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Practice Management at BINM
By Ian Johnson, PhDPhilosophy, Principles and Practice
The goal of the Practice Management Program being developed at the Boucher Institute of Naturopathic Medicine (BINM) is to help students establish a thriving practice and earn the income they deserve.
Business classes begin during the first week of the first term, and continue throughout each of the four academic years. The Program builds upon the naturopathic curriculum, and extends beyond it to integrate business training into the education of Naturopathic Doctors (NDs).
Philosophy – Your Business Is Like A Body
Our Program is based upon the philosophy, principles and practice of Naturopathic Medicine. We believe that Naturopathic Physicians who learn and demonstrate scientific, clinical and naturopathic competencies are quite capable of learning business literacy and competence. All the skills, passion and wisdom they bring to treating patients can also be applied to managing a practice.
Principles
1. The Healing Power of Nature: Motivation – Having The Right Attitude
Naturopathic Medicine is based on the idea that the healing force is intelligent, and the body can heal on its own. However, businesses do not seem to be intelligent, and show few signs of self-healing! As business owner, you are not able to ‘doctor' your own practice. Outside help is needed, and at Boucher we engage independent experts who give external support and guidance.
At BINM we encourage students to realize that business skills are an essential element of running a successful practice, and can be viewed as a satisfying and worthwhile aspect of professional life. Our goal is to develop a program that supports and encourages business learning as an integral part of owning a thriving practice.
2. Treat The Whole Person – Manage The Whole Business
In addition to learning to “ Treat the Whole Person ” we show students how to “ Manage The Whole Business .” This means learning how to gracefully wear each of the Five Business Hats (Practice Management Roles.)
Five Business Hats
Role
Responsibility
• Enterprise Owner
• Entrepreneurial Business Leader
• Business Manager
• Administering the Practice
• Practice Manager
• Treating of Patients, Doctoring
• Marketing Manager
• Getting Patients, Prospecting, Selling
• Financial Manager
• Keeping Score, Accounting, Bookkeeping
Leadership is a central idea in the classes and includes learning the skills, knowledge and attitudes necessary to remain flexible and successful in business. We are designing our program to help students develop literacy around business issues, gain clarity of understanding, and build confidence in dealing with the challenges of practice management.
3. Treat The Cause – Manage The Process
How can a Naturopathic Physician identify and treat the cause of business problems?
By organizing and managing the practice, not around tasks, but around systems, structures and processes. In acupuncture, the body is viewed as a set of fourteen connected meridians. A practice can be managed in the same way. At BINM we will be learning how to organize a practice around the core processes that enable effective diagnosis and treatment of the causes of business problems.
4. Doctor As Teacher – Doctor As Marketer
Your business is your greatest teacher. Just as you encourage your patients to learn how to be healthy, so your practice is challenging you to learn how to be wealthy! Successful practices happen when Naturopathic Physicians teach groups of people – families and communities – how to take responsibility for wellness. This is the role of “Doctor as Marketer.”
At the Boucher Institute, we will be helping students learn how to discover a niche, attract patients, and make money. The curriculum prepares students to manage the challenge of marketing their practice.
5. First, Do No Harm – Especially to Your Own Practice!
When it comes to business issues, NDs can harm themselves with poor business habits, such as ignoring financial responsibilities, failing to keep accurate accounts or not setting aside reserves to pay taxes when they are due.
At Boucher, we learn about financial management – what cash flow statements are for, and how to use them, why statements of income and expenses are needed for tax planning purposes, and how balance sheets are used to assess the financial state of a business. And finally, we learn the importance of updating and reviewing bank account and credit card balances as a daily business exercise routine.
6. Prevention Is The Best Cure: Business Planning – Organizing for Success
Some estimates place the cost of mistakes made during the first few years of practice at $50,000. How can these expensive errors be anticipated, minimized and prevented? By good business planning. The success of your practice tomorrow depends on how well you plan your business today. As Dwight Eisenhower said: plans are useless, but planning is indispensable .
At the Boucher Institute we organize the Practice Management Program around writing a formal business plan. By the time they graduate, students have had the opportunity to research, develop and revise a complete formal plan for their practice. Thus the ND candidates are able to develop a clear vision and purpose for their practice, do focused market research, and minimize the impact of expensive errors during practice start-up.
Practice – The Graduate Mentoring Program
Learning to run a professional practice is like learning how to drive a car. Some of the skills cannot be taught in class, and are learned “on the road.” Knowledge can be imparted, and right attitude can be fostered in class, but the skills required to run a practice develop “on the job.”
That is why our Practice Management Program continues for an additional year after graduation. We follow theoretical instruction with “driving practice” and one-on-one training.
Our graduate mentoring program gives ongoing support during the first year of professional life.
This is where the “rubber meets the road.” Graduates are supported while they learn to apply the knowledge acquired in class and develop the skills needed to run a successful practice.
Summary
We help students to achieve business success by using the philosophy, principles and practices of Naturopathic Medicine to guide the development of their practice management skills.