As a doctor and medical practice owner, who do you turn to for questions about scaling your medical practice, more specifically your team? The best way to navigate hiring in your medical practice is with a team of three business CPAs ready to guide you through the ups and downs of growing your medical team.
Let's dive right in and talk about:
- How to know when to hire;
- Who to hire, and;
- How to compensate your growing workforce in your thriving medical practice.
When to Hire:
Timing is everything when it comes to scaling your business team. You don't want to jump the gun and hire too soon, but you also don't want to wait until you're drowning in work.
Imagine you're a primary care physician running a solo practice. Lately, you've been feeling the strain of managing patient appointments, accounting tasks, and paperwork all on your own. You know you need to expand your team, but you're unsure of the right timing.
That's where your trusty team of three business CPAs comes in.
They'll help you:
- analyze your current workload,
- forecast future demand, and
- determine the optimal time to start hiring.
With their expertise in financial planning and forecasting, you can make informed decisions that set your business up for success.
They’ll start by examining your current workload, meticulously analyzing patient appointment schedules, the volume of incoming inquiries, and any pending administrative tasks. They also take into account any seasonal fluctuations or trends in patient demand.
Next, they leverage their expertise in financial planning and consider factors such as population growth in your area, changes in healthcare regulations, and potential shifts in patient demographics. They can anticipate when your practice will reach its capacity and ensure that your practice remains financially sustainable while meeting the growing demands of your patient population.
‘Ultimately, with the guidance of your team-of-three-business-CPAs, you can make informed decisions about expanding your team at the right time,” adds Lezlie Reeves, CPA and Client CFO at Dillon Business Advisors. “By strategically adding support staff, you can improve patient access to care, enhance operational efficiency, and position your practice for long-term success in providing quality healthcare services.”
Who to Hire:
A team of three business CPAs brings a multifaceted approach to determining which positions are needed to hire, ultimately enhancing the overall value of the business. With their combined expertise in financial analysis, strategic planning, and operational management, they can conduct a comprehensive assessment of the practice's current operations and future goals.
By analyzing key performance indicators, revenue streams, and industry trends, they can identify areas of inefficiency or untapped opportunities where additional staffing could drive growth and profitability. Whether it's expanding clinical services to meet patient demand, optimizing administrative processes to improve efficiency, or investing in marketing and outreach initiatives to attract new clientele, their insights can help prioritize hiring decisions that maximize the practice's value and long-term success.
Consider a busy doctor's office offering a range of medical services. The team of three business CPAs dives into your practice's financial records, analyzing patient volumes, appointment scheduling, and revenue streams. They identify that your office is consistently booked weeks in advance, leading to long wait times for patients and potential missed revenue opportunities due to capacity constraints.
Upon further analysis, they discover that the bottleneck lies in the limited number of physicians available to see patients. While your current team of doctors is highly skilled, they simply can't keep up with the growing demand for appointments. Your team proposes hiring additional physicians to alleviate the strain and improve patient access to care.
However, they don't stop there. Recognizing that hiring new physicians represents a significant investment, they also explore other avenues to optimize your practice's operations and enhance its value. They suggest implementing a telemedicine program to offer virtual consultations, thereby expanding your reach beyond your local area and increasing appointment availability without the need for additional physical office space.
“The team of three business CPAs plays a crucial role in identifying the need to hire additional physicians while also proposing complementary strategies to enhance the overall value of your medical practice,” added Reeves.
How to Compensate:
How much should you pay your employees?
As a doctor managing a growing medical practice, compensating your employees fairly and competitively is crucial for attracting and retaining top talent. Fortunately, your team of three business CPAs is equipped with the expertise needed to navigate this complex task.
To begin, your team conducts a thorough analysis of the job market, taking into account factors such as geographic location, industry standards, and the qualifications of your staff. Using this information, they benchmark salaries to ensure they align with fair market value while also considering your practice's budgetary constraints and the costs of additional benefits.
Keeping employees motivated and engaged is another factor addressed by the team of three business CPAs. Incentive programs including performance-based bonuses tied to metrics such as patient satisfaction scores, productivity levels, or revenue targets may be proposed.
With the guidance of a team of three business CPAs, you can navigate the intricacies of employee compensation with confidence. By offering competitive salaries, comprehensive benefits, and performance-based incentives, you can attract and retain top talent while ensuring that your compensation packages align with your practice's financial goals and values.
Growing your team doesn't have to be a daunting task when you have a team of three business CPAs in your corner. From knowing when to hire to structuring fair compensation packages, your team will be there every step of the way. So go ahead, dream big, and watch your medical practice soar to new heights with the help of your trusted advisors.
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