Tag: ROI corporation

Transitioning A Practice

Buying-Selling A Practice, Practice, Resources

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Transition

The time has come to sell and hand over the reigns to a new owner. Truly an exciting time but also one fraught with apprehension, nervousness and perhaps a bit of regret.

When an owner makes the decision to sell and continues to work for any period post close, one knows life must be different. But can the vendor accept the changes?

The Emotional Challenge of Selling
Regardless of the reason for the sale, every vendor believes he or she has poured their heart and soul into establishing, building, and maintaining the practice. After all, by the time the clinic sells, years of developing relationships, assembling a good team, creating a brand, and achieving success, are the reasons someone is willing to buy the practice.

But this is where the challenge starts. Handing control over to a new owner after holding this position for many years, often 25 plus years, is no easy feat.

The vendor must be prepared to accept change. New owners will have a new management style, will want to make changes, and will most definitely make their own share of mistakes. Vendors must be prepared to stand by and watch without interfering.

Good Intentions Notwithstanding… Reality Sets In
In the simplest terms, a practice transition is an event or transaction that results in a change in the effective ownership of the clinic.

Transition is all about the existing owner taking a back seat in the clinic while allowing a new owner to shine. And expectation, transition means the vendor will focus on putting the new owner in the best position possible by supporting the team that was once the vendor’s as well as the plans of the new owner.

Transitions are not easy, and they often come with a myriad of finite details. Most vendors hope for synergies between themselves and the buyer. They initially welcome the new energy to the practice. Everyone starts off with the greatest of intentions.

The vendor says they will support the new owner in any possible way and reassures the buyer that the office is now theirs. They are welcome to do as they see fit. The buyer has tremendous respect for the previous owner.

They want to ensure the vendor is happy and assures them their presence is welcome for as long as they wish to be there. But then reality sets in very quickly. Previous owners feel that the new owner is making many mistakes and of course, the new owner is not happy that the prior owner is “stuck” in his/her ways. And so, the dance begins!

Prepare for Change
The best piece of advice we give to vendors is to expect and prepare for change. When they sign the listing agreement, we warn them that the time post close is not going to be easy. Eventually, it can be quite harmonious but like any relationship, finding the synergy and sweet spot of co-existence takes time.

If both parties are truly patient and willing to work at it (just like a marriage), then a mutually beneficial relationship can certainly be the result. A vendor needs to remember that a purchaser now has a significant loan that requires repayment. The new owner may make choices or decisions that are not what the previous owner would make, but that is to be expected. A purchaser also needs to remember that change is never easy.

If you want a vendor to stay, the most important thing is open communication. Deliver messages directly to the vendor, not through staff.

The most successful relationships in life are based on both parties taking the time to share their thoughts, and concerns while also doing their utmost to truly listen to the other person. Strong communication does not take place by accident; planning, idea sharing, and discussions must be scheduled and practiced.

Bottom line
A successful transition does not simply happen. It takes work, patience, and mutual understanding. If both the vendor and the purchaser are willing to have open dialogue and accept that change is inevitable then the success rate increases.

Jackie Joachim, COO ROI Corp

JACKIE JOACHIM

Jackie has 30 years of experience in the industry as a former banker and now the Chief Operating Officer of ROI Corporation. Please contact her at Jackie.joachim@roicorp.com or 1-844-764-2020.

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Buying The Perfect Practice

Buying-Selling A Practice, Practice, Resources

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Every buyer that I have ever met, has the same goal, to buy the perfect practice. Is this reasonable? Emotionally yes, practically no. A buyer can visit 20 different practices and find something wrong with everyone. This does not mean that the practices are not good options. It just means that the buyer will never find the perfect one. News flash: THERE IS NO SUCH THING AS A PERFECT PRACTICE. The best anyone can do is to find one that they like with a good location and potential for improvement. This practice has bones. The buyer can make it perfect for themselves.

The best place to start in your quest for the perfect practice is to be realistic about your strengths and weaknesses. In other words, what are the ways you can bring value to a practice? Before you start looking at the possibilities available, its essential that you think through key personal and market factors.

