Most of us think we are better than we really are. Sad but true. It shows up all across society, and psychologists even have a term for it: illusory superiority, aka the above-average effect. OK, so we are a bit biased when it comes to ourselves…
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The Purpose Driven Taco
Some of my TeeTime blogs push readers to think about their practices not just as businesses but as places that exist with a higher purpose; medical practices in particular have the opportunity to define “what business are we in?” in a way that speaks to the transformative nature of really good healthcare. The audiologist who tells people “we are in the communications business” is a solid example…
What defines a well-run practice?
Most doctors tell me their practices are well run and firmly believe it based on growth in revenue, tenure of staff and patients who seem to be pleased with the services they receive. But a businessperson might look at that same practice and see something different: out-of-whack operating costs, duplication of effort, low productivity of doctors and/or staff, and patient reviews that indicate significant room for improving the customer experience.
Indeed, the definition of a well-run practice depends on who you ask…
Why Private Equity Matters
Just about every doctor I speak with wants to know more about private equity, and larger practices seem to be inundated with inquiries from prospective buyers. Why the sudden interest in medical practices?
Facts Matter
My early view on world progress was governed by what I was told at the dinner table most nights – “finish your dinner; kids in China and Africa are starving.” This common parental refrain was from an earlier perspective that there were two types of countries: industrialized and developing.
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