BUSINESS

  BUSINESS STRATEGIES

TIME FOR AN ASSOCIATE?

THERE ARE SEVERAL ANSWERS FOR ONE OF THE MOST ASKED QUESTIONS

GARY GERBER, O.D.

Q: WHEN IS THE RIGHT TIME TO HIRE AN ASSOCIATE?

A: Is it time to call in the troops? Here are 10 signs it’s time to hire an associate:

1. Your practice is slow.

2. Your practice is busy.

3. You love practicing and jump out of bed every morning, excited to get to your office!

4. You’re burning out.

5. Your staff is on their game and loves coming to work.

6. Your staff is burning out.

7. You want to spend more time as the practice CEO.

8. You want to spend less time as the practice CEO.

9. You want to work more.

10. You want to work less.

Yes, I’m serious with this list.

A PERSONAL DECISION

The question is one of the most common questions the Power Practice fields. And like so many practice management questions, our answer is, “It depends!”

An argument can be made for any of the above reasons, even those in opposition to one another. The point: It’s a very personal decision that often relates more to practice philosophy, values and quality of personal life than to metrics.

Never hinge your answer on a formula related to practice gross. It’s often published (with no supporting data that I’ve found) that when a solo doctor reaches $800,000 in gross revenue, it’s time to hire an associate. That’s simply wrong. Let’s list why each sign makes sense.

MAKING SENSE

1. Practice is slow. Hire an associate who has a skill set you don’t have or don’t wish to develop, for example, specialty contact lenses.

2. Practice is busy. If it’s busy, there’s a reason it’s busy. Figure out what that is, and replicate it. Doing that will necessitate more help, i.e., an associate.

3. You love practicing. As above, figure out what you love, and see how you can do more of it. Odds are, you’ll need more help.

4. You’re burning out. Get some help, and take a step (or a few days per week) away from the practice to recharge your batteries.

5. Your staff is composed of rock stars. Hire an associate who has a new skill, and make him or her even better.

6. Your staff is burning out. Hire an associate to bring the practice fresh ideas and energy.

7. You want to focus on being the CEO. Hire someone else to see patients so you can be the CEO.

8. You want to spend less time as the CEO. Hire someone else to see patients and be the co-CEO (If you own your practice, giving up the CEO responsibility entirely is rarely a good idea — but you can certainly share the position.) Associates don’t have to be only O.D. associates — they can be O.D., co-CEO associates.

9. You want to work more. Open up another office, and hire an associate to work there or split the time in your current office.

10. You want to work less. Hire an associate and work less.

Ask yourself, regardless of how busy you are or aren’t, “might another doctor help with that challenge?” If you have no challenges in your practice, ask yourself, “might another doctor make my practice even better?” With the right doctor and the right plan to hire them, the answer is almost always “Yes!” OM

This question is based on reader responses to an Optometric Management online survey, which closed on Dec. 20.

DR. GERBER is the president of the Power Practice, a company specializing in making optometrists more profitable. Learn more at www.powerpractice.com, or call Dr. Gerber at (888) 356-4447.