Avoid Over Confidence

In a recent email a doctor of a larger group practice shared with me that no matter what happens in the economy his practice will always be fine. Looking at his local area demographics and being aware of his new and current patient statistics I could see why he made the statement. I usually encourage Doctor CEOs to be confident and act accordingly and this doctor knew my position. And yet, nothing in our recent economic history is quite like what we are experiencing in this current time. We have all levels of the economic strata effected and consumers tightening their purse strings seemingly across the board, health care expenditures included. So a word of caution for all Doctor CEO’s that may be acting or talking like they or their practice will go untouched. At this time, It is far better to be cautious, to budget carefully, to treat financial arrangements with patients and suppliers with attention to detail than at any time in the recent past. Coming across as over confident, indicating treatment plans or starts without empathy for your patients situation may be exactly the wrong behavior.