Even healthy mid-phase or late phase practices are typically overly dependent on the primary doctor’s physical presence in the office and on the personality and energy of the doctor. This is certainly a critical piece of the puzzle, but over-reliance on the primary doctor is actually a weakness when it comes to creating value and creating smooth practice transitions. For healthy mid-phase or late phase practices, here are few key points to get in place or to improve if already in place. Standard Procedures If you ever find yourself repeating instructions or dictating the same procedure … [Read more...] about Creating Value in Your Practice 2
Personnel
Creating Value in Your Practice 1
This next series will address several key points in the overview of managing your practice to create value in the future. Many doctors do not consider these points until they are forced to leave practice, or simply desire to slow down and retire from practice. By that time, it’s too late to change many of the features that a potential buyer would find either objectionable or desirable. We’re got to think ahead! Practice life cycles Over a 30 year working lifetime, a typical doctor will see the practice go through 3 distinct phases: early, middle and late careers. 30 years is an arbitrary … [Read more...] about Creating Value in Your Practice 1
Myers Briggs Type Prayers
In order to help you remember the types, here is a list originally published by the Birdsong Company of Sunnyvale, CA. This is of course meant as a joke, but there is more than a seed of truth in this! ISTJ Lord, help me relax about insignificant details beginning tomorrow at 11.41.23 PST ISTP Lord, help me consider other people’s feelings, even if most of the are hypersensitive. ESTP Lord, help me take responsibility for my own actions, even though it’s NOT my fault. ESTJ Lord, help me to not try to RUN everything. But, if you need help, just ask me. ISFJ Lord, help me to be … [Read more...] about Myers Briggs Type Prayers
Hiring and Personality Styles
Hiring the right person for the job is a crucial upstream factor in having a high functioning team. But how do you know who the right person is? An interview can be deceptive or inconclusive. Also, most doctors do not hire often enough to become skilled at it. Getting lucky sometimes works, but we do not want that to be a primary business strategy! Understanding basic personality styles as outlined originally in the MBTI (Myers/Briggs Type Indicator) test can be a big help in selecting the best applicant for any position you have available. Interestingly, the two individuals who developed … [Read more...] about Hiring and Personality Styles