Have you ever wondered, “How do I position myself for success in this recession?”
Here’s how you can shift or even reinvent your practice in 2023.
Work in the #1 industry expected to do the best in this recession.
And that’s healthcare.
For the past decade I’ve been helping financial advisors attract, engage and serve doctor clients.
And by doctor clients I mean the people who wear white coats and are in the trenches delivering medical care to patients.
I help financial advisors cross the cultural divide between their native land of business and my native land of medicine.
Prospecting doctors might feel a bit like my recent trip to Italy. The language is different. The customs are different. And if you didn’t bring an adapter, you would not be able to recharge your phone.
Some people would rather travel in the US because it’s less stressful. You speak the language. You know the customs. You know the rules of the road and you know what the road signs mean.
If you would prefer to work with clients who are natives to the world of business like you are, you can also find them in healthcare.
Physicians’ salaries make up less than 8% of healthcare expenditures.
Where does the other 92% go?
It goes to companies that do everything that allow doctors to deliver medical care to patients. They follow the rules of the land of business.
Here are the four players in healthcare:
Medicine is big business. You can also work with the payers and vendors.
What are the big industries in healthcare? Here are the top 10 in the US according to Investopedia
The collection of companies that sell electronic medical records (EMR) alone was valued at $20B in 2016; that’s projected to rise to $33B in 2025. The largest EMR vendor Epic has a campus in Wisconsin that's so epic it’s a tourist destination.
What ever client you best serve, you can find similar clients in healthcare. If you work with CEO’s, consider working with C-suite executives of hospitals. If you work with teachers, consider working with nurses. If you work with small business owners, consider working with small companies that do outsourced medical billing for doctors.
In the medical market, there’s something for everyone. And every company that works in healthcare faces the same challenge: navigating the cultural divide between the world of business and the world of medicine.
Consider adding a healthcare tribe to your client list in 2023. We can show you how.
My best,
Dr. Vicki
Here’s how you can shift or even reinvent your practice in 2023.
Work in the #1 industry expected to do the best in this recession.
And that’s healthcare.
For the past decade I’ve been helping financial advisors attract, engage and serve doctor clients.
And by doctor clients I mean the people who wear white coats and are in the trenches delivering medical care to patients.
I help financial advisors cross the cultural divide between their native land of business and my native land of medicine.
Prospecting doctors might feel a bit like my recent trip to Italy. The language is different. The customs are different. And if you didn’t bring an adapter, you would not be able to recharge your phone.
Some people would rather travel in the US because it’s less stressful. You speak the language. You know the customs. You know the rules of the road and you know what the road signs mean.
If you would prefer to work with clients who are natives to the world of business like you are, you can also find them in healthcare.
Physicians’ salaries make up less than 8% of healthcare expenditures.
Where does the other 92% go?
It goes to companies that do everything that allow doctors to deliver medical care to patients. They follow the rules of the land of business.
Here are the four players in healthcare:
- Patients - individuals who receive medical care from providers
- Providers - Individuals and institutions that provide care to patients, charge payers for that care, and buy products from vendors
- Payers - Institutions that pay providers for healthcare services, which includes insurance carriers, private employers, the government, and individuals
- Vendors - Companies that sell medical devices, pharmaceutical products, services and solutions to providers
Medicine is big business. You can also work with the payers and vendors.
What are the big industries in healthcare? Here are the top 10 in the US according to Investopedia
- #1 CVS Health Corp. ( CVS)
- #2 UnitedHealth Group Inc. (UNH)
- #3 McKesson Corp. ( MCK)
- #4 AmerisourceBergen Corp. ( ABC)
- #5 Cigna Corp. (CI)
- #6 Cardinal Health Inc. ( CAH)
- #7 Walgreens Boots Alliance Inc. (WBA)
- #8 Anthem Inc. ( ANTM)
- #9 Johnson & Johnson (JNJ)
- #10 Centene Corp (CNC)
The collection of companies that sell electronic medical records (EMR) alone was valued at $20B in 2016; that’s projected to rise to $33B in 2025. The largest EMR vendor Epic has a campus in Wisconsin that's so epic it’s a tourist destination.
What ever client you best serve, you can find similar clients in healthcare. If you work with CEO’s, consider working with C-suite executives of hospitals. If you work with teachers, consider working with nurses. If you work with small business owners, consider working with small companies that do outsourced medical billing for doctors.
In the medical market, there’s something for everyone. And every company that works in healthcare faces the same challenge: navigating the cultural divide between the world of business and the world of medicine.
Consider adding a healthcare tribe to your client list in 2023. We can show you how.
My best,
Dr. Vicki