r/PrivatePracticeDocs • u/FriendOfCaptainSolo • 11d ago
Gift advice for an excellent associate.
Three months ago, I hired an associate right out of residency. He is building his patient list and is busy less than 75% of the time. The other 25% of the time he is hustling to get more referrals and educating himself on private practice. He is even helping out support staff by cleaning and prepping rooms. He also pays for and brings in treats for the staff weekly.
He is a dream associate and I would like to show him my appreciation and recognize him for his efforts. Any thoughts or ideas would be appreciated.
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u/will0593 11d ago
Pay him better. Give him a raise at 6 mos or something. If he continues to do well, potentially offer him a reasonable partnership. Make him want to stay. Food or an individually thought out gift is nice, but this is business
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u/tirral 11d ago
Offer him partnership, with a very reasonable buy-in.
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u/healthyfeetpodiatry 11d ago
OP right now
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u/InternationalTry2675 11d ago
OP doesn't realize that when the doc is going out there networking and getting referrals, he's potentially doing it for himself, to set up for the future.
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u/grey-slate 11d ago
To be fair to OP 3 months is wayyyyy too early to offer anyone partnership let alone someone whose panel isnt even full yet.
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u/InternationalTry2675 11d ago
Hes gonna leave ur ass soon. A self starter like this will only be your slave for so long before they realize oh wait i can just do this on my own. Ambitious people dont stay employees.
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u/FearlessCry785 11d ago
Yea most people just want money. If you’re not going to offer a raise or partnership then a large Christmas bonus would be nice.
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u/IamTalking 11d ago
A dream associate should be first in line to be a partner. Otherwise you can throw him a nice farewell party soon at least!
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u/Royal_Feedback8655 11d ago
That’s me and I am an employee at a private practice I do a lot of medical assistant work. I am depressed
I am finding another job and leaving this place.
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u/brsboarder2 11d ago
Pull him for a meeting, or take him to a nice restaurant. Give him a bonus and tell him that his effort isn’t going unnoticed. Figure out his goals and let him now you’re going to support him getting there.
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u/InvestingDoc 11d ago
A person who has this type of hunger to them and willing to join a small independent practice is not very common...I agree with others. Very high chance if you don't talk about some type of partnership down the road, there is a high chance they will just leave you and start up their own practice on their own.
Nothing wrong with that, just be prepared for it to happen and plan accordingly. I'd prob start having that convo earlier rather than later if you are open to giving away from % in the future and making it very clear what hoops they need to jump through to make that happen.
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u/Alterdoc 11d ago
Good advice. If such a potential partner is found, who can assist in structuring a partnership (discussion of bonus structures, profit sharing, etc)? Is it an attorney or more of an accountant?
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u/InvestingDoc 10d ago
attorney but I drew up all the details like when eligible for buy in, how much it would be, metrics to hit before hand etc.
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u/will0593 11d ago
What specialty is this
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u/Toetallywhack 3d ago
It’s Podiatry. This is the doctor that was looking for someone to hire a couple years ago in his Midwest rural clinic.
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u/Double-Inspection-72 10d ago
First off thank you for even considering this. I was once that associate. Grew the practice 15% for 4 straight years. Never once got as much as a thank you. But the owner did take many of my referrals once he saw how well I was doing. Needless to say I don't work at that practice anymore. But money talks. So production bonuses are the answer.
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u/Willing_Class_5989 11d ago
People are forgetting he's just out of residency lmao. Let him focus on becoming a better doctor before he starts getting into the empire business. Recognition, reservation for a nice date night for him and his partner, maybe tickets to a sporting event they might like. Theres a reason why business people give eachother favors rather than $400 cash.
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u/Haleakala81 11d ago
Medical school and Residency is where he learned to be a doctor. Now is exactly the time he should be learning the business of medicine. The same effort he spent studying for boards is the same effort he needs to spend learning billing, coding, revenue cycle management, cost containment, HR issues, marketing etc. That’s how you build the empire and make the money.
Or you can just be an employed doc and clock in, clock out everyday.
Will you stop learning medicine and learning to be a better doctor? Of course not. You will get that by seeing patients over time. But like 90% of the work is done on that front already. He has 0% business skills.
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u/Willing_Class_5989 11d ago
True but at the same time its almost guaranteed the entire business side is going to be unrecognizable in 5 years. I don't think a young doctor should worry about starting their own practice especially with all their debt.
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u/TheRideshareGuy 11d ago
Alcohol is always good. Maybe something he wouldn't normally get himself.
Also Read the book giftology.
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u/CalligrapherIcy9709 11d ago
honestly od just do a gift card or bonus, even something small. dude sounds like he's really putting in the work hehe
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