Core Entrepreneurial Skills for the Independent Healthcare Provider

Most businesses do not fail due to the owner’s incompetence as a practitioner. They fail due the owner’s incompetence as a business manager!  Being a competent practitioner and a competent business executive are two completely different skill sets yet both are necessary to achieving predictable and sustainable success.  We have been extensively trained in our practice discipline but have virtually no training in core business skills.  We don’t need to obtain a J.D., MBA or CPA degree to run a business.  What we do need, however, is to speak their language which happens to be the fundamental language of business. 

Our course is about understanding the difference between “the practice” and “the business.”  We teach the core business vocabulary and skills necessary to analyzing, planning and communicating with our professional team in an effort to maximize our opportunity for success and develop the skills necessary to sustaining and building upon that success.

Fundamental Business Philosophy

  • The need to define success
  • The need to generate a plan to reach and sustain success

Fundamental Business Concepts

  • What is your job?
    • Job Description vs. Job
  • What is a business
    • One of the three asset “kingdoms”
  • The Three Components of a Practice Business
    • The Practice of the Practice
      • Managing patients.
    • The Business of the Practice
      • Accounts Payable / Accounts Receivable for services/products
    • The Business of the Business of the Practice
      • The same no matter what business you are in
  • Success and Failure
    • What is business failure
      • Why do businesses fail
        • Is it possible to be profitable and go out of business and why and how
        • The relativity of investments (ROI)
          • ROI on Time
          • ROI on Equipment, outsource services, etc.
          • Debt – The good, the bad, and the fatal
    • What is business success?
      • How do businesses succeed
      • Is it possible to never be profitable and never go out of business why and how
      • The Three Key Steps to Success in any Business
        • Income → Cash → Assets

Fundamental Business Skills

  • Introduction to Financial Statements
    • The Crystal Ball
      • What they tell us about what just happened
      • What they tell us about what’s about to happen
  • The Balance Sheet
    • What’s on a balance sheet and what does it tell us
  • The Income Statement
    • What’s on the income statement and what does it tell us
  • The Cash Flow Statement
    • What’s on the income statement and what does it tell us
  • Relationships, Interpretation
    • How the statements fit together – seeing in three dimensions
  • Analysis
    • Analyzing the internals of the business
      • Metrics
      • Trends
    • Analyzing the industry
    • Analyzing the economy
    • Examples
    • Practice workshop