Google
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>>>

 

 

Search this site
Subscribe to our newsletter

First Name *
Last Name *
Email *

Subscribe to our feed
Click here to subscribe

Or enter your email address here, and you'll get new posts delivered via email:



Powered by FeedBlitz

Recommended Books and Programs
  • The E-Myth Revisited
    The E-Myth Revisited
    by Gerber, Michael E.
  • Get Slightly Famous: Become a Celebrity in Your Field and Attract More Business with Less Effort, Second Edition
    Get Slightly Famous: Become a Celebrity in Your Field and Attract More Business with Less Effort, Second Edition
    by Steven Van Yoder

    A must-read for all business owners

  • Made to Stick: Why Some Ideas Survive and Others Die
    Made to Stick: Why Some Ideas Survive and Others Die
    by Chip Heath, Dan Heath

    How to create unforgettable messages

  • E-Myth Mastery: The Seven Essential Disciplines for Building a World Class Company
    E-Myth Mastery: The Seven Essential Disciplines for Building a World Class Company
    by Michael E. Gerber

    Implement the E-Myth business habits

  • Duct Tape Marketing Revised & Updated: The World's Most Practical Small Business Marketing Guide
    Duct Tape Marketing Revised & Updated: The World's Most Practical Small Business Marketing Guide
    by John Jantsch

    Just what it says it is!

  • Never Eat Alone: And Other Secrets to Success, One Relationship at a Time
    Never Eat Alone: And Other Secrets to Success, One Relationship at a Time
    by Keith Ferrazzi, Tahl Raz

    Masterful networking resource!

  • What Business Should I Start?: 7 Steps to Discovering the Ideal Business for You
    What Business Should I Start?: 7 Steps to Discovering the Ideal Business for You
    by Rhonda Abrams

    A practical approach to uncovering your biz idea

  • The Complete Idiot's Guide to Growing Your Business with Google
    The Complete Idiot's Guide to Growing Your Business with Google
    by Dave Taylor
    Fundamentals of being found on the Internet
  • Good to Great: Why Some Companies Make the Leap... and Others Don't
    Good to Great: Why Some Companies Make the Leap... and Others Don't
    by Jim Collins

    What matters in building a great business

  • The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich
    The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich
    by Timothy Ferriss

    Surprisingly practical for such a fanciful idea

  • The How of Happiness: A Scientific Approach to Getting the Life You Want
    The How of Happiness: A Scientific Approach to Getting the Life You Want
    by Sonja Lyubomirsky

    Practical implementable ways to create happiness

  • Mastering Online Marketing: 12 Keys to Transform Your Website into a Sales Powerhouse
    Mastering Online Marketing: 12 Keys to Transform Your Website into a Sales Powerhouse
    by Mitch Meyerson, Mary Eule Scarborough

    The nuts and bolts of Internet marketing

     

  • The New Rules of Marketing and PR: How to Use Social Media, Blogs, News Releases, Online Video, and Viral Marketing to Reach Buyers Directly, 2nd Edition
    The New Rules of Marketing and PR: How to Use Social Media, Blogs, News Releases, Online Video, and Viral Marketing to Reach Buyers Directly, 2nd Edition
    by David Meerman Scott

    Using blogs, podcasts, viral products etc to reach your target market

  • Concierge Medicine: A New System to Get the Best Healthcare
    Concierge Medicine: A New System to Get the Best Healthcare
    by Steven D. Knope M.D.

    The only book on the topic!

  • The Medical Practice Start-Up Guide
    The Medical Practice Start-Up Guide
    by Marc D. Halley, MBA and Michael J. Ferry, MPA

    A thorough guide to getting started in practice

  • Yes!: 50 Scientifically Proven Ways to Be Persuasive
    Yes!: 50 Scientifically Proven Ways to Be Persuasive
    by Noah J. Goldstein, Steve J. Martin, Robert B. Cialdini

    Encapsulates the best thinking about how to influence others

    -----------------------------------------

  • Finding Your Own North Star: Claiming the Life You Were Meant to Live
    Finding Your Own North Star: Claiming the Life You Were Meant to Live
    by Martha Beck

    Discovering what your Essential Self really needs

  • Are You Ready to Succeed? Unconventional Strategies to Achieving Personal Mastery in Business and Life
    Are You Ready to Succeed? Unconventional Strategies to Achieving Personal Mastery in Business and Life
    by Srikumar S. Rao

    From a business professor comes the teaching that has inspired hundreds of MBA students

  • Tribes: We Need You to Lead Us
    Tribes: We Need You to Lead Us
    by Seth Godin

    A fascinating look by a master marketer and future thinker about how clear messages and contemporary tools are enabling the much-needed formation of loyal followers - a leader's "tribe"

  • eBoot Camp: Proven Internet Marketing Techniques to Grow Your Business
    eBoot Camp: Proven Internet Marketing Techniques to Grow Your Business
    by Corey Perlman

    Read my review here.