Many buyers, when looking at purchasing an existing practice should have an appraisal in hand. The appraisal should present the facts that are critical in evaluating whether this is the right opportunity for you. However, many get fixated on multiples of EBITDA. If you are not planning on working in the office and are purchasing for investment purposes, a multiple of EBITDA is more relevant. Because this is an investment, the new owner needs to pay an associate to perform the services. However, it is truly not uncommon for a purchaser to buy a clinic at 10- or 12-times EBITDA because they will be the new owner and operator. Personal payment can be more flexible for the owner versus paying an associate an industry standard. Many may ask as to why they should pay such a high multiple. The answer is quite simple, as an associate, one could make more money. However, the associate never builds equity. For example, if the practice being considered has $100K left after all expenses and the loan payment is made, if the new owner can live on $100K, then why not pay the higher multiple? Afterall, ten years from now, hopefully revenue has increased due to improvements made but more importantly, the new owner has equity in a practice that has been completely financed.

So many times as an appraiser, we do hear from a buyer that the practice is over valued. If a multiple of EBITDA is the way one determines value, this may be a fair statement to someone who will never work in the practice. However, practice values have never declined in the last 15 years. In fact, quite the opposite. Organically a practice will increase at a minimum 5-8%. Depending on location and other critical factors, the increase can be greater. What is most important for a buyer to ask themselves is the following:

• Can I qualify for financing?
• Do I like the actual location? (highly visible, new housing developments)
• What are the patients like? (age, cultural background, socio-economic background)
• Are the staff well trained?
• Can I increase services?
• Has revenue been consistent year over year?

There truly are so many factors to consider. However, if a buyer looks for the perfect practice,
one will likely not be found. Buy a good practice that has a solid foundation that you can build
into your perfect practice. And remember, the ultimate value of a practice is the final price
that is decided between the buyer and the seller.

Jackie Joachim, COO ROI Corp

JACKIE JOACHIM

Jackie has 30 years of experience in the industry as a former banker and now the Chief Operating Officer of ROI Corporation. Please contact her at Jackie.joachim@roicorp.com or 1-844-764-2020.

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The Emotional Roller Coaster of Buying a Practice

Buying-Selling A Practice, Practice, Resources

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When the time comes to take the plunge and finally purchase a practice, there are so many thoughts that race through a buyer’s mind. Everyone is looking for the perfect practice. Unfortunately, it simply does not exist. A buyer can look at 10 different offices and find something wrong with every single one. It is understandable to want the best as this is a major purchase. However, buying a practice requires a delicate balance between logic and emotion.

While some would believe that emotion has no place in a decision this important, in reality, it does. Like it or not, emotion does in fact play a very important role when buying a business. It is critical that a purchaser cannot allow emotion to dictate the decisions that have to be based upon logic. And sometimes, the purchaser should not let logic overtake the decision-making process when emotion is required. The key to this delicate balancing act is knowing how to separate the two, and to recognize when either state may be impacting your decision-making process altogether.

Becoming a well-prepared and knowledgeable buyer is the key to your success. The initial choice to purchase is largely motivated by the desire to better your circumstances. A purchaser is likely tired of working for another doctor. Why build equity for someone else? Why have one’s schedule controlled by another? Why not invest in oneself? Most purchasers have likely reached the point where enough is enough – its time to be the boss. It is important to consider the potential rewards gained from owning your own practice. While everyone has their individual reasons, certainly controlling your own destiny, making more money, having the opportunity to improve your quality of life, and helping others, are just a few of the common reasons. These are all things that most people hope to achieve.

Choosing to buy during a pandemic is truly the time to keep the emotional side in check so that you stay motivated, especially in this economy. There are likely many people advising against the purchase of a clinic. But why would this not be the right time? Interest rates are at their lowest and quite frankly because there are some people who are either afraid or simply do not qualify, you may not be in a competitive situation. This means, you would not need to overpay on a practice that you might have pre-pandemic or certainly one year post pandemic. Fear is important as long as it does not cripple you from making a decision. To be successful, you need to cut a new path to gain success. By no means should you take ridiculous risks either. Ownership is not for everyone. But if you are not prepared to be a career associate, ask yourself if the people giving you negative feedback would still say no regardless of the economy. Trust your instincts. If your inner voice tells you that you are meant to be your own boss, then stop seeking the approval of others and look for guidance from those who are well-informed and knowledgeable.

