How to beat the top causes of group practice breakup

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.

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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