Feature Article:

Keeping Financial Stress at Bay

By Shelley Simon, RN, DC, MPH, EdD
Founder, Beyond Practice Management

A study published recently by the American Psychological Association revealed that 8 out of 10 Americans feel stressed about their personal finances or the economy. The survey was done between April and September of this year, before the most recent economic “meltdown.” I’d wager that the figure would be even higher if the same 7,000 people surveyed were asked again today.

If the barrage of financial news or looking at your savings or investment portfolio has you on a downward stress spiral, take heart — there are steps you can take to alleviate your symptoms and regain a sense of equanimity. Aside from the physical effects of stress — sleep disturbances, headaches, muscle tension, GI upset, and reaching for junk food or that extra cocktail, just to name a few — it is important for healthcare practitioners to keep stress at bay in order to provide quality patient care. Your ability to stay present, focused, and fully engaged when you are with patients is essential to the success of your practice and the health of your patients. Here are seven things you can start doing this week to calm your mind around finances and free yourself up to give patients (not to mention your family) the care and attention they deserve.

(1) Practice extreme self-care. As a healthcare practitioner, hopefully you routinely try to set an example for patients by taking good care of yourself physically. During times of increased stress, getting plenty of exercise and sleep, eating a balanced diet, and using relaxation techniques like meditation, yoga, deep breathing, and visualization are more important than ever. A walk or hike in nature, swimming laps, or a rousing game of tennis or basketball can also work wonders to firm the body, relax the mind, and turn down the stress meter.

(2) Face the facts. During times of economic uncertainty it’s tempting to ignore reality, go right on spending as though nothing has changed, and refuse to open the mail. Resist those temptations. Instead, set aside some time over the next few days to review your personal finances, get organized, and work toward feeling in control. Where exactly is your money? What’s it invested in? Are you comfortable with the level of risk you are taking? At the office, do a thorough review of revenue and expenses. Put extra staff time into cleaning up receivables before “past due” accounts turn into “uncollectable” ones. Look line-by-line for where you can cut expenses without compromising the quality of care or level of service you provide.

(3) Get educated. In good economic times, almost any reasonable investment will earn a decent return. It’s when things get dicey that investors have to really pay attention. If you are like many busy professionals, you’ve turned your retirement plan and other investments over to the care of someone else — a financial planner, stockbroker, or accountant. Pick up the phone today to make an appointment with that individual and make sure that you understand exactly where you money is, why, and how it is performing on your behalf. One good rule of thumb is to never invest in anything so complicated you can’t explain it to someone else.

(4) Go back to basics with marketing. This is probably not the time to roll out the “flavor of the week” marketing tactic. Think strategically. Sit down with your staff for a marketing discussion. What have you done in the past that worked? In this economic climate, how likely would that be to work again? Based on your patient population, what will keep them coming through the doors of your office even though they are probably experiencing their own brand of financial stress? If some of the services you offer are considered luxuries (like massage or aesthetic procedures) think about how to change your marketing message so that patients and clients can see the benefits of these services — beyond just the feel good factor. If anything, this is the time to step up your marketing efforts, even if it means spending money. Just be smart about how you invest.

(5) Assess your values. Until the economy gets back on a more even keel, some belt-tightening may be in order. But before you start slashing your budget here, there, and everywhere, consider your values. Invest in what is meaningful and important and pull back in areas where you’ve been spending habitually rather then consciously on goods and services that don’t really add to the quality of your life. For more on this topic, read Your Money or Your Life, by Joe Dominguez and Vicki Robin.

(6) Consider the less fortunate. If you are reading this newsletter, you have a computer. That computer is likely sitting in a nice house or office. And, economic turmoil or not, I’d wager that you did not go hungry today. There are many, many people who are much less fortunate than the average healthcare professional. If you are feeling stressed over your financial future, consider volunteering to help others. It will make you feel better, get your mind off your own concerns for a few hours, and you’ll be making a positive contribution to your community.

(7) Look on the bright side. I know, it sounds cliché, but the truth is that if you can maintain a relatively positive attitude regardless of your day-to-day net worth, you will be more successful in managing money-related stress. Avoid getting pulled in to the “doom and gloom” scenarios you hear on television and read in the paper. When you feel yourself going down that road, take a deep breath and remind yourself that right now — this moment — everything is fine. And then get back to work.

We may be in for the most challenging financial times we’ve seen in our lifetime during the coming months and years. It’s too soon to tell if the economic bailout package that Congress passed earlier this month will achieve its intended goal. The stock market isn’t for the faint of heart, what with swings of 5% or more during a given day the new norm. And who knows where the unemployment rate will be by the end of the year. The reality is that, as individuals, we can’t control any of this. What we can control is our response to it — both emotionally and practically. So, apply some of the steps in this article, turn off the financial news occasionally, and stay present. This, too, shall pass. In the meantime, focus on keeping yourself and your practice healthy.

Book Recommendations:

Minding Your Money

• Your Money or Your Life: Transforming Your Relationship with Money and Achieving Financial Independence, by Joe Dominguez and Vicki Robin
• Understanding Wall Street, by Jeffrey B. Little and Lucien Rhodes
• Yes! 50 Scientifically Proven Ways to Be Persuasive, by Noah J. Goldstein, Steve J. Martin, and Robert B. Cialdini
• The Soul of Money, by Lynn Twist

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An Opportunity:

Invest in Yourself

When financial anxiety arises our initial instinct is often to hunker down, seek safety, and adopt a scarcity stance. But just as experts say that spending money on marketing when business is slow is a good decision, investing in yourself during uncertain times is also a smart move. Are you ready to take yourself and your practice to the next level in spite of the interesting financial times we find ourselves in? If so, consider one-on-one coaching. The first step in deciding whether coaching is a good investment in today’s climate is to request a complimentary, introductory consultation. When you schedule this session online you’ll be asked to answer several through provoking questions as a way for you to: (a) become clear on what your most pressing issues are; (b) think about what you would like to get out of our conversation; and, (c) convey to me how I can best help you. To request your consultation, please click here.