What Is Physician's Enterpreneurship

They further provide a short history of healthcare policy and structure and how it has evolved from
an unregulated industry to one that has become increasingly corporatized. They note the rise in
employed physicians and that :
Physicians might become less professional, but their professional role could increase as
their entrepreneurial role decreases

It seems to me there is confusion about physician entrepreneurship,its definition and whether it
represents a threat to professionalism.
1. Entrepreneurship is the pursuit of opportunity with scarce, uncontrolled resources. The goal of all
entrepreneurs, including physician entrepreneurs, is to create user defined value through the
deployment of innovation.
2. Innovation has both a qualitative and quantitative component. It refers to doing something new or
something old in a new way that creates user defined value that is a significant multiple of the
competitive offering. Sick care sorely needs innovation that is not incremental or sustaining, but
rather significantly adds at least 10x the present value to have an impact.
3. Physician entrepreneurship is not the same things as private practice nor is it fundamentally about
practice management. The increasing rate of employed physicians should not be interpreted, as
Prof. Fuchs implies, as decreasing entrepreneurial role of doctors and its consequent impact on
medical professionalism. To the contrary, when done properly, it enhances medical professionalism.
4. There are many different roles for physician entrepreneurs as small to medium sized business
owners, technopreneurs, social entrepreneurs, intrapreneurs i.e.employed physicians acting like
entrepreneurs, freelancers and consultants, and physician investors.
5. Employed physicians, whether academic or non-academic, have the potential to be no less
entrepreneurial than their colleagues who are in independent practices.
6. While medical educational reform is necessary, expecting medical students to master health
economics and population health is an unrealistic expectation. Medical schools need to be part of
entrepreneurial universities with the goal of instilling an entrepreneurial mindset in all graduates,
including health professionals. To that end, medical schools and their graduates schools should
rethink how they teach and practice technology transfer and commercialization and how they give
faculty innovators the tools, incentive and recognition for the scholarship of innovation they
deserve.
7. Physician entrepreneurship enhances medical professionalism, it does not degrade it, as long its
practitioners understand and resolve the conflicts between the ethics of medicine and the ethics of
business. Violating the patient or public trust by self dealing or undisclosed conflicts of interest
degrades any profession that has a fiduciary relationship with its customers or clients.
8. Physician entrepreneurs create value for patients in many ways other than seeing them face to
face for an entire professional career. The upcoming generation of medical students and residents

no better time to be a doctor who sees the business of medicine on par with the practice of medicine as another way to help patients. Every industrialized country is facing the issue of how to provide their citizens with health services with scarce resources.sopenet. whether. it be acute care to chronic care.sopenet. 9.org http://www. will be the solution. fostered by rules that catalyze them. MD.org/104-what-is-physician-entrepreneurship . 10. MBA is the President and CEO of the Society of Physician Entrepreneurs at www. as noted.and scientists and engineers in graduate school understand that better than their school's faculty and administrators and they have engaged in bottom up efforts to fill the gaps in their education and experiences. Arlen Meyers. face to face care to digical care. or corporate care evolving into more patient centered care. The "golden age" of medical practice is being replaced by the "golden age" of physician entrepreneurship since there has been. Every threat to the existing practice of medicine. arguably. Innovation and entrepreneurship . represents an opportunity for physician entrepreneurs to help patients by adding value.

Doctors know how to assess risk and make on the spot cost-benefit decisions.000 actively practicing physicians in the US have an entrepreneurial mindset and even fewer are innovators. communicate/educate. doctors make decisions with incomplete information. Only about 25-35% of medical decisions are based on scientific evidence. They can be technopreneurs. Christensen et al. 2. The successful ones learn from those mistakes and have judgment about pursuing the next opportunity. they do so more than they would like to admit. something doctors do well. Doctors are used to dealing with uncertainty.” and they should just take care of patients and leave the business stuff to someone else. 7. They . I know that doctors have the potential to make great entrepreneurs. pathology or multiple other specialties. Very few entrepreneurs have not had their share of mistakes of failed startups. Every medical decision is based on the risks versus the benefits. Decision-making. and do procedures. experimenting and observing (credit hannibal). Doctors do this every day. As someone who works with physician entrepreneurs. these beliefs are no longer sustainable if doctors are to thrive in the new US healthcare environment. they are all a means toward an end of solving or relieving the patient’s problem. observe. whether in dermatology. admittedly sometimes unsuccessfully. 9. Learning from experience is called clinical judgment. Doctors are excellent at pattern recognition. associating. noted the core skills of innovators are: questioning. with their patients. It’s the same with entrepreneurship. In fact. 5. 8. connect and associate: core entrepreneurial skills. connecting. In my opinion. 3. and/or investors. only a small percentage of the 625. Doctors have access to patients and understand the clinical issues more than anyone else. Doctors know how to question. Learning from mistakes is called experience. to not do things that won’t make a difference in how they treat patients. Here are 10 reasons why doctors have the potential to be terrific entrepreneurs: 1. 4. managers. Like businesspeople. The know how to build clinical judgment. doing physical exams and tests are a routine part of care. Doctors can fulfill core entrepreneurial roles. Sometimes they have to do things based on their gut. relies on pattern recognition skills. Doctors have them all. 6. it only takes a few innovators to disrupt the system and add substantial value.10 Reasons Why Doctors Make Great Entrepreneurs Conventional wisdom has it that “doctors are lousy businesspeople. The process is the same for business. Admittedly. market perceivers. day in and day out. Entrepreneurship is about research and experimenting. Doctors are trained. Doctors basically do three things: They make decisions. While obtaining a patient’s history. In The Innovators DNA. Doctors have a bias to action. However.