  • Endless Referrals, Third Edition
    Endless Referrals, Third Edition
    by Bob Burg

    A networking classic that shares immensely practical information on how to build a network that really delivers!

  • Career Renegade: How to Make a Great Living Doing What You Love
    Career Renegade: How to Make a Great Living Doing What You Love
    by Jonathan Fields

    A must-read for anyone wanting to flee the fold and launch a new and different career.

  • A Whole New Mind: Why Right-Brainers Will Rule the Future
    A Whole New Mind: Why Right-Brainers Will Rule the Future
    by Daniel H. Pink

    Dan Pink's brilliant analysis of what skills are needed to thrive in the 21st Century in business.

  • Entrepreneur's Notebook: Practical Advice for Starting a New Business Venture
    Entrepreneur's Notebook: Practical Advice for Starting a New Business Venture
    by Steven K. Gold

    A useful book written by a physician

  • Escape From Cubicle Nation: From Corporate Prisoner to Thriving Entrepreneur
    Escape From Cubicle Nation: From Corporate Prisoner to Thriving Entrepreneur
    by Pamela Slim

    Humorous, practical, excellent guide written by my dear colleague, Pam Slim

  • The Art of the Start: The Time-Tested, Battle-Hardened Guide for Anyone Starting Anything
    The Art of the Start: The Time-Tested, Battle-Hardened Guide for Anyone Starting Anything
    by Guy Kawasaki

    Guy Kawaski's classic about starting your own business

  • The Intelligent Entrepreneur: How Three Harvard Business School Graduates Learned the 10 Rules of Successful Entrepreneurship
    The Intelligent Entrepreneur: How Three Harvard Business School Graduates Learned the 10 Rules of Successful Entrepreneurship
    by Bill Murphy

    Great and inspirational stories -- I've blogged about several of the "secrets"

  • The Art of Possibility: Transforming Professional and Personal Life
    The Art of Possibility: Transforming Professional and Personal Life
    by Rosamund Stone Zander, Benjamin Zander

    Most enlightening -ten vital practices to develop the attitude that transforms how you live your life

BlogCatalog

Medicine Blogs - BlogCatalog Blog Directory

Google+

For physician business owners and entrepreneurs!

Are you ready to love work again
...or grow in a new direction?

Crack the Code report.GIF

You'll also receive with our compliments:

1. "The Entrepreneurial MD Newsletter" each month,

2. Cutting edge video "BizTips for Getting Started", and

3. "The Entrepreneurial Mindset Assessment" to gauge your "business" readiness.


We will NEVER give your information away.
Unsubscribing is easy if you no longer want to hear from us!

 
First Name *
 
Last Name *
 
Email *
 

 

The Entrepreneurial MD Blog

PS: I'd love to hear from you. Click on the blue "Post a Comment" link at the BOTTOM of each article, follow the simple instructions, and write away!

Feel free to share with others by clicking on the "Share Article" via Digg. Delicious, StumbleUpon or the other "social bookmarking" tools.

Just a few rules: Be nice. Keep it clean. Stay on topic. No spam!

Friday
Feb032012

Is Physician Dispensing for You?

Occasionally I accept guest posts on topics that I think are relevant to my readers and non-commercial.
This post is an update of an earlier post I wrote on physician dispensing in the office.
--------------------------------------------------------

In 1241, Pope Frederick II signed a law prohibiting physicians from acting as their own pharmacists, and his legacy is still felt today in medical circles. But Frederick didn’t live in a time with FDA regulations, medical licensing, 80 hour work weeks, and real-time video chat. Today, many medical practices have found that offering the additional convenience of dispensing medications in-office has benefited their practices both fiscally, and in quality of care. Patients appreciate the convenience and prefer this one-stop shop approach.

