Follow the 80/20 rule when evaluating candidates

If a candidate possesses 80% of what you need for a partner or employee, what would prevent you from offering a position? Consider short-term inconvenience versus long-term gains.

In the short term, bringing in someone who is less experienced or who has different qualities than you thought your new physician would possess may cause a dip in revenue as your new associate acclimates to the practice. However, if you get most of what you are looking for in a candidate, you may be able to either overlook the small areas of deficiency or compromise on the remaining issues.

The same 80/20 notion applies to the physician: If your practice has 80% of what the candidate wants, what would keep him or her from accepting a job? Make it clear that you're intersted in pursuing this professional relationship—a candidate who sees you wavering may move forward with job offers elsewhere.

Have questions? I’m here to help.

This field is for validation purposes and should be left unchanged.
This field is for validation purposes and should be left unchanged.
Categories
Accounting and Tax Services Litigation Support Managed Care Consulting Managed Care Contract Negotiations Medical Practice and Healthcare Entity Valuation Medical Practice Assessment Medical Practice Brokerage Medical Practice Embezzlement Consulting Medical Practice Management Medical Practice Merger Advice Medical Strategic Planning Newsletter Personal Financial Planning Oversight Physician Compensation Models Physician Compliance Physician Financial Management Services Retirement Uncategorized
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 >

Reed Tinsley, CPA