Physician partnerships are often a great idea providing you give thought to how you will structure one and why you wish to create a partnership. Sometimes physician partnerships are not so successful—so it is crucial to choose your partner well. This partner will be somebody who you are going to spend a lot of time with and who, like your spouse and your family, will probably see all sides of you. This person is going to get into your head and there will be arguments and misunderstandings.
While some great practices have been built by partnerships, others have been eroded by them. Although your practice may be doing fine now, there may come a point when bringing in a partner could make sense, particularly if he or she has skills and experience that complement yours, and can assist with achieving the growth and health of your practice. If you are a solo practice, perhaps you know the feeling of being a bit stuck creatively or having way too much on your plate. If that’s the case, you may want to consider enlisting a partner, someone who can share your ambitions and help you reach your full potential. Sure, it can be a vulnerable experience to invite someone into what you are doing, but it can also be totally worth it.
The Power in Partnerships
Here are 7 reasons for creating a partnership:
1. Your partner has strengths that you lack, and vice versa.
Great partners band together to compensate for each other’s weaknesses, so that individually they can focus on using their strengths. Not only are you able to accomplish more, but tasks are done more efficiently because people have different skills and areas of expertise.
2. Partnerships promote greater creativity and can spur innovation.
It is hard to brainstorm alone. Most people’s creative juices flow more freely if they can bounce ideas off others. Things get interesting when you have partners who bring their own ideas and perspectives to the party—that is often when the biggest leaps of innovation occur. A physician partner means more ideas coming from a different background.
3. A partner’s perspective can help you break free of old habits.
Sometimes it takes another physician’s perspective to shake a successful practice out of complacency and see an old practice in a new way. A physician partner can help narrow down the list by offering perspectives and opinions that you may not have been able to think of. This is a good thing and can save you time and money later on.
4. Partners can help you take greater risks.
A good partner can challenge you to take risks that will help your practice grow. Partners also can encourage each other to be more daring simply because each partner figures the other will be there to pick up the pieces if the risk does not pan out. Great partners help you attempt big things and pull you out when things go wrong.
5. Partners can serve as a restraint in keeping you from risking too much.
A good partner will tell you when an idea is misguided and keep you from taking on too much risk. When it comes to developing a business, it can be difficult to assess which ideas are winners and which are dead ends. If you have selected a good partner, then chances are they will be honest with you.
6. Working together for a common goal is a lot more fun than working alone.
The business side of practicing medicine is a lot more fun when you can share it with another person. There is something exciting and exhilarating in facing challenges together, and if you are blessed with a partner with a sense of humor that meshes with yours, work becomes like play.
7. Try playing good cop/bad cop when it is just you.
Managing employees and a practice is exhausting. On the days when you just need a break, your partner is there to take up the slack. A physician partner provides motivation and support. Not only can you ask each other questions and bounce ideas, but you can encourage one another and pick each other up in difficult times. Also, by having a partner, you will most likely work harder because there is pressure to perform and to not let the other person down.
Even if you are re not looking for leverage now, think about what a physician partner might do for you. Rugged individualism has its limits. Just be sure to enter into any partnership with care and caution, doing your research and knowing the full picture of what you are entering into. Otherwise, you may regret your decision down the line.
Mr Hernandez is the chief executive officer and founder of ABISA, LLC, a consultancy specializing in solo and small group practice management (www.abisallc.com). He is a speaker, trainer, and author with more than 20 years of leadership and operations experience.
Physician partnerships are often a great idea providing you give thought to how you will structure one and why you wish to create a partnership. Sometimes physician partnerships are not so successful—so it is crucial to choose your partner well. This partner will be somebody who you are going to spend a lot of time with and who, like your spouse and your family, will probably see all sides of you. This person is going to get into your head and there will be arguments and misunderstandings.
While some great practices have been built by partnerships, others have been eroded by them. Although your practice may be doing fine now, there may come a point when bringing in a partner could make sense, particularly if he or she has skills and experience that complement yours, and can assist with achieving the growth and health of your practice. If you are a solo practice, perhaps you know the feeling of being a bit stuck creatively or having way too much on your plate. If that’s the case, you may want to consider enlisting a partner, someone who can share your ambitions and help you reach your full potential. Sure, it can be a vulnerable experience to invite someone into what you are doing, but it can also be totally worth it.
The Power in Partnerships
Here are 7 reasons for creating a partnership:
1. Your partner has strengths that you lack, and vice versa.
Great partners band together to compensate for each other’s weaknesses, so that individually they can focus on using their strengths. Not only are you able to accomplish more, but tasks are done more efficiently because people have different skills and areas of expertise.
2. Partnerships promote greater creativity and can spur innovation.
It is hard to brainstorm alone. Most people’s creative juices flow more freely if they can bounce ideas off others. Things get interesting when you have partners who bring their own ideas and perspectives to the party—that is often when the biggest leaps of innovation occur. A physician partner means more ideas coming from a different background.
3. A partner’s perspective can help you break free of old habits.
Sometimes it takes another physician’s perspective to shake a successful practice out of complacency and see an old practice in a new way. A physician partner can help narrow down the list by offering perspectives and opinions that you may not have been able to think of. This is a good thing and can save you time and money later on.