There are going to be times during the clinic-buying process that you will be knocked off track. You will face situations where deals fall through, you will find it hard to locate any decent practices for sale, or you uncover some issues during your due diligence. These scenarios, plus many others, can surface after you have invested a lot of time, effort, and yes money, to analyze the office. A buyer must, however, have the strength to dust off these little setbacks and carry on towards the finish line or make the decision to walk away. This is definitely where emotions can play havoc on a prospective buyer. On the one hand, you want to stay upbeat and committed to the goal. On the other hand, though, you also need a good dose of logic because you must decide if you can live with some negatives or simply not move forward because it is the wrong deal.

Finally, you may be the best clinician. But you still need to educate yourself and surround yourself with experts. A good accountant, lawyer, and banker are so key to the equation. The right team behind you enables you to further grow the practice you acquire.

Last piece of advice. Please do not think you are an appraiser. Even if you have seen lots of practices, you are still not an expert. For every practice a buyer reviews, guaranteed an appraiser has seen twenty. A qualified appraiser has placed a value on an office based on a variety of factors. You might not agree with the value. That is fine but telling the appraiser they have overvalued the office is simply wrong. If you like the office but do not agree with the value, nothing stops you from making an offer at a price you are comfortable with. It really can be that simple. If your offer is accepted, due diligence will give you the true opportunity to see if the practice really is a good investment. Always remember, the stress you experience as a buyer is very similar to what a vendor also experiences. These are significant transactions and should not be taken lightly.

Jackie Joachim, COO ROI Corp

JACKIE JOACHIM

Jackie has 30 years of experience in the industry as a former banker and now the Chief Operating Officer of ROI Corporation. Please contact her at Jackie.joachim@roicorp.com or 1-844-764-2020.

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The Emotional Roller Coaster of Selling a Practice

Buying-Selling A Practice, Practice

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When the decision to sell is made, one is thinking from the logical, left-brain side of the mind. There are numerous practicalities to take care of and the owner knows that selling will help achieve personal goals. However, deciding to sell can be difficult and many cannot imagine things could become any more difficult. But they can. Selling a practice is fraught with a myriad of emotions.

The Emotional Peaks
We know selling a practice is always emotional. We do remind our clients though, that there are two particularly challenging periods once the listing agreement is signed. The first is while we wait for offers to come in and the second is while we wait for conditions to be waived.

During the initial stage of waiting for an offer, one cannot help but feel exposed. After all, potential buyers are reviewing your information and deciding if this is a good opportunity for them.

A vendor cannot help but feel as if he/she is being judged. When an offer does not come quickly, the owner asks, “why is my clinic not good enough”. Of course, it is good enough. In fact, it is a good option, but it must be the right option for a particular buyer.

Any time in life when we are waiting on someone else to make a decision that affects us, it is very difficult, it makes us doubt ourselves and why our practice has not been chosen. As a vendor, it is critical you remember that you cannot appeal to everyone. And that is truly okay.

Offer Anxiety
There is always the right buyer for your office, and it is impossible to appeal to all. It may take time, but the key is not to second guess everything that is or is not happening. Your practice is unique, and the right buyer will have their own unique set of circumstances that make them the right fit.

For many owners, the first emotions experienced around the offer for the practice will be excitement, exhilaration, and pride.

The fact that there is a buyer for your office validates that you have created something of value and your clinic is wanted. As such, once an offer has been placed, many start to celebrate. We encourage owners to simply wait.

It’s Not Over Until It’s Over
Even with an offer being accepted, there are still hurdles that the purchaser must over come.

The toughest two are financing and assigning of the lease. Financing is certainly more difficult during this pandemic. Largely because bankers are scrutinizing the purchasers far more than pre-COVID days. They want to ensure when they grant a loan that they have confidence in the buyer.

The assignment of the lease can be challenging for many reasons – for example if an owner has had a difficult relationship with the landlord over the years, the landlord may not be willing to be so co-operative. Perhaps during the assignment of the lease, the purchaser may use this opportunity to ask for things that may not be granted.

