If you own, run, or have anything to do with a medical practice, you must read this book.
Today the practice of medicine must be recognized as a business. No longer can the business of the medical practice be based on the intuition of the physician or office manager.
And, running a profitable medical practice takes more than your staff’s strong clinical skills. Today’s practice of medicine is complex - declining reimbursement per patient or procedure, complexity in managing the patient process, technology needs, decision making processes to ensure optimal use of resources, outcomes management…and don’t forget the nuances of employee management!
This exciting book from Greenbranch Publishing, promises a new way for physicians and administrators to look at the medical practice.
Owen Dahl in Think Business! decodes business theories and applies them to today’s medical practice. He’ll take you far beyond marketing, human resources, finances and patient-orientated services. This book will revolutionize how you think about your medical practice. Owen is a nationally-known speaker and consultant in medical practice management, and has nearly 40 years in practice management -- from entrepreneur, to manager of a $75 million practice with 65 physicians, to academician developing teaching programs and credentialing programs.
This book is the inside scoop on the must-have information you need to evaluate the finances and business health of the practice. Depending on the intuition of the physician and the executive staff is old news. I’ll show you how to have a solid business approach to daily events in the practice.
So, if you didn’t get to business school, don’t worry. Dahl unravels the mysteries behind the management theories of gurus like Drucker, Porter, Senge, Collins, Maslow, Deming and Kotter – and then provides detail as a playbook for today’s medical practice. And if you do have your MBA, these practical applications for medicine will reinforce what you already know.
Filled with winning techniques - With Think Business! You will learn:
- Financial fundamentals – how to keep tabs on the practice.
- Employees as assets: How to recruit and retain them.
- How to differentiate your practice from your competition.
- Setting the stage for pay-for-performance and quality of care.
- Why individual physicians – and their executive staff should care about satisfied patients and quality outcomes.
- Smart strategies to focus your practice as a business.
Table of Contents
1. Are you a Business?
History, Are you a business, Business life cycle, Business organization, Business real purpose
Strategic plan, Vision and mission, Values and value statements, Strategies, SWOT, Objectives, Environment
3. Quality of Care
Measurement, Relationship management, defects and waste, quality management
4. Human Resources
Employee as an asset and knowledge worker, retention, team, generations, management and leadership
5. Process, Systems and Efficiency
Systems, flow chart, benchmarks, measurement
Strategy, patient decision process, Services, relationships, research and statistics, patient satisfaction, marketing plan, get active, give back
7. Financial Management
Statements, external activity and sources of funds, metrics
Risk management, quality assurance, compliance plan, evidence based, incident report, and accreditation
9. Knowledge Management and Decision Making
Data, information, knowledge, and wisdom continuum, management information systems, decision making, knowledge management
10. Change Management
Evidence 1, why and what of change, resistance to change, Is your organization ready for change, change manager or leader, evidence 2, group/team, evidence 3 and solutions, unfreeze, change, refreeze
11. Case Studies
Operational, strategic and “the big change”
12. The Future of Your Business
Future scenarios, the glass is half empty, Information and food for thought, The glass is half full, Ideal practice
Owen J. Dahl, MBA, FACHE, CHBC , is a nationally-known speaker and independent MGMA consultant with nearly 40 years in medical practice management — from entrepreneur, to manager of a $75 million practice with 65 physicians, to academician developing certification programs for major medical societies. He is also a Lean Six Sigma Master Black Belt. In addition to his Think Business! book, his latest book is Lean Six Sigma for the Medical Practice, with co-author, Frank Cohen. He is also the author of The Medical Practice Disaster Planning Workbook published by Greenbranch Publishing.
By Judy Capko "Author of Secrets of the Best-Run... (Thousand Oaks, CA USA)
This book is one of my all time favorites. It succinctly covers all aspects and principles of what it takes to be a successful business. Yes, a medical practice is a REAL business!
5.0 out of 5 stars Concise MBA Program for Physicians
By Dr. Yuval Lirov "Medical Billing Networks and... (New Jersey, USA)
Practice management is a more difficult business than other kinds of services because of higher expectations, higher risks, and an adversarial payment environment. A professional approach is needed to market to patients, manage and motivate staff, handle office processes and technology, maintain compliance, and most importantly, get paid in full and on time.
Yet medical schools do not prepare physicians with adequate skills to succeed in business. If you don't have the time for an MBA program and you don't have access to trustworthy consultants or reliable outsourced service providers, then this book is for you. Invest the time it takes you to read this book back into your daily practice. If you get through this book in fifteen hours, and if you use just three ideas out of hundreds, and if each one idea saves you just 1/100th of your daily working time and effort--that will be a savings of 60 hours per year, or a net annual profit on time invested of 300%.
Do you know of any other investment that nets you 300% annually?
Yuval Lirov, Medical Billing Networks and Processes - Profitable and Compliant Revenue Cycle Management in the Internet Age