Orthotown December 2020 - 38

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The area of human capital goes way beyond the
typical HR functions of recruiting, hiring/fi ring
and compensation. It covers every aspect that makes
your entire team-you included!-the most valuable
asset of your business and the most defi ning factor in
whether your practice thrives and grows. Things like
accountability, engagement, training and development,
culture and incentives. Efficient operational systems
and processes also fall here because they depend
upon your people to execute them effectively and
consistently.
The investments you make in human capital each
year provide outstanding ROI that is virtually immediate.
In addition, the return you get on the investments you
make in the other four areas depend largely upon the
caliber of your human capital to achieve desired results.
Whether you want to grow your practice for yourself
or position it for a lucrative sale, these are examples of
essential human capital strategies:
* Hire great people and eliminate those who are
holding back the team and the practice from
being as high-performing as they could and
should be.
* Invest in team training so you and your people
know what an excellent patient experience looks
and feels like and how to deliver it. This includes
a potential new patient's all-important first
interaction over the phone.
* Create a patient-centric culture of appreciation
and recognition based on a compelling vision
for the practice, core values, results focus and
generosity in the community.

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Model desired behaviors; lead, motivate and
mentor your team to keep patients top of mind.
* Invest in leadership team development so you
have people equipped to oversee daily practice
functions, freeing you up for your overall
leadership role, and long-term business planning.
Don't kid yourself: If your human capital is not
what it should be, prospective buyers will be able to
tell. Even if they never meet the team, the evidence will
be everywhere. Knowing how important all the people
aspects are, a savvy buyer may walk away altogether,
knowing how many other aspects of the practice have
been adversely affected. Or they will reduce their offer
considerably, knowing how much attention, energy and
investment will be required to fi x what you allowed to
go wrong over the years. They will see and feel:
* Disorganization and inefficiency of office
processes; lack of teamwork.
* Non-engagement of team members robotically
going about their tasks.
* Lack of genuine care and concern when dealing
with patients.
* Indifference to results and personal performance,
knowing they receive the same paycheck
regardless.
* Angst over an impending sale of the practice
because they know the new owner will likely
raise expectations; many will jump ship because
they have no commitment to the patients, the
practice or its role in the community.
* The ultimate telltale sign of underperforming
human capital: Virtually none of your results will
be what they should be.
If there were such a thing as a single silver bullet
to running a great practice (which there isn't), having
sterling human capital is as close as you can get!

DECEMBER 2020 // orthotown.com

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Orthotown December 2020

Table of Contents for the Digital Edition of Orthotown December 2020
