The MBAs run the show. Physicians and other high-income professionals are left answering to those with less training. Your practice is making more money, but work is not fun. Passion is killed by the hamster wheel.
This is not the career we envisioned during our years of training. Private equity, demand for profits, and higher throughput are changing jobs. There is constant pressure to meet metrics.
The MBAs talk and we cannot defend ourselves. The business 101 knowledge is lacking. We know our specialty. We know our job. But we cannot defend ourselves when attacked on revenue, throughput, and metrics.
It does not have to be this way.
Basic business 101 principles can defend against any MBA telling you how to do your job.
Physicians are fed up. They went into medicine to help people. Now they are forced to answer to people with much less training. They are forced into exploitative contracts. They are forced to accept the fact that they are not in control of patient care.
On a beautiful late spring day two physicians graduated residency. They became close friends during residency and chose similar paths afterwards. They both became employed physicians in a large hospital setting. They both got busy with life and mostly lost touch with each other.
Recently they were both at a specialty conference.
They remained very similar. They both had families. They both remained at the same hospital systems were their careers started.
But there was a major difference in their job titles. One was a physician. The other was the CEO of the hospital system.
What was the difference?
They both had similar ambitions. Their intelligence was the same. They went through years of training and years of dedicated work at large hospital systems.
The difference is one of them learned skills outside of their specialty and the other mastered their specialty alone.
There is nothing wrong with becoming an expert in a niche area. Unfortunately, breaking out of the hamster wheel is difficult without other skills.
The CEO first learned how to run his own practice. He reviewed his billing. He reviewed metrics. He inspired his staff to deliver the best care. He practiced at the top of his degree. Everything that did not require an MD was done by someone with the appropriate level of training for the task.
The value he could provide was not data entry. He used his mind to create value at work. Other staff provided data entry.
His efficiency skyrocketed. His quality of life improved. He was no longer doing non-physician work.
His bosses noticed his efficiency and he was promoted within the department. The free time that he had from eliminating busy work allowed him to expand his knowledge. He read every business and productivity book he could find. He volunteered for leadership positions within the hospital.
He ran his department and instilled the same values as his individual practice. Clinical revenue grew, productivity increased, and job satisfaction was its highest ever.
When the physician medical group was looking for new leadership his jumped at the opportunity. He instilled the same values to all departments. Again, clinical revenue grew, productivity increased, and job satisfaction was its highest ever.
The final step was CEO of the hospital system. The previous CEO was impressed with his leadership and business skills. During succession planning he was recommended as a leading candidate. His time came when the previous CEO retired.
His personal financial affairs are aligned with his efficient disciplined leadership style. The extra income did not hurt either.
He has now been in that role 3 years. He told his friend his story over drinks at the hotel bar.
His residency friend feels stuck. He is at the pinnacle of his career and there are few that have mastered the specialty more than him.
His bosses want him to see more and more patients for less and less money. Most of his day is spent doing tasks that a non-physician should be doing. He is so busy that he has no time for personal development. He has little skills or knowledge outside of his specialty that could provide an exit. He is stuck on the hamster wheel.
The difference is knowledge.
Understanding basic business and leadership principles gives you credibility. It means you can meaningfully contribute in meetings. When the MBAs tell you to do something you can fight back with knowledge.
Never has there been a better time to learn business 101. Private equity, insurance companies, and startups are taking over healthcare and other industries.
You worked hard for your career and it is moving on without you. You are stuck on the hamster wheel while the MBAs make you run faster.
The MDpreneur will keep you from falling behind. We educate physicians and other professionals on the application of basic business principles to everyday life. We teach you how to fight back against the MBAs. You have worked hard for your career. This is your chance to protect it.
When you signed up for medical school and residency you did not understand that everything is a business. Part of providing great patient care or whatever your profession is understanding your role within the business enterprise.
You have come this far in your training. Only a little bit more learning will take you to the next level.
The MDpreneur gives you 100% free training in applicable business 101. There are no charts, graphs, or complicated financial modeling. Just 100% tips and tricks to protect what you have worked hard for.
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