Closing Thought of the Week: Loss Aversion - E22
As we end the week, I wanted to introduce the principle of loss aversion. Loss aversion is a term taken from behavioral economics that says we spend more energy trying to avoid loss than trying to make gains. Now this can be from an investing perspective or you can apply it to any aspect of your life.
For private practice owners, I say there are easily 1,2,3 things you are currently doing to avoid loss, rather than make a gain. This can be keeping a staff member on that is a bad fit, but you have already spent so much time on training. You can be trying to justify a piece of equipment you bought that just does not fit into your practice, or trying to force a specialty onto your patient population that made sense on paper, but is not working in actual practice.
Regardless of your situation, stop the bleeding and cut bait now. You will be relieved to move on and open yourself up to gains that will make the previous situation an afterthought.
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