Our Work
Examples of what we can achieve for our clients
Case Study:
From debt and high expenses to profitable with low overhead
Overview:
In 2017, this busy clinic of 18 doctors was going through destabilizing changes.
It had recently incurred debt to open a satellite clinic when several doctors gave their notice within a few weeks of each other. High expenses made recruitment difficult, and the stress of the situation caused conflicts among the remaining doctors. The group spent many hours away from their practice discussing the uncertain future of the clinic.
Approach and Strategy:
The situation was complex and presented several challenges. A multi-faceted approach was required to ensure the survival of the clinic.
Restoring financial stability as quickly as possible was crucial. Restructuring the operations to maximize efficiencies created a leaner structure which significantly reduced the monthly overhead costs. Alternate sources of revenues were also secured. New processes were put in place to ensure receivables were collected in a timely manner.
Within a few months, the financial statements started to reflect the changes made. Our cost-cutting strategy paid off. We were able to repay the line of credit without increasing the doctors’ monthly expenses;
With so many changes for the doctors, staff, and patients, it was time for the clinic to showcase its re-birth through a new name, logo, and website. The creation of a new brand identity fostered cohesion within the group and helped establish a strong reputation in the community.
Many tough decisions with the potential to enliven existing conflicts had to be made. Decision-making was approached rationally and strategically. Meetings were organized to ensure that they remained efficient. They were kept to a minimum to respect the doctors’ demanding schedule. Open dialogue and frank discussions were encouraged. A framework for democratic decision-making was established, but eventually, the team mastered the art of reaching consensus.
CHALLENGES:
- Debt burden
- High overhead
- Group conflicts
- Damaged reputation
GOALS:
- Survival of the clinic
- Debt repayment
- Overhead reduction
- Group synergy
- Improved reputation
APPROACH:
- Restructuring
- Cost-cutting
- Revenue diversification
- Team building
- Rebranding
RESULTS:
- Profitable
- Debt-free
- Low overhead
- Cohesive team
- Improved reputation
Results:
The clinic is now a thriving, debt-free medical group with two locations and low monthly overhead costs. Its doctors work together in a collegial atmosphere and have the tools needed to safeguard the clinic’s continued success and profitability.
