Setting up your practice for success means ensuring that your management and oversight are both set up correctly, as well as continually capable of tackling new and emerging business conditions.
When opening a new practice it is essential to have the right governance policies and procedures, contracts, and other documents filled out and agreed upon. These ensure that you are on the same page about how to run the business. It will ensure business continuity in the case of a special event such as if you or your partner dies, quits, or is fired. They will protect you if you end up going to court in the future.
Example governance documents include: Deferred Compensation Agreements (if your partner retires or dies, and vesting), Shareholders Agreements (the controlling document of your corporation, such as when it will dissolve, shares, board, type of votes and decisions, compensation, and arbitration), Employment Agreements (how you get paid, vacations,how to be terminated), and Operating Agreements.
Example Policy and procedure documents include patient access timelines, patient data management and clinical data, referral tracking, performance tracking and QI, and continuity of care.
If you do not have policies and procedures in place or up to date, you may need to create them to improve the efficiency of your organization, get accredited or licensed, and to ensure consistent procedures are followed throughout your organization.