His practice is thriving. What to do with the increasing income stream?
Doctors are notable for needing great financial advice. They are great at their medical specialty, but handling their substantial income stream effectively is not within their skill set.
Their Lack of Financial Skill is Your Opportunity
The comments in this KevinMD article give you some ideas about how some doctors are trying to close that knowledge gap, and how you might assist in connecting them to available resources.
Does your market area contain a hospital complex that is surrounded by a warren of doctor practices and solo practitioners?
- Running a business management course for healthcare professionals using the hospital’s conference facilities may be a fruitful lead generation program. If you can get the hospital’s endorsement by crafting a useful course that helps doctors access business counsel, they may even help you promote it to the professional networks connected to that hospital.
We’ve learned that certain specialties are more likely to be solo practitioners: High-income self-employed (HISE), with few employees, and need tax solutions that can shelter more than $100,000 in income annually. Many of these doctors have opted for a defined benefit pension plan as a result:
- Anesthesiologists
- Radiologists
- Psychiatrists
- Podiatrists
- Endodontists
- Pain Specialists
How can you start building your list?
You can begin with your own doctors and dentists, and get to the practitioners they know. Explain what you are trying to accomplish: Providing an educational resource for doctors about taking control of cash flow and planning for the future.
We recommend focusing on medical solo practitioners in your area. Small medical practices might also be fruitful, as the members of small groups will probably be dealing with the same business management issues that the solo practices are.
Also use all your traditional networking tools such as alumni networks, current clients (ask for referrals to their doctors and dentists!)
What other advice can you add to this short summary? Have you targeted doctors as potential clients because of their earning potential? What methods did you use that were productive? What didn’t work very well?