Matthew Gillogly explains how doctors manage stress from patient care and running insurance-based practices. He argues that relying on third-party payers creates unnecessary stress and recommends adding cash-based procedures and specializing in orthobiologics to reduce it.
All right, let's talk about stress, and let's talk about specifically stress with doctors and how doctors deal with stress. How do you recover from the stress? And that's what I really want to dive into today, because the reality is, is while you may think that you are Superman or Superwoman, Most people overlook of how to process the stress and how to get their body to recover from the stress more so than how to deal with it. All right, so let's talk about these things because not only is there a tremendous amount of stress in treating patients, there's a tremendous amount of stress in running your own practice and having your own business and being an entrepreneur. So let's talk about all of that today. All right, so how do you deal with stress? Well, Let's talk first and foremost about the stress of owning an insurance-based practice. I believe that having an insurance practice where 100% or 90% of your income is coming from the insurance providers is the most stressful type of business environment that you can create. And the reason why is you don't control your time, you don't control what you charge, you don't control your money or when you get paid. And so this extra level of stress that comes with having an insurance practice where 90% of your income is being paid to you by a third-party payer, Creates a tremendous amount of stress because you never really quite know when they're going to send the check or if they're going to do a clawback. And so it creates all this stress. You create stress with your team. Your team is frustrated and they take out their frustration on you. And usually what happens as an owner, you don't really have anybody that you can share your frustrations with, right? You can't share it back down the chain of command because then they just think you're being mean. 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. So to be able to manage with the stress, if you are 90+% insurance, you have to add in cash-based procedures. Because when you add in cash procedures, you get paid upfront. You get paid before the procedure is done. You can dictate what you charge. You can dictate when you get paid, and you're able to do the right thing for the patient. So, like I said, I'm going to summarize this. I think the most stressful type of business environment that you can have or business model you can have is a business model that's dependent upon the third party giving you the money that you earned. And that's the situation that exists in the insurance-based care environment. Okay. So how are some other things that you can do to manage your stress? The second thing that I would recommend is that you be an expert in one particular thing. Okay? The more you can zero in on being an expert, let's say in the world of orthobiologics, instead of treating every joint, be a specialist in knees or be a specialist in shoulders or be a specialist in lower back or upper back or neck. Get to be known as an expert in one particular area. Okay, 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.
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