LGT's Profit Sense

Your wage structure can vary widely depending on whether your practice is new, with freshly hired staff, or is older, with staff that have been with the practice for many years. For instance, you may find your office in the awkward position of having a long-term medical receptionist who makes more money than newly hired registered nurses. These apparent inequities can create resentment among staff. Your practice can generally handle this, though, via a smart wage structure and policy.

Many opportunities may arise in a physician practice for providing ancillary services, depending on the nature of that practice as well as the physicians’ interests. A short list includes anesthesia, diagnostic testing, endoscopy, pain management and physical therapy. (For more examples, see “12 ancillary services to consider.”)

Is it time to bring on an associate or partner? There are many reasons you might consider it. For example, your practice might have become so busy that you have little time with your patients. Perhaps your practice volume has grown so much that you need help managing it, or maybe retirement is around the corner and you’re thinking about eventually selling.