Maybe they’ll offer to invest in your idea.mit. So. http://miter.edu/10-reasons-why-doctors-make-great-entrepreneurs/ .live in a world of market opportunity. hand them a card with this list on the back of it. Doctors deal with such circumstance on a routine basis when dealing with patient’s treatment. the next time someone raises their eyebrows when you tell them you are a physician entrepreneur. 10. Doctors have the courage to know when something won’t work or should be ended.

Innovation. instead. Operations Management 9. billing and collecting 2. At a minimum. "Practice management" is an archaic. Some are social entrepreneurs trying to improve the human condition. out-dated term that limits the scope of what 21st Century physicians need to know and know how to do to serve the need of their communities of patients.courses should include: 1. in medical practice entrepreneurship. MBA is the President and CEO of the Society of Physician Entrepreneurs Physician entrepreneurs have different goals and play different roles. the future belongs to those who add user defined value through innovation. skills and attitudes necessary for medical practice professionals to create and scale a medical professional services organization. Basic Accounting and Financial Statements 8. they all have something in common. As we know by now. Medical practice entrepreneurs are not different.Entrepreneurship and Intrapreneurship 5. Running a medical practice these days should be about *medical practice entrepreneurship not medical practice management.Fundamentals of Medical Practice Entrepreneurship Arlen Meyers. Some are trying to get an invention or discovery to patients. Human Resources 3. While operations management is important. But. not practice management. A course in medical practice entrepreneurship should provide the knowledge. employees acting like entrepreneurs. Some are intrapreneurs. while making a fair profit doing it. In other words. MD. a medical practice is not a flower shop or a restaurant and it requires particular entrepreneurial skills which are not taught in medical schools or during residency training. Social Media and Information Systems 4. Personal Financial Planning 7. Revenue Cycle Management including coding.the pursuit of opportunity with the goal of creating user defined value through the deployment of innovation. Marketing 6. and require demonstrating competencies. Digital Health. Comparative health care systems and alternative delivery channels . medical schools and graduate resident education programs should offer mandatory courses. The legal and regulatory environment of health 10.

Product development and product line extension 16. Business Models. Stress management and anti-burnout coping techniques The future of medical practice depends on whether you see the glass half empty or half full. Intellectual property 15. Here are some observations. Business Plans and business strategy 12. Financing your new practice 14. though. https://www. business schools. trade associations and non-profit educational and research foundations. to managers.com/pulse/fundamentals-medical-practice-entrepreneurship-arlen-meyers-md- mba-1 . Exit strategies 13.11. resources and comments that might help you find your way: 10 Things Doctors Don't Get About Sales and Marketing 10 Myths About Physician Entrepreneurs It's About Time There are many ways to offer these courses and education through medical societies. It will be the primary way for doctors to regain control of our profession.linkedin. However it is done. and that is that medical practice is changing and practioners need to adapt. to leaders to entrepreneurs to leaderpreneurs. One thing is clear. practitioners need to use the information to evolve from knowledge technicians.

