You can't
fix "stupid!" Only a blundering idiot intoxicated with the fumes of
depression would deny they want their medical practice to bring in more income
than your CPA tells you that you're earning now. By simply reading the AMA's
past Socioeconomic Characteristics of 1986, as old as it is, should provoke a
soul-sucking compelling truth in the mind of every physician to market their
medical practice now......not later.
What you're
going to find here is an understanding of how it is---not how you hope it is
relative to medical practice. Ever wonder why the large marketing groups stay away from physicians?
Because well informed marketers are well aware of the inability of physicians
to keep their hard earned money and invest wisely. They go after the affluent
segment of our society, which physicians in general aren't.
Does that
surprise you.......physicians not affluent?
The sobering
thought that only 1 in 10 physicians in this country will ever become a
millionaire compared to 1 in 4 of the McDonald's franchisees who are
millionaires, may be a rude awakening for you. And some of these franchisees
never got past high school. You physicians deserve to have higher incomes than
you have now. You've already paid the price for affluence.
Do you have
it yet?
Let's get
into the reasons to take the time to jump full-blast into marketing your own
practice in one way or another.
1. Financial Education you missed out on
can be redeemed: On the day you graduated from Medical School did you have the
financial where-with-all to start and run a small business, like a office, or
to know how to hire effective productive employees? Did you have any financial
academic or experiential education on how to run a business successfully? I
di
dn't. So, we stagger out blindly using the trial and error business method. Wouldn't it be nice to compensate for that lack of financial know-how? That's what marketing does for you and your practice.
2. Time Factor to attain what you are
worth may be too short: You have only a short number of years to practice
medicine and earn income. Physicians are in debt from the start---often in the
range of $200,000. The new solo practice requires renting office space, paying
employees, covering the overhead costs, and paying medical liability insurance,
all of which are increasing relentlessly. If it takes 2 to 4 years to build a
practice income flow you can get by on, how long will it take to pay off all
the debts lingering around you?
And after
that begin to accumulate net income for investing and funding the kid's
education. By my calculations you will be in your mid thirties before you even
start to see that net income beginning to fill up your bank account. I
know....you join a group practice or HMO to avoid much of that. Even that may
turn out to be way too restrictive for your creative talents, ambition, and
lifestyle where the "group" decisions run your life. It's why I
resigned from the HMO I had been working for
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