As healthcare practitioners, we tend to be “boxed” into whatever specialty we choose. If you are a physician, then you have to choose a specialty. As a physical therapist, nurse practitioner, or PA (physician’s assistant), you too had to choose a niche to serve.
This is mainly to protect each profession more so than it is for the sake of the patient.
Which then leads to asking, what is healthcare? It’s to provide optimal health to those we serve. But in truth, healthcare is really sick care. Over the two decades that I’ve been in practice, the system has increasingly become restrictive and highly bureaucratic.
Make a Choice
Practitioners are spending more time on meeting documentation criteria than they are meeting the needs of the patients. When I practiced within the medical system, there was no way out of the old way. They accepted it as the only way. And to challenge the way it’s always been would rock the system at its foundation.
So I met more and more thought leaders in the field of holistic and functional medicine. Some walk on the edges while others are halfway in and halfway out.
One must make a choice to either be in-network or out of network. Being in-network means you’ve got to “agree” to fees, regulations, and restrictions of the payors. As well as bill for your services accordingly.
Being out of network provides you with more freedom to do whatever you want. But once the patient meets the deductible, the reimbursements are possible but often those deductibles are extremely high.
Then there is the cash-based practice.
Most practitioners I know are scared to death of being outside of the medical system. Being within the system affords the practitioners the ability to be found within each insurance payor. Which is huge exposure for their practices.
In fact, that’s the way most practitioners gain new patients.
Within the medical system, patients “expect” the services to be covered by their insurance.
Then there are the holistic and functional medicine treatments, which are typically fee-for-service. This requires business skills. Be an expert in the holistic and functional space. Be able to multitask while performing all of the tasks necessary to manage a successful business.
But marrying clinical work and business is a challenge for most practitioners. We get very little education about business education and when the rubber meets the road, there’s a lot at stake.
There’s the reputation you must manage and the clinical knowledge you need to keep up with. There are also business systems and processes, collection of payments, and scheduling. As well as how you conduct the documentation abided by the rules and regulations.
There are so many moving parts and pieces. As a result, most practitioners struggle to see the financial wins for a long time. It is because the overhead cost of such a practice can be extremely high if not managed properly.
Shift Your Identity
The most important thing to have a successful and lucrative practice is for the practitioner to shift their identity. A shift from a Powerless Practitioner to a Powerful CEO.
Business skill is something that we learn, not something that is inherent in us. Business is nothing more than learning numbers without emotions.
But many practitioners have fears about failure and have a hard time juggling clinical work with running a business.
Wearing two hats is difficult enough, and it’s not for everyone. But there are options to hire a CEO or someone who can handle the business or practice the management side of things.
But it’s also important to avoid abdicating the power to the manager. You always want to be inspecting what you clearly inspect. This means that the systems and processes are something you as the powerful CEO must dictate and come up with KPIs to know exactly where your business is headed.
All such terms and learning are way above health practitioners’ heads, yet, many strive to do their best but have not fully been able to shift their identity from being a practitioner to a powerful CEO.
Running a business requires leadership and without leadership, your business can suffer tremendous financial loss.
You must steer your company in the right direction, much like a ship needs a rudder to know which way to travel.
Shifting identity requires you to give up the old to reinvent the new. This process can be done through the Alkaline Method™ where we take you through transformative Psychology where we explore inner awakening to understand our outer manifestations.
This sets the foundation for the growth and evolution of your business and career. Only then can you add the modern medicine clinical skills as well as to learn business mastery to tie it all together.
This is what we share at the FREE Business Master Bootcamp for Health Practitioners next week. If you’re ready to uplevel your business and career, this bootcamp will provide you with a clear roadmap to get you to establish a sales funnel online that will set you up for unimaginable success.
Be a powerful CEO now! Sign up here.