Jeff Langmaid discusses why clinicians struggle to run practices: formal education skips business basics, practices become dependent on one person, and leaders must learn management and delegation. The solution is training staff to make decisions, sharing financial rewards, and building a team that exceeds expectations.
So when somebody goes about the beginning process of integrating a practice, what are some of those common challenges that you see?
Well, we're not really taught in school how to be a business person. I even had a business degree and I wasn't prepared to run a business. Although I did very well. It became a very personality driven business and I had to readjust my thinking to realize, one, I have to bring other people into the fold. Two, I have to provide them with the environment and the training to be able to think on their feet and to make decisions for the company. We need to be able to be willing to learn about business concepts and learn about management and about HR and about dealing with people, which is a sticky, hairy subject. Instead of shying away from that, there's an opportunity there. If you embrace it and you learn how to do it right and you inspire other people and they benefit from your growth as well. You can't just keep all the money yourself. You have to spread the wealth, which is what we try to do here. And when you do that, you get people that are willing to go so far above and beyond what you ever dreamed of. That's how you're going to grow.
