What if Warren Buffett Ran Your Speciality Society?

Doctors are pushing back at their medical associations because, given what they cost to belong, they don't think they are getting their money's worth. 

Suppose Warren Buffett, the Sage of Omaha, Chairman of Berkshire Hathaway, ran the American Association of Medical _________.?

1. That multi-million dollar building in the priciest neighborhood in DC would be on the auction block.

2. All committees would be sunsetted and have to reapply for reinstatement  based on how they will run on at least 20% less than what they consume now.

3. All Powerpoint presentations would be banned.

4. Each strategic business unit would run things how they see best

5. The goal would be that at least 20% of revenues in the next 5 years would have to come from products and services that have not yet been created.

6. The salary of the executive director would be determined by a crowd sourced compensation committee

7. Board of Directors meeting can last no longer than one hour. During the last half hour of the meeting, the chairs would be removed from the room

8. Consultants and lawyers would be banned from meetings

9.  Virtual attendance at annual meetings will be encouraged, along with a virtual vendor site

10. Annual performance reviews of executive directors will be replaced with monthly dashboard reviews

A friend recently mentioned he was called into a turnaround situation. When I asked about his biggest challenge, the replied, " Turning crap to GAAP". For medical associations, maybe we need a different way to keep score.

Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs at www.sopnet.org