In-office dispensing is the service of dispensing medications directly to patients out of the doctor’s office or clinic. The practice can fill either a short or long term prescription for patients during the initial appointment, thus eliminating the 25% chance that the patient will not fill the prescription at a local pharmacy. Physician dispensing is gaining popularity in fields such as primary care, dermatology, urgent care, and pain management, and can benefit almost any private practice or clinic.

Here a few of the foremost considerations for physicians to keep in mind when deciding if dispensing is right for them, and in looking for a vendor in the pharmaceutical dispensing industry.

Where to begin?
Practices can get into the in-office dispensing business very inexpensively because they don’t need to outlay a lot of capital to test-run the program.  Many practices initially start with a very small medication formulary, comprised of lower cost generic drugs that they prescribe most frequently. As they get more comfortable with the program, and are more confident that it is a fit for their practice,  they can develop a more extensive formulary.

What are some of the various pricing models?
Price and cost  vary greatly from vendor to vendor. In addition to the price for medications,  additional charges may include: a fee to get started, shipping fees, a per bottle dispensing fee, and in some cases vendors may require the practice to buy computer equipment or a monthly fee to run their dispensing software.

While some vendors may suggest it, entering a long-term commitment is unnecessary. Practices should be careful about entering binding contracts that require monthly minimums or that legally obligate them to buy medications for a certain period of time.

Who is repackaging the medications and where are they coming from?
Vendors either repackage the medications themselves or buy unit of use bottles from a third party and then sell them to the practice. Working with a company that is a pharmaceutical repackager eliminates unnecessary middlemen and may provide more flexibility in inventory and custom packaging.

Is the company’s proprietary software up to the industry standards?
The proprietary software of the company you choose should have adequate security to safeguard your patients’ important private data and be HIPAA compliant. A good vendor should be able to integrate with your EMR, and their software should allow the dispensing process to be as efficient as possible, reducing the time spent on dispensing to a maximum of 90 seconds per transaction.

What do I need to know about regulation?
Physician dispensing is regulated by each state so the laws vary. In addition to standard medical licensing and DEA licensing, some states require a dispensing license, a few require an inspection of some kind from the state, and most require the dispensing physician to abide by the same standards as a pharmacist in regards to record keeping, storing, and labeling medications. Before you commit, be sure to ask your vendor, or double check with the appropriate agencies in your state that regulate pharmaceutical dispensing, in case any laws havebeen changed or updated.

What sort of customer service can I expect?
As in any long term business relationship, fast and reliable customer service can be the number one ingredient in choosing a vendor.  In health care, it is imperative that the vendor share the outlook of the practice that patient care and safety is always the first priority.

Thursday
Feb022012

Networking niceties for physicians; even introverts can succeed

When asked about my circuitous physician career and how I have made it happen, I can probably best describe my "strategy" as "opportunistic".

What I really mean is that I have always come up short on having a 10-year career plan (it must be the Aquarian in me who rebels against too much structure), and instead have followed my nose and instincts for opportunities that have presented themselves over the years. And no, those opportunities are not just the result of sheer good fortune, although I do feel fortunate.

They have arisen as an outgrowth of my ongoing efforts to build and maintain a network of friends and acquaintances. It helps that I was raised to be sociable and friendly, despite a tendency to shyness inherited from my reclusive engineer dad -- it was a cultural expectation to show interest and hospitality.

I recognize how hard networking can be if (a) you are super-busy and (b) extremely shy or introverted. But I'm here to argue that your success in your medical practice, your nonclinical business or your physician executive or administrative career is tightly linked to your ability to build up your "know, like and trust" factor!

A recent article on the Harvard Business Review blog, "An Introvert's Guide to Networking" reminded me of the tips I previously put together to help physicians create lasting, valuable networking relationships.

The article author describes her feelings this way:
While I wanted to attend the party, as an introvert I usually avoided these types of events because they made me uncomfortable. Knowing there would be a lot of senior executives at this party made me even more fearful.
Her success secrets (the emphasis is mine)?
  • I learned to appreciate my introversion rather than repudiate it.
  • I stopped being afraid to be the one to reach out.
  • I learned to prioritize time to re-energize.
This last suggestion is powerful, as one of the glaring differences between an introvert and an extrovert is largely a function of one's energy level. Extroverts are energized by social interactions while introverts feel drained and need to find ways to restore their energy.

