FABI Nugget – Million Dollar Associates

For those of you out there looking to grow or scale your podiatry practice, hiring an associate can be one of the most rewarding endeavors you ever do both personally and professionally.  There is no greater gift to our profession than providing opportunities for other podiatrists to prosper.  But not all associates are created equal – some will lose you money and others will be wildly successful.  If you’re in the market for one of the million dollar associates, then you must master the following 6 M’s.

Mindset: A positive and growth-oriented mindset can impact patient care, teamwork, professional development, adaptability, and resilience. Do you have such a mindset? If not, you’ll need a mindshift before hiring an associate. When interviewing candidates, it’s important to ask questions that can help you assess their mindset and determine if they are a good fit for your medical practice.

Motivation: A highly motivated physician is more likely to be engaged, committed, and productive, which can have a positive impact on patient care and practice performance. Understanding your motivation for hiring (to grow/expand, to exit, to reduce overhead, to add a new skill set) and their motivation for accepting the position (location, opportunity, monetary needs) is mandatory.

Mentoring: This could be the most monumental of the M’s as in my opinion it’s the most meaningful thing we can do to advance our profession and our own personal value. It can help them to develop their skills, achieve their professional goals, increase their job satisfaction, improve patient care, and contribute to the long-term success of the practice. When mentoring an associate physician, it’s important to provide regular feedback, guidance, and support, and to create a positive and supportive learning environment.

Marketing: Effective marketing is a must to attract new patients, improve patient retention, build the brand, and increase the visibility and reputation of the practice. Please don’t rely on the associate to market themselves. Have a marketing plan in place. When marketing an associate physician, it’s important to highlight their unique qualities and strengths, communicate the value of their expertise, showcase their personality (assuming they have a good one), and create a cohesive and consistent brand message.

Modalities: Offering different modalities for your associate to master increases treatment options, improves patient outcomes, generates revenue, and supports professional development, thereby allowing the practice to provide high-quality care and meet the diverse needs of patients.

Metrics: Tracking metrics is essential for monitoring the performance and contribution of an associate physician to the practice. By using metrics to measure and manage performance, assure quality, allocate resources, set goals, and benchmark performance, the practice can ensure that the associate physician is delivering high-quality care, meeting the expectations and standards of the practice, and contributing to the success of the business as a whole.

Now before you run out to find your new associate money machine, be sure you’ve got an open mindset, the right motivations, and a willingness to mentor. Have your marketing on point, multiple modalities available to maximize opportunities and an understanding of measurable metrics you’ll need to maintain.

FABI is here to help you manage through the minefield of associate mediocrity to avoid the many mistakes that manifest from poor hiring practices.  

Wishing you massive success,

Matthew C. Dairman, DPM MS FACFAS

FABI Partner