You've graduated medical school and successfully started a private practice, but the business has stopped growing. Instead of having your day filled with patient visits, you find yourself in a pile of paperwork managing insurance claims and patient records, all while trying to answer a busy phone. I see this scenario all too often- driven GPs eager to grow their list of patients, but stuck in the hamster wheel of running their back office.

Let's discuss how you can stop worrying about administrative tasks and instead start focusing on your most important priority- caring for your patients.

Think Big Picture

Strategic thinking is what will take your practice to the next level. Asking yourself questions that not only pertain to immediate action but also to the longevity of your practice allows you to think and stay ahead of the curve. This leadership quality is one that takes consistent work and, most importantly, patience. Unfortunately, it is hard to have the discipline and foresight to do this on your own. Establishing a regular meeting with a trusted colleague will help hold you accountable. This is necessary if you plan on taking your business to the next level.

Trust Your Employees

When you initially started your business you were doing everything, since then you have probably hired a couple of employees. Trust that the people you hired are capable. Instead of making stringent rules, establish clear and concise objectives with employees regarding their responsibilities. Delegating non-revenue generating tasks to your trusted employees will be much more pleasant with clear expectations. If necessary, take advantage of outside recruiters to help you screen candidates, manage employee expectations, and set the appropriate tone for the workplace from the start.

Control Your Cash

When it comes to growing your practice, it is crucial to think about cash flow. As a GP however, it can be overwhelming to manage, track, and set aside budgets for critical business expenses in addition to caring for your patients. Consider hiring a professional that knows what and how to budget for the business. This will help you invest money in areas that will grow your practice.

Don't Be Afraid to Outsource

As the leader in your firm, you must have the foresight to understand that outsourcing is and will be a necessary evil if you plan on growing. As a medical school graduate, you are most likely not an expert in legal, HR, or technology support. Focus your time and energy on your strength- medicine. Even though your practice may not be in a financial position to fully outsource all aspects of the business, you should begin to strategise and set goals for when this will make sense. Partner up with a business consultant and practice manager to roll out this initiative and ease the transition for both you and your employees.

Delegating tasks to employees and outside resources is essential to taking your practice to the next level. By hiring a practice manager or business consultant, you'll have more time to focus on your medical responsibilities. More importantly, with the proper practices in place, you will reduce your liability, increase your cash flow, and free up your time to spend with family, friends, and patients.

Ready to take your practice to the next level? Contact me today.

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