Gregory Oliver, DO, says that he thinks with two brains: a white coat and a dark suit. He has transformed his practice into
a multi-million dollar business by utilizing technology and valuing his employees. (PHOTO BY AJ MAST)
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Family physician Gregory Oliver, DO, likes to say he thinks with two brains: A white coat (doctor) brain and a dark suit (business
owner) brain. Although Oliver, 54, of Indianapolis, Indiana, always had an interest in business, it wasn't until his late-30s
when he became an employed hospital physician that his interest deepened.
In 1995, the then 39-year-old had sold his four-office practice to a local hospital system and was named its outpatient clinical
administrator while he continued to see his patients. He felt his life had become routine until one night when he saw an infomercial
by a famous self-help guru. Spurred by the program, he ordered the guru's book, tapes, and other materials. The information
didn't change his life, Oliver says, but it opened his mind.
"I think a lot of us physicians; we go to school, we learn so much, and then think, gosh, I've learned so much, maybe I don't
need to learn about anything else," he says with a laugh. "What the program taught me was, there's a whole world out there
that I need to know more about besides the medicine I learn."
Investments in Oliver Family Healthcare result in revenue uptrend
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That moment helped spark a passion in Oliver for the business side of medicine. He started reading three to four business
books a month. He left the hospital to launch an open access solo practice with an electronic health record (EHR) system and
ancillary services not offered even by large multispecialty group practices.
Since launching, the practice's gross revenue has grown from $700,000 in 2003 to $3.3 million last year, with more than a
25% profit growth every year except during 2009's economic downturn, when he still saw 12% growth.
High-tech and high-touch patient interactions
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"I looked at corporate America and asked, 'What do these people do?' " Oliver says. "They sit down, they plan, do, and review.
That's what we do. A medical practice, even though its primary focus is its patient, is still a business."
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