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11/1/19
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DON’T STOP AT MD, THINK LIKE AN ENTREPRENEUR
Nneka Unachukwu, M.D, F.A.A.PCEO, Ivy League Pediatrics
Founder, EntreMD
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DISCLOSURES
I have no relevant financial relationships to disclose.
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OBJECTIVES
1. Recognize the need for physicians to embrace entrepreneurship in order to improve patient outcomes.
2. Implement the business skills required to build a thriving practice.
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Don’t want to own a traditional practice?
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7Physician entrepreneurs are needed in EVERY part of medicine
❏ Intrapreneur❏ Speaking❏ Cash-pay practices❏ Media consultant❏ Blogging/Vlogging/Podcasting❏ Social media influencer❏ Health and wellness coaching
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Physician ownership stake drops to less than 50%
Kane, C. 2017
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In 2016, ownership ranged from 27.9% among physicians under the age of 40 to 54.9% among physicians age 55 and older.
Kane, C. 2017
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Only 22% of medical students surveyed by Medscape say they anticipate one day owning a stake in a practice.
Chesanow N. 2017
12IT ONLY GETS WORSE
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In the meantime...
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“Physician -run hospitals topped the USNWR ranking and earned ~25%higher quality scores than non -
physician -run hospitals according to a study published in Social Science and
Medicine.
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Goodall, et al. 2016
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“Practices with one or two physicians had 33% fewer preventable hospital admissions than
practices with 10 to 19 physicians, and practices with three to nine physicians had
27% fewer admissions.
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Casalino et al. 2014
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The pain
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Top 3 reasons physicians leave private practice
percent)1. The overhead and cost of maintaining a medical practice is toohigh (33 percent)
2. A desire to focus on the practice of medicine and patient care,rather than administrative hassles (27 percent)
3. Reimbursement cuts (26 percent)Jackson Healthcare survey 2015
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The problem
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❖ Physicians lack interest in the business of medicine
❖ Most physicians have no business training
❖ Private practice is a complex business
19The problem
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CONCEPT
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BIG
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CONCEPT
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BIG
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22Test Question #1
1. Percentage of medical students that anticipate owning their own practice?a. 50%b. 22%c. 35%
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Test Question #2
2. These are all ways to acquire business skills except;a. business of medicine conferencesb. booksc. taking longer calls
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Test Question #3
3. The top reason why physicians leave private practice is:a. The overhead and cost of maintaining a medical practice is too highb. The patients are demanding and leave bad reviews.c. The hours are too long.
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The solution
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EMBRACE ENTREPRENEURSHIP
1. Get a business education
❖ Books
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EMBRACE ENTREPRENEURSHIP
1. Get a business education
❖ Books❖ Podcasts
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EMBRACE ENTREPRENEURSHIP
1. Get a business education
❖ Books❖ Podcasts❖ Courses
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EMBRACE ENTREPRENEURSHIP
1. Get a business education
❖ Books❖ Podcasts❖ Courses❖ Conferences
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EMBRACE ENTREPRENEURSHIP
1. Get a business education
❖ Books❖ Podcasts❖ Courses❖ Conferences❖ MBA
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EMBRACE ENTREPRENEURSHIP
2. Build a network
❖ Mentors
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EMBRACE ENTREPRENEURSHIP
2. Build a network
❖ Mentors ❖ Coaches
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EMBRACE ENTREPRENEURSHIP
2. Build a network
❖ Mentors ❖ Coaches❖ Colleagues
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EMBRACE ENTREPRENEURSHIP
2. Build a network
❖ Mentors ❖ Coaches❖ Colleagues ❖ Physician entrepreneur groups
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EMBRACE ENTREPRENEURSHIP
3. Take action
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Now what?
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CONCEPT
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BIG
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OUR PATIENTS ARE DEPENDING ON US TO
RISE
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YOU OWE IT TO YOURSELF TO
RISE
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THANK YOU!
@drunachukwu
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References
1. L. P. Casalino, M. F. Pesko, A. M. Ryan et al., “Small Primary Care Physician Practices Have Low Rates of Preventable Hospital Admissions,” Health Affairs Web First, 2014.
2. Chesanow, N. Residents Salary, Debt Report 2016. Medscape 3. Goodall, A., Stoller, J. K., & Bäker, A. (2016). Why The Best
Hospitals Are Managed by Doctors. Harvard Business Review.4. Kane, C. (2016). Updated Data on Physician Practice
Arrangements: Physician Ownership Drops Below 50 percent.
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