Secret Sauce for a Successful Group Practice
After years of involvement with various Group Practices, the following two are the must-haves for any Group Practice to be successful. Essentially, all boils down to these two items:
Shared Vision
One Leader
The above two things are the true “Secret Sauce” for a successful Group Practice. Obviously, the shared vision has to be Big and that one leader has to be an Able one. These are not the only two things; however, most of the other things: honesty, fairness, integrity, hard-work, skills, quality of services, etc. are most commonly found in all the Group Practices. However, the above are the key differentiating and necessary factors for a successful Group Practice, and hence, we call it the “Secret Sauce”.
We shall discuss a case study to discuss these two aspects in the context of a Group Practice.
CASESTUDY
The Tale of Five Doctors
Conflicting visions between key members transformed a thriving medical setup into a battleground for dominance, ultimately resulting in its downfall.
Five Doctors, all surgeons of the same specialty joined hands and formed a Group Practice. The collective idea at the beginning was to establish a setup with a respectable number of beds that would mature the setup beyond a nursing home and establish high-quality standards with an intensive care setup so that patients could be treated well. Also, the idea was to establish a good quality Operation Theatre setup so that the surgeries could be performed well for better results for the patients.
The Group Practice was extremely successful and soon, the Group Practice was sitting on large volumes of profits and had a significant amount of surplus, which needed to be deployed to fuel the next phase of growth of the Group Practice.
- Doctor A proposed that as the Group Practice was set up with the intention of having one combined centre where all the members could practice together, he proposed to further invest the surplus generated in improving the already good existing centre into a Centre of Excellence and proposed to invest into a robotic surgery equipment.
- Doctor B deliberated on the manner and explained that commercially it was not viable to invest in robotic surgery equipment as:
Doctor A could not agree with Doctor B. Both started to lobby their interests among the members and started forming sub-groups within the Group Practice. Essentially, what was a flourishing Group Practice now turned into a political scenario with two persons wanting to claim the leadership position and steer the direction of the Group Practice.
The clash became so severe that it was nearly impossible for Doctor A and Doctor B to look eye-into-eye, but none of them would exit the Group Practice (owing to ego issues as to who is the last one standing in the Group). None of the two were ready to compromise and ultimately, all energy got converted into a battle of supremacy rather than an effort to serve the patients better.
Soon, all the success of the Group Practice vanished, and the Group Practice started turning into losses. Lastly, the Group Practice failed, and the Members lost not only the money but also the respect of fellow professionals as they could not hold on to the success they had and it was held to be a ‘fluke’.
Lesson Learnt from CaseStudy
The lesson to learn from this simplified version of a real-life story is that after years of our experience, we have seen Group Practices fail on this account. Hence, our conclusion of the secret sauce are “Shared Vision” & “One Leader”
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”.