Daniel Pink has become one of the more important and influential business writers active today. His previous book, “Drive”, outlined and detailed the complex forces at work in the realm of human motivation, particularly in the business arena. He uses information and findings from university based research to support his conclusions, rather than anecdotes or personal experience. In his new book, “To Sell is Human”, he does the same for sales. Resistances In my work as a consultant, I universally hear the objection, “I don’t want to be a salesman.” I think there are several levels to this, … [Read more...] about Selling Part 1
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Financial Basics for the Independent Doctor part 4
This post will outline the basic structure of how to plan for long-term debt reduction and elimination and accumulation of wealth. This is a process that has a great deal of power over a long time range, so the sooner you start this, the more powerful the tools will be. It’s never too late to start, but a long time ramp gives a less steep climb. Confronting reality Getting a handle on your debt structure can be a daunting and stressful task. Confronting reality, however brutal that may be, is the first step. As an overall rule, there are three grades of debt, whether business or … [Read more...] about Financial Basics for the Independent Doctor part 4
Financial Basics for the Independent Doctor part 3
This post will outline the basic structure of how to manage the income from your practice so you know where your money is going, and how to plan for your long term benefit. Simple disclaimer: all of the recommendations that follow should be vetted by your tax adviser for best applicability to your situation. I will address a few common errors and pitfalls. Financial structure of the practice Most practices benefit from being organized as either a corporation or as a limited liability company. If you choose to organize as a corporation, a sub-chapter S selection makes the most sense. This is … [Read more...] about Financial Basics for the Independent Doctor part 3
Financial Basics for the Independent Doctor 2
This post will outline the basic structure of how to track and manage basic finances in an independent doctor’s office. Proper financial management is high on the scale of professional satisfaction when done well, and also high on the stress scale when not done well. We’re not in the health care filed in order to earn money as a primary objective, but managing it well has to be. Future blog posts will address the details of actually billing and managing practice income; this one will focus on the basic setup necessary. Tools Many times a doctor will be working with an inherited set of … [Read more...] about Financial Basics for the Independent Doctor 2