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21st Century Group Practice Executive
What necessary skill-sets must a physician group leader possess to manage and lead a successful practice?
The physician group practice of the 21st century looks radically different than that of just five years ago. Many physician groups have taken back their independence and ownership, but are finding that management needs are very different from those of the past. The complexity of today’s practices, many of which have grown to generate $10 million to $300 million in revenue, requires high-level business and financial skills typical of the corporate world. Today’s group practice manager must possess strong knowledge of business office management and operational direction, coupled with the ability to formulate and carry out the strategic direction of the group.
In this era of limited reimbursements, groups are continually seeking new avenues of revenue generation. New sources of revenue, however, typically make the practice structure much more complex. Subsidiary corporations, joint ventures with ambulatory surgery centers, and other services require sophisticated leadership to ensure the flow of monies within the new financial structure are ideal for the group. The practice executive must communicate effectively with legal and banking resources, direct the chief financial officer in implementing new revenue solutions, and revamp internal operations as needed to incorporate financial structure changes.
The “new” practice executive also must be able to assess the impact of people, workflow and technology on the overall functionality and profitability of the group. Groups, like most organizations today, benefit financially when staffing is as lean as possible. The successful practice executive must be able to ensure that all operational functions are adequately covered with the greatest possible efficiency.
Human resource functions in today’s group also are more complex than ever. For example, with pension benefits offered by most groups having been reduced, the executive must provide effective evaluation of retirement plans. Also required are recommendations to ensure that retirement benefits are working to the fullest extent of their potential.
What is the best way to evaluate the skill-sets of a group practice leader?
Thorough questioning of references and specific questions directed to the candidate during pre-screening conversations and on-site interviews will help generate insight into the skill level of the candidate. Finding an executive who is a good match requires substantive examination of the candidate’s current organization and his or her role within it:
- What is the structure of the existing organization?
- What reporting relationships exist for the candidate?
- To whom does the candidate report, and what positions report to him or her?
- For what functions and results is the candidate accountable?
- What has the candidate done during the past year to bring the practice forward?
- How do the answers to these types of questions correlate with the needs of the hiring organization?
How can Cejka Search understand our group and determine the right leader(s) for our team?
An executive search consultant who is working to find a group practice executive must understand the unique attributes needed to manage a physician group.
No two groups are alike. Cejka Search takes the time to clearly understand the unique needs of each group - interviewing each physician who may interact with that individual. Coupled with in-depth understanding and extensive experience, Cejka Search provides a realistic portrait of a leader who is just right for that practice.
How is the Executive Search Division of Cejka Search different from other executive search firms?
Healthcare is unique, it’s one of the most challenging and demanding industries in our country. Our exclusive focus on healthcare enables us to keep pace with the changing market.
Cejka Search has been in the business of recruiting group practice executives longer than anyone within the healthcare industry and placing more group practice executives than any other search firm in the country.
Why utilize Cejka Search rather than do the search on our own?
A client conducting their own search process significantly increases the risk to the group practice.
The probability of retention and fit is much higher utilizing Cejka Search services. We do innovative search work - going after those candidates not actively considering a job change. It is not uncommon for one of our placed candidates to have 5+ years of tenure within an organization.