Practice owners often lament the fact their team rarely, if ever, ‘takes ownership’ in their office. However, the same practice owners do not offer either emotional or financial reward based on the performance of the practice, opting instead to hoard the spoils of a successful practice for themselves—often leading to underperformance of the team. This lecture aims to discuss the types of ownership a practice and its team members may enjoy and the component parts of each. Also, several incentive structures previously used successfully in a private practice will be discussed.
Identify the two types of ‘ownership’ team members may find valuable.
Understand proven leadership strategies in private practice.
List several examples of team incentives that may help your practice grow and thrive.