“MINNOVATION” for Physician Entrepreneurs

And … Disruptive Healthcare Innovators

[By Dr. David E. Marcinko MBA]

We all seem to be fascinated by our endless capacity to invent new words, and Yes, I am a non-clinical healthcare linguist.

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

So, the word “minnovation” caught my eye a few days ago while browsing old articles from Harvard Business Review.

LINK: https://hbr.org/2019/08/before-you-start-a-business-decide-what-success-looks-like

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INN

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The “Next Big Thing”

According to one colleague, Philippa Kennealy MD MPH, her take on this article is that for most of us, the notion of coming up with “The Next Big Thing” is simply over whelming. So, rather than pursuing an enticing but unreachable entrepreneurial path, we give up, despairing of ever being able to break out of our ruts.

Example:

For example, we imagine that the only way to get away from a traditional insurance-based practice is to go all out for a full-blown high-fee concierge practice.

  • OR, we feel compelled to invent, develop and successfully market the next Medical Device of the Year.
  • OR, maybe the pressure of needing to reinvent healthcare delivery entirely, in this rapidly changing world, is keeping us awake at night. So, we procrastinate, plagued by our perfectionism!

However, here is the excuse you can no longer avoid:

In reality, the vast majority of real-life entrepreneurs around the world aren’t innovators. They’re minnovators — mixing small parts of novelty and creativity with huge helpings of flexibility scrappiness and a generous portion of hard-driving execution.

Outing the Rut

So, if you yearn to break out of your traditional-but-tiresome medical practice, or merely exercise your emerging entrepreneurial physician muscle, here are a few ways to think about your next move:

  • what business or practice process can you tweak, or radically redesign?
  • what new spin can you put on the valuable information or education you provide?
  • what obstacles do your patients face regularly that they would love to surmount?
  • what product would work a whole lot better with a minor (or even major) adaptation?
  • what leadership and creativity could you provide to a team or group that is already executing an idea, and doing it poorly, or not well?

 Assessment

How can you become a scrappy, bootstrapping, quick-to-adapt physician “minnovator”?

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Conclusion

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DOCTORS:

“Insurance & Risk Management Strategies for Doctors” https://tinyurl.com/ydx9kd93

“Fiduciary Financial Planning for Physicians” https://tinyurl.com/y7f5pnox

“Business of Medical Practice 2.0” https://tinyurl.com/yb3x6wr8

HOSPITALS:

“Financial Management Strategies for Hospitals” https://tinyurl.com/yagu567d

“Operational Strategies for Clinics and Hospitals” https://tinyurl.com/y9avbrq5

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Invite Dr. Marcinko

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One Response

  1. There Were 483 Health Services Sector Deals in H1 2020

    PwC recently released data on health services deals in 2020. Here are some key findings from the report:

    • From 2016 to 2019, the health sector averaged more than 500 deals by mid-year.
    • The first half of 2020 fell just 3% short of the usual 500 deals with 483 deals.
    • The largest deal in the first half of 2020 was $11.5 billion, versus $17.4 billion in 2019.
    • Total deal value fell 52% to $22.4 billion in the first half of 2020 compared to 2019.

    Source: PwC, July 2020

    Like

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