Should any condition not be met, unfortunately, the offer becomes void, and deposit is returned. This is difficult for the vendor as now things start over.

This does happen but it does not mean your practice will not sell. You just need to be patient. The right buyer will be motivated and never stray from the motivation that drew them to your practice initially.

Transition Stress
Another stress a vendor may not be prepared for is the actual transition once all the conditions have been removed and the closing date is in sight.

It is normal to start to question the initial decision to sell. Is it right for your staff and patients? How will things run once it is in new hands? How will the owner really fill their time after the sale?

A sale brings up strong emotions particularly when an owner has been owning and operating for many years. If the vendor stays on, the realization that new management is now in place and that a say in the day-to-day decision making is no longer part of their responsibility.

Many do not realize how a large part of the vendor’s identity is tied to the clinic.

Rest assured that these thoughts and feelings are normal. Preparing ahead of time is the best way to handle the emotions connected to selling your practice.

While some doubts and fears are normal, preparation and planning for what life will look like post sale, will help an owner navigate the transaction as smoothly as possible.

Jackie Joachim, COO ROI Corp

JACKIE JOACHIM

Jackie has 30 years of experience in the industry as a former banker and now the Chief Operating Officer of ROI Corporation. Please contact her at Jackie.joachim@roicorp.com or 1-844-764-2020.

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One Year Later

Human Resources

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There is no doubt the world changed a year ago. The life we took for granted came to a screeching halt while we waited in helpless disbelief to hear how this pandemic and its incredible impact created stress and anxiety literally by the hour.

The pandemic forced the closure of schools, places of worship, community centres and businesses. Isolation was thrust upon us as we were prevented from seeing those we love and forced into mandated social-distancing and or self-isolation for our collective protection.

Take the positive from COVID
Despite the negative impact of COVID-19, we must however, recognize the positive that has also risen out of this crisis. If we look closely, there have also been many opportunities to reflect upon and be grateful. We have been forced to slow down which has allowed us to take a step back and appreciate so many things we took for granted.

Prior to March 2020, how many of us were close to burning out thanks to the pace we were running at? Being forced to spend more time together particularly from March to June, enabled us to focus on and breathe new life into the key relationships that we may have taken for granted. While we may not have been able to visit those we love, we were given the gift of time with the people in our home or bubble.

Viewing Trust Through Your Patient’s Eyes
As a practice owner, perhaps you view patients through new eyes. Upon reopening offices and during these past two months, the response of patients returning to your office should make doctors and their teams feel grateful. People are entrusting you with their health despite the fears swirling of additional strains and the stress of waiting for a vaccine.

Hopefully now, patients are truly appreciated as they place trust in the hands of those who rely on their office to continue supporting themselves and the team that works in it. Many practice owners may have also seen certain suppliers acknowledge the hardship experienced, extending flexible terms or payment plans.

For many, COVID-19 has given tremendous courage. The courage can be seen in the simplest of forms such as taking on a new activity, or reflecting on one’s self. It can be seen in the parents and teachers who are working so hard to preserve the mental health of our children. It has even caused those who are working as associates to take the plunge and pursue ownership.

It either accelerated the desire to be the owner or was the final push to pursue this. Either way, people are buying or starting practices. Again, with the gift of time, many of us have been blessed with the need to slowdown and re-evaluate our choices and the way we approach things.

Our thoughts are hopefully more purposeful and with intent as opposed to simply reactionary. My new favourite quote is from Nelson Mandela – “may your choices reflect your hopes, not your fears”. I recite this everyday multiple times.

COVID-19 despite the tragedy and hardship many have experienced, has also brought out the best in humanity. It has made those of us who are fortunate to look around to those in need and extend a helping hand. More businesses are publicizing donations to charities in exchange for virtual registrations, while others are quietly donating food to help feed the hungry. It has also encouraged many of us to listen more and talk less.

Grateful for the Simple Joys
Perhaps one of the best things of COVID-19 is that it has hopefully made us all more grateful. Remember the simple joy of meeting a friend for coffee in a café, lunch in a restaurant, attending your place of worship and so much more. I for one have so much to be grateful for. I am truly blessed with the most supportive husband and daughter, the ability to do what I love on an even greater level and the new people I have met because of this pandemic.

