For the senior doctor looking to add an associate or replace an associate, we have an associate package that will help convert your practice from a single doctor practice to a multiple doctor practice. If you are replacing an associate we will help analyze reasons for the associate’s departure, if necessary and help you structure a successful associateship. A successful associateship is the first step toward a delayed sale with a role reversal or to a buy in. The success of the associateship will determine the success of a future sale or a future buy in.
Our Associateship Package consists of 6 distinct phases designed to maximize your success in the process of adding an associate to your practice. We take you through an analysis of your practice, guide you in the interviewing and selection of the candidate. We will prepare an offer sheet outlining the complete compensation package you are able to provide and develop a timetable outlining dates for evaluation and assessment of the associateship. Working closely with the Veritas Law Group we will draft an Employment Agreement for the associate. The final phase is evaluation of the associate. We have created a series of evaluation forms, which provide the feedback necessary to assess your level of success.
Feasibility and Proforma – The success of an associateship starts with a thorough analysis of your practice. We examine your facility, your clinical and management systems and numerous metrics to determine the feasibility of adding an associate to your practice. We will examine your metrics and use our proprietary software to develop a Proforma. A Proforma is a projection based on historical data that allows us to project the cashflow and income stream of the practice for the future. Our analysis will help you decide whether an associateship is right for you.
Selection of the Candidate – We prepare you for the task of interviewing and selecting the “right” candidate for your practice. Whether you find your candidate or seek our assistance, the candidate must be the right fit for you and your practice. Our process is designed to help you identify your vision of the practice and to evaluate whether the candidate has values and skills consistent with that vision. Our expertise will help you develop the proper expectations for what lies ahead.
Preparation of an Offer Sheet – Using the information gathered in our feasibility study and Proforma, we will provide an Offer Sheet. This single page will outline all the relevant and negotiable issues associated with your Associateship. Included will be the term of the agreement, the method of compensation, the frequency of payment, fringe benefits, vacations, restrictive covenant, and potential for the associate to buy into the practice or to buy the practice outright. When the major points of the relationship are easily identified and negotiated early in the process, there is greater chance for success. The ultimate determination of success of the Associateship is whether the parties’ expectations have been met. Our approach is designed to help both parties develop reasonable expectations for the relationship.
Develop Your Timetable – Utilizing a timetable that is customized to your needs simplifies the process and helps develop expectations. We set up your timetable with three month intervals to evaluate the progress of the associate and to assess the production and collection data. Our timetable gives both the Senior Doctor and the Associate the ability to assess regularly whether the production goals set up in our feasibility study and Proforma are being met. Utilizing the timetable allows us to make adjustments and corrections to our expectations. The ultimate determination of success is whether the established expectations are being met.
Formal Agreements – At first glance the formal agreement seems like the most important piece of the puzzle. The reality is that the formal agreement is simply a reflection of the other 5 phases of the process. The formal agreement is the culmination of the work done in the other phases. Veritas Transition Group will provide an Associateship Agreement that reflects the needs of your practice and the formality of a legally binding contract.
Evaluation Process – Most associateships never evaluate the positives or the negatives of the working relationship. We set up a timetable and give you a set of evaluations which simplify the evaluation process and keep it moving in a positive direction. We encourage regular and positive interaction and feedback in the process which gives both parties the best opportunity meet the expectations we established at the beginning of the process.
We represent prospective associates in the analysis of associateship opportunities. Essentially, we take you through the same analysis that we have developed for a senior doctor looking to add an associate. We will exam the practice metrics, the compensation mechanism, and the contractual analysis of your employment agreement. Please contact us to evaluate your associateship opportunities.
Currently we are looking to fill multiple associateship positions in Southwest Michigan. These positions range from 1-2 days per week to full time. All are very competitive in regards to compensation plans. For more information contact us to see if you are the right fit.
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Contact Veritas Transition Group today for more information.