Everybody makes mistakes, but hiring the wrong administrator or manager for your practice can have lasting negative effects for years on end. Here are just a few ways a bad hire can impact your bottom line.
- Company morale: An employee who doesn’t fit in can lower the morale and productivity of your entire practice, potentially influencing good employees to consider other options. You may find yourself faced with multiple vacancies or the reality of keeping a marginal employee for the sake of operations.
- Loss of productivity: A poor employee is likely to perform below the expectations of your practice, leading to bottlenecks in workflow, back-logging, and mistakes.
- Opportunity costs: The reason to hire a new practice administrator or manager is to help your business grow. A poor hire occupies a space in your organization that could be filled by an exceptional staff member who could grow revenue, develop efficient processes, and increase production.
- Damage to reputation: You’ve worked hard to create a positive reputation in your community. A single poor patient experience can offset years of quality service and lead not only to patient attrition, but potentially negative reviews posted online. These will stick around long after the poor employee has left your practice.
- Lost executive time: All the time you spent interviewing, negotiating, and onboarding must be duplicated. This will again take you away from the duties you have running your business.
- Hard costs: The costs incurred in travel and lodging for the candidate will never be recovered. It’s also possible to incur additional costs in equipment, computers, and furniture for a bad hire.
- Separation costs: Depending on the contract, severance packages and legal fees can be significant.
Working with Practice Management Connections reduces your exposure to these risks and unnecessary expenses. We save you executive time and marketing costs upfront while bringing you vetted candidates who have expressed interest in a practice like yours. If you’re interested in partnering with Practice Management Connections to hire your next C-level executive, Practice Administrator, or Manager, contact us today and let’s get started.