Surviving the Transition from Employed Doctor to Practice Owner
October 2, 2018
Whether you’re an experienced physician or a young doctor ready to branch out on your own, transitioning from being an employee to a practice owner is a serious decision. From developing your management skills to balancing the financial intricacies of succeeding in the medical industry, there are plenty of “dos” and “don’t’s” you need to know before you choose to become a practice owner.
Don’t: Assume You Know Everything
Moving from practice employee to practice owner means getting a glimpse at many things that most employees don’t even need to think about over the course of their careers. You’ll be responsible for understanding and decision making around things like malpractice tail coverage, incentive-driven supplementary income, salaries and non-compete clauses. Not to mention staff training, marketing, building codes and more. If that makes your head swim, that’s okay! However, you should ask for help. Assuming that you know everything about the business side of the medical industry will set you up for big mistakes early on in your role as a practice owner.
Do: Invest in Education
As we mentioned in the previous tip, you’ll need some outside help to ensure that your practice thrives. Investing in education, like leadership training courses and other seminars, is a great way to ensure that you start off on the right foot. There are many different conferences and classes you can take to make yourself a better practice owner. You should also not be afraid to invest in continuing education and seminars for your employees. In rapidly-changing industries like the medical and dental fields, cutting-edge technology is continually redefining treatment protocols and more.
Don’t: Change Things All at Once if You’re Taking Over
If you are purchasing an existing practice or moving from employee to practice owner, it’s important to not change things all at once. Make it clear what your expectations are, but don’t be afraid to listen to employees throughout the transition process. Keep in mind that, while your job position might be instantly changing, everyone else won’t be making a change in the flip of a switch.
Do: Ask for Help with Your Accounts Receivable
Knowing the basics of accounting is important for running any business, medical industry or not. You need to be able to understand how your practice is performing and what that means for its future. However, for many new practice owners, managing the accounts receivable and handling collections is a bit too much to take on all at once. Partnering with a skilled collections and AR management company can take some stress off your plate and allow you to focus on hiring and managing your employees.
Partner with Alacrity Collections to Excel as a Practice Owner
If you are struggling to manage accounts receivable or get things off the ground at your new medical practice, it might be time to work with a collections partner who can turn your past due accounts around. Alacrity Collections is proud to be a leader in medical industry collections. We achieve great results that are over twice the national average and treat all of our customers with dignity and respect. We work tirelessly to protect your brand and improve your net returns. To learn more about our offerings and get in touch, please call us at 1-800-752-9663 or set up a phone appointment directly on our representative’s calendar via this link: www.calendly.com/hheemann.