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
Archives for September 2, 2013
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