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About Philippa Kennealy

 

Philippa Kennealy MD MPH CPCC PCC is The Entrepreneurial MD Business Coach who wants to help you build your business!
meet Philippa>>>

 

 

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Tuesday
Jan082013

Innovation, entrepreneurship: book in brief for physician entrepreneurs

One of the perks of being an active physician blogger is that I am sent books to review from time to time. A book that recently caught my attention is Innovation and Entrepreneurship in the Healthcare Sector: From Idea to Funding to Launch by Luis G. Pareras MD, from Greenbranch Publishing.  

I've decided to launch a new category I've titled "Books' Big Ideas" in which I plan to summarize the key ideas in books that I believe have merit for you, my readers.

Here is a summary of my first book's Big Ideas, with some author background first.

Equipped with an MBA, a PhD and a wealth of experience as a physician entrepreneur and venture capitalist, Spanish neurosurgeon Luis Pareras is well-positioned to offer aspiring entrepreneurial physicians an exhaustive blueprint for launching a business.

He begins by distinguishing innovation (a world of ideas) from entrepreneurship (a world of action).

He sees as the three greatest drivers of innovation and sources of ideas: 

  • existing problems
  • dissatisfaction with what is
  • market opportunities

Big Idea Number One:

There are three types of innovation: 

  1. Oriented towards the consumer- changing the experience of the healthcare user. This is especially relevant for patients with chronic disease who need complex care coordinated.
    One example of this kind of innovation example might be the elimination of the waiting room at the Virginia Mason Kirkland Clinic in suburban Seattle.
  2. Based on technology - new therapeutic agents, medical devices, or information technology tools. Examples would include novel monoclonal antibody drugs, knee prostheses or error-reducing software.
  3. Based on a business model - integrating hospitals into a chain or a hospital and its clinics into a system.

Big Idea Number Two:

Nobody invests in an idea. Instead they invest in its execution.

Big Idea Number Three:

 Despite the chaos and creativity that typify a startup, there are identifiable phases to starting a business, accompanied by questions that are essential to be asking. This is succinctly illustrated on pages 30, 31 and 32.

For example, in the earliest phase, the question to ask is "Is my idea a good one or just an opportunity?"

Later, you might ask what your options are for making your efforts profitable, once you have developed a business plan - Should you sell or license your patent? Should you be seeking an alliance? Can you do this by yourself?

Big Idea Number Four:

It's vital to understand and position yourself within the healthcare value chain. Dr Pareras describes this important business concept in a blog post.

Big Idea Number Five:

The purpose of a business plan is to explain the story of the opportunity your  project or business poses. It also provides a road map to making the idea happen. It is above all a communication tool -- to ourself, to outsiders and to insiders who will work with and for you.

Big Idea Number Six:

The most important asset of any business or idea is the people behind it -- the team that will execute the idea. This will demand leadership and management skills.

Big Idea Number Seven:

Financing your business is a challenge that takes planning and awareness of the multiple ways a healthcare start-up and business can be financed. Whether you are using your own money, R and D development subsidies, grants, debt or investment -- you will need to know what is out there to help you raise the money you need to start your venture.

So there you have it - the seven big ideas that jumped out at me from the book. What is particularly valuable is in the extensive details - the many "hows" that are explained and answered.

Although the book is expensive (you can rent Innovation and Entrepreneurship in the Healthcare Sector: From Idea to Funding to Launch from Amazon as well, for half the price), I would highly recommend that any physician with an entrepreneurial spirit and an urge to start a business, of whatever size, have it on your library bookshelf - as underlined or highlighted as my copy is!

Saturday
Dec292012

As 2013 nears, are you making Resolutions or Commitments?

In the past, I have remarked on my innate resistance to making New Year's Resolutions. I believe these ideas of intention are born out of desperation to change something in our lives that isn't working, and don't offer much more than quivering hope and wishful thinking.

No 2013 resolutions for me ... no siree!!

However, I do have a desire to fulfill a promise I made to myself over 6 years ago ... to reach out to my Entrepreneurial MD reading community via my blog and share thoughts, ideas and questions. And to listen for and learn from your responses.

So I am going public with my 2013 Commitment.

