The Medical Moguls Formula

A Guide to Starting a Physician Business

Dr. Draion Burch

• Publisher: Purposely Created Publishing Group
• Year: 2020
• ISBN:
  9781644842522
• Edition: 1
• Topic: Negocios y empresa
• Subtopic: Emprendimiento

Whether you are a cardiologist, gynecologist, optometrist, or some other specialist, you can have a successful business outside the walls of the hospital or medical office. In The Medical Moguls Formula: A Guide to Starting a Physician Business, America's favorite gynecologist Dr. Drai and twenty-nine Medical Moguls share with you how they took imperfect action to bring their vision to life. They explain how being open-minded and coachable creates a new perspective and how these qualities can position you to have a successful, scalable business built on your medical expertise or even your other gifts and passions.

Through the Medical Mogul Academy, these doctors learned how to erase the boundaries placed on physicians by conventional expectations that prevented them from flourishing beyond what they imagined. And although making more money is desired, many are striving to have a broader impact on the lives of their patients and the communities they serve. These doctors are stepping outside their comfort zones, living life on purpose, and building incredible legacies. With their advice, you can too!

C H A P T E R  1

Physician Leaders Creating Change

Meet Dr. Lisa Herbert

 

 

Dr. Lisa Herbert is a bestselling author, speaker, and respected family physician who brings over twenty years of experience providing primary care and serving as a healthcare leader. Dr. Herbert has a unique background and extensive experience in hospital administration, public health, academic medicine, and the health insurance industry. She has held roles as clinical assistant professor in the Department of Family Medicine at the University of Medicine and Dentistry of New Jersey, physician advisor/medical director for a large hospital system, medical director for a six-center family planning agency, and medical director at a local and national insurance company.

Dr. Herbert is the founder and CEO of Just the Right Balance, LLC, where she helps physicians transition into high-performing leaders who will improve the healthcare landscape by building healthy communities and strong organizations. Dr. Herbert utilizes her unique background and experience to offer coaching, consulting, workshops, and training to help physicians transition into effective leaders with the support of their organizations.

Born and raised in Brooklyn, New York, Dr. Herbert earned her undergraduate degree from Stonybrook University and her doctor of medicine from Upstate Medical Center, completed her residency at Mountainside Hospital, New Jersey, and completed her certification in personal and executive coaching from the CaPP Institute. Learn more at www.justtherightbalance.com

 

Her Story

As a little girl growing up in the inner city of Brooklyn, New York, I knew I wanted to be a doctor at the age of five. Having been raised by a single mom with only a high school diploma, I defied the odds. I was accepted to college at the age of sixteen and started my leadership journey as a young college student. I established a student-run organization called Minorities in Medicine that served as a support group for thousands of pre-med and pre-health students on the campus of Stonybrook University. It existed for nineteen years. This became a part of my legacy. I graduated from college and was accepted to medical school at the age of twenty. I was accepted to my first choice, a family medicine residency program, got married, and had my first child as a third-year resident. In my first job as an attending, I was the youngest medical director and first African American woman to run a family planning agency where I was responsible for managing six health centers in the northern New Jersey area that averaged 20,000 patient visits per year. During my time as director, I was responsible for changing the image of the agency to reflect a comprehensive women’s healthcare facility by expanding current preventive care protocols. I then opened my own private practice, which I operated in my community for over twenty years. I held other leadership roles such as medical director for a major hospital and a national insurance company, and as an assistant professor for UMDNJ medical school.

Here’s my real story. You see, after twenty years of practice, I suffered from burnout. I tried to be the perfect doctor and the perfect mom, but I couldn’t keep up with the demands of the healthcare system. I was charting until late evenings after everyone had gone to bed. I was always tired, having panic attacks going into the office, missing my kid’s activities, feeling irritable, and not wanting to have a connection. I wanted out and didn’t know how to transition into another career or position. Here was the breaking point for me. You see, I have a close relationship with my daughter. We talk and bond a lot. One day, she approached me at home. I was in the kitchen getting dinner prepared. It was one of those hectic days where I was rushing to get dinner on the table after having a long day at work and thinking about the ten other things I had to do.

She approached me at the age of twelve with her beautiful, brown eyes and warm heart and said, “Mom, I need to tell you something.”

Immediately, my heart sank because her face had a look of concern.

She said, “Mom, I don’t like the person you are becoming.”

It ripped my heart out. It broke my heart. Everything I have done in my life has been for my kids. I had pride in being a good mom. I didn’t want to leave a legacy of not being there for her or for us to have a broken relationship because of my burnout.

I decided it was time to move on. I knew I needed to get help. I hired a coach to help me figure out my career options and attended therapy to get my life back on track. I needed to take back my life and decided to transition from a clinical position to a non-clinical position. I didn’t want to leave medicine altogether. I wanted to use my years of experience as a physician and my leadership skills to thrive again. You see, I knew I was destined to be a leader. I knew in my heart I had the qualifications and drive to create change, bridge relationships, and get results. I was ready to transition from private practice to healthcare administration, so I hired a coach and started my transition to a full-time leadership position where I was responsible for providing clinical leadership to a healthcare plan that provides coverage to more than 265,000 members. I assisted in the development of the corporate vision and strategy, and managed key projects and initiatives that supported more affordable healthcare and promoted health and wellness. I had a 90-day success plan, and I felt I was ready. I knew this was where I was supposed to be. The feeling of having my own corner office with my own administrative assistant, having the responsibility of leading a team, creating policies, and developing a wellness program was everything I could dream of. That transition also had its challenges. What I wasn’t prepared for was the lack of acceptance of physicians in this corporate space. The first days going into the office, I was looking forward to working and managing teams, but what I found instead was another broken system on the other side. There was a lack of communication. My voice was not being heard. My experience wasn’t being utilized. I felt like a cog in the wheel on the other side of the fence.

