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| Dear Friend,
Your own independence day.
That's the topic of this past Monday's annual blog post, Your Independence Day. You can follow the link to read the post online, or just keep reading for the rest of the story.
July 4th, Independence Day in the United States, celebrates the original 13 colonies’ declaration, in 1776, of their independence from Great Britain.
But July 4th wasn’t the day of actual separation: The separation came into effect on July 2nd, 1776, the date on which the Second Continental Congress approved a resolution declaring the “united States of America” as free and independent states.
In fact, historians believe that the Declaration of Independence wasn’t fully signed on July 4th. Some signatures were apparently obtained on July 2nd and there is a record of a signing ceremony in August 1776.
But the exact date doesn’t matter. It’s the construct that counts, the construct of independence.
Independence, and its antipode, dependence, are constructs equally applicable to your business, and to yourself.
Independence is a break, a fresh start. A fresh start in terms of leaving a prior arrangement or relationship and beginning one anew. A fresh start in terms of business strategy. A fresh start in terms of redoubling efforts. A fresh start at tackling problems or setting new goals. And so on.
Every year people around the world celebrate January 1, New Years Day, as a fresh start. For our country, July 4th celebrates its new start. But it easily could have been July 2nd or some date in August.
You, too, are free to choose your own independence day, or even a few of them, as a time to renew and reflect and restart.
Hot dogs, parades, and the red, white and blue are all a part of our nation’s Independence Day. You get to choose what’s a part of yours.
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| | Wednesday - Why Document the Value of a Group Member’s Interest? - Medical Group Minute
Watch the video here, or just keep reading below for a slightly polished transcript: They say that beauty is in the eyes of the beholder.
But the value of a physician's interest in a medical group is in the eyes of the holder -- the holder of the pen, so to speak: those in control of the terms of the buy-in and buy-out provisions of your group's shareholders or partnership agreement.
So what's a membership interest worth?
No time to think about this now? Fine with me.
But it's not going to be fine for you because sooner rather than later someone is going to leave the group and they are going to demand "their share."
They'll claim that the group really doesn't exist - it was just a pass through and they want their accounts receivable. Or worse, they'll claim the group and you, yes, you, personally, owe them a fiduciary duty to schedule them and to collect "their" accounts receivable. "So where's my money!"
What is the formula for determining value? Does that formula trigger or destroy other rights and privileges that the group wants to assert in its organizational documents?
Think about it. Now.
It's better than worrying about it, or being sued, later.
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| | | Listen to the podcast here, or just keep reading for the transcript.
Many professionals, from architects to anesthesiologists, from structural engineers to surgeons, make the mistake of focusing solely on developing their skill sets and in delivering those skills to their customers, patients or clients.
And then they're disappointed when their careers don’t turn out as planned.
The problem is that they become so focused on honing their skills that they forget that skills alone are only a part of the package that the customer wants to receive.
In fact, those skills are actually only tools used within the context of a relationship with the customer patient or client. It’s having that relationship that removes the encounter from a transaction to an experience. It’s that relationship that takes you, the deliverer, out of commodity status.
We see this in many places in our daily lives. Think of a fine restaurant you frequent, where you know the owner or the manager. They greet you, not in a canned way, but in a caring way, when they see you. You feel that they value your business. And that feeling improves the entire experience: the food even tastes better because of it.
Sure, they might smile at you when you walk into an Outback or an Olive Garden, but we all know that if they do, it’s because of company policy. That's a transaction, not a relationship.
Go ahead, hone your professional skills. Hone them until they’re as sharp as a scalpel.
But don’t fool yourself into believing that even the sharpest skills are a substitute for a relationship.
Don’t fool yourself into thinking that even the sharpest skills will prevent you from becoming a commodity.
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| | Help Us Help You With Helpful Content
What tailored content would you most like to see during this
time? How can we focus on solutions to your most pressing strategic concerns?
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| | | | We all hear, and most of us say, that the pace of change in healthcare is quickening. That means that the pace of required decision-making is increasing, too. Unless, that is, you want to take the “default” route. That’s the one is which you let someone else make the decisions that impact you; you’re just along for the ride. Of course, playing a bit part in scripting your own future isn’t the smart route to stardom. But despite your own best intentions, perhaps it’s your medical group’s governance structure that’s holding you back.
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| In fact, it’s very likely that the problem is systemic. The Medical Group Governance Matrix introduces a simple four-quadrant diagnostic tool to help you find out. It then shows you how to use that tool to build your better, more profitable future. Get your free copy Free.
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| | | | Whenever you're ready, here are 4 ways I can help you and your business:
1. Download a copy of The Success Prescription. My book, The Success Prescription provides you with a framework for thinking about your success. Download a copy of The Success Prescription here.
2. Be a guest on “Wisdom. Applied. Podcast.” Although most of my podcasts involve me addressing an important point for your success, I’m always looking for guests who’d like to be interviewed about their personal and professional achievements and the lessons learned. Email me if you’re interested in participating.
3. Book me to speak to your group or organization. I’ve spoken at dozens of medical group, healthcare organization, university-sponsored, and private events on many topics such as The Impending Death of Hospitals, the strategic use of OIG Advisory Opinions, medical group governance, and succeeding at negotiations. For more information about a custom presentation for you, drop us a line.
4. If You’re Not Yet a Client, Engage Me to Represent You. If you’re interested in increasing your profit and managing your risk of loss, email me to connect directly. |
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