As one who appraises and sells practices, I have the privilege of listening to people as they share their hopes and dreams. COVID-19 has made us more vulnerable and human and for that I am truly grateful.

Jackie Joachim, COO ROI Corp

JACKIE JOACHIM

Jackie has 30 years of experience in the industry as a former banker and now the Chief Operating Officer of ROI Corporation. Please contact her at Jackie.joachim@roicorp.com or 1-844-764-2020.

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5 Key Lessons Taught By COVID

Finance|Wealth, Human Resources, Practice, Resources

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The unprecedented coronavirus pandemic has caused changes in mindset, attitude, direction, and behaviour for practice owners. It changed for employees too. One year later, we can all agree that important lessons have been learned – not always by choice but by necessity.

 

Lesson #1: Learning to be agile.
We all had to respond quickly to changing events. Sometimes with only a couple of days notice. This made us realize how
important it is to be comfortable with change and willing to shift gears when necessary. A sub lesson in learning to be agile was also recognizing the gaps in the way things were being done. Because we had to change, perhaps some of these changes had positive outcomes.

Lesson #2: Appreciating technology more.
So many of us have had to change the way we do business. The face-to-face meetings, attending events/conventions and how
patients needed to be looked after are just some of the many examples. Corona emphasized the importance of technology. Think of all the virtual learning opportunities we have had to embrace or tele-medicine that became a necessary and by default option. I for one was forced to embrace webinars and Zoom calls. Prior to the pandemic, these were never an option for me because I was not comfortable. Simple applications like LinkedIn, Facebook and Instagram have enabled me to meet new people and stay connected to those I already knew. I must admit, until the pandemic, I never appreciated the value of these tools.

Lesson #3: Being more empathetic.
In these trying times, clear communication with all stakeholders of your practice—staff, partners, advisors, and patients are
critical. There is no doubt that the stress of the pandemic on owners is massive. The key towards sustaining your business
in this situation is being transparent with your stakeholders and prioritising their needs. Apart from supporting your staff and
understanding the situation, you must support your workforce by encouraging them to learn and give them opportunities to join Zoom training and courses.

Lesson #4: The essential nature of social interaction.
While digital collaboration tools have become critical to remote work and will remain post-pandemic, the new way of work also emphasized the need for social interaction for humans. Suddenly a trip to your office during a lockdown may possibly be a real treat or outing. People miss human contact with those outside of their homes. Never underestimate the positive effect you have on the people who walk through your doors. For the staff, as stressed as people may be, the ability to laugh or participate in banter can mean so much. For example, when I was at my office a few weeks ago, four of us, while social distancing, had the most frivolous conversation that left us simply laughing. It was such a wonderful feeling, one that has been missed from our daily lives.

Lesson 5: Keeping a cash buffer.
The period from mid-March 2020 to mid-June 2020, taught all of us the importance of fiscal responsibility. Certainly, our credit cards took a beating as evidenced from the multitude of Amazon packages, however, for owners of practices as well as the associates, these were very scary times. Even with the various government programs, the major lesson learned by all was that we must have something in reserve. It is why banks are being tough on purchasers today because they must be confident that this person could withstand another lockdown if it ever happened. The good thing we have seen is that healthcare is recession resilient and now pandemic resilient. The pandemic has taught us the importance of having a cash buffer. Hopefully, it has also taught many of us to be grateful for what we have. So many have fallen on economic hardship and forced with extremely difficult decisions.

The pandemic has been an unforeseen situation for the whole world. It has brought about crisis and problems we never experienced before and has exposed us to many unknown vulnerabilities. This has been a period for all business owners to take a closer look at how their practice was run pre-pandemic versus now. However, along with the many challenges we faced due to the pandemic, it has also given us an opportunity to align, adapt and amend businesses as well as reinforce the strategies to make the most of the ongoing situation. Clearly, it has also taught all of us lessons that shall be both applicable and beneficial in the long run. A wise man told me that we do not need to embrace the reason for the change, but we must embrace change!

