CEO of North Texas Company Co-authors Book to Help Docs Avoid Financial Missteps Adam Phillips Shows Entrepreneurs a Pathway to Success. Too many stories of physicians who were dealing with the consequences of financial mistakes inspired an entrepreneur and a physician to write a book showing how doctors can avoid such pitfalls.
Too many stories of physicians who were dealing with the consequences of financial mistakes inspired an entrepreneur and a physician to write a book showing how doctors can avoid such pitfalls.
9 Ways Doctors Let Money Slip Through Their Fingers is the form Adam Phillips of American Business Systems (ABS) and Vicki Rackner, MD, FACS, chose to express their commitment to helping physicians in private practice thrive.
“I was raised understanding the value of a dollar,” related Phillips, whose family founded ABS to provide medical billing services to physicians. “My parents came from humble beginnings, and I learned by watching them that you really must work for it if you want to get ahead in life.
“We saw many doctors who were working hard, taking care of their patients, but who were failing financially. This was causing too many doctors to leave private practice.”
Dr. Rackner, in her own private practice, understands the challenges of meeting payroll and taking care of the business’ finances. “I loved taking care of patients,” she said. “I hated worrying about money. What I most wanted was to get to the point where I felt in control of my money—rather than having money have control over me. The problem was that I neither had the financial literacy nor the financial plan to get to financial independence.”
Those are the reasons why the pair wrote 9 Ways Doctors Let Money Slip Through Their Fingers. The authors said there are three categories of mistakes that plagued physicians in private practice:
- Failure to Embrace the Habits of the Wealthy;
- Failure to Embrace Sound Business Practices; and
- Poor Financial Resilience.
The stories of doctors who made mistakes with their money provide cautionary tales, while the principles the authors wrote about should, they said, help not only doctors, but anyone running a private business.
“Ultimately, we want doctors to form healthier financial habits,” Phillips said. “That way, they can remain in private practice, caring for the patients and helping them to achieve better medical outcomes.”
Dr. Rackner concurred. “We hope to show what separated the struggling physicians from the thriving physicians,” she said. “Applying the lessons of thriving physicians is the best course for those just starting out, or those who are having a difficult time. For both groups, this book will be of immense value.”
9 Ways Doctors Let Money Slip Through Their Fingers is published by Global Publishing of Fort Worth. It is available on Amazon and in local bookstores.
ABOUT ADAM PHILLIPS
Adam Phillips is CEO of a nearly 30-year-old multi-million-dollar medical revenue management training and support company, founded in 1994. The company stayed profitable during several economic downturns and a worldwide pandemic. Adam guided the company through massive changes in the healthcare and technology industries. He has also developed relationships with some of the most significant healthcare technology and service companies in the world, helping hundreds of entrepreneurs achieve their dreams of owning a profitable medical revenue management business.
ABOUT VICKI RACKNER, MD, FACS
Dr. Vicki Rackner calls on her experience as a practicing surgeon, clinical faculty at the University of Washington School of Medicine, and serial entrepreneur to help physicians and dentists achieve the personal, professional, and financial goals that attracted them to a career in medicine. She is the author of several books including The Myth of the Rich Doctor, The New Thriving Medical Practice, and Get More Patients Starting Today. Dr. Rackner, a nationally noted expert on doctors and their relationship with money, delivers keynote addresses and coaches physicians who want to thrive in their medical practice. https://engagingdoctors.com/
ABOUT AMERICAN BUSINESS SYSTEMS
American Business Systems offers aspiring individuals a template for business ownership in the medical billing field with minimal downside and maximum training and support so that hard-working people can achieve success on their terms. For more information, visit http://www.absystems.com.