Monthly Archives: March 2019

We've started a new website feature you might like. We're listing some of our favorite famous inspirational management quotes (along with a few of our own). Classic quotes are fun and useful because the gurus who said them figured out how to succinctly express management ideas that can sometimes be obscure in practice. One of our favorites deals with a brutal truth of managing employees: Peter Drucker's advice to "accept that we have to treat almost anybody as a volunteer." You've got the title and you sign the paychecks. In theory, that gives you a lot of leverage. You can insist on having everything your way, at least for a little while. Eventually, though, a dissatisfied employee can put on his or her walking shoes and go work somewhere else. This freedom to hit the road goes double for people in high demand. (Like, say, physicians in practically any specialty, or talented administrators or billers.) If you're finding your practice is experiencing a lot of turnover in key roles, it can be very costly for your business. And even before they leave, unhappy employees can harm your practice with low productivity, negativity, and, in extreme cases, even sabotage. So how can thinking of employees as "volunteers" help you improve morale and retain key people longer? Here are a few things to consider: The idea that employees are "volunteers" means more than just "they can leave." Modern employees want to be inspired by their work. They want workplaces that align with their values -- just as they would if donating their time. This doesn't mean you should retool your practice culture to match the preferences of every new hire. What's more important is to know your culture and be clear about it when hiring. That will help you avoid a costly revolving door of employees whose expectations weren't met. And what if you suspect parts of your culture or your work standards could use an upgrade? The upside of better morale and lower turnover is a good reason to consider making needed changes. Money is important. Make sure you're not notably

In recent years, many of our clients and friends have been involved in practice acquisitions or mergers. In many of these cases, a practice in a nearby area has come up for sale, perhaps due to retirement or death of a physician owner. These can be exciting opportunities, but stressful, too. There is usually pressure to respond quickly. And, of course, the decision usually involves a significant investment. The need to move fast often makes it hard to even think through all the questions you want to ask -- much less get answers to all of them. When the pressure's on, fear of missing the opportunity may take over. But if you move too fast, you may "win" the opportunity without realizing what it really costs. "Buying the practice down the street" may be a fantastic way to quickly expand your practice, but it's not without significant pitfalls. Information and a solid plan are your best tools for protecting your interests. In this short webinar (about 30 minutes), Laurie Morgan outlines some of the key questions to consider when deciding whether to buy a nearby practice. To view the recording, click the link. You'll be asked to register on the video page. Once you've watched, we'd love to hear from you if you have questions. And, of course, we're at-the-ready to help you with consulting services before you make a purchase decision (or before you put your practice on the market). Use the contact form to email us or give us a call.   "Should You Buy the Practice Down the Street?" [on-demand recording - registration required]