Jackie Joachim, COO ROI Corp

JACKIE JOACHIM

Jackie has 30 years of experience in the industry as a former banker and now the Chief Operating Officer of ROI Corporation. Please contact her at Jackie.joachim@roicorp.com or 1-844-764-2020.

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Is Big Corporate the Best Option?

Practice, Resources

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We live in a time of rapid change and dislocation that rivals any period in recent history.

Change is Everywhere and Accelerating, but…
Anarchists right and left want to dismantle something that has proven to work—flaws and all. The U.S. is in a state of flux politically with sweeping implications.

The pandemic has wreaked havoc globally. Big Tech companies provide many platforms where people can publish both their best and worst thoughts and actions—AND allows for the promotion or demotion of a current demagogue seemingly at will.

Businesses have been dismantled, diminished and destroyed by events beyond their control.

Big and corporate for some of us means better and necessary, while others lament over what happens to small, local businesses and entrepreneurs with long standing, often family-based, individualized values.

What is fair for the individual health care practitioner who wishes to continue the tradition established by sole practitioners over many years of personalized care centering on the aforementioned individualized service and care model?

Is Growth the Only Measure of Success?
Many professionals do not want to go the “corporate” route and watch their creation absorbed by a larger entity that pays no homage to tradition.

The value of passing the torch to a like-minded “pro” who may take care and service to a higher-level building on the sweat equity of the former doctor. This does and can happen.

Many economic gurus are now challenging the wisdom of never-ending growth as a measure of success. We all know that bigger is not always better—that many things get lost in this process.

Where to Draw the Line?
Practitioners accept that there is a time when “enough is enough”.

A time to “stick to your knitting” and perfect what you do best and measure success not just in the financial rewards but also in the smiles and gratitude of your clients/patients.

This means that your goals shift from money to professional competency and increased health care achievement—something you set out to achieve all those years ago in the midst and miracle of your training to do so.

There is an alternative to the corporatization of healthcare providers and suppliers.

History has proven this and will continue to do so.

Jackie Joachim, COO ROI Corp

JACKIE JOACHIM

Jackie has 30 years of experience in the industry as a former banker and now the Chief Operating Officer of ROI Corporation. Please contact her at Jackie.joachim@roicorp.com or 1-844-764-2020.

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Looking Forward to 2021

Practice, Products | Services | Industry News

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”I know what I have to do now, I’ve got to keep breathing because tomorrow the sun will rise. Who knows what the tide could bring?” Chuck Noland (Tom Hank’s character in Castaway)

 

I have become very attached to the above quote. This year has certainly been different on so many levels. It was easy to become overwhelmed so often and I believe many, like myself, are happy to see 2020 come to an end.

Usually, as the year comes to a close, we look back to evaluate the year as we plan for the upcoming one. But what type of goals can we set for ourselves in 2021? Setting goals is hard enough when there is not a global pandemic going on. But despite wearing our masks and continuing to practice social distancing, we still need to be positive looking forward. We should never forget to consider the ways in which we can do more to improve ourselves or our lives. We have, despite all the challenges of 2020, been given the gift of extra time.

At the best of times, it is never wise to put too much pressure on yourself when setting goals, so why start now when we are living through an unprecedented pandemic? There is still opportunity to consider tackling one or two new goals. Another thought could also be to revisit the goals originally set for 2020. It is likely they were put aside as the world changed earlier in the year. There is nothing wrong in re-evaluating your plan and updating it to use now.

As owners of a small business, because after all a practice is one, owners are in a fortunate position that people will continue to require healthcare. The pandemic has shown that healthcare offices are recession and pandemic resilient. However, as a business owner, the stress levels of owning and operating during a pandemic could never have been imagined let alone planned for.

Perhaps the goals for 2021 need to be more along the lines of small operational ones that will not only help in the immediate period of time but serve you well in the long run. There is always a tendency to make an ambitious plan. But the bigger the plan, the bigger the demands and unfortunately, the constraints of a pandemic can make it hard to keep up. Therefore, perhaps the first goal of 2021 should be to make smaller but more meaningful goals. It is so important to remember that little successes will add up to something big.

