The

Laws of Physician Engagement

10When in Rome, do as the Romans do.

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Here it is. Make sure that your actions reflect this reality: doctors are wired differently than you are.

You are a native of the world of business.

When you acquire physician clients, you will be entering the world of medicine, both physically and culturally.

The world of medicine works differently than the world of business.

Don’t treat doctors (let’s call them White Coats) that way that you treat your business-minded clients (let’s call them Suits).

Would you like to know the key to success in the medical market?

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What happens when Suits and White Coats try to engage in a business relationship?

An episode of TV’s popular entrepreneurial show Shark Tank beautifully illustrates the potential pitfall that you can avoid as you acquire doctor clients.

A doctor entrepreneur entered the Shark Tank asking for a $3 million investment to grow his medical device company. He had an innovative product, a large proven market, and $10 million in sales. The five Shark investors recognized the clear business opportunity.

This would have been the biggest deal in Shark Tank history.

As the doctor wrapped up his pitch, I thought to myself, “This guy is going to get a deal with all five Sharks!”

Then the Sharks started asking questions. Kevin O’Leary tried to discern the true value of the doctor’s business. Here are snippets from the exchange:

Doctor: “We could be making quite a bit of money if I wanted to. I’m not all that interested in the money. It’s a tool I use to hire people.”

Kevin O’Leary: “What about profits? Do you care about this?”

Doctor: “I will at some point.”

Kevin: “Not encouraging words to an investor.”

The background music gave viewers clues that the doctor’s answers alienated the Sharks. By the end of the exchange, four Sharks were out. The doctor left with a commitment for a $3 million investment from Robert Herjavec that subsequently fell through for undisclosed reasons.

Some entrepreneurs leave the Shark Tank without a deal because of questions about the product’s value or the potential for profit. That’s not what happened here.

Any casual viewer knows that Sharks want to protect and grow their money. Further, any reasonable person knows that the best way to get what you want is to help others get what they want.

This episode of Shark Tank illustrates the consequences of a seller’s insensitivity to the buyers’ wants, needs, and priorities. This doctor said to the very people he was trying to persuade, “I don’t care about the thing that is most important to you.”

Imagine how different the outcome would have been if this doctor had been coached to say instead, “Yes, here’s the clear path to hundreds of millions of dollars in sales.”

I encourage you to watch the 10-minute segment, and see the Sharks’ enthusiasm peak and then evaporate: https://youtu.be/pMXlvlu5ZlQ

Lessons From Shark Tank

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Shark Tank vs Surgeon’s LoungeNow imagine another reality show called Surgeon’s Lounge. You—a financial advisor—enter a room with five Surgeons seated in plush leather chairs. Your goal is to persuade the Surgeons to do a deal with you.

At least four of those five Surgeons sitting in the chairs have the exact relationship with money articulated by the doctor entrepreneur. “I don’t care about money; money is a tool that allows me to do what I want.”

What will your strategy be? How will you get doctors to engage with you?

Let’s address the core cultural differences between the Shark Tank and the fictitious Surgeon’s Lounge.

1. Core valuesSharks want to know, “Do you care about my money?” Surgeons want to know, “Do you care about me?”

2. RelationshipsSharks compete; Surgeons collaborate. If Sharks see an attractive opportunity, they compete for it. If Surgeons see something of value, they share it with their colleagues.

3. WealthFor Sharks, wealth is measured in dollars; for Surgeons, wealth is measured by the freedom to do what they want to do when they want to do it.

Once this first Surgeon client trusts you, the real magic happens. They tell their colleagues about you. Your first Surgeon clients make it easier to get your second, third, and fourth clients.

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We want to help you attract, engage and serve doctors.

You secure more deals when you understand the forces that drive doctors’ behavior.

Like the laws of gravity, the 10 Laws of Physician Engagement describe the way things work. They help you predict the most likely result of your action.

Gravity is neither good nor bad. However, an understanding of gravity helps you position yourself for success. You can make gravity work for you by deciding to ride your bike downhill instead of uphill.

If you want to accelerate your practice growth, align your actions with the laws. Make them work for you.

