• Follow Essays, Opinions and Curated News for the Health Economics, Finance & Business Management Space on WordPress.com
  • Member Statistics

    • 703,170 Colleagues-to-Date [Sponsored by a generous R&D grant from iMBA, Inc.]
  • Our ME-P Channels

  • ME-P Archives Silo [2006 – 2018]

  • CERTIFIED MEDICAL PLANNER® program

    New "Self-Directed" Study Option SinceJanuary 1st, 2017
  • Dr. David Marcinko [Publisher Emeritus]

    untitled

    As a Distinguished University Professor and Endowed Department Chairman, Dr. David Edward Marcinko MBBS DPM MBA MEd BSc CMP® was a NYSE broker and investment banker for a decade who was respected for his unique perspectives, balanced contrarian thinking and measured judgment to influence key decision makers in strategic education, health economics, finance, investing and public policy management.

    Dr. Marcinko is originally from Loyola University MD, Temple University in Philadelphia and the Milton S. Hershey Medical Center in PA; Oglethorpe University and Atlanta Hospital & Medical Center in GA; and Aachen City University Hospital, Koln-Germany. He is one of the most innovative global thought leaders in health care entrepreneurship today.

    Professor Marcinko was a board certified physician, surgical fellow, hospital medical staff Vice President, public and population health advocate, and Chief Executive & Education Officer with more than 425 published papers; 5,150 op-ed pieces and over 135+ domestic / international presentations to his credit; including the top ten [10] biggest pharmaceutical companies and financial services firms in the nation. He is also a best-selling Amazon author with 30 published text books in four languages [National Institute of Health, Library of Congress and Library of Medicine].

    Dr. Marcinko is past Editor-in-Chief of the prestigious “Journal of Health Care Finance”, and a former Certified Financial Planner® who was named “Health Economist of the Year” in 2010, by PM magazine. He is a Federal and State court approved expert witness featured in hundreds of peer reviewed medical, business, economics and trade publications [AMA, ADA, APMA, AAOS, Physicians Practice, Investment Advisor, Physician’s Money Digest and MD News] etc.

    As a licensed insurance agent, RIA – SEC registered representative, Marcinko was Founding Dean of the fiduciary and niche focused CERTIFIED MEDICAL PLANNER® online chartered designation education program; as well as Chief Editor of the HEALTH DICTIONARY SERIES® Wiki Project.

    Dr. Marcinko’s professional memberships included: ASHE, AHIMA, ACHE, ACME, ACPE, MGMA, FMMA and HIMSS. He was a MSFT Beta tester, Google Scholar, “H” Index favorite and one of LinkedIn’s “Top Cited Voices”. Presently, Marcinko is “ex-officio” and R&D Scholar-on-Sabbatical for iMBA, Inc.

    entrepreneur

    Frontal_lobe_animation

  • PodiatryPrep.org


    BOARD CERTIFICATION EXAM STUDY GUIDES
    Lower Extremity Trauma
    [Click on Image to Enlarge]

  • Most Recent ME-Ps

  • ME-P Free Adverting Sales Consultation

    The “Medical Executive-Post” is about connecting doctors, health care executives and modern consulting advisors. It’s about free-enterprise, business, practice, policy, personal financial planning and wealth building capitalism. We have an attitude that’s independent, outspoken, intelligent and so Next-Gen; often edgy, usually controversial. And, our consultants “got fly”, just like U. Read it! Write it! Post it! “Medical Executive-Post”. Call or email us for your FREE advertising and sales consultation TODAY [770.448.0769]

    Product Details

    Product Details

  • Medical & Surgical e-Consent Forms

    ePodiatryConsentForms.com
  • Hope Hetico RN MS [Managing Editor]

    Prof. Hetico

     

     

     

     

    ME-P SYNDICATIONS:
    WSJ.com,
    CNN.com,
    Forbes.com,
    WashingtonPost.com,
    BusinessWeek.com,
    USNews.com, Reuters.com,
    TimeWarnerCable.com,
    e-How.com,
    News Alloy.com,
    and Congress.org

    Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners(TM)

    Product Details

    Product Details

    Product Details

  • iMBA White Papers

    Customized Industry Topics [$1,500 unlimited corporate license]October 1st, 2017
    Medical Clinic Valuations * Endowment Fund Management * Health Capital Formation * Investment Policy Statement Analysis * Provider Contracting & Negotiations * Marketplace Competition * Revenue Cycle Enhancements; and more! HEALTHCARE FINANCIAL INDUSTRIAL COMPLEX
  • Ann Miller RN MHA [Executive-Director]

    iMBA VIRTUAL OFFICES [1.770.448.0769] Atlanta, GA.
    Location doesn't matter. We welcome new long-distance clients and colleagues.

  • ME-P Publishing

  • SEEKING INDUSTRY PARTNERS?

