Reputation Risk Management for Physician Entrepreneurs

Reputation Risk Management for Physician Entrepreneurs

Advertising Advertising

Whether you are an independent practice owner, an intrapreneur, a technopreneur, a mededupreneur or a social entrepreneur, you will have to learn how to manage risk, not take extreme risk. The three basic categories of risk are 1) personal, professional and career risk, 2) business or corporate risk and 3) financial risk.

Recently, due to the growth of social media and online rating services, reputation risk management has been added to your risk management menu of personal,professional and career risk.

The anatomy and physiology of your reputation management system has three parts:

  1. Scanning the social media environment to detect positive and negative reviews and comments (the afferent limb)
  2. Creating a place to analyze the information and decide whether and how if justifies a response (the brain)
  3. Creating channels to distribute your response or formulate or pursue a legal, commercial or administrative remedy (the efferent limb)

When building the structure of your system and how it will work, think about:

  1. The cost v benefits of doing it or not.

  2. Make or buy i.e. outsourcing.

  3. Manpower requirements.
     
  4. Being reflective instead of reflexive and doing something that a) will make matters worse or b) doing something that is illegal or violates professional standards and ethics.

  5. Takes care of most the problems, not all.

  6. Deals with both positive and negative posts.

  7. How it will affect workflow, policies and procedures and time required to manage it.

  8. Who will need to be trained and how.

  9. Personal liability insurance issues.

  10. Requirements for medical licensure, credentialing or medical practice liability insurance compliance.

We all like positive strokes. Not many like negative ones and the natural response is to get mad when your feelings are hurt. Just be sure you don't do something to get even as your first choice.

Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs and on [email protected].

Share this article

Leave your comments

Post comment as a guest

0
terms and condition.
  • Rich Edwards

    How to deal with risks: Mitigate risks; Eliminate risks; Accept risks; Transfer risks.

  • Cj Hobbs

    Risks are important to take into consideration.

  • Danielle Tonkin

    Loved it!!

  • Kyle Sinclair

    Informative

  • Philip O'Connell

    Short and to the point. Thanks for sharing.

Share this article

Arlen Meyers, MD, MBA

Healthcare Guru

Arlen Meyers, MD, MBA is a professor emeritus of otolaryngology, dentistry, and engineering at the University of Colorado School of Medicine and the Colorado School of Public Health and President and CEO of the Society of Physician Entrepreneurs at www.sopenet.org. He has created several medical device and digital health companies. His primary research centers around biomedical and health innovation and entrepreneurship and life science technology commercialization. He consults for and speaks to companies, governments, colleges and universities around the world who need his expertise and contacts in the areas of bio entrepreneurship, bioscience, healthcare, healthcare IT, medical tourism -- nationally and internationally, new product development, product design, and financing new ventures. He is a former Harvard-Macy fellow and In 2010, he completed a Fulbright at Kings Business, the commercialization office of technology transfer at Kings College in London. He recently published "Building the Case for Biotechnology." "Optical Detection of Cancer", and " The Life Science Innovation Roadmap". He is also an associate editor of the Journal of Commercial Biotechnology and Technology Transfer and Entrepreneurship and Editor-in-Chief of Medscape. In addition, He is a faculty member at the University of Colorado Denver Graduate School where he teaches Biomedical Entrepreneurship and is an iCorps participant, trainer and industry mentor. He is the Chief Medical Officer at www.bridgehealth.com and www.cliexa.com and Chairman of the Board at GlobalMindED at www.globalminded.org, a non-profit at risk student success network. He is honored to be named by Modern Healthcare as one of the 50 Most Influential Physician Executives of 2011 and nominated in 2012 and Best Doctors 2013.

   

Latest Articles

View all
  • Science
  • Technology
  • Companies
  • Environment
  • Global Economy
  • Finance
  • Politics
  • Society