My confidence waned, my enthusiasm for medicine was slowly drifting, and I no longer knew my why. I would wake up every day and drive into work, and the closer I got to the building, the anxiety would start to set in. My hands would sweat, I would have palpitations, my stomach would tighten up in knots, and I couldn’t wait until 5 p.m. arrived to leave the building. I stayed tense in the anticipation of being called into another nonproductive meeting. You see, meetings were held in a culture where the opinions of others didn’t matter, yelling was normal, pitting against each other was fair game, and showboating was commonplace. I thought to myself, why are we here? Isn’t the goal to provide the best, cost-effective healthcare to our clients and community?

Because of this experience, I vowed to never put myself in that position again and was driven to make a change, to take back my life, to pursue goals that brought me joy, and to provide training and support for physicians who want to be leaders. Leaving that environment catapulted me to develop my own organization to help physicians have the tools to survive in leadership and help organizations who are recruiting physicians. Now, I am a bestselling author, I get to write and blog and own my content, I am a professional speaker, I am a mom of two successful children, and I have a company that offers coaching and training to physicians and leaders of healthcare organizations about what it means to effectively communicate and work together for a common goal of healing communities. Living in my purpose has allowed me to help physicians transition into leadership, and it has allowed me to work with physician leaders and healthcare organizations to help them effectively communicate to build stronger relationships and better outcomes.

My work continues to help physicians be the respected voice in healthcare, to help organizations bring back the human connection to medicine, and to restore the trust and bridge the gap between healthcare organizations and physicians.

 

My Medical Mogul Formula

Know Your Purpose

“You have to figure out a way to have a seat at the table, so your voice can be heard.”—Gayle King

Your decision to start a business should be based on your purpose. Why do you do what you do? What fuels you and drives you to start your business? What about your business energizes you? Who do you want to help? Without a purpose, without a why, the road to success becomes much harder. People will follow you and remain loyal to your business because of your why, not because of what you bring.

Be Prepared

“You can’t expect people to perform better if they are not prepared to successfully deliver what is expected from them—and you are not prepared to deliver the leadership they expect from you.”—Glenn Llopis

Being prepared is essential to starting a business. Prepare yourself for the day by praying, meditating, or reflecting, so your mind is open to receive clarity. Prepare by keeping a calendar of important events, both personal and professional. Prepare for opportunities, so they don’t pass you by. Prepare by doing research on the market, your competition, and what’s new in your industry. Prepare so you not only help yourself but also your business and those you serve.

Have a Positive Mindset

Having a positive mindset was important for me in starting my business. Your mindset impacts how you show up in your business. Remaining positive and mentally preparing for obstacles and difficulties makes it easier to deal with challenges when they arise. Speaking positive words and thoughts into the universe is essential to being able to ask for what you need. Surround yourself with positive affirmations, with people who only bring positive energy into your space, and with things that allow you to shift your awareness to abundance.

C H A P T E R 2

The Pinpointing Psychiatrist

Meet Dr. Ken Richmond

As one of the nation’s most acclaimed adult psychiatrists, Kenneth Richmond, MD (a.k.a. Dr. Ken Richmond) is an ABPN board-certified psychiatrist who is also a nationally recognized author, speaker, and consultant. In addition, he is a sought-after media expert regarding the importance of improving soft skills in the workplace and a thought leader in the area of leadership coaching. Dr. Ken Richmond consistently meets with individuals and leaders, traveling the country to instruct and provide seminars to leaders who want to level up their organizational effectiveness by developing their human capital. As a trained physician who offers a disarming personality and unique virtual experiences, it will become obvious why Dr. Ken Richmond has become trusted as “America’s Leaders’ Physician.” Dr. Ken Richmond discusses ideas and real-world strategies to help individuals desiring to overcome the impact of addiction and psychiatric disorders. Dr. Ken Richmond also shares medical expertise via his popular Facebook livestreams to help leaders uncover mental roadblocks on their path to leadership success. His mission is simple: lead with care. Dr. Ken Richmond earned his doctor of medicine from The George Washington University, completed his internship and residency at the University of Pittsburgh Medical Center, and began his early years in clinical practice in the United States Air Force. Learn more at www.drkenrichmond.com

His Story

I am the second oldest of my eight siblings and grew up on St. Croix, US Virgin Islands. I am the first to attend and graduate from college. I was one of two African American men in my medical school class of about 150 students. I was the sole African American male in my residency class, later being honored to serve as chief resident at UPMC Western Psychiatric Hospital (formerly Western Psychiatric Institute & Clinic). I was the first in my residency program to pilot completion of chief resident and fellowship year in community and public service psychiatry. I was the first in my family to become a commissioned officer in the United States Air Force (USAF) and serve as the youngest USAF psychiatrist deployed to the combat zone of Afghanistan. I increased telepsychiatry services by 200 percent during my six-month tour. Do I strike you as someone who is disciplined? Yes. Determined? Yes. A “goal getter?” Yes.

Great! Would you be willing to hear the real deal?

There was a time when I was stuck. I felt like a failure. I experienced sadness. I do not think it was a clinical depression, but when things do not seem to be working out, at the very least, I can say I was in a depressing situation. Has anyone ever been in depressing situations? Ever felt depressed? I will tell you, I never experienced so many obstacles until I decided to go to medical school. First, some ...