Episode Details

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:   info@TheMedicalStrategist.com

YouTube: TheMedicalStrategist
LinkedIn: www.linkedin.com/in/barbarahales

Books:
Content Copy Made Easy
14 Tactics to Triple Sales
Power to the Patient: The Medical Strategist

Introduction to the Episode (190)

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