Dr. Albert has expensive tastes. He always has the latest gadgets, eats at the best restaurants, and drives a shiny new car.
So when it came time to buy a practice, Dr. Albert sought out the best practice money could buy. He borrowed the maximum amount his bank would lend to buy a beautifully outfitted 8-op practice with brand-new, top-of-the-line equipment. Located in a fashionable district of a major city, the seller had built a great reputation by treating many celebrities, including actors and TV personalities.
A year in, Dr. Albert felt like he was failing miserably. The seller had built the practice on highly complex procedures. With his three years of experience, Dr. Albert had the desire to perform these procedures, yet lacked the education and speed that come with decades of experience. Also, since he had never managed a staff before, he ended up micromanaging his auxiliaries who were used to more autonomy. Two of them quit to take positions with his biggest competitor while a third demanded a significant raise.
A long-time associate had stayed with the practice, but she was busy with her own patients and did not want to add any more. To keep up, Dr. Albert felt he needed a second associate, but he couldn’t find someone with the right skills willing to work part time. He rarely took days off. Even when the practice was closed, he was busy preparing for his next patients or trying to solve staffing issues.
His patients — who were also used to the very best in life — weren’t happy. Appointments constantly ran late and took longer than they had under the seller. When the long-term hygienists left, several patients followed and left negative reviews online. And he noticed that referrals were down.