Your success as a medical practice owner or physician entrepreneur may be closely tied to your ability to build strong relationships with others - isn't it worth mastering these skills?

For a quick a refresher on how to do this well, check back to my Networking Made Natural for Physician Entrepreneurs series (the links to earlier articles that complete the series are all on that page).
Thursday
Jan192012

The ideal physician job - does it exist?

"Heck, no!" I hear many of you yelling. "I'm sick of being a physician." "I still like medicine, however my job sucks ..."

In an article today from HealthLeaders Media, "For Stressed Docs, Where to Turn?", the author writes:

A recent survey and report by Physician Wellness Services, a Minneapolis, MN-based company that counsels physicians and hospitals on wellness and related issues, and Cejka Search, a St. Louis, MO-based physician executive search firm, shows more physicians are getting stressed and it's getting worse.
...How bad is the problem? The survey shows that 87% of 2,000 physicians reported they were moderately to severely stressed, and 63% said the stress has increased "moderately to dramatically" over the past three years.
...For physicians, the work-related stress factors are:
  • Administrative demands
  • Long work hours
  • On-call schedules
  • Concerns about medical malpractice lawsuits
All those factors are essentially built into today's job of being a physician, at least for the docs who stick with it.
..."The result of this cumulative stress is declining job satisfaction, motivating physicians to change jobs or leave the practice of medicine altogether," the report states.

Okay, so it's getting really rough, leaving you fantasizing about a finding much better job, or quitting.

For most physicians, quitting isn't a realistic option, so maybe it's time to work on redefining your ideal job. Once you know what you want, you can go out and find it, right?

I'm going to play Reality Checker here. Let's begin with the radical idea that your ideal physician job doesn't yet exist (unless of course you have actually found it). 

An even more radical thought -- You are going to have to create it yourself ... assemble it in bits and pieces.

So how do you do this?

I invite you to play along with me (this is the final exercise from the CPM Program I participated in) as we engage in this thought experiment. But first, a word of caution. What I am about to help you do here is begin to ask questions of yourself  -- the kind you may have been avoiding.

So, grab a piece of paper, and writing in the present tense, get started with "I work as a ... in a ... ".

Think of this in multi-layers: 

  1. What is your ideal job's workplace environment? Be specific. Describe the furniture, the building, the view from your window.
  2. Who are you interacting with ? In what capacity? In what numbers? For how long? Think bosses, peers. employees, customers etc.
  3. What is the organizational culture like? How is it expressed? What is your impact in the organization? Are you solo, or working with others?
  4. What skills and talents are you using in this role? What others have you had to acquire to do this job well? How did you acquire them?
  5. Are you still a clinician? A physician entrepreneur? A physician executive? Someone with no further connection to medicine? How have you coped with that shift in your identity?
  6. What are you contributing? What is your impact, and upon what or whom? How are you benefiting? 
  7. What core values are you expressing in your job? Does what you are doing contribute to the larger good in the world, or at least in your community? Are you sufficiently satisfied with what you are doing in this role?
  8. If there are conflicts occurring in this vision, how do you resolve them?
  9. Do you have a family? How does the family fit into all of this? What are the trade-offs and how are you handling them? 

There are a few rules with this exercise: 

  1. Take your time with it. It may take months or years to craft this job.
  2. Explicitly recognize contradictions. This doesn't mean they can't occur. Just be aware of them, as potential obstacles to navigate around if necessary.
  3. Avoid the naysayer trap.
  4. Recognize that these are difficult questions to answer. But you will never find the answers if you don't at least start asking the questions.
  5. Recognize that you have more personal power than you realize.
  6. And recognize that, as you do this exercise, you may come to redefine success.

 For my sceptical readers, there is neuroscience to back up how this "manifesting your desire" works - you can read more here and here (and no, I am NOT a fan of "The Secret" or "the Power" -- too woowoo for me!)

A final note -- It may be that you are already in your ideal job - perhaps it just needs your intentional focus, good boundary-setting and some tweaking! Good luck.

Tuesday
Jan102012

Healthcare reform and the physician business owner

What do you really know about healthcare reform

And do you even care?

