THE ENLIGHTENED OFFICE

School is never out

To have a successful practice, read about ophthalmology — and business.

By Cynthia Matossian, MD, FACS

I looked at medical school curricula recently, curious to see if any now offer business classes. I didn’t find business classes per se, but I did find some A-list schools that now offer dual MD-MBA degrees.

Where were they when we were in school? A class or two on analyzing and leveraging data would have served us well.

Our generation is all self-taught about business: After spending years training to be excellent ophthalmologists, we had to spend years learning, by trial and error, to be excellent business people. Make no mistake: To have a successful practice, you need a physician-leader who is a superior surgeon and also a superb businessperson. Sometimes you can hire that professional, but it is much better to have someone who understands both sides.

KNOW YOUR PRACTICE

I am fortunate; my brain is equally divided between JAMA Ophthalmology and Forbes. When I started my practice, I split my reading time between articles about surgical technique and ophthalmic therapy and articles about hiring, best practices, structuring a business plan and coding. I didn’t know what the business rules were. But I realized that if I didn’t learn, my goal of working for me would unravel very quickly.

I also understood if I did not constantly grow my practice — my specialties are cataract surgery and ocular surface disease — I would soon not have one.

My patient base is particularly transient. You can’t control patients moving out of the area; neither can you control the aging and dying process. Moreover, they only have two eyes, and hence two cataracts to remove. New patients are the lifeline of the practice.

MAKING HOUSE CALLS

I learned early on that to grow your patient base, and hence your business, you need to go where patient referrals are generated. I reached out to area physicians, providing them with brochures and newsletters. I visited physicians’ offices and lectured before community organizations, like diabetes’ and mall walkers’ groups and more. We have three universities and colleges nearby, so I met with the nurses in their health clinics. I visited the local hospitals and spoke with the emergency room doctors. The reason: to establish relationships. If students were hurt, those nurses sent them to us; the same with the ER physicians. I let everyone know that I was always available. It’s that availability that builds trust and creates lasting relationships.

A PERENNIAL PRACTICE

After 28 years, the practice has 13 physicians; patient volume continues to grow.

I spend equal amounts of time dealing with the practice’s business side and the medical-clinical side. We have an office manager, a CFO and a practice administrator, but I remain involved. We make decisions as a team.

As for the composition of my reading materials? That hasn’t changed a bit. OM

This is part one of a two-part series on how physicians become business people. Next month: Using the Web.

Cynthia Matossian, MD, FACS, is the founder of Matossian Eye Associates. Her e-mail is cmatossian@matossianeye.com