I have found it increasingly hard to sit down regularly and write a short article for this blog. On closer inspection, this lack of activity has come about because I have fallen victim to a form of laziness --- "I'm too busy", "I don't have anything to say today", "I've got this deadline to meet and I must attend to it first" etc..

Sounds like many of us with exercise, correct?

My commitment is to get back into the habit of writing regularly ... as I was doing earlier in the year.

Keeping a commitment feels honorable; sticking to a resolution feels dutiful. Since I generally pride myself on keeping my word and following through (unless my memory fails me, which it does from time to time!), I can live comfortably with the idea that my regular blogging will represent me keeping apromise to myself ... and now to you!

[And guess what? - this only took my 15 minutes to write]

Are you a Resolutions or a Commitment person?

What choices do you want to make for 2013?

Here's to a wonderfully festive, enriching, life-affirming New Year and beyond!! 

Friday
Oct192012

For physician bloggers, a handy guide to getting your word out

Physician bloggers whose online marketing strategy for products or services includes a blog think that successful marketing is about writing as much content as possible. This can lead to burnout.

The real secret is to promote each blog post effectively, rather than writing more often.

This infographic shares some of those secrets - do one third of them and you are well on your way!

30

Courtesy of Andreea Ayers, founder of Launch Grow Joy - with thanks for sharing!

Tuesday
Oct162012

Serial physician entrepreneur seeks leverage to have an impact

Dr James Bernstein is a man of many careers and talents.

Starting out as a newly minted internist and then surgeon, he was invited to work in Dr Jonas Salk's lab. With a bit more time on his hands (no night or weekend call!), he reflected on what he really wanted to accomplish with his life. His chief insight at the time was that, as a practicing physician he could impact several lives, one at a time. But, inspired by role models like Dr Salk, he quickly recognized that his desire to make a real difference to many more people could only be realized using leverage as a businessman. Finding ways to funnel his medical training and experience into businesses that made things and delivered services to hundreds if not thousands!

From there evolved his career as a serial entrepreneur - and his philosophy of social business that has increasingly sought to improve the quality of life for millions of impoverished people in the world.

Listen to his inspiring story and shared wisdom in our informal conversation. Please then add your comments here.

His email address if you would like to contact him is James.Bernstein@EniwareSterile.com and you can join his Global Ambassador Corps here.

Monday
Oct082012

Is your medical practice ready for an innovative makeover?

I have two items to share with you today.

On November 9th (in just over a month) I shall be a keynote speaker at a very worthy conference. Holistic Primary Care is holding its third annual "Heal Thy Practice – Transforming Primary Care" conference in Long Beach CA from November 9-11. I particularly like the sub-title -- Strategies to put the health, wealth and joy back in healthcare"!

I shall be sharing secrets about making that sometimes difficult shift from "leave me alone ... I just want to be a doctor" to "wow - this is my own business and here's how I want to deliver care"!

There is a roster of excellent speakers covering a wide range of pertinent topics such as practice management, marketing, time management, "lessons learned", new medical practice models and other topics relevant to building a successful medical practice. I encourage you to sign up if this meets your interests (and CME needs - 20 hours!)

On Saturday night, the attendees are invited to a special private showing of "Escape Fire: The Fight To Rescue American Healthcare"

This is the blurb about the movie:

Escape Fire: The Fight to Rescue American Healthcare is an unflinching look at how conflicting incentives & misaligned economic drivers impact the health and lives of diverse Americans--community doctors, combat veterans, hospital-based physicians, military top-brass, clinical researchers, employers, and ordinary citizens trying to find their way through the healthcare maze. 

Avoiding simplistic political diatribe, the film pulls no punches. But it is definitely not a doom & gloom tale. Heineman and Froemke document promising efforts to heal our badly damaged systems.

Please catch me to say "hello" if you decide to come.

The second item to draw to your attention is Idea Organization. 

When trying to organize your thinking and distill your ideas into a coherent action plan, it's very useful to have a visual tool. This was true for me as I began to organize my thoughts for my presentation.

I've long been a fan of mind-mapping and within 20 minutes of brainstorming, I had the bulk of my presentation ideas laid out, using my iThoughts app on my iPad. 

However you choose to map out your ideas, I'd encourage you to use a favored tool to help you capture them (pencil and a large sheet of paper work fine too!), as your first step on your way to implementing your newest project.