The Importance Of Having A Doctor As A Key Stakeholder In A Medical Business

Scott Hoots is the CEO of QC Kinetix, a leader in the regenerative medicine industry.

You’d be hard-pressed to find a medical doctor who toiled through years of undergraduate work, medical school, residency and rotations because they were motivated by the huge salaries they may or may not eventually earn. Long nights studying subjects like biochemistry and genetics, cell biology and immunology are tough no matter how gifted you are. Not to mention the glamour of being sleep deprived, doing rotations and soaking up every bit of knowledge they can. Why go through the trouble? I’ve worked in medical franchising for decades and have seen firsthand what really inspires healthcare workers. Most of them are there to care for patients, relieve pain and save lives.

Physicians hold a breadth of knowledge that is unsurpassed, be it traditional learning or on-the-job training. Although no medical schools use the original Hippocratic Oath, they use it as a guide in order to vow to deliver the best care possible. Few other professions are held to the same standard to do their best on the job every single day.

Medical Exodus

But high stakes jobs come with both risks and rewards. Burnout is an all too real part of the job. A global pandemic only highlighted the exhaustion of healthcare workers who pull extra shifts, put their own lives at risk, stay on-call and often place the quality of life of their patients ahead of their own. These are not just hospital workers. Private practice, specialty doctors and clinicians all want to improve their patients’ lives. But at times, it comes at a cost. They’re spread thin, and staffing limitations may trickle down to affect the quality of care they are able to provide patients. The result? An exodus from medicine. One in five doctors plans on leaving their current practice within two years. That’s after a nearly 30% departure of healthcare workers during the pandemic.

What medical providers are realizing is that to be effective, they must fill their tanks. It’s the whole principle of placing the oxygen mask on yourself first in the aircraft, allowing you to then care for others.

And while it’s true that doctors are leaving the medical profession in droves, we don’t have to lose their years of study and irreplaceable expertise.

Inspiration And Expertise

Providers want to return to quality, not quantity, in healthcare. They want to spend time listening to patients and hearing their concerns. They want to stop worrying about whether health insurance will cover a diagnostic test for their patients. And, like the rest of us, they want better pay and more growth opportunities, both according to what I have seen and backed by a Morning Consult survey.

That’s why, in part, we’re seeing growth in concierge medicine, a $5.5 billion industry, which is expected to grow at more than 10% through 2030—because red tape complicates the simple goal of making those who are sick better.

And it’s why we are seeing many in the healthcare industry using their expertise to become stakeholders in medical businesses. This fulfills the ideals of that oath that was taken. Medical experts are able to utilize their medical backgrounds for the greater good and embrace things like scientific research and new treatment therapies. Rather than departing medicine altogether, they are pivoting and exploring options.

Using Inspiration To Get Doctors Back To Their Roots

A doctor’s role as a consultant for businesses is often a side hustle, and this follows a popular trend in the general public, with 45% of Americans reporting that they have a side gig. By making it a part-time endeavor, this allows a licensed M.D. to provide the credentialing requirements needed in a medical business while retaining their current position; they are only required to be present perhaps just one day a week, depending on their choice.

It’s a win-win, really. It means that doctors can stay in their lane, and entrepreneurs can stay in theirs. It means someone with a keen eye for business can oversee the day-to-day operations and allow the staff trained by the physician to care for patients. This is an enviable business model that allows each stakeholder to bring their expertise to the table.

I have first-hand experience with this setup, for doctors are an indispensable part of my team. They are tasked with addressing the science, the treatments and efficacy on a continual basis. Their presence is not just to fulfill licensing requirements. They build trust with patients and train staff, allowing savvy business experts to keep the business running successfully. Utilizing the strength of a diverse staff creates an effective business, and as a bonus, one easily replicated in any franchise model.

Franchising, in particular, can give doctors another option to hone their skills or ambitiously pursue new ones within an already successful medical practice model. No need to reinvent the wheel. Franchise experts oversee the training and support aspect so that the operational system runs smoothly, allowing the focus to be on patient care.

Through methods like concierge medicine and consulting, we can continue attracting new medical students with the promise of more avenues to create fulfilling careers. It also allows visionary entrepreneurs to run a successful medical business, secure in the knowledge that they’ve got the medical science covered by licensed and educated physicians. Pioneering new approaches is to be applauded; after all, this is how we improve care, treatment and quality of life.

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