Innovation. Comparative health care systems and alternative delivery channels 11. and require demonstrating competencies.*medical practice entrepreneurship not medical practice management.get. not practice management. in medical practice entrepreneurship. Business model design It is extremely unlikely that medical schools will offer these courses. medical schools and graduate resident education programs should offer mandatory courses. The pupose of these courses is to offer the knowledge. Doing so will devolve to other independent or non-profits who embrace biomedical and health innovation and entrepreneurship . instead. In other words. in many instances.mandate. Revenue Cycle Management including coding. At a minimum. Digital Health 4. Basic Accounting and Financial Statements 8. Value proposition design 12.Entrepreneurship and Intrapreneurship 5. those dwindling number of graduates interested in private practice are forced to take week -end "practice management" seminars or courses at their national specialty society meetings. Stop calling it "medical practice management" Take a look at the course catalog of the medical schools in the US or the ACGME competencies following residency traingin and it is unlikely you will find a mandatory course or competency with the learning objective of teaching attendees how to run a private practice profitably using a viable business model. Personal Financial Planning 7. they are offered by the blind leading the blind. "Practice management" is an archaic. skills and attitudes necessary to thrive in the contemporary and rapidly changing medical landscape at a sustainable and scaleable profit. The legal and regulatory environment of health 10. Operations Management 9. At best. out-dated term that limits the scope of what 21st Century physicians need to know and know how to do to serve the need of their communities of patients. how to add value as an employed physician intrapreneur. but. While operations management is important. Marketing 6. Many focus on the IT. Human Resources 3. the future belongs to those who add user defined value through innovation.courses should include: 1. while making a fair profit doing it. billing and collecting 2.paid of the week by highly trained specialists. how to be a social entrepreneur or how to get an idea. invention or discovery to patients.to.

education as part of their mission. The sooner we move forward. and add value to a system badly in need of it.linkedin. https://www.com/pulse/stop-calling-medical-practice-management-arlen-meyers-md-mba . bend the private practice participation and cost curve. the sooner doctors will have the ammunition they need to re- empower themselves.

action. 7. Think how many more prospects will move into your pipeline if you respond to 100% of your leads in an hour or less. Personalize your message using mobile technologies that are relevant.dpuf . and treatment of disease. For hospitals. Create a way to measure results. like plastic and reconstructive surgery and dentistry. Guess what I told them? 6. However. clinics. Avoid conversion aversion. You are six times more likely to qualify a lead if your follow-up occurs in less than an hour from the time the lead is received. http://www. Make it stupid simple for customers to take the next step or buy your product. Contact them the way they want to be contacted and when they want to be contacted. 2. Follow up in an appropriate and timely manner that results in a call to action. desire. reproductive services or bariatric surgery. 10. repetitive.narHRnFn. diagnosis. 1. Qualify leads so you don't waste resources on those who are not interested in buying your services. those who practice in elective surgical specialties.How to Convert Prospects to Patients Personalized medicine is an emerging practice of medicine that uses an individual's genetic profile to guide decisions made in regard to the prevention. The future of personalized prospecting and lead converting is as important and has as bright a future as personalized medicine. when it comes to converting patient prospects to patient customers.mdmag. Each will create a better outcome and user experience and add more user defined value. Understand the conversion process: attention. interest. 9.com/physicians-money-digest/contributor/arlen-meyers-md-mba/2015/10/how- to-convert-prospects-to-patients#sthash. and. the failure to convert a patient prospect to an actual patient who chooses to use your services can have an eye-popping impact on your bottom line. redundant. particularly. I've had four people from the same firm cold contact me on LinkedIn. Don't be annoying or stalk your leads. 3. there is nothing personal about the process at all. 4. and relational. 5. 8. Start with casting a large net. Use web analytics to differentiate prospects from leads to customers.

