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PUBLICATION EXCLUSIVE: A few books, a mentor and a clear sense of purpose can help forge a practice’s path to success
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Most ophthalmologists focus on the sciences during their 4 to 5 years of college education and then are immersed in a very challenging medical school environment for 4 more years, with minimal to no formal training in business or practice management. This is repeated during their 1 year of internship and 3 years of residency. Those who perform a fellowship in a well-managed private practice environment have the opportunity to learn some business and practice management skills, but enhancing clinical and surgical skills remains the top priority.
Fortunately, most young ophthalmologists today join one or another group practice, so great depth in business and practice management is not initially required and can be developed over the years for those interested in pursuing leadership positions in their chosen organizations. Every organization providing medical care or producing medical products in today’s complex health care environment demands input from MDs with business, practice management and leadership skills to prosper. A great way to develop these skills today is to pursue an MBA, as discussed in the accompanying cover story, but many of us who completed training 30 or 40 years ago were forced to learn how to manage and lead a practice the hard way — in the so-called “school of hard knocks,” in the trenches. Such was the case for me, and not every young ophthalmologist of today who aspires to a leadership position in ophthalmology has the time or the temperament to pursue an MBA after completing 12 to 14 years of post-high school education. So, some thoughts from a grizzled veteran.
There are a few books I have personally found extremely helpful. These include Good to Great and Built to Last by Jim Collins, Traction by Gino Wickman and Get a Grip by Mike Paton. The books written by ophthalmology practice consultant John B. Pinto and published by the American Society of Ophthalmic Administrators are also excellent, especially the classic Little Green Book of Ophthalmology. For the really motivated, learn about High Performance Management Systems, although this usually requires a consultant for successful implementation. If interested, contact Bernie Haffey at 2020 Management Consulting. For the young ophthalmologist motivated to lead and manage, buy these books and read them carefully, making notes and going back and reading them again and again after completing them all.
Second, find a mentor. In the business world, this is easier with many organizations available to pair young aspiring business leaders with senior mentors. Organizations such as the Young Presidents’ Organization (YPO) specialize in creating the next generation of America’s business leaders. Unfortunately, organizations such as YPO are not available in medicine. Here is hoping some entrepreneur will create them, as they are sorely needed. Still, the young ophthalmologist with a little initiative and persistence can usually find someone experienced to mentor them.
Third, when attending meetings such as American Society of Cataract and Refractive Surgery, American Academy of Ophthalmology and Hawaiian Eye, participate in some of the business meetings designed for practice administrators rather than just clinical update sessions. The American Society of Ophthalmic Administrators of the ASCRS and the American Academy of Ophthalmic Executives of the AAO present excellent educational opportunities that are open to doctors. Join Ophthalmic World Leaders and network and learn from a diverse and distinguished group of colleagues.
Finally, engage a high-quality set of advisers, including a trusted accountant, lawyer, financial planner, practice management consultant (such as John Pinto or Bruce Maller at BSM Consulting) and, of course, reimbursement consultant. We use Corcoran Consulting Group.
Now, a few of my guiding principles gleaned from a decade in academics, running a cornea service and serving as chief of ophthalmology at a large VA hospital founded 28 years ago, helping build a large private practice, Minnesota Eye Consultants, creating a successful consulting practice including serving on many boards of directors and medical advisory boards, and serving as chairman and CEO of my family’s construction business, Lindstrom Restoration.
- Click here to read the full publication exclusive, Lindstrom's Perspective, published in Ocular Surgery News U.S. Edition, March 10, 2017.