Most doctors that Dr Allen Menkin met think a lot about money. It is impossible not to think about it because it plays a significant role in virtually all areas of life, from being able to send your children to a great private school, to renting an office for your medical practice, to paying your bills and salaries of your employees. At the same time, very few doctors handle this subject well. Some of the reasons for why this happens are obvious.Doctors spend most of their time studying and practicing medicine, not studying the economics of the business of medicine. After all the time that future doctors and doctors spend studying, learning, and practicing medicine, it is not surprising that they don’t have the time or desire to study money or business.
The problem is that if you don’t learn to manage and understand money, you can’t have a successful practice.
In most cases, you don’t need an accountant or a financial planner for this. You need to teach your people to relate to money in a personal way and start doing it yourself, too. All people that interact with patients need to understand the financial impacts of what they are doing. A janitor that cleans the floors can do a great job without understanding the financial implications of having dirty floors. However, the person that answers the phone in your practice needs to be fully aware that even the tone of his or her voice and the non-verbal signals that he or she sends communicate a message about your practice that has an impact on your bottom line. If you want your practice to be really profitable like the practice of Dr Allen Menkin was, you need to have well-trained employees
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