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| Dear Friend,
YouTube, social media, and hospital privileges.
YouTube and the other social platforms are a lot like hospitals. Third parties , so-called "content creators", produce the content without any charge to the platform, and then deliver it to their audience for the creators’ ultimate benefit, whether the benefit is measured in a share of ad revenue, through driving viewers to the creators' off-platform sales funnel, or just popularity.
At the same time, because the platform is YouTube or Facebook or another such business, it can decide in the blink of an eye that it no longer wants your content, or that they no longer want the content from you, but, rather, from someone else, perhaps from someone under their control.
This is nearly analogous that is to the fact that independent physicians, whether hospital-based or office-based, deliver their services, services rendered for their own financial benefit, at a platform known as a hospital. Yes, there are some distinctions and it’s not an exact analogy, but it's certainly close enough.
How different is so called de-platforming or demonetization or cancellation in the social media context from de-platforming or demonetization or cancellation in the context of a hospital pulling the rug out from under an anesthesia group with an exclusive contract , or even from a group of heart surgeons who've been based out of a building on the hospital's campus for 17 years? There is none.
Because neither social media platforms nor hospitals are utilities which must serve all, or common carriers, like railroads, which must carry all freight, social media creators, including those chiropractors selling vitamins on YouTube, and medical groups, doing business via a hospital's platform, must have other avenues to deliver their “product“ in the event of cancellation.
YouTube cancelling Dr. X about something she said is equivalent to a hospital cancelling you because of something you said or did or didn't do or won't do for less.
Think about it.
The solution is the same.
Just like any chiropractor selling liver cleanses on YouTube knows that he needs to also be on multiple other platforms to hedge his risk, you should know that you've got to have multiple platforms, i.e., facilities, at which to provide your services in order to hedge your risk.
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| | Wednesday - Do You Own Your Practice or Does It Own You? - Medical Group Minute
Watch the video here, or just keep reading below for a slightly polished transcript: Be honest: Do you own your practice or does it own you?
If your practice owns you, what you have is a job. You might as well go work for someone else. Less headache. Isn't that the whole point of physician management companies and hospital employment?
But if you want to become successful, and there is no need to apologize for that fact -- I laud it -- then you need an entirely different mindset and an entirely different business structure.
And, if you have partners who don't agree, they're simply holding you back and it's time to reorganize.
Thanks to government intervention in what used to be a marketplace and is now a system, physicians are quickly coming to what I've referred to as the Great Junction™ – one route leading to commoditized medicine and the other to personalized, unique care. You could look at this junction another way, and that's the divergence between employee and virtual employee physicians and true entrepreneurs.
If you own your practice now but find comfort in the employee track, then there are certainly burgeoning opportunities for the sale of your practice.
And, if you want to build something, this is also the time to do it.
The problem is, you have to decide or understand that the default route is the employee track.
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| | | Listen to the podcast here, or just keep reading for the transcript.
Many medical group leaders bemoan their group's circumstances: caught in the hard place between increasing commoditization, what they believe to be the limitations of independent structure, and the pressure of national group competition.
As a result, they often believe in a future with limited choice: sell to, or be subsumed by, a large national group.
But for those capable of strategic thinking and not merely tactical action or, even worse, simply reaction, there are multiple choices. For example, radically changing your business structure and method of business, merging with other independent groups, linking through MSO-like structures, and the creation of joint ventures which provide both projection of significant size and preservation of independent business structure.
Unfortunately, even when they become aware of these alternatives, and of their mix and match nature, too many group leaders become confused. They don't know what the next step is, they don't know how to get from where they are to where they want to be. As a result, they stop. Paralyzed. In place.
The thought tool to change this is simple. First, don't think about moving from where you are to where you want to be. That too often leads to simply improving your current situation, which is akin to building a fancier building on top of a known fault line. Instead, use your desired destination stage to pull you toward its completion. Take one step in that direction. Then take the next.
Will you succeed? There's no guaranty. But at least you won't be frozen; the deer in the headlights of another group's success.
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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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