What are the Top Priorities of the Practice Owner? Part 1
Updated: Oct 25, 2019
Last week we made recommendations on your employee social media policy. In our poll, we asked "Does your office have a social media policy?" Half of our participants said 'Yes' and half said 'No'. We are recommending that owners implement an employee social media policy so that mid-level providers are not competing with your practice brand, but helping it.
For several weeks, we discussed the priorities of the practice manager (aka office manager or team leader) and now we are going to spend several weeks discussing the Owner's most important priorities in their practice. Therefore, "What is the most important role of the practice owner?" The first and most important role of an owner is to 'Protect the Business'. To be proficient at this, you must:
Realize that your business is alive and your second most important employee (you are the most important employee).
Realize that your business has feelings and it will hurt you back if you don't respect those feelings.
Like protecting your family, you must be mindful of the employee, patient, partner and alliances that you make. Only enter into relationships that benefit the business not hurt it. This includes limiting conflicts of interest.
Image is critical, so be mindful of you act and say in public.
Leverage advisors to make good strategic and financial decisions, etc.
As an owner, the responsibility to safeguard your practice is immeasurable. Owners not only have financial obligations to their family and their employees families, but also a commitment to their patients. To ensure you can keep fulfilling your promises, you must shield your practice from legalities that may obstruct your ability to keep doing business. Your assignment for this week, is to write down what you are or should be doing to protect your practice.
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Developing a management report is not easy and Doctors CFO currently has a robust model for most practice types that is customized for our monthly and bi-monthly clients. If you have questions on how this model applies to your practice or you are interested in applying the Doctors CFO model in your practice, via one of our annual, bi-monthly or monthly assessments, please reach out to us as email@example.com. Doctors CFO provides financial analysis and valuations for doctors and dentists in the United States. We also offer programs for new patient marketing, revenue and collection management, medical practice consultant, dental consultant, and practice analysis.
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