You know that people want to work with people they know, like and trust. Now neuroscience explains why. Our brains are wired with cells called

mirror neurons. The statement “I like you” really means, “I’m like you. I see part of myself reflected in you.” You build rapport when mirror neurons are fired.

Physicians are driven by their desire to • Serve others• Alleviate pain and suffering • Build their legacy

Physicians engage in a rigorous, lengthy, and expensive training to be in a position to serve. Here is the path to becoming a practicing physician:

• Undergraduate degree (4 years of college—usually from age 18 to 22)

• Medical school (4 years—-usually from age 23 to 27)

• Residency (3 to 5 years—usually from age 28 to early 30s)

• Optional fellowship training (1 to 3 years)• Physicians and their family members make

tremendous personal sacrifices to support a medical calling.

We all want to make an impact in the world. Physicians use clinical outcomes—not profits—as

What are the 10 Laws of Physician Engagement?

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a yardstick by which they measure professional success.

What this law means for you: Adopt a spirit of service.

A quote every physician learns is this: “For the secret in the care of the patient is caring for the patient.”

The secret in building business relationships with doctors is demonstrating that you care about them.

Consider the last time you went to see your doctor about a serious medical concern. Imagine sitting in the exam gown on the hard exam table. You might have been frightened about possible bad news. You may have dreaded talking about embarrassing topics. You almost certainly felt out of your element and had to make important decisions when you were not at your best. Then the doctor walked in. You might have felt calm just seeing the doctor, knowing that you have a trusted expert helping you.

Now imagine that you are helping a doctor client build wealth. Keep the same picture of the exam room, but swap places with the doctor. Now you’re the expert wearing the white coat and the doctor is in the exam gown. When the conversation turns to money, doctors are out of their element. In fact, they feel about as comfortable talking about money as you do talking about those embarrassing medical topics like peeing, pooping and procreating.

What this law means for you: As you work with doctor-clients, have compassion. They don’t behave like the doctor who treats you; they behave like the patient wearing the exam gown. They look to you as the financial doctor wearing the white lab coat.

You could potentially help any client build wealth. However, perception is reality! Doctors believe that if you work with doctors just like themselves every day, you can help them get better outcomes.

What this law means for you: Demonstrate your doctor focus with your digital footprint and doctor-specific marketing messages.

You might have been screened by a triage nurse in the ER. This is the person who decides who needs attention most urgently.

Physicians triage, too. They have developed discipline for putting first things first.

What this law means for you: Retirement planning can take a back seat to the many immediate concerns that physicians face.

You are most likely to be successful if you help doctors solve problems high on their priority list. This means it’s important for you to understand what’s most important for doctors.

Like tropical fish, physicians congregate in groups of like-minded individuals.

Why do tropical fish gather? The group offers protection from predators.

Physicians experience themselves as financial prey. To keep themselves safe, they separate the world into “insiders” and “outsiders.” Insiders elicit trust; outsiders raise suspicion.

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What this law means for you: You accelerate your growth by becoming the go-to guy or go-to gal among targeted groups of doctors who network together. As you become a trusted insider, it’s easier to engage more members of this group.

Doctors do not want to get their financial advice from a vendor trying to sell them something; they want expert advice from trusted advisors.

What this law means for you: Show doctors you can help them by regularly distributing helpful content. Consider getting you name on a book.

You can say anything you want about yourself; however, when a doctor says something about you, other doctors listen in a different way. Doctors trust other doctors.

What this law means for you: Get doctors to open the red velvet rope for you. Tell stories about doctors. Consider having a doctor advisory board.

Pharmaceutical sales reps know that physicians

need to be exposed to a marketing message six to ten times before they take action. The same is true when doctors take financial action.

What this law means for you: Build your doctor list and regular deliver high-value content.

As an expert, you understand complexities.

However, you are most persuasive when you make things simple.

What this law means for you: Simplify your messages and processes. make it easy to do business with you.

As you begin working with doctors, you may be struck with the ways in which engaging them is different from engaging your business-minded clients; however, once you build relationships with doctors you will discover that they want the same things that the rest of your clients want. They want to experience success. They want the best for their children. They want to hold out hope for a bright future.

What this law means for you: Understand that doctor want and need trusted advisors in their corners looking out for their best interests. You can make a huge difference for them!