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In this episode, Dr. Barbara Hales discusses:

  • The concept of an advisory board for small medical practices and why it’s beneficial
  • How an advisory board can provide strategic guidance, mentorship, and expert insights to support growth and innovation
  • The challenges that come with forming an advisory board, such as limited authority, coordination, and managing expectations

Key Takeaways:

  • An advisory board isn’t just a business tool—it can catalyze growth and community connection!
  • Advisory boards provide access to expertise and networking opportunities while being flexible and cost-effective.
  • Effective use of an advisory board can enhance innovation and problem-solving in small medical practices.

Connect with Barbara Hales:

 

Twitter:   @DrBarbaraHales

Facebook:   facebook.com/theMedicalStrategist

Business website: www.TheMedicalStrategist.com

Show website:   www.MarketingTipsForDoctors.com

Email:   Barbara@TheMedicalStrategist.com

Books:

YouTube: TheMedicalStrategist

LinkedIn: www.linkedin.com/in/barbarahales

 

Introduction to the Episode


Dr. Barbara Hales: Welcome to another episode of marketing tips for doctors. I’m your host, Dr Barbara Hales, today, we are going to explore something that most doctors will never have thought of, and that is having an advisory board in their small medical practice. So the question that we have to ask ourselves is, over the next 20 minutes, we’re going to explore what an advisory board is, why a small medical practice might consider forming one and the advantages and disadvantages of having an advisory board. I’ll also share two heartwarming stories that highlight how an advisory board can be more than just a business tool. It can become a catalyst for growth and community connection before we get into the benefits and challenges, let’s start with the basics.

 

What is an Advisory Board?


Dr. Barbara Hales: An advisory board is a group of experts who come together to offer strategic advice, insights and guidance to the management team of your practice. They may not even charge anything. They may just do this for six months free of charge, so that you see how an advisory board is and then decide, based upon how much benefit you got from it, whether you want to keep it at which point some generation would be discussed. Unlike a board of directors, an advisory board does not have formal decision making authority or fiduciary responsibilities. Instead, its members serve in a purely consultive capacity. They see what’s going on. Maybe they’re good in analytics, maybe they’re good in finance, all around all the things that as a physician, we may not really be well versed on. Think of an advisory board as a collection of mentors and industry experts. They can provide perspectives that you might not have considered, from the latest trends in healthcare technology to innovative marketing strategies or even best practices in patient care for a small medical practice that’s often juggling multiple roles, and advisory board can be an invaluable sounding board, helping you identify opportunities, avoid pitfalls, and ultimately grow your practice in a sustainable way.

Why Should You Consider an Advisory Board?


Dr. Barbara Hales: Now that we know what an advisory board is, let’s talk about why you might want to have one, and why you would want to form one for your small medical practice. Imagine you’re running a clinic with a dedicated team, where you’re struggling with keeping up with rapid changes in healthcare, the increasing demands of patients, or even the administrative tasks that keep piling up, an advisory board can help bridge that gap. Some of the key reasons to consider an advisory board would be as follows. It gives access to expertise. Many small practices have lean teams. Advisory board members can offer expertise in areas such as finance, marketing, it, or legal compliance areas that might not be covered by your current staff, and more than likely isn’t when you’re in the thick of day to day operations, it’s easy to develop tunnel vision. External advisors can provide an objective viewpoint, helping you see opportunities or challenges that may have been overlooked. Advisory Board members often bring with them a wealth of contacts. Their networks can lead to strategic partnerships, new technology introductions, or even funding opportunities that could propel your practice forward. Having respected professionals on your advisory board can enhance your practices reputation. This is particularly important when building trust with patients, partners and potential investors.

Advantages of Having an Advisory Board


Dr. Barbara Hales: Let’s break down some of the advantages a small medical practice can gain by establishing an advisory board. First, you have strategic Guide. Experience and mentorship. Advisory Board members act as mentors who help guide the strategic direction of your practice. They can assist in setting long term goals, devising effective strategies and even troubleshooting operational issues, their experience can prove invaluable when you’re navigating complex challenges, flexibility and low commitment. Unlike a board of directors, an advisory board is typically less formal. This flexibility means you can bring in experts on a part time basis or as needed basis, without having to commit to a full time governance structure. Many advisors join out of a desire to give back to the community or to stay connected with industry trends. This is what helps you, because, as a result, they might serve for a nominal fee or even pro bono, making this an economical way to access high level advice. They give enhanced innovation with fresh ideas and perspectives coming from outside your daily operations, an advisory board can help drive innovation, whether it’s adopting new technologies or refining patient care models, their insights can lead to significant improvement. Then you have improved problem solving. An advisory board can serve as a powerful sounding board when faced with challenging decisions or unforeseen obstacles. Their diverse perspectives can help you identify the best path forward.

