Medical Practice Management
Jul 03

Reward your managing partner properly

You would never consider investing heavily in a multimillion-dollar corporation lacking effective leadership. Yet many physicians in small and medium-size groups across the country have essentially done just that by refusing to delegate responsibility and authority to a managing partner or CEO.

A typical medical group with five to 10 providers commonly generates anywhere from $4–$8 million in gross annual revenue. That’s not “cottage-industry” size. A company doing that much business deserves strong, empowered leadership.

Effective leadership begins with defining the job’s responsibilities and then choosing the right person to carry them out. Today’s complicating factors make running a thriving medical practice a tricky and time-consuming job. So it’s reasonable to expect a functioning leader to reduce his or her clinical time anywhere from 10%–25% to handle executive/administrative duties—and to be paid to do so.

About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read more →