4 Common Misconceptions about Growing Your Medical Practice

PRemployer on February 22, 2023

Growing your medical practice is challenging, and it's natural to want to ask others for advice. However, when taking any business advice, it's crucial to watch out for any misconceptions others may have about growing your practice.

Everyone's experience will be different, so even people who have built their own businesses may not have entirely applicable advice to your scenario. While it's likely that nobody will outright lie to you, be careful to ensure you follow accurate advice, even if it is a common belief.  

Here are some common misconceptions to watch out for when growing your medical practice. 

Common Misconceptions about Medical Practice Growth 

Misconception 1: You Can Do Everything on Your Own 

One of the keys to growing your medical practice is hiring, training, and supporting your staff. However, this takes up hours' worth of time and a large amount of mental energy. The staff themselves require management, and it comes with the related accounting, timekeeping, and scheduling needs. 

It’s simply too much to handle yourself. You'll quickly find you don't have enough time or mental energy to devote to the rest of your practice, which can cause your growth to lag. Poor performance can make patients unenthused about your practice, slowing or even halting your progress. 

Being able to do everything yourself would be nice, but it isn’t realistic. Growth relies on building a strong team you can rely on and partnering with experts for guidance. Knowing who you can trust to run and manage new locations lets you rest assured your practice is in good hands.  

You can also outsource necessary but mundane tasks to a PEO, who can free up more time by handling payroll and benefits administration. They also can act as counselors, offering guidance based on their expertise to help grow your business. 

Misconception 2: Office Culture Isn't Important During Expansion  

A winning culture where employees feel supported is essential when expanding your medical practice. It’s crucial to support employees, especially early on, so that they learn the necessities of your practice and will want to stay there. Turnover is particularly harmful because it diverts your attention from growing your practice to hiring new employees.  

Establishing a quality culture starts with leadership. It’s crucial to be clearly communicative with your employees to offset any uncertainty or misgivings. It’s also important to show your appreciation and offer quality and regular feedback for your staff’s hard work. Creating a culture where your staff feels supported and willing to ask questions lets them work better together, forming a cohesive team. 

What better time to build a quality culture than while growing your practice? Establishing your values and culture goals early helps you intertwine them in your growth process, making them part of your practice’s foundation. 

Misconception 3: Don't Let Employees Go While Growing Your Practice  

The truth is that poorly-performing employees and those with bad attitudes should be dropped quickly. You should then replace them with new employees who have been meticulously vetted for competence and how well they fit with into a culture emphasizing success and teamwork. 

Be careful when letting people go that you follow the proper procedures and regulations. The last thing you want while expanding is any fines, penalties, or lawsuits diverting your attention and funds from your practice. 

Misconception 4: You Shouldn't Worry about Benefits Packages 

Benefits packages are one of the best ways to show support for your staff because it supports their and their family’s well-being. Whether or not an employee has sufficient coverage for their spouse and children makes a huge difference on how they look at their job and how willing they are to stay.  

Though benefits are important to staff, they’re also challenging and expensive to implement when your business is new and growing. Benefits administration takes time and focus, and a significant proportion of the cost falls on the employer. 

You can reduce these costs and provide excellent benefits through a PEO. In addition to handling tasks like payroll, they can also offer quality packages with reduced prices because they can achieve economies of scale by grouping multiple organizations under them as a provider.  

Grow Your Medical Practice with Ease 

Growing your medical practice is very exciting and a bit nerve-wracking. Jumping into this new territory comes with a new set of challenges and possibilities. 

Having support and guidance is incredibly beneficial for those growing and expanding their practices since it helps circumvent the necessity of learning by trial and error.  

One of the ways to make the transition easier is to outsource your human resources duties to a medical industry PEO. They can provide the help you need to run your business with confidence and keep funds aimed toward growing your company.  

With this help, you'll be able to properly focus on all of the other aspects of growing your medical practice, from how to set up your new building to keeping all of your patients happy and as healthy as possible.

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