HR Insights with Ali: 3 Presumptions That Can Derail Your Practice
Posted on 11/29/2016 by Ali Oromchian, Esq.
While medical practices have some of the highest success rates of all small businesses, the truth is that medical-based businesses can, and do, fail. While a number of factors contribute to any business’s chances of failing, and many of those factors are outside of your control, there are also issues which you can control and therefore keep from negatively impacting your business. The following are 3 presumptions which can derail your medical-based business:
1. Your skills are enough to make your business succeed. A medical practice is more than a location where patients are treated for illness. It is a business which contributes to the economy and which supports a workforce. A practice is also an entity which is bound to laws regarding tax payments, minimum wage requirements, and employee harassment prevention, for example. In other words, in order for your practice to succeed, you must focus on more than simply the care you are providing to your patients.
2. You can abdicate your office-based responsibilities to your employees. It is true that hiring an office manager or an HR director can take some of the burden of running a practice off of your shoulders. Still, at the end of the day, the buck stops with you as the head of your business. You should never put yourself in a position where your practice depends upon the involvement of a single employee to succeed, except if that employee is you. Staff members become ill, leave employment, or are terminated all the time. You must make sure that you are sufficiently involved in the day-to-day operations of your practice in order to keep things running smoothly in case of an employee’s departure.
3. Practice management is the same thing as business management. Despite all of your years of schooling, it is unlikely that your higher education taught you much (or anything) about actually running a practice. Practice management focuses on the patient experience, and how you can contribute to a person’s overall health. Business management, on the other hand, is about the overall health of your practice, including the strategies required for your business to succeed. While medical practices focus on the promotion of health, they are, in fact, businesses and must be run as such.
Be sure to keep these presumptions in mind while running your practice so that you don’t fall victim to the consequences that may ensue. We recommend using HR experts that help relieve the pressures of the day-to-day office practices to allow you to focus on your patients.