4. Partners can help you take greater risks.
A good partner can challenge you to take risks that will help your practice grow. Partners also can encourage each other to be more daring simply because each partner figures the other will be there to pick up the pieces if the risk does not pan out. Great partners help you attempt big things and pull you out when things go wrong.
5. Partners can serve as a restraint in keeping you from risking too much.
A good partner will tell you when an idea is misguided and keep you from taking on too much risk. When it comes to developing a business, it can be difficult to assess which ideas are winners and which are dead ends. If you have selected a good partner, then chances are they will be honest with you.
6. Working together for a common goal is a lot more fun than working alone.
The business side of practicing medicine is a lot more fun when you can share it with another person. There is something exciting and exhilarating in facing challenges together, and if you are blessed with a partner with a sense of humor that meshes with yours, work becomes like play.
7. Try playing good cop/bad cop when it is just you.
Managing employees and a practice is exhausting. On the days when you just need a break, your partner is there to take up the slack. A physician partner provides motivation and support. Not only can you ask each other questions and bounce ideas, but you can encourage one another and pick each other up in difficult times. Also, by having a partner, you will most likely work harder because there is pressure to perform and to not let the other person down.
Even if you are re not looking for leverage now, think about what a physician partner might do for you. Rugged individualism has its limits. Just be sure to enter into any partnership with care and caution, doing your research and knowing the full picture of what you are entering into. Otherwise, you may regret your decision down the line.
Mr Hernandez is the chief executive officer and founder of ABISA, LLC, a consultancy specializing in solo and small group practice management (www.abisallc.com). He is a speaker, trainer, and author with more than 20 years of leadership and operations experience.
Physician partnerships are often a great idea providing you give thought to how you will structure one and why you wish to create a partnership. Sometimes physician partnerships are not so successful—so it is crucial to choose your partner well. This partner will be somebody who you are going to spend a lot of time with and who, like your spouse and your family, will probably see all sides of you. This person is going to get into your head and there will be arguments and misunderstandings.
While some great practices have been built by partnerships, others have been eroded by them. Although your practice may be doing fine now, there may come a point when bringing in a partner could make sense, particularly if he or she has skills and experience that complement yours, and can assist with achieving the growth and health of your practice. If you are a solo practice, perhaps you know the feeling of being a bit stuck creatively or having way too much on your plate. If that’s the case, you may want to consider enlisting a partner, someone who can share your ambitions and help you reach your full potential. Sure, it can be a vulnerable experience to invite someone into what you are doing, but it can also be totally worth it.
The Power in Partnerships
Here are 7 reasons for creating a partnership:
1. Your partner has strengths that you lack, and vice versa.
Great partners band together to compensate for each other’s weaknesses, so that individually they can focus on using their strengths. Not only are you able to accomplish more, but tasks are done more efficiently because people have different skills and areas of expertise.
2. Partnerships promote greater creativity and can spur innovation.
It is hard to brainstorm alone. Most people’s creative juices flow more freely if they can bounce ideas off others. Things get interesting when you have partners who bring their own ideas and perspectives to the party—that is often when the biggest leaps of innovation occur. A physician partner means more ideas coming from a different background.
3. A partner’s perspective can help you break free of old habits.
Sometimes it takes another physician’s perspective to shake a successful practice out of complacency and see an old practice in a new way. A physician partner can help narrow down the list by offering perspectives and opinions that you may not have been able to think of. This is a good thing and can save you time and money later on.
4. Partners can help you take greater risks.
A good partner can challenge you to take risks that will help your practice grow. Partners also can encourage each other to be more daring simply because each partner figures the other will be there to pick up the pieces if the risk does not pan out. Great partners help you attempt big things and pull you out when things go wrong.
5. Partners can serve as a restraint in keeping you from risking too much.
A good partner will tell you when an idea is misguided and keep you from taking on too much risk. When it comes to developing a business, it can be difficult to assess which ideas are winners and which are dead ends. If you have selected a good partner, then chances are they will be honest with you.
6. Working together for a common goal is a lot more fun than working alone.
The business side of practicing medicine is a lot more fun when you can share it with another person. There is something exciting and exhilarating in facing challenges together, and if you are blessed with a partner with a sense of humor that meshes with yours, work becomes like play.
7. Try playing good cop/bad cop when it is just you.
Managing employees and a practice is exhausting. On the days when you just need a break, your partner is there to take up the slack. A physician partner provides motivation and support. Not only can you ask each other questions and bounce ideas, but you can encourage one another and pick each other up in difficult times. Also, by having a partner, you will most likely work harder because there is pressure to perform and to not let the other person down.
Even if you are re not looking for leverage now, think about what a physician partner might do for you. Rugged individualism has its limits. Just be sure to enter into any partnership with care and caution, doing your research and knowing the full picture of what you are entering into. Otherwise, you may regret your decision down the line.
Mr Hernandez is the chief executive officer and founder of ABISA, LLC, a consultancy specializing in solo and small group practice management (www.abisallc.com). He is a speaker, trainer, and author with more than 20 years of leadership and operations experience.
