Adding a partner to your physician-owned practice can have several benefits, including increased revenue, an expanded patient population and a new set of skills. However, a mismatched partnership can cause conflict and liability, according to a July 11 report from Medscape.
In order to have a partner addition go as smoothly as possible, there are several things to consider.
First, you have to understand how your day-to-day routine will change with another person. Understand how hours will be split, how decision-making will work, what percentage of the practice the new physician will own and if there is a minimum obligation to the practice.
Secondly, instead of directly adding a new partner, practices can offer new hires a path to partnership; however, it is a slow process. While everyone can set their own timeline, it takes an average of two to three years for a physician on the partner track to enter leadership. By taking a few years, physicians can evaluate potential partners based on performance and culture fit.
Third, a medical practice consultant can provide value when it comes to weighing the pros and cons of adding a new partner. A healthcare attorney can also help to build a sound contract and agreement for any new partner joining the practice.