Examples of smaller goals could be to improve communication with patients, schedule more comprehensive exams, embark on social media or improve your online presence overall. The opportunity to educate patients via Zoom calls is definitely a possibility we would not have considered pre-pandemic. There is absolutely no downside in making a greater effort to reach and engage your patients. In fact, you will be creating loyal patients and increasing the value of your goodwill.

Most people know how to set goals. There is a plethora of information available. My intention is to encourage you look forward positively. Do not set goals that are beyond reach, as this is likely to cause discouragement and demotivation. Basically, you are setting yourself up for failure from the beginning. Ideally, you want to choose goals which test you and require commitment but are reachable in practice.

It is so important to remember to be patient. Begin by determining not only what the goal is but why you want it. Challenge yourself about the emotion behind the goal. Why do you want it and what will you receive when you achieve it?

I believe what will be critical in 2021 is to think about the journey in achieving the goals you set. Remember to create achievable steppingstones so that you find happiness in the now. We must find ways to still find joy and enjoy the present. Perhaps another goal for 2021 should be to accept that we do not know what the future holds but rather be curious about what it could hold. If 2020 has taught us anything it is that we must learn to adapt as we have had to face an enormous amount of uncertainty. This will help put you in a positive mindset as you undertake goal setting.

The best any of us can do going into 2021 is to simply keep going one day at a time. Accomplishing big goals is a marathon, not a sprint. If you do not achieve some of your smaller tasks or expectations, do not be discouraged, you may occasionally get derailed from your goals. Be sure to maintain a well-rounded schedule by practicing habits that will energize and sustain you. Take time to consider and strengthen your physical and mental health and keep connected with others. Staying healthy and balanced will prove invaluable in having the stamina and drive to push to achieve your goals.

Before you know it, 2021 will be here. We must all step back a moment and be grateful for the blessings we have. 2020 certainly challenged us but it also gave us the ability to bring out the best in ourselves. For the upcoming new year, let us turn our current circumstances into a strategic opportunity to position ourselves for success. Until now, goal setting was always about the future. So instead of worrying about creating the perfect five-year plan or tackling the list of things you want to accomplish by a certain age, perhaps a good place to start is to figure out what you need to create a more comfortable and enjoyable life for yourself right now.

Jackie Joachim, COO ROI Corp

JACKIE JOACHIM

Jackie has 30 years of experience in the industry as a former banker and now the Chief Operating Officer of ROI Corporation. Please contact her at Jackie.joachim@roicorp.com or 1-844-764-2020.

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Looking Forward to 2021: The Importance of Positivity

Human Resources, Managing Others

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2020 did not work out as any of us planned. So many had great expectations which quickly came to a grinding halt. The world changed and the way we do business has too. Some of the changes will even become permanent.

As difficult as this pandemic has been for people, we must continue to believe we will come through this. Because we will. Think back to when our parents and grandparents had to experience extremely challenging times like the Depression, World Wars and other tragedies. There were always celebrations once these challenges came to an end.

No one has a crystal ball. No one knows what 2021 will really look like, but we must enter with optimism and hope. People will gather again, hug again, travel again. Global economics will rebound. There is pent up demand for products and services. After all, we caught a glimpse of this when dental and optometry offices reopened after the forced closures. Many practices are seeing revenues rebound and approach pre-pandemic levels.

Positivity in life is the key to success, happiness, and a sense of fulfillment. It is difficult to have a positive attitude and positive thoughts when we look back at 2020 but as much as there was pain and suffering, there were some silver linings.

Those of us in the people business had to really work at our communication skills. You had to ensure you kept in touch with your patients—to not only educate but to be a calming voice of science-based information. Many people improved their technology skills. For those of us that consider ourselves “too old”, we embraced things liked zoom calls, webinars and Instagram. One of my favourite moments is about my 89 year old mother setting up an Instagram account. On a personal level, we valued those closest to us. Hopefully family relationships have also strengthened.

2020 has taught us that we cannot always be in control and that we must be willing to adapt. One thing we can control is our attitude and how we choose to approach life. An optimistic attitude is critical and necessary for 2021. It pushes us forward, encourages us, and helps us overcome obstacles. It inspires those around us and helps us in accomplishing dreams and goals. A positive attitude also helps with making difficult tasks easier to fulfill. A positive frame of mind increases our motivation to
succeed. It motivates us to think creatively and therefore achieve more than we ever expected.

