The Guarded Approach

Risk has always been a part of running any kind of business. There is risk for Doctor CEO’s, for example that, aside from clinical skills, a doctor may not be well received in a local area, there can be clinical capability issues for the doctor, the staff or inaccurate perceptions of the doctor by referral practices or the community. There seem to be endless personnel, facility and equipment areas that if not attended to can grow in urgency and pose a risk to efficient and effective practice. More recently, in my discussions with many doctors we see an unprecedented level of personal financial, investing and related liquidity risk. Doctor CEO’s in my view must have a good feel for their risk tolerance and have a personal and practice contingency plan for the financial aspects impacting you and your practice. This should be in place, not just now in this difficult economy but routinely. Right now in my view it is important to get your assumptions and planning about preserving and growing the practice down on paper. My own recent counsel to many of my clients is to adopt a guarded approach. This means, be hyper attentive to all expenses for the practice, careful to let no opportunity to connect with patients and referrals go without follow-up and raising your professional visibility and accessibility to your community. Especially now, use your time and resources wisely.