Confusing Facts and Interpretations is a common and time-honored way of acting in a way that will later be thought of as a judgment error. Sometimes it’s not so easy to tell these things apart and sometimes it’s not so easy to defer action until you are sure your interpretation is right. Developing these two skills is an important part of being a business owner and/or manager, so let’s look at a few features. Fact v. Interpretation A fact is something that has been shown by proof or repeated observation to be true and is not dependent on the context or the messenger. It’s … [Read more...] about Facts and Interpretations
Archives for May 2014
Hierarchies
In traditional organizations, hierarchies are the normal state of affairs. While this may chafe those at a lower level of the chart, there is usually no thought to getting rid of a hierarchy, it’s more about finding ways to get on the top of the pile. However, in more progressive organizations and societies, hierarchical structures are much flatter, looser or may not exist at all. In many ways, medicine in all forms has some aspects of both types of systems, which can plant the provider squarely in that uncomfortable transition zone. Hierarchies are very much the norm in many types of … [Read more...] about Hierarchies
Purchasing A Practice
I’ve written in previous posts about creating value in a practice prior to a planned sale. What about the other side of the equation, important items from the perspective of the buyer? Careful consideration of the pertinent details can avoid a painful situation, both financially and emotionally. Here are several factors to consider: Transferability When you are purchasing a practice, you are essentially buying the income stream from the practice, along with the physical items, the infrastructure and the intangibles. The equipment is not going to go anywhere, but the seller cannot guarantee … [Read more...] about Purchasing A Practice