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Grow Your Medical Practice and Get Your Life Back By David Finkel Dr. Pariksith Singh and Alan Gassman, Esq. 1 Table of Contents Foreword An Invitation Part One: Four Simple Steps to Grow Your Medical Practice and Get Your Life Back 1. Step One: Make Building an Owner-Independent Practice a Stated Goal 2. Step Two: Reclaim Your Best Time 3. Step Three: Determine Your Practice’s “Fewer, Better” 4. Step Four: Build Your Master System Part Two: Apply the Six Practice Accelerators to Go Faster 5. Accelerator One: Strengthen Your Core 6. Accelerator Two: Engage Your Team 7. Accelerator Three: Cultivate Your Culture 8. Accelerator Four: Enhance Your Profitability 9. Accelerator Five: Protect Your Assets 10. Accelerator Six: Hire a Coach Conclusion: Five Steps to Enhance Your Practice Right Now About the Authors Appendix A: The Medical Practice Success Tool Kit: Your FREE $1,375 Gift from the Authors Appendix B: Get Your Life Back Faster Acknowledgements Index 2 Foreword In the summer of 1984 I took a trip across a sultry India with my mother and brother. Perhaps to help us pass the time, my mother told us stories about her father—my grandfather—a dedicated healer who had lived in a small village. He concocted treatments for ailments like spider bites and burns, and he used them to care for the people in his village and from other villages nearby. He didn’t charge for these services; he simply wanted to help people. That was his goal: to help others and to try to make their lives better. I was inspired by that story. As a child growing up in India, I had always aspired to be an engineer, but in the moment that I heard that story, I decided that I would become a doctor. I attended medical school in India, and in 1992, I was selected for a residency at the All India Institute of Medical Sciences. Then, in 1993, I came to the United States to finish my residency at Mount Sinai in New York. Afterward I relocated to Florida, where there was an acute need for physicians, and I went to work for another doctor, whom I’ll call “Dr. K.” Dr. K. was a brilliant visionary, but he lacked the practical business and operational skills to execute on his practice’s vision. For example, at one point he brought forty new physicians into one office all at once. As you can likely imagine, he just didn’t have the patient volume, nor was he able to develop it fast enough, to keep the considerable overheard of all these provider salaries from pushing him over the financial edge and into bankruptcy. By watching Dr. K., I learned the importance of maintaining a 3 firm handle on the business and financial aspects of the practice, and why strong operational systems and controls are required to help any practice thrive. While this was happening at Dr. K.’s office, another physician in our county, whom I’ll call “Dr. O.,” opened a practice of his own. He was ambitious and secured a contract to take all the ER calls at a local hospital. That first year he worked incredibly hard, earning $400,000 for his efforts. So what did he do? He hired a new physician for the second year, and had him take over the ER contract, effectively allowing Dr. O. to stop seeing patients. Well, you can probably guess what happened next. Dr. O.’s patients shifted their loyalties to the new physician or simply left the practice. The new doctor was unhappy and resentful because he was seeing all the patients and he couldn’t see how Dr. O. was adding any value. Soon enough, the vast majority of Dr. O.’s patients went elsewhere, and his practice ground to a halt. Yet all of this would have been totally avoidable if Dr. O. had just had a better map for how to mature his practice before he stepped out of the direct clinical treatment of patients. I have one more story to share with you about a third local doctor, a talented gastroenterologist, who started his practice around this same time as the other doctors I’ve mentioned. I’ll call him “Dr. R.” His approach to scaling his practice was quite different from both that of Dr. K. and that of Dr. O. Dr. R. set about personally seeing as many patients as he possibly could. Since he was a very skilled practitioner, he soon had a long waiting list. To handle all this demand, he set a rigorous schedule for himself: his first appointment every day was at six o’clock in the morning, and his last one finished at around eight or even nine o’clock at night. If that sounds draining, that’s because it was. 4
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