The Business of Psychiatry, The High Cost of Unethical Acts

March 31, 2011

The following is an excerpt from the ebook that I am currently writing. I am very close to finishing it. Soon I will be offering it via this website. The working title is Core Business Competencies of a Concierge Psychiatrist, A Primer. In it I spell out every aspect of my business model. It should be of help to early career and even more seasoned clinicians of all types. This passage is from my introduction.

Another topic that belongs in the introduction is the cost of unethical behavior. This may seem out of place in this section if not in a business Primer completely. In my experience, clinicians’ bad behavior or even gross incompetence tends to be brushed under the carpet by all involved – at first. My professional organizations in Dallas successfully handled several very difficult instances of ethics violations, but only after a long, painful process in each case. Operating ethically is crucial and of central importance in operating a successful business. You might think this is simply a statement of principle. Actually unethical behavior is the surest way to lose a ton of money, not to mention valuable time, and your reputation. I have seen clinicians destroy their business by behaving badly and being caught at it.  Unethical behavior will always catch up with you. Warren Buffett gives us two pieces of investment advice: number one – never lose money; number two – never forget number one. Pay close attention.

You are in this business to make money via promoting your clients’ development. Taking advantage of them harms them and you. If you are guilty of these crimes, please get help. If you are victimized by a clinician, please report them to the appropriate licensing board and professional organization’s ethics committee.

Have you witnessed the terrible effects of the unethical behavior of colleagues? Have you seen the devastating effects on their businesses? Please share you observations in the comment section below.

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