The answer is that they both share the understanding that profitability and philanthropy are not mutually-exclusive.

In fact, they are two of our favorite companies because their cultures are based on the idea of “profit with a conscience”.  If you read the mission statements of Starbucks and Allergan, you can feel the depth of their commitment to giving back to the global community.

We know what you’re thinking…you’re thinking “my choice to be a physician is my contribution to my community” or “I have a small medical business…what would my social impact be compared to that of the corporate giants?”

Large or small, companies can do amazing things for the people who work for them and for the communities they serve and do business in.  The only thing that really matters is the size of your heart.

Go make a big splash in a small pond.

Leave a comment below and let us know one way  that your medical business can do something amazing for the people who work for you or the communities you serve and do business in.  We would love to hear from you.

But we thought it was a catchy way to say that people are the most important and valuable asset you have in any business, especially a service-based business…period.

And not all people, only the right people.

The right people are not people who have the most experience but people who have the most interest in learning everyday.  The nurse with only 2 years of experience who wants to learn everything about the medical spa industry and cosmetic medicine will grow your practice tenfold compared to a nurse with 20 years of experience who thinks she knows everything.  You know the kind.

The right people are not people who simply “applied” for the job but people who “inquired” about the roles and responsibilities of the position.  Anyone can apply to be a receptionist, but not everyone has a smile you can “feel” over the phone.  Who do you think will book more appointments for your practice?

The key here is the difference between skills and behaviors.  Skills are taught…behaviors are innate.  When the people on your bus have the right behaviors, they will grow your medical business because they are internally driven to express these behaviors.

Do you have the right people on your bus?

Watch the video above to learn the 11 most important behaviors to look for in the passengers on your bus.  Then, identify the 5 most important behaviors you want in your staff.  Ask yourself if your current staff members have these behaviors.  If they do, how can you encourage them to strengthen and develop these behaviors further.  If they don’t, how can you get them off your bus?

We would love to know what behaviors are the most important to you…so please connect with us and leave a comment below.  We would love to hear from you.

In medicine, You are the product. Ultimately, your patients have chosen You because they trust You.

Because You are the product, anything that represents You needs to be a reflection of You.

As Tom Peters, whose has been called the “Red Bull” of management thinkers, said , “It’s this simple: You are a brand.  You are in charge of your brand.  There is no single path to success and there’s no one right way to create the brand called You.  Except this: start today or else.”

Not sure how to start?  Click on the video above for our three simple steps to create the brand called “You”.

As doctors, we’re trained to think that the more procedures we do, the more money we make. We work hard for our money.

Sound familiar? If you’re working too hard for your money, chances are that you get overly excited about revenue or the amount of money that is coming into your business.

But when you understand the difference between revenue and profit, then you understand that profit is the money your business retains after all expenses are paid.

And because your business IS the procedures and treatments you perform, you need to know which ones to focus on…so you don’t have to work so hard for your money.

When you know the profitability of each of your procedures and treatments, you focus on the ones that generate the largest profit, but not necessarily the largest revenue. Let’s face it, profit is the true measure of your business’ financial success.

Watch the video above to learn how to apply the formula for treatment profitability to each of the procedures/treatments you offer…and stop working so hard for your money!

And please leave a comment below. We would love to hear from you.

 

Avanti Kumar-Singh, M.D., and Cheena Chandra, M.B.A., started Chicago-based Frontalis Advisors to help health care practitioners get a better understanding of how to run their businesses. Dr. Kumar-Singh’s extensive background in medicine and Ms. Chandra’s managerial and business-building experience, including startups and Fortune 500 companies, combine to give doctors that special blend of first-hand field experience and business savvy. Dr. Kumar-Singh took a moment to talk recently with CareerBuilder about her unique “boot camp” for physicians.

 

Read the full interview

“Love what you do. Share it with others.”

So simple. So true.

In business, as in life, when you pursue your interests with passion – when you do things because you want to and not because you have to – that’s when the magic happens.

And when you share what you are passionate about with everyone you meet, whether it’s your patients, your employees, your children or your friends, you are sharing the best parts of yourself…and things begin to happen that have the power to transform you and everything you do.

“Love what you do. Share it with others.” Pass it on…

We just did.