The 10 Laws of Physician Engagement

Are you a financial advisor looking to build strong, lasting relationships with physician clients? Understanding how doctors think, make decisions, and manage wealth is key to success in this unique market. In this episode, Dr. Vicki Rackner, a retired surgeon and physician engagement expert, reveals The 10 Laws of Physician Engagement—proven strategies to help financial professionals connect with, attract, and serve doctors effectively.

What You’ll Learn:
- How doctors think differently from business-minded clients
- Why emotional connection is crucial in financial advising
- The power of mirror neurons in trust-building
- How to position yourself as a medical insider
- Why repeated exposure is essential for doctor engagement

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Transcript

The 10 Laws of Physician Engagement

If you are a financial advisor working with doctor clients, you know that you build business relationships with doctors differently than you build business relationships with executives or business owners. Today, you will take away the 10 laws of physician engagement. Welcome to the Engaging Doctors Podcast. If you're a financial advisor who wants to accelerate your business growth by attracting, engaging, and serving more doctor clients, you are in the right place. I'm Dr. Vicki Rackner, your host. I'm a retired surgeon who has spent the past 15 years helping financial advisors crack the physician code and reach the doctors who want and need their help. So, let's dive in.

We live in a world in which the law of gravity helps predict outcomes. If I let go of this mug of coffee, I know what will happen. The mug and its contents will fall to the ground and make a big mess.

This is the value of a law—you can predict what will happen. Today, you'll take away the 10 laws of physician engagement. When you align your actions with these laws, you'll have the biggest impact with doctors. And if you're not getting the results you want in the medical market, chances are good that you are out of alignment with one of the laws. However, small changes can lead to big results.

Well, why are these laws important? It's because business-minded prospects are wired differently than doctors. So, let's address the core cultural differences between "suits" (your business-minded prospect) and "white coats" (your doctor prospect).

• Suits want to know: "Do you care about my money?"
• White coats want to know: "Do you care about me?"

They manage relationships differently. Suits compete; white coats collaborate. If suits see an attractive opportunity, they compete for it. When white coats see something of value, they share it with their colleagues.

For white coats, wealth is measured by the freedom to do what they want, when they want. These differences are at the heart of the 10 Laws of Physician Engagement. So, let's go through them one by one.

Law 1: If You Want to Conduct Business with Doctors, Conduct Yourself as One

You already know that people want to work with those they know, like, and trust. Neuroscience explains why—our brains are wired with a special cell called a mirror neuron. The statement "I like you" really means "I am like you". I see part of myself reflected in you.

There's a famous quote among physicians I want to share:
"Every physician learns that the secret in the care of the patient is caring for the patient."
Similarly, the secret in building business relationships with doctors is demonstrating that you care about them.

Law 2: Doctors Manage Their Wealth as Patients Manage Their Health

Consider the last time you went to see your doctor about a serious medical condition. Imagine sitting in the exam gown on the heart exam table. You might have been frightened about possible bad news. You certainly felt out of your element and knew you would be making important decisions when you weren't at your best.

Now, 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 natural element. In fact, they feel about as comfortable talking about money as you do talking about embarrassing medical topics.

Law 3: Doctors Believe They Have Unique Financial Needs

We both know that you could potentially help any client build wealth. However, it's important for you to understand that doctors believe they will get better results if they work with a financial advisor who works with doctors like them every day. And perception is reality.

Law 4: Doctors Triage and Delegate

Doctors prioritize their time rigorously. Retirement planning often takes a back seat to immediate concerns. This explains why about half of doctors believe they are behind in retirement planning. You are most likely to be successful if you help doctors solve problems high on their priority list.

Law 5: Doctors Behave Like Tropical Fish

Like tropical fish, physicians congregate in groups of like-minded individuals. They separate the world into insiders and outsiders. Your top priority is to be seen as a medical insider.

Law 6: Doctors Want to Work with Experts, Not Sales Reps

Doctors trust experts who provide value over time. Establish expertise by delivering value at every encounter. Show doctors that you can help them by regularly distributing helpful content.

Law 7: The Most Influential Person in a Doctor's Life Is Another Doctor

When a doctor says something about you, other doctors listen. Doctors trust other doctors. Get doctors to open the red velvet rope for you.

Law 8: Doctors Need Repeated Exposure to a Message Before They Take Action

Doctors are conservative decision-makers. Data shows that doctors often need to be exposed to a marketing message seven to ten times before they take action.

Law 9: Doctors Like Boxes

Doctors are most persuaded when information is presented simply. Break through complexity and keep things simple. Tell doctors what they need to know to inspire them to take action.

Law 10: Doctors Are People

Once you build a relationship with doctors, you’ll discover that they’re just like any other client. They want to experience success, provide for their families, and hold out hope for a bright tomorrow.

Final Thoughts

When in Rome, do as the Romans do. When working with doctors, align yourself with the 10 Laws of Physician Engagement.

Thank you for listening to this episode of The Engaging Doctors Podcast. If you found value in this content, please subscribe, leave a review, and don’t forget to download your free cheat sheet. You’ll also find a link to learn more about the Cracking the Physician Code Boot Camp.

Until next time, I’m Dr. Vicki Rackner, wishing you the best as you help doctors achieve financial health.