This article appeared in the Doctor Q magazine in summer 2017. A timely reminder for all practices owners on the importance of risk management measures, particularly as they grow and start to hand over key business functions to staff.
Many large multi-doctor medical practices start out life as small solo-doctor practices with perhaps a receptionist and nurse. The doctor-owner is able to control many of the elements of the practice and often directly oversees most, if not all, of the ‘goings-on’ in the practice.
As the practice quickly grows, the same level of oversight is simply not possible. As a result, the doctor delegates control to staff, becomes increasingly busy with patients and as the saying goes – spends time in the business, rather than on the business.
This creates numerous risks and without the right risk management strategies and insurances, leaves the practice exposed.
Download the full article here Dr Q Summer 2017 – Managing the risks of growth