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Mr. Pareto, Mr. Juran, Mr. Koch, Garden Peas, and Your Care Management Practice
Chances are you’ve never heard of the three gentlemen named in today’s post title: Vilfredo Pareto, Joseph Juran, or Richard Koch. Nor can you imagine how they – and garden peas – relate to advocacy. Yet, the principle they have in common affects your work and ability to succeed, especially in the early days of your practice building. Unfortunately, most newly minted advocates not only don’t realize that, but they ignore it – at their peril. So what principle am I talking about? This post is intended to light a fire under you if who can’t figure out why you aren’t succeeding in practice despite the fact that you know you are a great advocate. Your excellent advocacy abilities may be getting in the way of your success if you think you can rest on them alone. How the 80/20 Rule Affects Your Health Care and Cost Management Practice Yes – that’s what Pareto, Juran, Koch, and garden peas have in common… they are all related to the 80/20 rule, also called the “law of the vital few” or the “principle of factor sparsity” as follows: Vilfredo Pareto, an Italian economist, was the first to describe it when he observed that 20% of the pea plants in his garden produced 80% of his garden pea crop. Joseph Juran, an American management consultant, was the first to publish the observation, which he named after Pareto. Author Richard Koch wrote the book, The 80/20 Principle which applied the Pareto Principle to business. Their observations are vitally important to our success. In fact, if you ignore the 80/20 Rule in your work-related decision making, your business may fail. For example, It’s very likely that: Only 20% of the phone calls you receive will be eligible candidates for the advocacy services you provide. 80% will not. (How to regard this: recognize that, on average, only 1 out of every 5 potential client contacts has the possibility of yielding a contract, so don’t get discouraged if they aren’t all possibilities!) 80% of the reading and study you do won’t affect business decisions you make. But…