The past few years have thrust healthcare into the limelight, with the passage of the Patient Protection and Affordable Healthcare Act (PPACA) in March 2010. And confusion has reigned ever since.

Once in a while, I come across good explanations that attempt to demystify the PPACA. As much as I'd like to be an ostrich with my head in the sand, mainly to escape the rancor and fury of those decrying the Act and the cries of those begging for meaningful change, I can't escape its impact on my clientele and readers.

For those of you who are interested and trying to make sense of the news, outrage and potential impact on your practice or executive role in a healthcare organization, here are a few of the more helpful resources:

1. From the American College of Physician Executives comes this video:

Healthcare Reform: A Spectator's Guide, by Sarah Freymann Fontenot BSN, JD. SHe concludes with a plea for "physician leadership, direction and well-educated voices" to help guide the debate and to produce the outcomes that really matter - quality, patient satisfaction, accuracy in billing, education and community.
This 47 minute informative video illuminates what's happening at the intersection of healthcare, the law and politics without taking any particular stand.  

2. From the American College of Physicians, An Internist's Practical Guide to Understanding Health Reform is a document written without legalese, accompanied by useful tables, plenty of useful links and even a patient summary. It's 109 pages long, so I don't encourage you to print it!

3. Finally, from the Deloitte Center for Health Solutions comes a document titled The Physician Workforce: Opportunities and challenges  post-health care reform. Here, the impact of PPACA is discussed on the physician workforce.

This is one of the most instructive parts of the document (the text is tiny but you can read the document at the above link):

 

The bottom line, whether you believe that the PPACA will hold up as being constitutional or not, is that the typical physician practice, as we have known it, is headed for change. As are the issues that physician executives in healthcare organizations must grapple with.

Are you ready for the ride? 

Tuesday
Jan032012

Physician business owners' secrets to greeting the New Year

For most of us physician business owners, the beginning of a year is a time filled with hope and intention. "It's going to be a(n even) better year. I’m going to be better at X, Y and Z"! we tell ourselves.

I mentioned previously that I don't believe in New Year's resolutions. I have discovered them to be grandiose and difficult to achieve, leading to a sense of failure and self-flagellation when we fall short and find ourselves back to square one a month or so later. 

What, if instead of focusing on these "ideal" outcomes, we paid more attention to the process... the journey? How would it feel at the end of the week, or the end of 2012, to celebrate your efforts even if you haven't achieved the results yet?

Focus on the Process, not the Outcome ... this was one of our core tenets in the Creativity and Personal Mastery Program (CPM) in which I recently participated. 

I'm as guilty as anyone is talking about how the time is flying, how hectic things are. In my conversations with clients and other physicians, I note how often the words "stress" and "stressful" are used. Is this really how we want to live our lives?

A recent New York Times opinion piece touched a chord in me. Titled "The Joy of Quiet", the article tackles the question of how to develop internal stillness, clarity and focus in the face of all that bombards us and chews up our time remorselessly all hours of the day. And in turn, experience peace and happiness. From the article:

“The urgency of slowing down — to find the time and space to think — is nothing new, of course, and wiser souls have always reminded us that the more attention we pay to the moment, the less time and energy we have to place it in some larger context. “Distraction is the only thing that consoles us for our miseries,” the French philosopher Blaise Pascal wrote in the 17th century, “and yet it is itself the greatest of our miseries.” He also famously remarked that all of man’s problems come from his inability to sit quietly in a room alone.”

When last did you really pay attention to your mental chatter ... how your "monkey mind" speaks to you? Another of our CPM exercises was to spend a week listening to and even documenting, where possible, our mental chatter. I will share that it was, for all of us in the group and for much of the time, pretty ugly stuff -- filled with judgmental, harsh, persnickety words. And yet, it is this mental chatter with which we largely construct our lives. It becomes our "reality" ... How Things Are.

Let me encourage you to put aside your Big Resolutions and instead begin to pay attention

  • Notice how you speak to yourself. Be kinder. Judge less.
  • Become aware of your beliefs and challenge their validity. Discover what is factually real and what you have made up.
  • Be present to the process ... all those little and big choices you make each day. Choose what matters. 
  • Ask yourself "Am I doing the very best I can in this situation right now?" Keep your focus there instead of on the future.

If you stick to these basics, I can guarantee you a 2012 filled with discovery and inner peace...even if time still flies by!