Sep 07

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.

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 →