Business Life Cycle Management
Your advisory staff and what you should expect
best matches your identity …
With all of your advisors (e.g., certified public accountants, bookkeepers, financial advisors, healthcare consultants and attorneys, obviously all assumed to be looking out for your best interests), it is our experience that doctors who desire to understand their businesses better tend to encounter resistance from their advisors. These advisors want to have you do it their way; they tend to discourage your involvement in understanding the business side of your practice. They might even go so far as to say, “You’re a doctor, not a business expert.” – i.e., stay where you belong! These are your advisors, however, and you need to continue listening to them. If they do claim to provide everything you need, however, why do so many practices barely get by? So, start taking control of your business. Consider adding doctors who are also business experts to your team. If your other advisors don’t like it, find someone else.
If they don’t have the scars,
they don’t have the wisdom.
You may be thinking that you can outsource interpretations of all of the financial and operational information. While we are completely committed to outsourcing anything that others can do to free up our time, we are also a firm believers that you need to understand some business basics that specifically apply to your practice. In addition, we suggest that you do not take advice from someone new to or not familiar with your particular healthcare industry. Work with someone who has “walked the walk.”
Tracker Enterprises, Inc.™ will help you determine who fits best on your Advisory Team and how the entire Team can work with you to your greatest benefit regardless of where you are in your Business Life Cycle.
For more information about understanding more about Advisory Teams, contact us and/or read Chapter 11 of Dr. Pavlik’s book, Business Essentials for Healthcare Professionals available at Amazon by clicking here.