    If you want the opportunity to work with leading health care industry insiders, innovators and watchers, the “ME-P” may be right for you? We are unbiased and operate at the nexus of theoretical and applied R&D. Collaborate with us and you’ll put your brand in front of a smart & tightly focused demographic; one at the forefront of our emerging healthcare free marketplace of informed and professional “movers and shakers.” Our Ad Rate Card is available upon request [770-448-0769].

  • Reader Comments, Quips, Opinions, News & Updates

  • Start-Up Advice for Businesses, DRs and Entrepreneurs

    ImageProxy “Providing Management, Financial and Business Solutions for Modernity”
  • Up-Trending ME-Ps

  • Capitalism and Free Enterprise Advocacy

    Whether you’re a mature CXO, physician or start-up entrepreneur in need of management, financial, HR or business planning information on free markets and competition, the "Medical Executive-Post” is the online place to meet for Capitalism 2.0 collaboration. Support our online development, and advance our onground research initiatives in free market economics, as we seek to showcase the brightest Next-Gen minds. ******************************************************************** THE ME-P DISCLAIMER: Posts, comments and all opinions do not necessarily represent iMBA, Inc.
  • OIG Fraud Warnings

    Beware of health insurance marketplace scams OIG's Most Wanted Fugitives at oig.hhs.gov

What NOT to Do When You Launch Medical Initiatives

Join Our Mailing List

A time of medical reinvention

[By Vicki Rackner MD]

vickiFor many hospitals, clinics and medical practices, this is a time of reinvention.

This episode of Shark Tank offers insights about what NOT to do as you launch new medical initiatives.

A doctor entrepreneur entered the Shark Tank to secure funding to grow his medical device company.  He painted the picture of an ideal investment opportunity, complete with an innovative product, a huge proven market and $10 million in sales.

As I listened, I thought, “He could get a five-Shark deal!”

Things quickly fell apart during Q&A. Here are snippets from the exchange sparked by the Sharks’ inquiries about his sales:

Doctor: “We could be making quite a bit of money if I wanted to.  I’m not all that interested in the money.  It’s a tool I use to hire people.”

Lori Greiner: “You’re not interested in making money?”

Doctor: “It’s not my motivation. Medical training is very important.  It’s a way of saving lives. “

Kevin O’Leary: “What about profits?  Do you care about this?”

Doctor: “I will at some point.”

Kevin: “Not encouraging words to an investor.”

Robert Herjavec: “Why aren’t people beating a path to your door?  

Barbara Corcoran: “He’s missing a business man.  You need a business man to make money. You’re not him.  You cannot build a business unless you’re interested in making a profit. I’m out.”

Doctor: “I don’t agree with your statement that I’m not interested in a profit.  It’s not what I’m interested in right now.” 

Kevin: “Think of how that sounds to an investor.  How will I get my money back?“

Lori: “You don’t have the passion about driving the business.  I understand you’re a scientist.  That’s what drives you.  But for me to invest, I have to feel that you will protect my investment and make it thrive.  I don’t hear that here today, and for that reason, I’m out.”

Robert: “I think you’re onto something.  I think what is missing is an avenue for sales and distribution and marketing.  You seem hesitant about taking advantage of that.”

Doctor: “I’m a scientist. I’m not that guy.”

By the end of the pitch, four Sharks were out.

One Shark decided to invest.

This entrepreneur’s inability to speak the Sharks’ language and see the world through their eyes cost him the buy-in of four Sharks.   That’s what NOT to do.

***

cyber

***

Here are the Shark Tank lessons to help you successfully launch new medical initiatives.

White Coats are wired differently than Suits.  The painful exchange in the Shark Tank highlights the fundamentally different priorities of business-minded people (let’s call them Suits) and clinicians (let’s call them White Coats).  For a Suit, profits drive and measure success.  A White Coat measures clinical outcomes.

Medicine is a team sport. Successful medical organizations must deliver quality medical care and generate a profit.  Neither Suits nor White Coats accomplish this in isolation; each must cross the cultural divide and meet on collaborative ground.

Identify who is persuading whom. Sometimes the White Coats persuade the Suits to invest in a new diagnostic or therapeutic direction.  That’s the essence of the Shark Tank pitch; the doctor was the seller and the Sharks were the buyers.

White Coats are much more likely to get buy-in for their proposed operating room redesign or purchase of new imaging equipment if they show the Suits how this investment will make the hospital more profitable.

Other times, the Suits want to persuade the White Coats to adopt more cost-effective practices.  In this case the Suits are the sellers and the White Coats are the buyers.  Show the White Coats how the initiative allows them to serve in a bigger way, deliver better care or enrich the doctor-patient relationship.

You are most likely to get buy-in when you speak the language of the buyer.  This is much like World Series in which the use of the designated hitter is determined by the rules of the home team.

Persuade respectfully. The entrepreneur’s dismissive comments about profits—the things Sharks value most— struck me as disrespectful.

