Everyone has heard at some point that “Doctors are poor businessmen”. I don’t believe it. I think the problem is often that physician are so very busy and are accustomed to making decision at the end of patient encounters. Think about it; we listen to a problem (situation) for about 10 minutes, we ask a few question that help each of us determine the next step and then we ACT (make a decision). In business often much more time is needed to uncover all the variables; if you act prematurely you’re taking lots of risk.
I believe physicians are often caught in poor business relationships because they do not understand the rules of business. Imagine you were walking on a plane, and just as you passed the pilot standing just outside of the cockpit, you heard the pilot saying, “WOW look at all these dials and knobs, I wish I knew what they did” - that’s scary. So is running a business without being able to read the score board.
Since the language of business is accounting, and understanding the three basic dials; Balance Sheet, Profit & Loss and Cash Flow is not intrinsically intuitive. In this video, I share with you what is learned if you went to Harvard business school during the 1st year in a fun and compelling manner. You will want to print out the handout and follow along and learn what doctors are never taught.
“You will learn a major rule of business – You Can’t Spend Profits”