If you own, run, or have anything to do with a medical practice, you must read this book.Thousands of physicians and practice managers have relied on the previous edition of this book. In this revised and updated 2nd Edition, nationally recognized expert, Owen Dahl, provides the vital information that top business schools teach. Think Business! Is designed for the busy professional as a “mini-MBA” for the medical practice environment. Written in a clear style, the revised edition covers the changes occurring in healthcare and reimbursement including the move from volume to “value.” All examples and content relate to the daily operations and activities that occur in a healthcare practice.
New for this Edition!
- Where to look first to control costs? We'll give you the first 3 places to look
- Complete overhaul of the Finance section
- MACRA, MIPS, PQRS, VBPM – Alphabet Soup
- How much does it cost you to see a patient? (cost differentials of new patient vs. established patient, one office vs. another office, one provider vs. another provider...
- Step-by-step guide to revenue cycle management (RCM)
- What is the expected profit margins on certain patient services?
- Basics of a strong compliance policy
- Risk Management: choose the MedMal policy right for you
- Volume to Value-based reimbursement
- How Scenario Planning works well in a medical practice
- Quadrant matrix to aid in decisions regarding ancillaries
- Tips on benchmarking the practice
- Avoiding risk of embezzlement
- Coaching behaviors
- Managing multi-generational teams
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.
According to Nancy Collins, President of Greenbranch Publishing, "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 Dahl provides you with the very best concepts, ideas and tools taught in today's business schools. Apply these techniques to your medical practice and you'll see a noticeable difference in the business health of the practice.
“If you didn’t get to business school, don’t worry,” says Owen Dahl. “ I unravel the mysteries behind the various management theories – and then I provide detail as a playbook for today’s medical practice. This book is the inside scoop on the must-have information you need to evaluate the finances and business health of the 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! 2nd Edition, 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
- Motivate employees to build great teams; it’s not only about money!
Table of Contents
1. Are you a Business?
The life cycle of a business and why the medical practice is no different.
How to put together a strategic plan, vision and mission statements, value statements, SWOT, Scenario Planning.
3. Quality of Care
Measurement and quality of care including structure, process, and patient outcomes.
4. Human Resources
Employees as assets, recruitment and retention of staff members, managing multi-generational teams.
5. Process, Systems and Efficiency
“Lean” thinking, elements of Six-Sigma, how to benchmark the practice, how to measure and analyze.
The marketing plan in today's environment, impact of online reputation for physicians and the practice, the patient in the decision-making process.
7. Financial Management
How much does it cost to see a patient? The bottom line. Statements and reporting to upper management, external activity, sources of funding.
Elements of a solid compliance plan, evidence-based incident report, malpractice insurance strategies, accreditation.
9. Knowledge Management and Decision Making
Knowledge workers = staff members. Each employee must add value to the process. Decsion-making best practices for your team.
10. Change Management
The Why and What of Change. Is your team ready? Tips for change manager or leader.
11. Case Studies
Bonus! Creative problem-solving that ties together the ideas in the book. These will challenge your thought process!
12. The Future of Your Business
Avoiding the 5 Deadly Sins. Safeguarding the business of the medical practice. A view of the physician practice of the future.
Owen J. Dahl, MBA, FACHE, CHBC , is a principal of Owen Dahl Consulting, in The Woodlands, Texas, and the Author of Think Business! Medical Practice Quality, Efficiency, Profits, 2nd Edition, a guide to applying business fundamentals to the practice of medicine. His second book is an eBook complete with template, Medical Practice Disaster Planning Guide. He also is the contributing author of the popular books, Lean Six Sigma for the Medical Practice and Integration of Behavioral Health into Medical Homes: A Rapid Implementation Guide. A nationally-known speaker on strategic planning, Lean and Six Sigma, culture, human resource management and the revenue cycle, Owen is also an independent consultant with the Medical Group Management Association, MGMA. Owen’s passion for education inspired him to become an adjunct professor at the University of New Orleans and the University of Houston, as well as developing certification programs for major medical societies.
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