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The Truth Blog

Inspiring and informing doctors about their small business powers

Thriving Through Business Knowledge: Empowering Yourself As A Micro-Corporation

business competency micro-corporations professional services wealth Feb 09, 2024

The mission for our SimpliMD community is:

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 truth is that your medical training neglected both your business and personal finance education. You may have tried to remedy this through online resources or perhaps with the help of a mentor, but most of you come out of your training experience unprepared for what I refer to as "the business of medicine."

This why I have created our roadmap for practical business education for the members of our SimpliMD community. I committed to providing your accessible & inexpensive products that support your business competency journey through SimpliMD.

This includes posts like:

I came across this post recently and it really resonated with our mission and I thought you would find it of value.

I hope it inspires you to become a member at SimpliMD and join our movement empowering doctors everywhere to regain control over their lives!

 

by Curtis G. Graham, MD, originally published on KevinMD October 23, 2023

Private medical practice: thriving with business knowledge

Are you happy and satisfied with your private medical practice today? Over 65 percent of physicians admit they aren’t. Such a high percentage is indicative of serious problems within the medical profession that aren’t being resolved. These issues are increasing, not decreasing.

Some believe it’s the result of several stress factors among practicing physicians stemming from variable pressure-inciting sources inside and outside the medical practice business. Others sanctify their distress and tolerance of it because they mistake knowledge for wisdom. One helps you make a living; the other helps you make a life

The evidence that permeates the “herd think” comes to rest most often on the money factor as the primary source. Beginning with the association between the family wealth of some physicians and the cultural character of physicians who are wealthy because of their decisions, conclusions can be drawn. Wealthy physicians who often arrive there seldom see themselves as victims of the stresses and pressures. Why would that be?

Essential elements of a wealthy physician’s practice, lifestyle, expectations, efforts, and intensity of their passion are that their money can promptly eradicate almost all barriers and challenges they are confronted with. In my medical practice career, I witnessed this often. This issue is not proof that higher medical practice business incomes solve financial problems so commonly found among physicians in independent medical practice.

But it does strongly suggest that money or income significantly affects the extent to which practice income makes an impact on the many financial and mental aspects of medical practice. Security in your practice depends on it. Enjoyable family life requires it. Financial obligations require it. Self-esteem increases from it. Expectations for our ultimate medical career benefits increase with the rise of monetary levels. And life becomes far more satisfactory in the long run.

The conflict that persistently interferes with your medical career’s absolute success.

For unknown reasons, while in pre-med and in medical school, the concept of the necessity for business knowledge escapes the minds of students. Worst of all, it continues while out in medical practice later. For the last century, all physicians in private medical practice have been expected to live a joyous and satisfactory life in the medical practice business without ever knowing about the knowledge and benefits provided by business tools.

Such foolishness and perpetual disintegration of private medical practice as a result have evolved in the destruction of private medical practice businesses in our nation. If you add to that the pending complete takeover of the medical profession and health care by our government soon, you will get a taste of what the cost of the lack of a business education means to all physicians.

 

The facts that cannot be disputed.

The ultimate value of a physician to their medical patients.

The means that every physician can reach their ultimate potential in medical practice.

 

The persistence of physicians remaining on the cutting edge of practice in their careers.

The fundamental ability to continually manage and grow their medical practice business is only through the business education process that all physicians must have—and that no medical school in the USA has ever provided to medical students.

This list should be a wake-up call to anyone who intends to apply to medical school, all medical school students, and all physicians in clinical medical practice at any age. No one can prove the value of business education to you, but there are millions of successful businesspeople in the world and in other businesses who have lived the truth about the connection of business education to their business’s success.

You decide your future success. If you choose to believe the truth about business education and medical schools continue to refuse to provide business education, you do have alternatives for obtaining a reliable business education.

On your own—for about $500, you can read books on business and marketing and get a good start, easy to understand and apply.

Obtain it before medical school—about $40,000 for a 2-year on-campus program or $1,000 to $2,500 online for a 1-year program (waste of money)—the MBA is too superficial for appropriate use by physicians.

As a physician who practiced medicine for over 39 years and spent the last 20 years in medical education research to uncover the causes of the overwhelming problems most private practice physicians face—and they are becoming worse—I found the real cause of most of these issues.

We all know that we can’t do much without money/income. Most money is earned by those who own businesses or work for businesses. Understanding that without successful business owners, they fail, and people earn no income. Business success is entirely dependent on proper management and marketing, as you know.

Without a physician’s business education, private medical practice is never a successful business.

Most physicians believe in their minds that their medical practice business is successful because they have no knowledge about what a successful business does and is (lack of business education). Therefore, most physicians move through their careers blinded to real success. That is the primary reason that private medical practice has been disintegrating rapidly over the last few decades.

All medical schools fail to prepare all medical students for the survival and ability to produce financial growth necessary for success in private medical practice. Don’t expect that to change for years to come.

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