You don’t know what you have until you scratch the wax off the face of it and see what you have won. but also to transform itself into a satisfied customer that represents a dependable stream of repeat revenue year after year. And if your competitors swoop in to respond while you’re sitting on your hands and provide the prospect with the answers to their question. Think how many more prospects will move into your pipeline if you respond to 100% of your leads in an hour or less. And. Here are the essential steps that every SMB seller should take be the first with the answers and maximize their conversion of inbound sales leads into orders. How many people buy a lottery ticket and then wait until the next day to see if they have a winner? None. Follow-up all leads in less than 60 minutes How much time should it take to follow up a lead? Less than you think. then you are suddenly fighting for 2nd . Comprehensive and effective sales lead follow up is a simple step that every SMB can take to build their prospect pipelines and grow sales without increasing headcount. What this means is that every sales lead needs to be followed up. Research cited in the Harvard Business Review states that you are 7 times more likely to shows that you are 6 times more likely to qualify a lead if your follow-up occurs in less than an hour from the time the lead is received. sales expert Andy Paul. it isn’t happening. Leads have a short shelf-life. lead follow up would appear to be quite straightforward but this simple step is fraught with difficulties for most companies. To develop an effective lead follow up process it is important to first understand what an inbound sales lead is. Industry research on sales estimates that roughly 50% of all inbound sales leads are never followed up. 1. A sales lead is simply a question. Make sure that all inbound sales leads are entered into your CRM system as soon as they are received and that each one is assigned to a salesperson for immediate follow up. Use your CRM system on a daily basis to check and make sure that 100% of your sales leads are being followed up. Follow-up on 100% of Inbound Sales Leads Every inbound sales lead is like a scratch-off lottery ticket. common mistakes are made that unwittingly doom the SMB to lose the opportunity to convert that lead into an order.4 Steps to Convert Leads into Prospects By Andy Paul For the small or medium-sized business (SMB) every inbound sales lead has the potential to become not only an order. The primary obstacle that stands between an SMB and converting an inbound sales lead into a repeat customer is the simple act of lead follow-up. On the surface. If you aren’t checking. With their inquiry a potential prospect is asking a question(s): What does your product do? How does it do it? Will it do what I need? What does it cost? And the first seller with the answers wins. shares the essential elements of effective sales lead follow-up. Today’s guest blogger. 2. when the leads are followed up. Inbound sales leads should be treated the same way. Every minute that follow-up is delayed or deferred the value of that lead drops.

10 Essential Steps To Accelerate Every Company’s Sales. The longer-term result was a doubling of their sales with the same number of salespeople. Andy Paul is an authority on SMB sales and a leading expert on the speed of selling. Contact Andy at andy@zerotimeselling.place. You must also be the first to answer their questions. He is the author of the award-winning book “Zero-Time Selling. The immediate result was more qualified prospects in their pipeline. Measure. examine each element of your process in detail and implement steps you can take to improve it. If you aren’t meeting your goals.com. Provide Complete Answers Quickly As discussed above an inbound sales lead is nothing more than a question. Being responsive to a prospect means that you are providing a complete answer to their question(s) in the least time possible. The first seller to respond to an inbound sales lead with the complete answer in Zero-Time will build trust.”. If you are. For more information. The best way to do this is to position your deepest product knowledge closest to the customer. visit his website at www. As the old saying goes ‘You can’t improve what you don’t measure. 3. For the entrepreneur and SMB CEO/manager an effective sales lead follow up process is the easiest way to optimize your ROI on your investment in lead generation.zerotimeselling. I worked with one client to streamline their sales lead follow-up process to reduce their response time to inbound sales leads from 24 hours to 30 minutes. credibility and dramatically increase their chances of winning the order. 4. Improve and Measure Again You must continually work to improve your sales lead follow up process.com or 619-980-4002. Then check your performance again in a month. Use these simple steps to make it happen for you. set new more aggressive goals and fine-tune each element of your lead follow up process to achieve the new goal.’ So keep it simple to start with and measure the following: a) How many sales leads do you receive each week? b) How long does it take to respond to each sales lead? (the time between when the lead is received until a sales person talks to them for the first time) c) What percentage of your inbound sales leads are converted into qualified prospects? d) What percentage of your inbound sales leads are converted into orders? Set goals for these metrics and then check each month to see if you are achieving them. It is not enough to be the first to respond to the customer. .

10. that. They need to walk in each other's shoes and understand each other's issues. including the fact that the doctor has a fiduciary relationship to the patient and is subject to tort remedies if they violate it. Care teams take care of patient teams. Many of you readers are "in a relationship. 3. It turns out there are 5 stages to a relationship: • The Romance Stage • The Power Struggle Stage • The Stability Stage • The Commitment Stage • The Co-Creation or Bliss Stage In many ways. 2." Some just want to hook-up and others are looking for more commitment. They need to learn how to cut their losses when it is evident it is time to pull the plug and move on. They need to call a time out when things get rough and possibly call in a mediator or third party to help. the doctor-patient relationship varies from a romantic one in many ways. and education 6. They need to learn how to partner to be a team moving forward. However. 5. Of course. there are things we might learn from the family and couples therapists: 1. The results are just as painful. They need to learn to adopt to the changing rules of the power struggle. not just a person. They need to understand that you are having a relationship with a family. they stay together because they want to. doctors and patients fail to progress and work through the issues and often wind up getting divorced or standing in front of a judge or jury. like long-married couples. 9. They need to take personal responsibility and not rely on someone else or "the system" to do it for them. injurious. Doctors and patients need to understand that if we are to fix the deteriorating . public health interventions. They need to improve how they communicate with each other. 7. They need to understand where they are in the Sick Care ecosystem and the unrecognized elements that drive health behaviors. 8. and enduring. Doctors and patients need to find a better way to get along. like nutrition. 4.The 5 Stages of the Doctor-Patient Relationship The traditional notion of the doctor-patient relationship is under stress and people are searching for ways to repair it. poverty. They need to accept the fact.