Persuade respectfully.

Respect in Latin means “to see someone’s actions and hold them in esteem.”  To enhance your powers of persuasion, see the world through the eyes of the person you are trying to influence.

Test your message. If you were scheduled to go on national TV, wouldn’t you set up a mock Shark Tank and have your mock Sharks throw you every possible objection?

Why did no one on the doctor’s team say, “Look, you can’t tell an investor that you don’t care about profits.  Here’s a better answer.”

Run ideas by members of the group you are trying to persuade.

Patients are wired differently than White Coats and Suits. Perhaps the most profound force driving healthcare transformation is the evolving role of the patient.  More and more of your true buyers, either influencing or driving purchasing choices.

How do you persuade them to seek care at your facility?  If they were in the Shark Tank chairs, what argument would offer?

In truth we have a limited understanding of what drives patients’ choices. What do they want? What do they value?

Clinicians know what questions patients should ask.  The innovators answer the important questions patients really ask.  These are the questions that matter.

Further, patients are not a homogenous group.  Some patients gladly pay concierge fees to have an elite medical experience; others travel internationally to get rock-bottom prices on medical procedures.

Restaurants, airlines and department stores do not try to be all things to all customers; they focus. So can you.  Successful medical organizations identify the patients whom they want to serve, describe the medical transformation they facilitate and deliver a patient-centered experience. Some call this branding; I call this positioning.  You position, and the market’s response is your brand.

***

doctors

Other stakeholders are wired differently than White Coats and Suits 

***

You manage complex, triangulated relationships with other stakeholders, including:

  • The Payers (the parties who write checks to pay for the care your deliver) The Senders (the parties who refer patients to your organization)
  • The Employers (the party that employees your patients
  • The Family Caregivers (the unpaid member of the healthcare team)
  • The Risk Managers (the organization that assumes the risk of insuring patient populations)
  • Each stakeholder brings in a different perspective and agenda.

Invest in smart marketing. Marketing is nothing more than engaging a buyer in a conversation.  Successful hospitals, clinics and physicians are finding ethical, professional ways to reach their ideal patients and communicate their positioning.

Invest in selling skills to promote better clinical outcomes.  You may think of selling as the act of persuading a buyer to make a purchasing choice.

Let’s reframe selling as the act of inspiring the buyer to take action.

Imagine what would happen if clinicians developed better selling skills.  They could “sell” patients on the idea of taking medication as prescribed, following up at appointed times and adopting healthier lifestyle choices.

Compliance failures are like the disconnect in the Shark Tank; patients hear the doctor’s pitch, and say to themselves, “I’m out.”

Marketing and selling fall outside of most physicians’ comfort zone.  Evaluating a patient fell outside of every medical student’s comfort zone. Skills and knowledge can be acquired.

The key to success.  Collaboration is the key to success.  Get buy-in from stakeholders.  Understand their perspective; this leads you to their “buy button.”  Invest in selling skills and persuade more effectively.  Integrate patient-centered approaches.

These are the keys to help medical organizations make a bigger profit and a bigger impact.

ABOUT

Vicki Rackner MD is an author, speaker and consultant who offers a bridge between the world of medicine and the world of business. She helps businesses acquire physician clients, and she helps physicians run more successful practices. Contact her at (425) 451-3777

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Product DetailsProduct Details

Product Details

Advertisements

3 Responses

  1. Reblogged this on:

    rennydiokno.com.

    Renny Diokno

    Like

  2. Partners HealthCare: “Disruptive Dozen” Technologies for 2015 at the World Medical Innovation Forum

    1. Early Diagnosis And Treatment Of Alzheimer’s Disease
    2. Stem Cell Therapy To Repair And Replenish The Brain
    3. Smart Brain Prosthetics
    4. Rapid Intervention For Psychiatric Disorders
    5. The Promise Of Focused Ultrasound
    6. New Aspects Of Gene Therapy
    7. Molecular Intervention Using Minimally Invasive Technology
    8. Healing The Brain With Neuromodulation
    9. Immune Checkpoint Inhibitors For Brain Cancer
    10. Neuroimaging For Neurodegenerative And Psychiatric Disorders
    11. Diagnosing And Treating Neurodegenerative Diseases Through The Microbiome

    Source: Partners Healthcare
    http://www.amazon.com/Dictionary-Health-Information-Technology-Security/dp/0826149952/ref=sr_1_5?ie=UTF8&s=books&qid=1254413315&sr=1-5

    Like

  3. Does American Innovation Rest on a Weak Foundation?

    Just talk to a scientist in a research lab almost anywhere and you are likely to hear that the edifice of American innovation rests on an increasingly rickety foundation.

    http://www.msn.com/en-us/money/markets/american-innovation-rests-on-weak-foundation/ar-BBjYjK7?ocid=iehp

    Is this true?

    Kendall

    Like

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: