How to Become an Absentee Owner

Who makes more money, the chef or the owner of the restaurant?  Is the chef of a restaurant usually the owner as well?

It is always the owner that makes the most money and it is the owner that does not work in the business but on the business that makes the most money.  So, can a doctor make more money owning the practice, running the practice, but not working in the practice?

Yes, but it all depends on many factors.  The following is a list of these factors.

  1. Do you have systems and protocols in place? Can a new employee come in and be trained immediately on these systems?  Are these systems and protocols written down? 

Systems that are written down take the guess work out of running the office.There are less decisions that are needed to be made. All the problems to almost all of the daily issues can be answered just by looking them up in your office manual.

McDonald’s success was based on duplication. No matter which McDonald’s you go to, the systems are exactly the same. All the Big Macs are the same no matter what city or country you are in. It makes the customer comfortable and it makes it easier to train the staff.

When managing from a distance, you simply ensure the systems are being followed. Your personal presence is not needed because your systems manage the practice.

  1. Do you have an excellent office manager or several key department heads that can make sure the office is functioning properly while you are not in the office?
  2. Your practice needs to be thriving.  If you can’t make it succeed while you are in it, you won’t be able to make it succeed from afar. 

Running a practice from a distance allows you to come and go as you please.  It also allows you more vacation time and it allows you to open up additional offices to further increase your bottom line.

Are you ready to take your practice to the next level? Join the Top Practices Practice Management Institute.

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