Lessons in entrepreneurship from medical practices
More and more I’m seeing healthcare practices (medical, dental, physical therapy, optometry, etc.) getting really entrepreneurial about their business models. Most of this is born out of necessity in order to find ways to stay profitable, but some of it comes from clinicians making the decision to run their practices in a way consistent with their passions, interests, and lifestyle.
There is a lot to be learned from a client of mine who is starting up a practice. She is really doing things right. When developing her business concept she knew early on that she wanted her practice to be different, and truly wanted to enjoy the way she spent her time each and every day. She began with a mission and vision for her practice model, and has crafted everything else around it. From brand position, to information systems, to software selection, to interior design, to financial modeling, she has built a practice that all ties back to her mission and vision. This is the first step in creating a business that lasts.
There are some very practical things she is doing right as well. She is putting a great team of business advisors and experts around her and has allowed us all to provide her with direction and guidance. She realizes that this is a team effort, and the better the team, the better the end result. Financially she is sound, and has secured the necessary operating capital to get her through several months of operations based on “worst-case” scenarios. And regarding her patient clientele, she is pounding the pavement in order to build up her caseload months before the doors even open. She will be successful for the long term, and it’s because she’s acting not only like a clinician, but also like an entrepreneur.
I read an article today that started me thinking about the client above, and it was about an entrepreneurship forum in Kansas in which business owners were learning about how to plan for success for the long haul. Interestingly, one of the speakers at the entrepreneurship forum was a founder of a medical group. This is exciting to me, as I believe that entrepreneurship within healthcare is the answer to many the problems that befall us in this industry. Private practice owners need to become entrepreneurial in their approach to business practices in order to make significant shifts in payment models, service offerings, and cost reduction. I’m really glad to see that entrepreneurship in healthcare is being used to educate others through this healthcare panelist, and I especially love to see it within the clients I work with day to day.
Three successful Wichita service-based entrepreneurs told a story of faith Thursday at Wichita State University’s Center for Entrepreneurship.
Have a business idea, believe in it, find people who complement your talents and establish a brand, said business owners in medicine, advertising and investment.
Joseph Galichia, founder of Galichia Medical Group; Sonia Greteman, chief executive of Greteman Group; and Corporate Lodging Consultants founder Barry Downing were the speakers at WSU’s final spring entrepreneurship forum.
The advice-oriented session focused on what makes a service-based business go, something the three panelists largely agreed on.