Most importantly, a positive attitude awakens happiness within ourselves and those around us. Goodness knows, we need happiness and hope. To be very clear, we can all agree that we need more positivity, joy and happiness in 2021. Please be a beacon of hope. We will get through this pandemic if we stay positive together!

Jackie Joachim, COO ROI Corp

JACKIE JOACHIM

Jackie has 30 years of experience in the industry as a former banker and now the Chief Operating Officer of ROI Corporation. Please contact her at Jackie.joachim@roicorp.com or 1-844-764-2020.

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Managing Your Practice During The Next Wave

Practice, Resources

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Many of us believe that we are already seeing a second wave of COVID-19. We feel it is here, now that we have seen a continuous rise in cases and that we should also try to be prepared for potentially a third and fourth wave.

The COVID-19 crisis found the world unprepared, but despite this, the reaction was both rapid and responsible. Nonetheless, challenges remained – especially as practices moved from initial response to living with the pandemic longer-term. Healthcare has proven its resiliency to both recessions and now a pandemic, so now is the time to plan and not simply react. The best we can all do is take the lessons we learned from how we responded to the first wave. I am a firm believer that history truly is a great teacher. The first thing every practice owner needs to do is talk to other practice owners. Don’t use the time to complain and fear the worst but rather, ask people what they did the first time. What did they feel worked well and what would they do differently if they had to? Now is the time to do a review and see if your business plan requires a revision or modification. People will always need healthcare. That is a fact. But there is nothing stopping you from ensuring your practice operations are fine tuned in order to manage future waves.

An important measure to take is improve your communication with staff and prioritize their concerns. Despite all the protocols implemented in offices, staff are human. Many are anxious and as numbers increase, so does fear. Taking time to listen and not dismiss is critical. Addressing their concerns in an open and transparent manner will go a long way in keeping them engaged. As the owner, providing confidence and reassurance is key. Offices have gone to great lengths to ensure all the steps are in place to ensure the safety of both staff and patients within the practice. Being that calm voice in the storm is so important. Human nature is such that people will make decisions on their own, if a clear strategy is not presented for them to follow. This is where your leadership matters.

This may sound very simplistic or even obvious but ensuring that you have a proper supply of PPE, hand sanitizer, and cleaning supplies will avoid any scrambling or being caught in a rush that could result. Another tip is to continue to manage your cash flow – both in the office and at home. I sincerely do not believe a second closure of offices will occur, but from the various practice owners I’ve spoken to, those who could weather the storm the first time were people who were not overleveraged. It is easy to engage in retail therapy or home renovations (I certainly have) in lieu of not taking a formal vacation or just managing stress. Do your best to create a financial cushion. Also, one of the best things you can do to help calm yourself during times of uncertainty is to prepare regular budgets and stress-test them. This knowledge will give you better clarity and an important sense of control.

During the lockdown, I was so impressed to see practice owners take to the internet – whether it was videos, email messages or Facebook posts. Keeping patients connected is so critical. Now more than ever is the time to be an informative and calming voice to patients. Do not be afraid to invest wisely in your online presence.

If this pandemic has taught us anything, it should be that we need to prepare for future pandemics. Infectious disease experts warn that COVID-19 may not be the only global pandemic we experience in our lifetime. Some of the changes we have had to roll out may now become part of the ‘new normal,’ such as physical distancing in reception areas and PPE during patient visits. After all, it was the care of patients with HIV that led dentists to start wearing masks and gloves.

COVID-19 has taught us that even in volatile times, it is possible to manage and maintain your practice. Some have even been able to grow. While we all had to adapt on the fly earlier this year, this time around we can turn to the good habits we adopted and lessons learned during the first wave to get ourselves through the ones to come.

Keep staying safe and healthy!

Jackie Joachim, COO ROI Corp

JACKIE JOACHIM

Jackie has 30 years of experience in the industry as a former banker and now the Chief Operating Officer of ROI Corporation. Please contact her at Jackie.joachim@roicorp.com or 1-844-764-2020.

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