Building a Successful Practice Through Efficient Hiring

To build the most productive and profitable practice, having stable staff that work together to accomplish the mission of the practice is vital. Knowing how and who to hire is a key skill. Losing employees who may have seemed appropriate for your team, yet were not actually a good fit, is an enormous hidden expense in a practice.

In fact, based on the typical costs of finding, interviewing, testing, training and getting a new employee fully functioning on the job, turnover costs can equal six to nine months of the salary of the position. If a position pays $3000 per month, your costs could be $18,000 to $27,000 every time the position turns over. Therefore, it’s vital to know how to screen applicants properly in order to hire the best possible individuals for your practice and avoid the stress and high cost of frequent turnover.

Checking References

Checking the references that a job applicant provides is an important but often neglected step in the hiring process. The quality of staff can make or break a practice, so investigate carefully and hire only those whose background indicates that they will be good employees.

Checking references is not always an easy process. Many employers have become reluctant to voice opinions about a past employee to protect themselves from legal or privacy issues. However, you should still do reference checks on any candidate that you consider hiring, to gather any data you can get.

It’s best to check references prior to a one-on-one interview with the applicant since you might uncover information that will eliminate that candidate and save you interview time. If that’s not possible, check references after the interview but before hiring.

Here are some questions you might ask references:

  • How long was _______ employed by you or your company?
  • Can you tell me his/her ending wage?
  • Why is he/she no longer employed there?
  • Was he/she a loyal employee?
  • Was he/she dependable?
  • Do you feel he/she is honest?
  • Would you rehire this person?

Again, a past employer may not be willing to answer some of these questions. The key question is the last one, “Would you rehire this person?” This question is important to ask if the reference person is very guarded or hesitant in giving answers.

Keep in mind that checking references is just one of several vital steps in the hiring process.

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5 Mistakes Doctors Make When Borrowing Money

5 Mistakes Doctors Make When Borrowing Money

Whether you’re new to the world of a private practice or you’ve been doing it for years, there are still a number of important things that you need to keep in mind with regards to borrowing money. By understanding more about the five common mistakes that doctors make when borrowing money, you’ll put yourself in a better position to avoid them in the future.

A Failure to Plan Ahead
The number one mistake that doctors make when it comes to medical financing solutions is a failure to plan. You don’t just need to know how you’re going to spend that money – you also need to understand how you’re going to pay it back and, most importantly, for how long. Are you shopping for medical/dental equipment to expand the functionality of your practice? The new income you’ll generate will help you pay the loan back quicker than if, say, you were just hiring new employees. Plan ahead to avoid falling behind later on.

A Failure to Shop for the Best Terms
When you apply for a car loan, your dealer will run your application through a few different financing services to help try to find you the best loan. Why would you then not take the same precautions with something as important as your medical practice? For the best results, always apply with a variety of medical practice financing services, and compare and contrast what they offer to help end up in the best situation.

Function-Specific Loans
Whenever possible, always try to use a provider like MedTrust Capital that will adjust the terms and conditions on small business loans depending on exactly how you plan on using the money. MedTrust Capital has commercial real estate loans designed for doctors, for example, that are set up in a much different way from other types of small business loans – even if you’re borrowing the exact same amount of money.

Term Life
Another big mistake that doctors make when borrowing money is assuming that they don’t have to pay attention to the term rate. If you’re taking on a small business loan to help get you through a slow period, a shorter term is obviously something you can work with. If you’re purchasing a commercial building to expand your practice, a 15-year loan isn’t going to cut it. Look for a 25 to 30-year loan in that situation for the absolute best results.

Financing Too Little
Finally, another mistake that doctors make when borrowing money involves overlooking one of the biggest gifts they have: 100% financing. Just because you have the cash on hand to only take out 50% of the money that you need doesn’t mean that you should. Remember that patients can switch practices all the time, and some periods will be better than others. If 100% financing is available at terms that are favorable to your practice, it would be a mistake not to take it.

As a service for Practice Solution readers, you can schedule a free consultation at 1-800-941-1023 to discuss your specific situation and needs. If you know what time you would like to speak, you can schedule a phone consultation below, or you can submit the form to the right, and we will contact you to set up a time that works best for you. One of our experienced staff will be happy to spend time with you, whether you utilize our services or not.


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