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 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.