Here’s How to Decide.
Running a practice comes with its rewards, but also its fair share of challenges—especially when it comes to deciding if it’s time to bring another professional on board. Hiring an associate can alleviate workload, improve patient care, and even help grow your practice. But is it the right move for you? Let’s walk through some key considerations to help you decide.
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Is Your Schedule Overflowing?
One of the most obvious signs it might be time to hire an associate is if you’re struggling to keep up with patient demand. Are you booking appointments weeks or even months out? Do you find yourself working longer hours just to fit everyone in? While having a full schedule is a good problem to have, it can lead to burnout, lower quality of care, and unhappy patients. If you’re starting to feel stretched thin, an associate could help you maintain a manageable workload while still providing top-tier care.
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Are You Turning Away Patients?
If you find that you’re turning patients away because you simply don’t have the capacity, it might be time to consider adding to your team. Turning patients away not only impacts your bottom line but can also harm your reputation. In the age of online reviews, patients who feel neglected could vent their frustrations, potentially steering new clients away. Hiring an associate can help you expand your availability and avoid those negative experiences.
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Do You Want to Grow Your Practice?
An associate can help grow your practice in several ways. With an extra set of hands, you can take on more patients, expand your services, or even explore new specialties. Hiring someone who brings a unique skill set or area of expertise could differentiate your practice from others in the community. Plus, with an associate handling some of the day-to-day work, you can focus on strategic growth initiatives like marketing, networking, or pursuing continuing education.
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Can You Afford It?
Before making any hiring decision, it’s crucial to run the numbers. Hiring an associate comes with costs—salary, benefits, insurance, additional staff and more. You’ll need to weigh these expenses against the additional revenue an associate might bring in. Take a close look at your finances and consider speaking with a financial advisor or a management consultant (like AMI) who specializes in healthcare practices. It’s important to be realistic and ensure that the decision will benefit both you and the associate in the long run.
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Do You Have the Right Space?
If your practice is bursting at the seams, you might need to assess whether your current space can accommodate another professional. Will you need to rearrange your existing layout, purchase new equipment, or even expand to a larger facility? Ensuring that you have the space for another provider and additional staff is essential for creating a welcoming and productive environment for both your patients and your new team member.
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Are You Ready to Share Control?
For many practice owners, the idea of handing over patient care to someone else can be daunting. You’ve worked hard to build your reputation, and bringing in an associate means you’ll need to trust someone to uphold your standards. If you’re someone who finds it difficult to delegate or share control, this is something to seriously consider. On the flip side, having an associate can also provide you with more work-life balance and peace of mind, knowing that your patients are being well cared for even when you’re not around.
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Additional Marketing Requirements
Adding an associate, who will want to be fully booked so as to pay their student loans and living requirements, will probably mean stepping up the marketing strategically. You will probably not want to give up seeing patients enough to fill up the associate as that will cut your own income by 40-50%. Therefore, marketing is an important factor in the decision.
In Conclusion
Hiring an associate is a big decision, but it can be one that takes your healthcare practice to the next level. By evaluating your workload, financial health, and personal readiness to share responsibilities, you can make an informed choice that benefits both your practice and your patients. If you find that the scales are tipping in favor of bringing someone on board, it might be time to start the search for the perfect addition to your team.