dpuf .mdmag.com/physicians-money-digest/contributor/arlen-meyers-md- mba/2015/10/the-5-stages-of-the-doctor-patient-relationship#sthash.kuUa0t8c.See more at: http://www. it will take hard work and there will be many bumps in the road. .doctor-patient relationship.

MPH | Tech | June 19. and University of Pennsylvania. My classmates at Johns Hopkins. The smiles on the patients’ faces say it all. I gleaned some insights on what physician entrepreneurs might need to do in order to turn ideas into innovation: 1.000 bill from his prototype maker turned his tool into a paperweight. The problem is. Be the mouthpiece. His screw is being used. through a program with Massachusetts General Hospital. My friend owns less than one percent of the equity in his company. and life’s various obstacles. it’s being used in Botswana. Yet there are many of us who are interested in what you might call the white spaces in medicine: voids in the medical industry where the solution might seem obvious. Perfect your elevator pitch. but he’s still in debt. This is the time to barter. Every penny is valuable to a self-funded innovator. He convinced his father and brother to bankroll a ten million dollar company. He just walked away from it. Baylor. Between prototypes. If you can’t get up in front of a group of people and explain it clearly in 30 seconds. FDA 510k clearance. But medical school. and call in the favors. “Free time” in academic medicine means working in a lab with the “publish or perish” dictum hanging over one’s head. An orthopedic surgeon. where all women diagnosed with breast cancer undergo mastectomies. and residency don’t afford students much time to tinker around. He built it during residency in his moonlighting hours. It’s why all the hours and stress of innovation are worth it. By dipping into savings. a neighbor. since my own recovery after bilateral mastectomies. 2. but doesn’t yet exist. As I went through the process.000 bill from his patent lawyer and then a $15. it’s hard to bring these ideas to life. time. 2014 While there are many creative people who go into medicine. The prospect of a $25. invented a better screw for a hammer toe repair. and why I would encourage any doctor with an idea to take up the challenge. MD. Don’t spend money unless you absolutely have to. of course. and peers came from a wide variety of backgrounds. I worked with a reconstructive surgeon who invented a new tool to tie knots during laparoscopic surgery. and clinical trials. trade. For the past eight years. patent attorneys. try again. For several years. I finally brought my idea to life. fellow residents at Harvard. I have used my moonlighting hours (late at night after a day divided between working in a practice and raising four kids) as a medical entrepreneur working on a post-breast surgery recovery bra. . even ten million didn’t go far enough. Already. internship. that between cost.8 essential tips for physician entrepreneurs Elizabeth Chabner Thompson. the challenge of turning experience into innovation can be stifling.

. the less equity and money you risk having at the end of the project. Go to industry meetings and ask questions. Try to learn as much as you can about your potential competitors and the space you’re hoping to inhabit. 4. 5. consider hiring consultants in industries that are essential to your innovation. Ask your friends in finance for help. Ask for help. The sooner you take investors or sell portions of your innovation. This can actually save time and money in the long run. Also. Consultants have a wide network and can often steer you to others who will make critical contributions. Borrow carefully. Be sure you trust and understand your backers and their terms. Do reconnaissance work.3.

html . BFFL Co. Your experiences with patients will be critical for feedback and modification to whatever you are devising. If you haven’t tried it on yourself. forget it. http://www.com/blog/2014/06/8-essential-tips-physician-entrepreneurs. Be passionate. Don’t forget that your first passion was to become a doctor. Who’s better to know that something works than you? Elizabeth Chabner Thompson is a radiation oncologist and founder. Never give up your day job.kevinmd. A lot of people will come out of the woodwork when they hear your story. Don’t waste precious time. 8. and follow your gut. and seeing every single one will stall the process. Be judicious about whom you meet with. This article originally appeared in The Doctor Blog. 7.6. My medical school professor Sol Snyder injected himself with hundreds of drugs during his days in the lab.

http://www.medscape.ama-assn.com/viewarticle/781488 https://wire.org/education/be-physician-entrepreneur-medical-and-health-care-innovation- advice .