Bad Business: Are You Making Any of These Practice Missteps?
DCPI Staff
Patient care might seem like your priority, but believe it or not, the business of operating a practice needs to come first. After all, if your practice crumbles, your ability to care for patients will be severely compromised, to say the least.
Here are some of the common no-no's business owners consistently make that can cost time, money and potentially, your entire practice if they aren't corrected in short order:
Mistake #1: Control Issues
There are two sides to the coin when it comes to running a business: On the one hand, you need to learn how to delegate wisely or you'll end up spending too much of your time running your practice and not enough time doing what your degree stipulates you should be doing: caring for patients. On the flip side, if you yield too much control over certain aspects of your business (check signing is a good example), you may open the door for an unscrupulous employee to commit fraudulent activity right under your nose.
Tip: A key element of running a business involves a periodic evaluation of all responsibilities and then deciding which you should delegate and which you should retain control over. Remember, your decisions should be based on what works best for the practice; get past your ego and any control issues you may have.
Mistake #2: Hiring and Firing Blunders
Staff are critical to the successful operation of any business. That said, you need to do due diligence when hiring employees or you'll trap yourself in the frustrating cycle of hire, train, fire.
Also keep in mind that despite your best intentions, some employees just don't work out and need to be let go. Keep them in the pipeline and they'll do more damage than good.
Tip: Spend more time during the hiring process to ensure the candidate you select will fit well with your practice. If they don't work out, make a quick decision to let them go (usually this can be determined within the first 3-6 months – the so-called "probationary period").
Mistake #3: Finance Folly
It doesn't matter how much money you collect (cash, credit, insurance claims, etc.) if you don't know how to manage it properly. Going it alone may end up costing you more money than you think you're saving.
Tip: Retain an accountant and/or financial advisor to evaluate where your money is going every month.
You have enough challenges to deal with outside your practice walls; why make it more difficult by mismanaging your interior operations? Avoid these business missteps and keep your practice running smoothly.
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