How to beat the top practice breakup causes

Despite the benefits of working in a group practice, physicians often underestimate the challenges that come with working as a team. Medical  practices that stick together prioritize the following initiatives:

• Divide “common duties” evenly. Rather than delegating non-patient-care work based on seniority, happy groups rotate chores, such as accounting tasks or purchasing equipment.
• Continuous communication improvement. Whenever there is a big crisis within a group, it was when the group no longer took the time to communicate. How is the communication within your own group?
• Clear contracts. Instead of debating how to solve problems when they emerge, practices can preempt conflict by creating a clear contract that all partners understand. Groups should take the time to create what essentially amounts to a “medical partnership prenup,” preparing the group for every possible contingency should a doctor leave the practice, such as managed care contracts, electronic health records and much more.

About the Author

Reed Tinsley CPA

This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on accounting & tax, practice management, and financial planning. Schedule a Free Consultation.