Wearing the Entrepreneur Hat in your Medical Practice

While you, as a physician, are the engine of your practice, your work should involve more than just treating patients. But to grow a practice requires stepping back from the work you do to focus on strategic vision and forward-thinking.

Stepping into the Entrepreneur role allows you to shape the future of both your professional and personal lives. It’s a role that requires you to look beyond the daily grind and envision what your practice can become.

Let’s explore how wearing an entrepreneurial hat and adopting an entrepreneurial mindset can elevate your medical practice.

The Entrepreneur (Visionary) Role

The role of Entrepreneur is often ignored because it is assumed that physicians, employees, and practice partners implicitly understand the practice’s strategic plan, vision, and mission. However, when these elements remain unspoken or unclear, it can lead to misalignment, resulting in a toxic office culture and a poor patient experience.

Patients can sense this misalignment, for example, when the office staff greets them (or does not). Staff and patients often sense the absence of vision and leadership.

The Entrepreneur is responsible for clearly articulating a vision, creating a team, and aligning them toward achieving that vision. Without strong management and technical execution, the Entrepreneur’s strategic thinking will not be realized.

In “The E-Myth Physician: Why Most Medical Practices Don’t Work and What to Do About It,” the role of the entrepreneur is tailored to address the unique challenges and opportunities faced by physicians running their own practices.

The Entrepreneur in the context of a medical practice is described as:

The Visionary: Just like in any business, the entrepreneur in a medical practice is a visionary, thinking beyond the day-to-day clinical work. This role necessitates thinking about the practice’s future—what it could become, its services, expansion, and impact on patients and the community.

The Innovator: The entrepreneurial physician is also an innovator, constantly seeking new and better ways to deliver healthcare services. This might involve implementing new technologies, adopting cutting-edge medical practices, or finding more efficient administrative systems.

The Strategist: This role involves strategic planning for the practice’s growth and development. This includes setting long-term goals, identifying opportunities for expansion, and creating a roadmap for achieving these objectives.

The Leader: As an entrepreneur, the physician is also a leader, not just in terms of providing medical care but in guiding the practice. This involves inspiring and managing a team, fostering a positive workplace culture, and ensuring that the practice’s values and vision are embodied in every aspect of its operations.

Tips for Visionary Thinking and Business Development

Embracing the role of the Entrepreneur requires a shift in focus from daily operations in your practice to strategic planning and innovation. Here are some practical tips to help you cultivate visionary thinking and drive business development:

• Create a Vision Statement: Clearly define your practice’s vision and mission, and ensure all team members understand and align with these goals. Set aside time for the provider and staff to regularly review the vision and mission.
• Strategic Planning Sessions: Allocate time each month for in-depth strategic planning sessions to assess current progress, identify new opportunities, and set future objectives. These sessions should include all key team members to foster alignment and engagement.
• Innovate Continuously: Stay updated with the latest industry trends and technologies, and be open to implementing innovative solutions that can improve your practice. Encourage staff to share ideas and participate in the innovation process.
• Build a Strong Culture: Foster a positive and collaborative workplace culture that aligns with your vision and values, motivating your team to contribute to the practice’s success. Regular team-building activities and open communication channels can help maintain this culture.

Consider which hat you are wearing right now. Are you just a technician who does the work, or a manager who keeps everything organized? Stepping back and adopting a more entrepreneurial approach will help you work on your business, not just in it. This is the key to the long-term growth and fulfillment of your practice’s potential.