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CASE STUDY: PRACTICE INTERVENTION
Training And "Group Therapy"
Save An Ailing Partnership
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A practice specializing in pediatrics and adolescent medicine that had been thriving for over thirty years was approaching a midlife crisis, and for reasons unrecognized, revenue was on the decline. Although the principals included a group of board-certified pediatricians, most operations were being managed by the most senior, founding partner, who was then approaching retirement.
As the operational status quo becomes unsustainable,
morale bottoms out and tensions rise.
While things were still working, the senior partner had little incentive to delegate management duties, and his colleagues had little reason to question his habits. There was no attention paid to how business was generated or how money was being spent. So when fortunes declined and management functions began falling between the cracks, partners found themselves in the dark and an atmosphere of crisis took hold. Feelings of uncertainty among them edged toward anger and hostility.
VantagePoint coaches a critical self-evaluation...
On the brink of dysfunction, the practice invited VantagePoint to intervene. Following intensive on-site consultations, a succession plan was crafted to organize the transfer of responsibilities from the retiring partner to the others, and an agreement was reached establishing how those responsibilities would be divided. Leadership training empowered the partners to communicate effectively with one another and to "own" their new roles as administrators. Following a budget analysis, a tipping point arrived when VantagePoint was able to demonstrate how better control of expenses would directly benefit partners' individual incomes. Never again would they spend $14,000 advertising in the Yellow Pages!
...leading to new leadership and restored prosperity.
Motivated to take the reins of responsibility for their own practice for the first time, feelings of optimism have replaced those of uncertainty for the partners. The succession plan is working and revenue is back on the upswing. With further help from VantagePoint, a practice administrator has been hired to maintain best practices in the management of the business. With their house restored to good order, they are presently entertaining an offer of affiliation, negotiating from a position of strength.
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THE VANTAGEPOINT ADVANTAGE
When principals are in need of an organizational remedy, we are uniquely able to invest the time, personal attention and expertise needed to quickly put them back on a path
to success.
VantagePoint is a team of industry experts who are dedicated to improving the business of medicine. With vast experience in executive management, operations, finance, clinical services and compliance, we deliver unparalleled, measurable and quantifiable results for our clients.
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