Valuable Matters: Considerations for Assessing Value in Today’s Podiatric Medical Practice

What matters most is a common phrase used in today’s business environment. It is no different in a podiatric medical practice.   What really matters is always at the top of the list and in this article we will explore what matters most in today’s practice environment.
Cash Flow
The most prevalent question [...]

Succession Planning: An analytical review of when to add a partner/associate to your medical practice

As a practice management consultant I often receive phone calls asking the question “When is the best time to add an associate?”  While most individuals are looking for a specific answer, the reply is quite involved and requires a very serious review and analytical look at the situation of the practice, the market, and the [...]

Strategies for Associate Buy-In

Today, the majority of new practitioners are coming out of residency training with significant school related debt.  Because of this and a lack of knowledge about running a business, most want to join a practice as an associate with an option to buy-in.  Many agree this approach gives the associate and the owner the opportunity [...]

Preparing the Practice for Sale: Considerations and Expectations

Many doctors today are beginning to evaluate their careers and make decisions regarding retirement. To accomplish their goal the questions of how to transition out of practice becomes the focal point. In the following paragraphs we will highlight key consideration and expectations.
Considerations
1.  Do I have a plan for my life after I quit practicing podiatry?
All [...]

Navigating an Associate Buy-in: Expectations

In our previous article, we discussed the owner’s expectations in accomplishing a buy-in.  In this article we will discuss the associate’s expectations.
While buying-in to a practice is common, the road to the summit can be filled with potholes and detours.  Those potholes and detours often take the form of the practice blowing up, realigning services [...]

Forecasting Practice Results: A Tool for Planning

We are entering the last of 2007 and the early part of 2008.  Most practices are trying to decide the next step in their progression for growth and improved margins.  The following outline has been developed for the practice to use as a forecasting model.

1.  Are you planning on adding any new services [...]

Evaluating the Cost of Adding an Associate

A question of great importance in today’s market is how much will it cost to add an associate.  While many believe they know the real cost, your true cost can be found in your own records and practice information.  In this article we will discuss cost drivers and how the cost can be addressed.
We will [...]