The Midas Touch For Your Practice In 2013

This week, I watched one of my all-time favorite business interviews once again, in which Anthony Robbins interviews Steve Wynn, owner of the Wynn hotel (and others) in Las Vegas. I’ve written about this interview and it’s implication to your practice in the new environment of ACO’s here.

Anthony Robbins asked Wynn about the importance of the ‘human experience’ that guests experienced at the Wynn hotel, and what it took to remain competitive in the current economy. Steve Wynn’s answer was reflective of his ‘midas touch’ with which he helped redefine the spirit of Las Vegas and ended up in the Forbes 500 list with a personal net worth of $2.5 billion.

This interview, and key insights from visionaries around us, can help you create your own ‘midas touch’ as we prepare for 2013.

Here’s a clip from this interview.

“The notion that a single person, acting alone, without anybody watching, can change the course of an enterprise, is probably true for a company as much as it is for a country”
Steve Wynn

Steve Wynn also revealed insights such as “My dad taught me to stick to simple ideas, and this has kept me a happy, happy person” and “Anything that increases someone’s self esteem is much more powerful than money”.

As private practice owners, we tend to get wrapped up with questions such as “How much of a bonus should I give the staff” and “How do I get staff to put in more hours” and “What should the benefits be?”. Although these things are important, they are not the fundamental drivers behind staff motivation.

Employee self esteem is more powerful than money.
The Steve Wynn interview will provide you with key insights including the importance of a ‘familial relationship’ with staff members and the importance of ‘story telling’ amongst staff members (which patients had the best results, for example).

If you had a chance to read my article on 14 ways Amazon can help grow your practice from last week, you’ll realize that Jeff Bezos, CEO of Amazon, shares the same philosophy. In his interview (which you can watch in it’s entirety), Bezos mentions that members of Amazons customer service team have the authority to pull a product from the website if they detect problems like a high customer dissatisfaction rate, high refund rate etc. For a company as large as Amazon, this would, by most standards, be considered an surprisingly high amount of power for a customer support agent, traditionally low in the ‘food chain’.

Is every member of your practice empowered?

Imagine (and this is just an example) that your front desk person talks to a patient that just came in, and imagine that this staff member decides which of the available therapists should see the patient and assigns the patient to that therapist for an individual evaluation.

While this seems preposterous, it’s plausible. The front desk person doesn’t need clinical skills to make a determination that some patients would ‘click’ with a particular therapist based on their own individual judgement.

Now imagine that the physical therapist called just one physician a day to thank the for the referral and sent one hand written postcard a day to a patient thanking them for their commitment to therapy.

Now imagine that this staff member was publicly commended for doing so (during team meetings, for example). The chain reaction this would have for the rest of your practice can be significant.

Here are the steps to implement the ‘midas touch’ in your practice:

  • Train your staff to always do what’s best for the patient
  • Give the staff the independence to take decisions in your practice. For example, if a patient calls to cancel, and if the appointment cancellation fee needs to be waived, give your front desk the independence to do it.
  • As a practice owner, demonstrate humility and always be willing to learn and get better
  • Empower your staff by giving them confidence in the decision making process and praising them for the right actions, and constructive feedback on the actions that need to be improved upon.
If you believe in the ‘power of one’, you’ll embrace the fact that a single member of your practice can influence the perception of your practice in the eyes of patients, physicians and the community.

The question you should ask yourself is this:

“Does staff feel empowered to make independent decisions in your practice?”
Nitin Chhoda

Private practice is going to get even more competitive in 2013 than it was in 2012. It’s critical for the practice to empower it’s staff members and create an ‘internal engine’ capable of sustaining growth. As a practice owner, you have a responsibility bigger than you previously imagined. You also have an opportunity bigger than you ever imagined because consumers will be watching everything you do, and every interaction with every staff member in your practice will mould the perception of your practice with patients, referral sources and the community.

Not only are you the ‘boss’ or ‘the one that signs the check’, you are the motivator, the leader, the person who inspires staff members to be the best they can be. The midas touch starts with you, and it will grow with you and spread to other staff members.

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Leave A Reply (5 comments So Far)


  1. Martha Dickson PT
    1 year ago

    Yet another incredible post Nitin thanks. Your website is a reference point for our practice and we look it up at least once a week. Can't wait to see you in person in Orlando in January.


  2. Jim Burns
    1 year ago

    Anthony Robbins is truly one of the most inspirational men I know. The fact that you take notice of his advice says a lot about your own technique Mr. Chhoda. I've begun following you as well. Take that as a very high compliment as I don't spend a lot of time following others to hear what they have to say unless I truly find value in it.
    Thanks for sharing.


  3. Sheila Gonzales
    1 year ago

    Once again, you have come up with an original take to an existing precept. Sometimes, I ask myself why I have not thought of that before. Anyway, thanks for coming with fresh insights.


  4. Jessica
    1 year ago

    This is truly valuable insight on how to keep employees motivated. Maintaining employees’ high morale at work is a constant challenge. They can have different motivating factors. Some would go for monetary rewards while others are happy with recognition. I think the key to keeping them motivated and knowing exactly what it takes to keep their motivation up and giving it to them, if possible.

    An employee with a high self esteem at work is a loyal employee.


  5. David Michaels
    1 year ago

    Your 100% correct Nitin. Everyone form the front desk person to the physican is important, and making them feel so will only boost their morale. Cant wait to see what you have planned for this week in Orlando

 
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