Opportunity for Physicians in Business

A call to develop more:

Assess Your Practice Opportunities

We live in an age of unlimited opportunities.  There is no reason why anyone with desire shouldn’t be successful, whether that’s measured with money or impact on society.  Even in the case of physicians and the dark cloud of over-regulation, there exists more ways to be productive in that field than ever before.  Gone are the days of toting a bag, or simply lining up one patient after another.  You can even see fewer patients but achieve higher gross revenue.  At the other end of the spectrum you can increase patient load without risking revenue, even if a higher percentage don’t pay.

Anyone with a good idea can form a business to provide a product or service.  They can do this with little to no cost.  You can literally go to the public library, log onto a computer for free, open a WordPress account, and begin building an online business completely free.  How successful it becomes is still in your hands, but the tools are free.  You don’t need the high expense of phone systems, postage, location, travel, employees… You only need a way to get paid and a Paypal account is free too, they just take a small portion as the money comes in.  So what’s holding you back?

The uniqueness of business opportunity is that it gives you everything you need in life; a permanent job, respect, flexibility, freedom to set your own pace and schedule, location and much more.  In addition to personal and creative freedom, business opportunity today can provide a level of multifaceted entrepreneurial-ism at a level never before seen.  Jump into any business at any time, or add your own new concepts utilizing technology to your current platform.  Your own energy and desire will dictate your limits.

By multifaceted I mean you can literally pursue multiple business platforms at one time.  Most entrepreneurs I know are operating between 3 and 6 different platforms at one time, using the high energy level of creativity, caused by demands of business development, to efficiently think and pursue, while the iron is hot, so to speak.  If you wait for one platform to be complete you may never start another!

What drives opportunity?  The driving force behind up-swelling opportunity is technology, a social revolution in communication, access to anything and quickly, the ability to assemble a whole business from parts others create, and creative minds.  Your opportunities are only limited by your open mind to see a big picture or solve a need, and your energy.  But not just your energy, also how well you utilize the available energy of others who provide products, services, systems, and expertise you can assemble into your own vision.

How can you utilize opportunity?  To pursue your opportunities you must begin by planning.  I had to plan this blog post with an outline, otherwise (and maybe still) it might be all over the place, and the resulting lack of coherent thought would prevent you from reading and obtaining any benefit.  As it is, I have followed the outline and will be able to conclude this soon!  This blog began with a passion, a passion to provide you with the idea that you can expand within or outside of your practice and pursue multiple lines of opportunity.  Just like my blog, you have to have a vision of possibilities, a passion to fulfill them, and a meaningful plan or designs which will help you map a course to success.  This is what I do with my company; I help people develop their vision of success.

If you take the time to consider the possibilities and develop a vision, or two or three, you can pursue a level of personal productivity you never dreamed of.  You are not limited to any one way of doing business; there is no trap to prevent you from creatively seeking opportunity outside the traditional practice design.  You can completely fulfill your first objectives, reduce your long term risk, avoid the potential downside of over regulation, pursue other interests, and grow.  You will likely need help in this.

Ultimately it is your business.  More tools to expand, develop, tweak, and complete goals have been made available to you and the number is increasing every year.  You don’t have to use them all, but a few will make a difference.  Pause and think of your vision and opportunity.  Develop goals to reach.  Plan your success by creating a real plan of action.  Gather support and supply from other experts and assemble a ‘team’.  This team does not have to be people who meet with you; they may just have capacity available to you over the internet.  Become an expert in business development by hiring the experts.  Implement your plan.  You can be much more successful than you ever thought.

P.S.The Profitability Curve.  As you increase productivity and efficiency in business through the effort of building more platforms, you will become better at running your practice and much more profitable.  Your breadth of knowledge will become more valuable to you.

Yahoo! Falling to Ashes

Yahoo! may finally be heading to the pile of ashes, but we don’tInternet know for sure if they will become a Phoenix.  I’ve been using Yahoo and their services for many years.  Once the leader of the online world, only to be dramatically overshadowed by Google which is willing to take a risk on new projects.  Yahoo gets on my nerves these days for many reasons:

  1. The news content is garbage!  Must be the worst news feed in the world.
  2. User content is often too disgusting for children.
  3. Spam in the can!  I can’t believe how much spam I get.  Most people know that Yahoo seems like the spam magnet of the world.
  4. Yahoo email is the only place I get virus attacks from email these days.
  5. Web hosting service is good but behind the times for the price.
  6. No good web design tool.  They used to have a good one but failed to add CSS.
  7. Yahoo sports is okay, and Finance is really good, but that’s about all I can use them for.
  8. They killed their social platform and are now trying to bring it back in bits and pieces.
  9. Add up Google, Microsoft, WordPress, Bloomberg, and Twitter and they do pretty much everything Yahoo does and much more as a group, but better.
  10. Oh, yes, the news isn’t just bad, the headlines are often misleading which is very aggravating.
  11. The new CEO is a social butterfly who may not know what she’s doing.

