Stages of Forming a Group Practice
Just like any other project, a Group Practice also transits from Ideation to Execution. However, the maturity of the principles of a Group Practice and the success of a Group Practice depends on how the process of forming a Group Practice is undertaken by each of the Groups.
This is the first stage of forming a Group Practice. A person should list out the problems that they face in their solo practice and how they intend to eliminate them by forming a Group Practice. With this, the person should approach other like-minded people to form a Group Practice.
01. Ideation
02. Brainstorming
Once the ideation has happened in one person’s mind, that one person should meet complementing personalities and discuss the idea. Other who vibe with the idea can then enter the brainstorming sessions with each other to discuss the pain points that they intend to eliminate and the objectives that they want to achieve. A very important step here is to match the work ethic of the proposed members so that there is no surprise on that front going forward.
This is not a stage; nonetheless, this is the foundation on which everything will be built! When you discuss the existing practices of each member, please be open and transparent about it. Don’t fake numbers or facts, as that might lead to overestimating synergies and completely deviate the vision of the Group Practice from its ground reality and lead to ultimate failure.
03. Transparency
04. KYP
Once the ideation and brainstorming stages are complete, the next stage is to identify your own practice. It is essential for individuals to understand their own practice and how they fit into the Group Practice Models. More information about this can be found here. Also, our KYP tool assists you to obtain more information on your practice here.
One of the two secret ingredients of a successful Group Practice is the commonality of the vision of all its members. It is essential for all Group Practices to have a shared vision. With conflicting visions of how the Group Practice has to be taken forward, there is possible incumbent friction that may lead to the failure of the Group Practice. If not the failure, then conflicting ideologies or vision for the Group Practice shall stagnate it and not lead to the desired outcome that were originally planned for the Group.
05. Vision
06. Exit Terms
We have seen many Group Practices have things undecided at the beginning and plan to decide when the event comes. For example, exit of a member. At the time of joining a Group Practice, nobody discusses Exit as it is considered to be a negative thing at the time of joining hands; more like discussing divorce terms at the time of marriage. However, though a Group Practice is akin to marriage, it is less social and more professional. Hence, all the terms and questions need to be answered beforehand and should not be left lingering.
One other area where we have seen many Group Practices failing is in the pursuit of power. What members feel is a position of power, is actually a position of responsibility and liability. With that position comes some perks of recognition; however, largely, it is a position where responsibility for the growth of the Group Practice, the actions for navigating the Group Practice, etc. are required to be finalised and taken. Just like a car can have only one driver, and maybe a co-driver for route guidance, not both can have their feet on the accelerator pedal. Nor can one accelerate and the other apply brakes at the same time. Hence, there needs to be only one leader for the Group Practice and that needs to be accepted as such by all the members.
07. Leader
08. Other Terms
Referring patients inter se, leave policy, retirement perks, non-compete, non-solicitation, emergencies, outstation, etc. – all such nuances need to be finalised and agreed upon between the members. It is also necessary to understand that not all the things can happen in the manner that is desired by each of the members and as a part of any transaction, negotiating the terms would entail into winning some and losing some. The Group Members need to be considerate and look at the larger picture while finalising these terms.
Well, once all the steps are complete, the most essential step for a Group Practice is to document the above understanding in the terms of a formal document which needs to be executed by the Parties of the Group Practice. Without documenting the understanding of the Group Practice, it is highly risky for each of the members of the Group Practice to commit for the same. In everyone’s interest, the Group Practice Agreement needs to be documented and executed properly. At this stage, you need to consider the best interest of yourself; because as it goes in a Group Practice, the more protective mechanisms you build for yourself, the more you empower the other members of the Group Practice too, as the same provisions apply uniformly to all the members.
09. Documenting
What We Can Do for You!
Voila! You now have a Group Practice with you. However, this is only the beginning. The most essential step is to nurture the Group Practice after its formation. This requires a lot of combined effort from each of the participating members that allows the Group Practice to flourish and achieve the desired results that were planned when the ideation of the Group Practice happened. In this context, the members of the Group Practice have to tirelessly work to achieve the shared vision. In order to maintain harmony in the Group Practice, each member of the Group Practice needs to communicate with each other and work towards the achievement of the Group Practice’s objectives.
Well, we can run the entire process for you! We have deep experience in understanding the nuances of Group Practices, and you can implement the Group Practice by being sure that you have done all the basics right and sets you to do what matters the most for the Group Practice i.e., practice.