Independent physicians are primarily focused on the healthcare outcomes of their patients. However, they also need to focus on running their practice as a business. Just as an entrepreneur must plan and manage a business effectively to be independent and self-sustaining, there are many smart business decisions for physicians to make as they successfully grow their practice. Fortunately, independent physicians share a number of attributes with those successful entrepreneurs.
A recent post in Passive Income MD outlined five attributes common to independent physicians and entrepreneurs:
Problem solving skills. In an independent practice, there are many smart business decisions for physicians to make to ensure their practice continues to be financially solvent. Entrepreneurs must continuously solve their daily business problems to be successful. Independent physicians, of course, must also use those entrepreneurial problem solving skills when diagnosing and treating their patients’ medical conditions.
Ability to stay calm and focused under pressure. Successful entrepreneurs do not panic under pressure; rather they remain calm and focus on the problem to determine the solution. Independent physicians face this same situation with each new diagnosis and each new medical crisis. They must also apply these skills to their financial strategies, remaining calm and focusing on the success of their practice.
Critical and abstract thinking skills. Being able to see the “big picture,” as well as the critical details of a situation, whether that be a patient’s medical condition or the business needs of the practice, is a trait shared by independent physicians and entrepreneurs.
Self-discipline. When working for an employer, rules are generally set for the employee. Start time, breaks, project deadlines, and priorities are all predetermined. Entrepreneurs must have the self-discipline to run a successful business while balancing the many distractions and temptations around them, depending only on themselves to focus on the needs of the business. The same is true for independent physicians, who must have the discipline to focus on the needs of their patients and their practice.
Knowledge acquisition, research, and a healthy understanding of risk. For an entrepreneurial venture to grow, the business person must stay on top of the latest information and maintain a knowledge base of relevant topics in the chosen field. The independent physician must remain current on the latest medical research, including procedures, diagnoses, and treatment. To thrive in a successful independent practice, the physician must also balance the risk and rewards of each medical and business decision.