Of course the new CEO could turn out okay.  The last few were… probably still jobless.  If Yahoo can regain some old glory I would be grateful to see it! If I stop using Yahoo, then where will I take my web sites and services?  I have several ideas but it isn’t as easy as it sounds.  I’m used to having one location for web design, email, and server utilities.  Google is my current choice for email and HostGator looks like a winner for web services and hosting.  The good thing about splitting up the service is that if one goes down the others should still be running, rather than an entire crash. If Yahoo truly loved, honored, and cherished my business, quality of service and support, would I ever leave them?  No. If I change, I’ll let you know.

Physician Unearned Income

Monetize your practice to a higher, more diverse level.

If you are worried about how to maintain your practice under the potential negative effects of Obamacare, consider these strategies:

  • Develop alternative lines of business related to medicine

    Expect Growth
  • Take your practice to the internet
  • Reduce income risk by creating more unearned income
  • Move beyond traditional business platforms and technology
  • Increase patient communications
  • Divert fees to alternative lines of unearned income

If you take some strategic steps and focus on income sources, you could build your overall business platform to the extent that normal billing is secondary rather than primary.  Wouldn’t it be easier if regulations, insurance, and taxes had less impact on your ability to see patients?

Order: Monetize Your Medical Practice

Practice Management or Wealth Management?

Practice Management is a familiar subject.  Our specialty at Ecspex is providing the solutions your practice manager or service normally does not, a design for your successful lifetime.

Ecspex and Medical Practice Together
Business Solutions for Medical Profession

A major, often over-looked, segment of managing your success is developing a good over-all plan to manage your finances, business opportunities outside of the practice, and good long-term strategies with a view that’s much larger than the daily effort of owning a practice or managing your private office.

Our speciality is your lifetime; the success of your overall productive life including your practice years, your potential second or third careers, your family and partners, and all the things implied by the fulfilment of your many opportunities.

Here’s a list of things often thought about yet rarely planned as well as most would like:

  • Setting high and measurable expectations
  • Developing goals and way-points to measure success
  • Expected rate of return on all aspects of business
  • Finding the best resources by seeking the best providers
  • Selecting and implementing strategies
  • Seeking alternative business opportunities
  • Weighing the risks associated with your opportunities
  • Knowing when to pursue and when to change course

Connect with Ecspex and learn how to advance your practice! 

Contact Us

“Dr. Doom’s” Economic Storm, with Silver Lining

Nouriel Roubini, who has been nicknamed “Dr. Doom”, is known for predictions of impending disaster in the economy of the world.  What he and others may not tell you is this is all part of a long-term cycle and it is normal for economies to reset and rebuild.

Earth Will Not Unravel
The Earth will not unravel.

Economic “Doom” isn’t all the fear it’s cracked up to be.  In fact, it isn’t really a doom situation at all.  It is truly a great opportunity, if it even happens, for the populations involved to start fresh.

Here are a few thing to think about:

  • The U.S. has changed or reset the currency many times, even in the last 50 years
  • World currency and economies have slipped and fallen many times, yet here we are
  • Federal Guarantees have failed in one form or another, often disguised by “new” guarantees
  • Some percentage of the population will still want to eat, and will still work to do so, even if they barter
  • A new economy always comes with new opportunity
  • For a brief period, some will get to pay their taxes with currency which soon becomes worthless anyway
  • When economies fail, many of the citizens have little currency of any value at the time, and it can be a big relief to replace this with a new currency and “guarantee”, allowing prosperity once again
  • Savings shouldn’t be in the form of currency anyway, it should be in the form of yielding assets

These are only a few thoughts which highlight the potential positives following “Economic Doom” (if anyone wants to call it that).

My personal opinion is that in times of disaster and fear, humans often show their best nature and are more likely to help each other, by doing more of what’s right.  One reason I didn’t like Steven Spielberg‘s version of War of the Worlds is he portrays the worst of humanity rather than the best.  Only a small portion of the population becomes so selfish when all are threatened.  It is difficult to imagine all the homes and suburbs of Kansas City disappearing, or the water being turned off by the city, grocery stores closing, and vegetable stands going away, all because the dollar just isn’t the dollar we expected.  What do you have to trade?

How is it possible that Economic Collapse could turn out well?  It is easy to assume people will starve, or there will be more war and chaos, but maybe those are the symptoms of the top of an overly-controlled and dictated economy and the effect of such is already in motion.  After the global collapse in the 1930’s, caused by mismanagement of government trust and investment abuse, war later came in the form of WWII.  The interesting thing is they may not be as related as we believe.  Often the powers dictating the outbreak of war tend to be oblivious to the economic situation.  In fact they may take advantage, as Hitler did.

If you want to read and absorb more economic fear from “Dr. Doom”, read this http://bit.ly/RQdJo9 .

How are you preparing to do well in any event?