Eyeworld

EW Ophthalmology Business April 2014 69 Mr. Utley is the lead advisor with Physi- cian Family Financial Advisors, a fee-only financial planning firm helping doctors throughout the United States to save for college and invest for retirement. He can be reached at contact@physicianfamily.com. "When you see people working hard, look them in the eye and say thank you. When your team achieves a milestone, get them all together and celebrate in some way. A thank you and a high five may be all it takes to make a huge difference in everyone's day," Dr. Drummond said. One employee recognition step used at Mr. Lutz's practice is sending thank you cards to an employee who goes above and beyond the normal duties. Mr. Lutz or one of the senior partners handwrites the note, which is then sent to the employee's home. "Receiving the note at home involves the employee's family or significant other and has been very well received by the staff," Mr. Lutz said. The practice tried programs like Employee of the Month and Customer Service Bucks, both based on employee nominations. However, they did not have the intended effect, which is why the practice switched to the thank you notes. Regular social events through- out the year are another way to show appreciation. At Dr. Bafna's practice, the partners aim for a special event once a year. Last year, they rented a restaurant for the celebration. "We did line dancing with the staff," he said. Mr. Lutz's practice also offers ap- preciation-focused incentives such as an hour of paid time off for em- ployment anniversaries, discount tickets to local amusement parks, and an Employee Day of paid time off that's usually in conjunction with another holiday. Set the tone at hiring, encourage training Finally, practice leaders should look for candidates with the right team attitude at the time of hiring. It starts with finding the right physician partner. "When you bring on a partner, it's sort of like a mar- riage," Dr. Bafna said. "Bill Wiley [MD] and I have the same core values. If you don't, that's where problems arise." "We have placed more emphasis on physicians' ability to work in a team environment with our existing physicians and staff," Mr. Lutz said. "We are very honest about the ex- pectations and the practice culture during the recruitment process. The senior partners work very well together, which sets the tone for the other physicians and staff." The same principle applies to non-medical staff. "We can train on ophthalmology. I'd rather go more for the right personality," Dr. Bafna said. Solid training plans to boost em- ployees' skills help show a practice's interest in promoting from within. For instance, at Dr. Bafna's practice, if a non-certified ophthalmic assistant is hired, he or she will be encouraged to become a certified ophthalmic assistant and then work up to certified ophthalmic techni- cian. "Some staff members take advantage of that," he said. If staff members—physicians included—go to CME training, they should share relevant information they have learned with other related staff members, Dr. Pfifferling said. A new orientation process at Mr. Lutz's practice gives employees the opportunity to rotate through multi- ple roles in the practice, including observing surgery. "This helps them appreciate everyone's role in the practice and the scope of services we provide," he said. Finally, don't feel you need to approach this collegial work envi- ronment challenge on your own. "There are $50 million practices with 46 doctors who are still trying to have a practice manager run that," Dr. Pfifferling said. More physicians both inside and outside ophthalmology are now earning MBAs to meet business challenges, but they don't necessarily have MHAs or human resources back- grounds, he added. That's when hiring more administrative staff, such as an HR director, can come in handy. Dr. Bafna's practice recently recruited an HR person from Lexus, in part because of the person's cus- tomer service background. EW Contact information Bafna: drbafna@clevelandeyeclinic.com Drummond: dikedrummond@gmail.com Ferron: liz.ferron@workplacebehavioralsolutions.com Lutz: mlutz@aiovision.com Pfifferling: cpwb@mindspring.com Your practice continued from page 67 Mr. Keller is the founder of Physician Financial Services. Based in New York, he offers income protection and wealth accumulation strategies for physi- cians nationwide. He can be reached at LKeller@physicianfinancialservices.com. About the authors Mid-career physicians, those in the more highly paid specialties, and terribly thrifty savers who are stepping up from a less costly home should consider conventional financing but everyone else should keep reading. 3. Get a doctor loan Back before we ever heard the words "new normal," practically anyone with a pulse and a paycheck could land a seven-figure home with a low down payment and easy approval. Fortunately for physicians, that's still the case. A special bank-based home loan program known generi- cally as a "doctor loan" uses under- writing criteria that recognize your earning capacity as a medical practi- tioner, making it way easier to qual- ify for the loan. If you're a newly minted physi- cian, you may have been denied a loan due to insufficient earnings history. That's a real pain if you're trying to buy a new home and start a new job at the same time. Don't worry though. Some physician-cen- tric lenders will allow you to close on your home purchase up to 90 days before your first paycheck arrives, basing their underwriting decision on your signed employ- ment contract or offer letter. Got student loans? Unlike con- ventional financing, your student loan debt will not count against you when you apply for a doctor loan. This means you'll go into underwrit- ing with a better debt-to-income ratio and come out qualifying for a bigger home. How much bigger might that home be? According to Mr. Mettle, a doctor loan with down payment as low as $50,000 can fetch you a $1 million home. With decent credit, physicians can borrow up to $400,000 with zero down. Since banks don't sell these loans to the government, doctor loans often demand interest rates that can be 0.25% to 0.75% more than conventional loans, with slightly higher closing costs. There's a tradeoff here, since doctor loans do not require private mortgage insurance (PMI) like conventional loans do. Whether you pay cash, go con- ventional, or get a doctor loan, a bigger home will have a bigger impact on your ability to invest for retirement, save for college, or buy into a practice. Consider your op- tions carefully and consult your financial advisor before you make your final move. The only thing more important than your family's comfort today is their financial security tomorrow. EW digital.ophthalmologybusiness.org

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