In this episode of the Prosperous Doc®, Shane Tenny, CFP® speaks with Dr. Michael Neal about the importance of building a strong team and hiring and retaining the right people.
Having a well-oiled team is a crucial component of any successful business. Medical practitioners running their own practices are no strangers to the impact of employee turnover.
Dr. Neal practices optometry alongside his wife, Dr. Amy Neal. When they first opened their practice, he began to experience the challenges of developing a team alongside a growing business.
“We were approaching hiring team members the wrong way. We were approaching it completely upside down. And unfortunately, we got the results that we deserved because of how we were approaching it,” Dr. Neal says about his first hiring challenges.
A desire to streamline the healthcare hiring process and evaluate candidates more effectively led Dr. Neal to develop assessments that determine a candidate's suitability for a role and their ability to learn quickly. These assessments are delivered via text message and filter out 97% of applicants, removing a significant administrative burden from the hiring process. This was the starting point of his other business venture, Build My Team, which delivers better people faster.
Later in the episode, Shane and Dr. Neal discuss the benefits of bringing in a professional manager to oversee the operations of a medical practice.
“It's the team that's providing the care for the bulk of [the time]. If you want to advance in healthcare, one of the ways to do it is to adopt that mindset and bring on these A players,” he says.
Name: Dr. Michael Neal
What he does: As the Chief Executive Officer at Build My Team, Dr. Neal is the face of the company. He founded Build My Team as a result of his own practice’s struggles with hiring for healthcare.
Dr. Neal is also a practicing optometrist alongside his wife, Dr. Amy Neal, at Lakeside Vision in picturesque Hawley, Pennsylvania. They’re celebrating their 20th year of servicing patients in Northeast Pennsylvania.
Company: Build My Team and Lakeside Vision
Words of wisdom: “I like to grow businesses. That's one of the things I get most excited about. We serve people, we grow, and do as good a job as possible.”
Connect: Website
Top takeaways from this episode
[03:12] Founding the practice: Dr. Neal works with his wife in their practice, which was founded when she didn’t want to go into private practice and found an opportunity to open her own practice in an underserved rural area.
[05:19] Trial by fire: Dr. Neal joined his wife’s practice after a fire burnt the building to the ground and they had to start over. Once they teamed up, they started to experience growth within the business, and that’s when he began to see challenges with managing the team.
[07:17] The old school approach: Dr. Neal explains how his initial hiring process did not work for his practice. The resumes he was receiving were not an accurate representation of who the candidates were.
[12:10] Finding a better mousetrap: Frustrated by the poorly matched hires, Dr. Neal found that industry leaders like Disney were using assessments over resumes for vetting candidates. He sought out to develop his own assessments delivered to candidates via text message.
[19:43] Adapting to remote work: Dr. Neal shares an example of one team member who is now working remotely. That works for some positions, but optimal outcomes require great team members in person.
[23:51] Competing in a tight job market: To be more competitive in the job market, Dr. Neal recommends making decisions quickly. When it comes to physician recruitment, grade-A players will have multiple offers, so he gives competitive compensation that is often more than what candidates are asking for.
[27:27] Bring in professional managers: Professional managers have a huge impact on the performance of the practice. Practitioners aren’t always the best managers of a business, and a designated hire can fill those gaps.
[30:51] Shoutouts: Three people helped Dr. Neal get to where he is today. He credits Dr. Gary Webmore whose practice he had his first job at as a receptionist, Dr. Joe Rita who showed him the possibilities of running a business in healthcare during optometry school, and Frank Tuffy for helping run his practice and Build My Team.
Understanding where your cash flow is going every month is essential to creating an actionable plan for your financial goals. Use our monthly cash flow worksheet to give you clarity about where your money is going and help you create a budget.
Disclaimer: Prosperous Doc podcast by Spaugh Dameron Tenny highlights real-life stories from doctors and dentists to encourage and inspire listeners through discussions of professional successes and failures in addition to personal stories and financial wellness advice. Spaugh Dameron Tenny is a comprehensive financial planning firm serving doctors and dentists in Charlotte, NC. To find out more about Spaugh Dameron Tenny, visit our website at www.sdtplanning.com. You can also connect with our host, Shane Tenny, CFP at shane@prosperousdoc.com or on Twitter.
Compliance code: CRN202702-5864946