We need to share something that we run into often. Most healthcare practice owners are in over their heads. Now, we know firsthand that practice owners are capable of great success in practice, but most of them need to think about their career choice in a radically different way.
Practitioner as entrepreneur
So, you went to college thinking that when you graduated you would have the “good life,” right? If you’re like most other practice owners, you felt that after about two to three years after opening your practice you would make a good living, not work too many hours, and help people in the process – all great things to wish for.
However, we were told a false narrative. It’s TOUGH to be a successful healthcare practice owner in today’s marketplace and economic climate.
Now, you could sulk, complain and wish that your practice gets better; or, you can start making it better today. There IS a way to turn your situation around if you’re struggling in practice, but it requires a complete shift in the way you look at being in practice. It would be best if you started thinking like an entrepreneur to succeed.
Your practice is no longer YOU
Many practitioners imagine a quiet and serene existence as a solo practitioner with one, maybe two employees. However, this model is extremely flawed. To claim your maximum potential of success, you need to think about your practice as an entrepreneurial endeavor.
What do we mean by this?
A true entrepreneur knows that they need to leverage the time and energy of employees to be truly successful in their endeavor. If you think that you can “go it alone” you will almost certainly fail – or at the very least, severely limit your income. Here is an example in a completely different industry; would a restaurant owner run the entire restaurant by themselves? Of course not! A restaurant owner could never be a host, cook, server, bartender, accountant, busser, marketer and cleaning crew. A restaurant owner needs to hire employees and delegate tasks to the proper people, manage their staff and ensure that every employee is helping them generate at least five times (5x) what the business owner is paying them.
How does this apply to your practice?
Many practice owners try to handle too much in their practice on their own and end up being unable to manage a successful practice. Most practice owners are reduced to trading time for money because they’re not leveraging the time and energy of their employees. The goal for every practice owner should be to hire an employee for every primary job in the practice, and then outsource what can be outsourced – such as accounting. The ultimate goal in practice should be only to do ONE THING in practice – the thing that the practice owner enjoys and excels at the most. For most practice owners, the highest and best use of their time is either providing care or meeting with prospective new patients/clients- everything else should be delegated to employees. Of course, this must be determined with each practice owner.
The true signs of an entrepreneurial practice owner
The moment I knew I “made it” in practice was when I was able to COMPLETELY STEP AWAY from my practice, and it still ran as well as if I was there. Making an excellent living as a practice owner, and at any moment, I could step away for a week or a month, and it would still generate substantial net income. Now, we know not every healthcare practitioner wants this as a goal, but we think it should be the benchmark for success in practice because everyone needs a vacation and time with his or her family. To own and operate a practice capable of doing this, you will need to leverage the time, energy and intelligence of others in a way that more resembles a savvy entrepreneur rather than just a practitioner.
Chances are, if you’re reading this, then your practice is not one-hundred percent self-sustaining through the efforts of those on your payroll – and that’s okay.
So, what should you do next?
When I first decided that I was struggling in practice, I realized that I needed help. I went through the gamut of terrible coaches and consultants and eventually created my system by taking the very best of each “expert,” creating my own Essential Analytics™ system and throwing in some of my own “secret sauce” that I gathered from the hard-won knowledge acquired by being in practice. It took me a good number of years to flush out and perfect my system in my practice, and I eventually transitioned into helping other healthcare practice owners succeed in practice. Now, all of our clients use the system that I developed and used in my practice which gives them a custom tailored “paint by numbers” approach to getting their practice into shape. Now, I must warn you, it’s not a quick or immediate fix, it will still take time and effort, but it will save years of struggle for any healthcare practice owner that is determined to succeed.
So, if you’re ready to take your practice to the next level and start running your business as an entrepreneur, WATCH OUR TRAINING and then SCHEDULE YOUR BREAKTHROUGH CALL with us. During this call, we will talk about where you are in practice and assess your particular and unique situation. We will dig in and discover precisely what needs to be done to get you on a trajectory towards certain and strategic success.
Jonathan and The Art of Practice Prosperity Team