• Doctors CFO

What are the Top Priorities of the Practice Owner? Part 2

Updated: Oct 25, 2019

In our last post, we made recommendations on the most important responsibility of a practice owner "Protect the Business". Our poll asked what you thought what your most important job was as the owner. The options were Provide Practice Vision, Lead Direction of Patient Care, Protect the Business, Develop Strategic Partnerships, or Stay Relevant. Fifty percent thinks that providing the practice vision is number one, 25% said protecting the business was most important, and 25% said to stay relevant was most important. To participate in future polls, please subscribe or visit our Facebook Page.

This week, we will explain how to "Build a Winning Team" which is the second most important job of an owner. You should clearly share your vision and values with your team. Effective communication between team members and owner is essential. An owner must realize that their time is extremely valuable and being able to assign duties that do not require "only" their expertise must be done by other team members. To be able to assign these duties, you must have competent employees that you can trust to be efficient and who are trainable to your standards.

To Build a Winning Team you must:

  • Know their motivations and de-motivations (emotional currency).

  • Delegate roles, tasks, and opportunities so they can grow and evolve in order to be ready to help you grow. You are the conductor and you need a team.

  • Outsource non-core ad non-strategic functions to a specific set of deliverables. (Examples include payroll, accounting, tax, cleaning, etc.)

  • Hire slow and fire fast.

  • Recognize that some will not grow when you need them to. They would prefer the rowboat to the battleship.

  • Part of the team will include the advisors and other alliances.

As an owner, you should have certain qualities in mind for hiring. Allow time to find the right fit and if you can't live without them, motivate them to stay long-term.

We hope you are enjoying these articles and are passing them along to other practice owners and office managers. If you have a question that you would like answers to in a blog post, please email it to info@drcfo.com. If you have not signed up for our blog, please do, so you can continue to receive these important insights and participate in our weekly polls.

Doctors CFO is now launching a FREE tool to help you track your MACRO KPIs. The basic model is free for one user. You might also be interested in our New Patient Tracking Solution and a Salary Planning Solution, please email us at info@drcfo.com for pricing.

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 info@drcfo.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.

(c) 2018 Doctors CFO, All Rights Reserved

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