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The Truth Blog

Inspiring and informing doctors about their small business powers

The SimpliMD Way: 9 Micro-Business Practices for Thriving Doctors

business competency community generosity micro-corporations professional autonomy retirement self-care service sharing Oct 07, 2023

In my last two coaching posts, I have cast a shared vision and mission for our SimpliMD community.

The SimpliMD Vision

To inspire every US physician to empower themselves as a micro-business within the marketplace.

The SimpliMD Mission

To inform, inspire, and support physicians to flourish through micro-business competency, which in turn will empower them to thrive in their roles as both healers and entrepreneurs.

 

The SimpliMD Roadmap

Then I briefly reviewed the “why”, “what” and “how” for our community and called this our roadmap.

My last step in this 3 part series involves reviewing the 9 micro-business practices that will help you thrive as a physician. There may be more if you really wanted to get into the weeds, but for our sake I am trying to keep it concisely at less than 10. For the sake of our community I am labeling these 9 practices “The SimpliMD Way”

The SimpliMD Way

The landscape of healthcare in the United States is rapidly evolving, and physicians are at the forefront of this transformation. As a physician and the president of SimpliMD, an online business that supports doctors in forming micro-corporations for their professional work, I understand the unique challenges and opportunities that come with this profession. In this coaching blog post, I am delving into nine essential micro-business practices that can empower you to thrive in your career and personal life that I call the SimpliMD Way.

 

  • Micro-Business Competency:

    To thrive as a physician in a micro-corporation, it's essential to cultivate micro-business competency. This means mastering the intricacies of running a medical practice efficiently. You must be well-versed in financial management, legal compliance, and healthcare regulations. Without a strong foundation in these areas, it's challenging to build a successful and sustainable practice.

    Micro-business competency also extends to understanding the business side of medicine. This includes effective billing and coding, managing overhead costs, and optimizing revenue streams. Continuous learning and staying updated on industry changes are key components of this practice.

  • Community Building:

    Building a supportive community of fellow physicians and healthcare professionals can be a game-changer. Your SimpliMD community is a prime example of the power of connections. Networking with peers can provide invaluable insights, mentorship, and emotional support. These relationships can help you navigate challenges, share best practices, and even lead to collaboration opportunities.

    Moreover, fostering a sense of community within your own practice can enhance patient loyalty and staff morale. When everyone feels like they are part of a team with a shared mission, the entire practice thrives.

  • Autonomy:

    One of the most significant advantages of forming micro-corporations is the increased autonomy it affords physicians. You have the flexibility to design your practice according to your values, principles, and vision. This autonomy allows you to make decisions that are in the best interest of your patients and your professional satisfaction.

    However, with great autonomy comes great responsibility. It's crucial to strike a balance between independence and accountability. Being accountable to your patients and adhering to ethical standards is paramount, even as you exercise your autonomy.

  • Self-Care:

    The demanding nature of the medical profession can take a toll on a physician's physical and mental well-being. Self-care is not a luxury; it's a necessity. Prioritizing self-care practices is essential to thrive in medicine.

    This includes maintaining a healthy work-life balance, getting regular exercise, ensuring adequate sleep, and adopting stress management techniques. When you prioritize your own well-being, you are better equipped to provide quality care to your patients and make sound business decisions.

  • Service

    Excellence in patient care should always be at the forefront of your practice. Patients trust you with their health and well-being, and providing exceptional service is not just a practice but a commitment.

    Strive to create a welcoming and empathetic environment for your patients. Effective communication, active listening, and personalized care plans are essential components of service excellence. Happy patients not only return for care but also become advocates for your practice, contributing to its growth.

  • Sharing Knowledge:

    As a physician, you possess a wealth of knowledge and experience that can benefit both your colleagues and the wider medical community. Sharing your insights and expertise through writing, teaching, and mentoring is a powerful practice.

    Consider writing books and blogs, producing courses, and delivering presentations that contribute to medical knowledge and best practices. Sharing your knowledge not only enhances your professional reputation but also positively impacts patient care and the healthcare industry as a whole.

  • Generosity:

    A wise man once said “to whom much is given, much is expected”.

    Generosity is a practice that extends beyond the examination room. It involves giving back to your community and the less fortunate. As a physician, you can engage in charitable work, offer pro bono services to those in need, or mentor aspiring medical professionals.

    Generosity not only fosters goodwill but also gives you a sense of purpose and fulfillment beyond financial success. It reminds you of the core values that led you to medicine in the first place – the desire to make a positive difference in people's lives.

  • Wealth Management:

    Financial stability is a cornerstone of personal and professional success. Physicians must practice sound wealth management to secure their financial future. This includes creating a comprehensive financial plan, budgeting wisely, and investing prudently.

    Furthermore, it's essential to build an emergency fund, plan for unexpected expenses, and have a clear retirement strategy. Your financial well-being should align with your long-term goals, ensuring that you can enjoy the fruits of your labor in retirement.

  • Retirement Planning

    Planning for retirement is a long-term practice that physicians often neglect in the midst of their demanding careers. However, early retirement planning is critical to achieving financial security and a comfortable retirement lifestyle.

    Start by setting clear retirement goals. Consider working with a financial advisor who specializes in healthcare professionals to create a tailored retirement plan. Explore options such as retirement accounts, investments, and insurance to protect your assets and ensure a smooth transition into retirement.

Conclusion

In the world of medicine and micro-business, thriving is not just about financial success but also about personal fulfillment, excellent patient care, and contributing to the greater healthcare community. By implementing these nine micro-business practices – micro-business competency, community building, autonomy, self-care, service excellence, sharing knowledge, generosity, wealth management, and retirement planning – you can create a well-rounded and thriving medical career that aligns with your goals and values. Remember that thriving in medicine is not a destination but an ongoing journey that requires dedication, adaptability, and a commitment to lifelong learning.

Take the next step in your take your micro-business journey by becoming a member of our community and gain access to $2500 in products.

Or you can sign up for our most popular product—SimpliMD micro-business coaching—which incorporates the various practices of the SimpliMD way.

Tod

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