical practice's responsibility for one simple reason. If the medical practice (also known as a business) doesn’t deliver profits, health care providers are unable to provide for … [Read more...]

Is It Worth Being A Member Of The American Academy Of Pediatrics?

I asked a newly graduated pediatrician if she was going to renew her membership with the American Academy of Pediatrics. Her response did not surprise me. She said, "...probably not. I see no point in being a member." As far as she was concerned, there wasn't an upside ( or value ) to belong to the Academy. I knew what she meant because I share her feelings. Recently I came across an email that challenged my stance regarding the value the … [Read more...]

The Value of Having Core Values

There is a story about a frequent flyer that had reached her limit with the airline's flight crew. She did not appreciate the crew told jokes during pre-flight safety announcement. So she wrote a letter to the CEO of the airline. Among other things, the frequent flyer's letter said that felt the safety check announcements were very important therefore ought to be communicated in a serious manner. The CEO indeed receive the letter. His … [Read more...]

4 Simple Questions That Will Make You A Better Manager To Your Employees

As humans, we have an uncanny ability to justify and explain situations in ways that benefit us.  For example... When we observe a father shouting, tugging or being overpowering towards their child, we raise an eyebrow and pass judgement on that parent’s poor parenting skills. If we lose our temper with our kids, we justify it by blaming the circumstances. We'll say, “if you knew how challenging my children are, you would understand.” In a … [Read more...]

Does Your Pediatric Practice Need A Vision Statement?

Most vision statements I’ve read, are a bunch of fancy words put together in a somewhat coherent matter with the intent to demonstrate that the company or the business stands for something. As a result, nobody pays attention to them. WHY YOU NEED A VISION STATEMENT When crafted correctly, a vision statement is enduring and inspirational. It's a guiding, transformational initiative, that removes the clutter and sets a defined direction for the … [Read more...]

Simple Yet Effective Leadership Lesson You Must Learn If You Are A Practice Administrator

One day, his wife complained that in their 25 years of marriage, he had never told her that he loved her. “I told you when we got married. I’ll let you know if it changes,” he replied. Acknowledging staff members or affirming employees for a job well done doesn't come naturally to me. I'm the kind of person that believes recognition isn't necessary when someone does as expected. YOU'RE SUPPOSED TO WORK HARD For example, I've heard employees say, … [Read more...]

10 Questions You Need To Ask Before Starting A Project To Ensure Success

Imagine all of the sudden you decide to go on a camping trip. So you round up your spouse and the kids, jump in the car and head out. No supplies, no route, camping equipment, site, food or proper clothes. When asked about all these things, you respond by saying, "We'll figure it out as we go along." I'm no camping expert, but I know that this is a silly way to go about camping. Talk about a recipe for disaster. But here is the thing... even … [Read more...]

5 Sure Ways To Accomplish Little

Trust me on this one. Follow these five tips and I can ensure you will have a harder time managing your medical practice. Money back guarantee! 1 - DONT WRITE GOALS DOWN It's far better to think about your goals on the drive to work in the morning and then forget them two days letter. Who wants to keep track of stressful things anyway? Besides, you'll only be disappointed 6-months from now when you discover you've only accomplished 4 out of … [Read more...]