Associateships

Business Life Cycle Management

Should You Consider Working for Someone Else? If you do not want to immediately (or ever) pursue ownership of a practice, but you want to provide healthcare services to patients who can benefit from your expertise, you may be considering or have already committed to an employment position, e.g., military, hospital, private practice associateship, etc. Or, you might decide to work for someone else as an independent contractor.

Should You Consider Hiring an Associate? If you are a practice owner who wants to add an associate doctor to your practice, whether that associate will be an employee or whether that associate may eventually be involved in a future option to buy the practice, you need to know when and how to approach an associateship option.

 

All your dreams can come true if you have the courage to pursue them!

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The following information is essential to understand

  • If you are planning on entering the military, whether you stay 2, 20, or 30 years, you will probably still decide to continue practicing in private or corporate practice after the military. It is very common to observe that when doctors leave the military, whether due to completion of their duty obligation or when they retire from active service, they choose to become an employee (i.e., an associate doctor) for a private practice owner or a larger healthcare conglomerate.
  • If you go to work for another owner as an associate doctor, you will need some level of business acumen. You should understand what is being expected of you and why; you need to understand contracts, and you need to understand business so that you can negotiate for what you are worth. Besides, you may start your own practice someday.
  • If you are going into a specialty (residency) program, you will, at some point, whether in two or three years, be going into private practice or going to work for someone else.
  • If you are going into a practice as an owner, or if you are already in practice as an owner, you MUST understand basic business principles to succeed. As your practice grows, you may want to hire more employees to help with the increased patient load – some of these employees might include associate doctors. You need to understand where they are coming from, and, more importantly you need to understand whether adding an associate doctor will be of value to you. After all, associate doctors can produce additional procedures that you cannot, either due to time, education or experience. Structured correctly, an associate can also be your first choice to purchase your practice when it comes time for you to transition out of ownership.
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Both prospective and existing associates and practice owners will find value in our services. Our offerings look at both sides of the equation, one from the owner’s perspective and one from the associate’s perspective. Hopefully, by combining both viewpoints and reasoning, these two parties will be able to negotiate and continue to practice so that both parties are happy with the relationship and can prosper going forward.

What to Consider as an Associate

  • What are the Pros and Cons of being an Associate?
  • Do you really want to work for someone else?
  • How long do you want to be an Associate?
  • Do you need business acumen as an Associate?
  • Have you decided on how to be compensated?
  • What are the options for compensation that an owner csn offer?
  • Employee Associate vs. Independent Contractor Associate?
  • Are you cut out to be an employee?
  • Are you willing to work according to the Owner’s schedule?
  • Are you willing to work with employees you did not hire?
  • Are you willing to accept any patients and procedures?
  • Are you willing to adjust to the Owner’s supply preferences?
  • Will you be able to meet your financial responsibilities?
  • Is there an option to buy in or own?
  • Are you able to understand and negotiate a Contract?
  • Do you have an Exit Strategy?
  • Compensation: Ownership vs. Associateship
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What to Consider as an Owner Considering an Associate

  • What are the pros and cons of owning your practice
  • Compensation: Ownership vs. Associateship
  • What are the typical different compensation methods?
  • When is the right time to hire an Associate?
  • How do you go about finding an Associate?
  • What are your minimum qualifications for an Associate?
  • How do you plan to compensate the Associate?
  • Employee Associate vs. Independent Contractor?
  • Are you mentally ready to have an Associate?
  • Will you be cutting back or adding days/hours?
  • Have you considered additional employees to support?
  • Are you willing to share patients and procedures?
  • Are you willing to order new equipment and supplies?
  • Will you be able to meet your financial responsibilities?
  • Is there an option to buy in or own?
  • Are you able to prepare and negotiate a Contract?
  • Do you have an Exit Strategy?
  • Are you willing to offer future ownership to the Associate?

Whether you are a doctor looking to be employed as an Associate or a Practice Owner considering bringing on an Associate, you might find this link about Associateship Agreements of interest:  Associate Agreements 

A dream written down with a date becomes a GOAL.
A goal broken down into steps becomes a PLAN.
A plan backed by ACTION makes your dreams come true!