Highly-Successful Associate Arrangements Checklist
You help the greatest number of patients and earn the highest possible income when you move your practice through four phases:
Level 1. Master the basic skills necessary to run a successful solo practice.
Level 2. Hire an associate to double your production and collections.
Level 3. Sell a partnership to your associate or other worthy candidate.
Level 4. Sell your share of the practice to your partner and move on.
Moving from Level 1 to Level 2 can be a major challenge for solo practice owners, but well worth the effort.
Benefits of Associates
If you properly hire, train and manage a new associate doctor, you earn more time to manage your practice. You have an alternate doctor to help you with negative patients. And you deal with fewer emergency calls.
With a good associate, you help more patients. You get longer vacations and more time to pursue new challenges. Your profit and the value of your practice increases while you groom a potential practice buyer.
Of course, these associate are not without a cost.
How Associate Arrangements Fail
More associate relationships fail than succeed. Behind all failures are practice owner mistakes. For example, if you make verbal agreements, you might forget a promise and have an upset associate who seeks revenge. Or you forget to cover a potential threat to your practice and end up in hot water.
Bad associate arrangements lead to unhappy patients, financial losses and severe stress. Fortunately, you can avoid all such problems. You succeed as a managing doctor if you know all the lessons.
Free Guideline: “ExecTech’s Complete Checklist for Successful Associate Arrangements”
ExecTech’s associate checklist is based on 21 years of lessons learned with hundreds of associates. It includes 130 steps for establishing a friendly, productive and profitable associate relationship.
1. Practice Requirements: If you add an associate before your practice is ready, you add confusion. For example, if your overhead or collections are not under control, an associate arrangement will reduce profit.
2. Pre-Hiring Steps: 15 simple steps to do before interviewing candidates. A little preparation triples your odds of success. For example, work out your terms BEFORE your interviews to avoid hours of negotiations.
3. Associate Hiring: Half of all associate failures trace back to poor hiring procedures. The 22 hiring steps in this section help ensure you select the right candidate and prevent future associate problems.
4. Associate Employment Preparation: The 21 steps in this section ensure your associate can get to work ASAP. You wrap up agreements, arrange for equipment, submit third-party payor forms and so on.
5. The Associate’s First Few Months: The relationship you establish during the first few months determines everyone’s financial future.
Quickly boost practice production and prevent problems with these 35 steps. Although shorter associate checklists sell for $199 on the web, you may have “ExecTech’s Complete Checklist for Successful Associate Arrangements” at no charge.