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Building Practice Goodwill

Read Part 1 and Part 2 in this Goodwill Series.

In my previous two posts, I have discussed how goodwill is the driver of value in your practice and how goodwill is taxed at more advantageous rates than regular income. And if that isn’t enough, the byproducts of building superior goodwill in your practice benefit all – you attract and retain loyal patients and staff, which then builds personal and professional wealth and fulfillment for you. Given these truths, why wouldn’t you spend some time figuring out how to make this happen?

One recurring theme I hear in goal achievement is that you should commit your goals to writing and review them often. Many high performers review their goals every day to make sure that their activities line up with those goals. If you think about your daily routine, the activities that get scheduled get done, and those “to do’s” that don’t get scheduled often remain on the sidelines.

The first step is to develop a set of goals that you believe will help you achieve superior performance. These goals are completely up to you, but I would suggest a patient-centered focus. Second, build a written plan of activities that support these goals. Third, build a system of measurement so that you can effectively track your progress. And finally, create a system of accountability and reporting that includes not just your team, but also you.

Be sure to take aim at the biggest performance improvement items first. It will be far more impactful to your practice to create dramatic improvement in 2-3 key areas in your practice than to make incremental improvement in 10 different areas. You can change your goals and activities as you deem necessary – just be sure you are focused on what is most important.

In the next installment, I will provide you with a checklist of financial performance measures that will help you determine how you are managing your practice finances.