This content was created by Matthew Gillogly. This content was uploaded by Matthew Gillogly. This is a YouTube talk titled "2 Major Stressors for Doctors in Managing Their Practice" (posted 2024-03-30) featuring Matthew Gillogly speaking in a single-speaker presentation. The speaker—an entrepreneur who cites 22+ years of experience and five startups—discusses common stressors for physicians running practices: long working hours associated with startups and the challenges of leading and managing staff (while noting patients are often the least stressful part). The excerpt also promotes a paid event, the Business of Orthobiologics (BOB), which pairs medical science with business training to help clinicians start or convert to cash-based practices. Content type: YOUTUBE; format: spoken presentation/monologue; language: English.
Chapters
All right, let's talk about stress, and let's talk about specifically stress with doctors and how doctors deal with stress. All right, so let's talk about what are some of the common causes of stress in running a medical practice. Well, one, you have the patients. Okay, the patients are probably the least amount of stress because that's where most of your training is, right? You know how to deal with patient issues. And the fact of the matter is, is most of your patients are not there for life-threatening situations, right? You don't have anybody coding in front of you. So the patients can actually be the lowest stress thing that you deal with on a day-in and day-out basis in the practice. Again, you're not dealing with any life-threatening situations. They're not coming in coding, you know, and if you're running a cash-based practice, you're not really having to deal with the stress of what's going to be covered by insurance. Okay. But let's take a look at some of the other issues of what is involved with being an entrepreneur. Hey, I'm Matthew Gillogly, and I'm a Maverick. Well, what is a Maverick? A Maverick goes against the grain. We find our own way. And if you're sick and tired of being pushed around by the insurance companies, come join us. We'll show you the way out, and you'll love medicine again. One, a tremendous amount of long working hours. The amount of hours that you put into a startup is a staggering number of hours. I know this because I've been an entrepreneur for 22+ years and having done 5 startups, the, the amount of hours that you have to put in to be able to get all the things right that you need to have a successful business— culture, values, people, systems, marketing, all of that— in order for that to be in place takes a tremendous amount of time and energy. And so the fact of the matter is you're gonna be working a lot of hours, okay? And you're gonna be working a lot of insane hours. Now, later on we'll talk about some cures for that, of how you create some boundaries in that. The second thing is the biggest stressor with regards to running a medical practice, especially a startup, is the people. And I'm not talking about the patients, I'm talking about the people on your team. Leading people, leading a team. Is very, very hard. And most people don't have a lot of experience in leading a team, and most people aren't gifted at leading a team. It's something that you have to learn. So when you're leading a team, let's say you're working in the ER on rotations, it's a lot different. You're the doctor, you give a command, people don't care, you're saving a life. Well, when you're running a business, you can't be that authoritative in today's environment. It's just not possible. And so you have to relearn how you lead. Leadership in today's environment is not about command and control. It's about lifting other people up. And so it becomes very stressful because if you're a typical entrepreneur, type A personality, or just like to be in control, you just want to tell people what to do and not have to really worry about a bunch of blowback. Well, that doesn't really happen when you have a staff anymore. You have to be in a situation where you can develop your leadership skills And to create really this cohesive leadership ability. Would you like to get some training on the science of business along with the science of medicine? Would you like to finally learn how to marry everything that you've learned in medical school with what you need to know in the business world to be successful? Well, we have created the Business of Orthobiologics event. You can check it out at the link that you see below or with our button that you see right here. And we affectionately call it the BOB because it's the Business of Orthobiologics. It's The only event in the world where we spend half of our time talking about the science of medicine and the other half talking about the science of business. It'll give you everything that you need in order for you to start your own cash-based practice, whether you're starting from scratch or you're inserting it into an existing insured practice. Join us. You'll see, it'll take you directly to the site. You can see where our next event is and learn all about it. We look forward to seeing you at the bottom.
