The arm wrestle: Purpose and Profit

Balancing running a health business and meeting the needs of your patients can be very tricky. Regardless of what you might read, financial considerations can certainly play a part in how willing your patients are to engage in your treatment plan. Depending on your client mix, there will be other factors out of your control. These are mainly related to scheduling and capping by third-party payers who determine what value your services are to them.

There will always be tension between the requirement to sustainably run your practice, having a financial reward for the risk and hours that you put in, and the accessibility of your services for your patients.

I have discussed in previous blogs how the arm wrestle can make you feel and how this feeling can permeate every pore of your business. If the main focus of your business is on money, your staff and customers will smell it. Like anything bad-smelling, they will avoid you.

I get corroboration on my experience from leadership and peer journals on how purpose, vision, and values, can contribute hugely to a successful business, a happy team, and a rewarding career.

I will continue to unpack this for you in future blogs, but I wanted to share this excerpt for your consideration from the Harvard Business Review today.

Motivate Your Employees with Purpose, Not Profits
It’s natural for leaders to emphasize the importance of hitting financial targets, but making numbers the centrepiece of your leadership is a costly mistake. Financial results are an outcome, not a root driver for employee performance, and a growing body of evidence tells us that overemphasizing financial targets erodes morale and undermines long-term strategy. So, what should you do instead? Use your time with your team to build and reinforce your organizational purpose. This requires three actions: Reevaluate how you use your leadership “airtime.” Spend at least half your time with your team discussing your purpose and impact of the work, and no more than half your time on numbers or deliverables. Talk about customers, clients, and colleagues with specificity and emotion. The more clearly an employee understands their direct impact on another human being, the more likely they are to go the extra mile — and they’ll also experience greater fulfilment in doing so. Resist the urge to widely share every financial outcome, even if it’s positive. Ask yourself: What does my team really need to know on a daily basis to accomplish their goals?
This tip is adapted from Financial Targets Don’t Motivate Employees,” by Lisa Earle McLeod and Elizabeth Lotardo

Dianna Howell Certmgr MIML MAPA

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