We need to talk about what it means to be in private practice as a healthcare practitioner. You can all too easily make decisions that will paint you into a corner and create a culture for your practice that stifles your production and therefore, your income. We see many practice owners do this. They make decisions for their practice based on emotion, conjecture, philosophy, or they might know another practice owner doing something similar – but they’re not considering all pieces of the puzzle. Often, emulation based on surface perception only leads them into a hole administratively and financially.
The way out of this is to look at your business through the lenses of an administrative framework based on quantification of everything essential in your practice. EVERYTHING ESSENTIAL needs to be quantifiable.
At The Art of Practice Prosperity what we do is break everything down into time, money, energy, and your happiness: four finite resources. You might say, “My happiness is infinite!” If you keep doing something all the time that you’re unhappy with, you’re going to be miserable. There’s no such thing as ‘infinite happiness.’ Practice owners get themselves in the craziest states of mind thinking that they’re going to leap tall buildings in a single bound and be a superhero.
However, what really happens is they wind up broke, burnt out, and discouraged from being in practice.
The way out, again, is an administrative foothold where every potential decision before it’s made, you plug into an organizing system first. When the system is designed correctly, it will give you data as to the likelihood of that decision flying or not. Again, not based on emotion or conjecture or dogma or theory or hype or philosophy or whatever someone else might be doing, but quantifiable data. Decisions made must take into account what your resources allow you to do in and for your practice.
Another way that affects your decision-making process is lack of control.
You might experience uncertainty that keeps you second-guessing yourself. Then, when you are presented with something that really could work, and a decision needs to be made, you take that data, combine it with all your past failures and the mistakes that you’ve made based on emotion and conjecture. You start to think, “I’m not sure I want to go for that or even try that out.” Doing this, you don’t allow yourself to reach a point of clarity and are purely reactive.
In the absence of clarity in your business, you can’t experience predictability. You can’t have any sound projections. What about you? What about your profit? What about you being rewarded for doing all the work that you’ve done in becoming a practice owner, putting yourself out there, taking the risk, and bringing a massive financial debt load onto yourself?
Let’s talk about getting you up and out to where you’re able to make a good, substantial profit and being able to control your practice in such a way that it also serves YOU.
We doubt you went into business as a healthcare practice owner to go further into a hole or experience more burnt out as a goal. If you wanted less money, less time, less energy, and less happiness, you could have gotten a job for a lot cheaper, and it would have given you all those things!
If you’re going to construct your practice, construct it in such a manner so you have a complete administrative discipline that allows you to look at data that gives you more clarity and more certainty as to what actions will pay off. The likelihood of your decisions panning out when based on numbers and your consideration of finite resources is crucial for sustainable and predictable practice operation and growth.
Ready to discuss how you can control your practice to its highest levels of profitability? CLICK HERE and let’s talk.
All our best,
The Art of Practice Prosperity Team