 

Disadvantages and Considerations of Advisory Boards


Dr. Barbara Hales: Now there are disadvantages and considerations of an advisory board and your medical practice as well. Of course, it’s important to weigh the advantages against the potential challenges. Here are some of the disadvantages to keep in mind when setting up an advisory board, there is limited authority, first of all, because advisory boards do not have decision making power, their advice is purely suggestive, which you may or may not decide to take or you may even overlook. If your internal team is not open to external input, this can limit the board’s impact. Next you have coordination and scheduling. Getting a group of busy professionals to meet regularly can be challenging, as you know from your own schedule, it requires careful scheduling and clear communication to ensure that meetings are productive and that all members remain engaged, then there’s a risk of over reliance. There’s a fine line between seeking advice and becoming overly dependent upon external input. It’s crucial to maintain a balance where your team uses the board as a resource without seeding full control over strategic decisions. Let’s look at managing expectations without formal authority. There’s a risk that advisory board members might feel underutilized, or that their recommendations are being ignored. It’s important to establish clear expectations and to integrate their input in a meaningful way. But let’s think about it for a minute. If you’re giving advice and you feel that you’re constantly being ignored, what are the chances of them being active in being on the advisory board in months to come? Think about that.

Heartwarming Story of Willow Creek Clinic


Dr. Barbara Hales: Let me share a heartwarming story that illustrates the positive impact of an advisory board in this small town of Willow Creek, there was a modest clinic run by Dr Elena Ramirez. Dr Ramirez was deeply committed to her community, but like many small practices, she was overwhelmed by the rapid change in healthcare, technology and administrative demands. One day after a particularly challenging week, Dr Ramirez decided to form an advisory board. She reached out to a few local experts, a retired IT professional named Mr. Allen, who had a knack for solving technological puzzles. Miss Carter, a savvy business strategist, and Mr. Lewis, who had decades of experience in the healthcare management i. Together, they met at the clinic’s modest conference room every month. Mr. Allen introduced new digital solutions that streamlines patient records, while ms Carter provided insights on efficient patient flow and Cost Management. Mr. Lewis offered practical advice on regulatory compliance and staff training over time, these changes not only made the clinic more efficient, but also improved patient satisfaction, the personal touch that Dr Ramirez was known for continued to shine through, enhanced now by a system that was modern and responsible. The Advisory Board had not just given strategic guidance, it had revitalized the clinic and strengthened the bond between the practice and its community.

 

Another Story: City Health Center


Dr. Barbara Hales: Here’s another inspiring example at the City Health Center, a small urban medical practice, the staff was feeling this strain, increasing patient loads and mounting administrative pressures. I think as doctors, we all can feel that pain. The practice had always prided itself on personalized care, but the demands of growing patient base were beginning to erode that quality recognizing the need for a fresh perspective, the center’s leadership formed an advisory board among its members was Miss Taylor, a compassionate healthcare administrator with a reputation for turning challenges into opportunities. Ms Taylor brought a wealth of experience and a genuine desire to see the center succeed. Under her guidance, the advisory board introduced new scheduling practices, streamlined billing practices, and even initiated community outreach programs. One particularly touching moment came during a community health fair organized with by the board patients, many of whom had been regulars at the Center for years, expressed heartfelt gratitude for the renewed sense of care and organization they experienced. The Advisory Board’s efforts not only improved operational efficiency, but also rekindled a sense of hope and trust among the patients. It was a vivid reminder that behind every strategic decision there’s a community of lives being touched and improved.

Final Thoughts and Takeaways


Dr. Barbara Hales: As we wrap up today’s episode, let’s recap the key points, an advisory board can be a game changing resource for a small practical a small medical practice. It brings expert guidance, fresh perspectives and invaluable networking opportunities, all while offering flexibility and a relatively low financial commitment. However, it also comes with challenges such as limited authority coordination hurdles and the need to manage expectations effectively. If you’re considering setting up an advisory board. Think about your practices, current needs, growth goals, and the areas where you could benefit from external expertise. With the right team in place, your advisory board can become not only a strategic asset, but also a source of inspiration and hope, much like the stories of Willow Creek clinic and city health center that we shared today, thank you for joining me on this episode. I hope you found today’s discussion on advisory boards both informative and inspiring. Remember, every practice is unique, and the right advisory board can be the catalyst that propels your practice forward, helping you deliver even better care to your patients. If you enjoyed this episode, please subscribe and leave a review. Your feedback helps us reach more healthcare professionals who are looking to innovate and grow until next time I’m your host. Dr Barbara Hales, stay inspired. Keep innovating and take care till next time.