40% of all profits given to team

One thing I absolutely know for sure is that the people that are responsible for the success of a business are the people on the front line.

The problem with most business models is that profits flow from the front line to a few individuals, often shareholders in large corporations or single business owners as in the example of most dental practices.

This creates a large inequality, the people working in the business day-to-day create the profits for a few individuals.

What if there was an alternative?

What if there was a way to more equally distribute any revenues generated by said business?

By bringing every single team member (that wants to) into ownership of the business Future Health Partnership ensures that everyone is rewarded fairly for the work they do.

As a demonstration of this principle we’ve recently introduced a new profit share scheme where 40% of all profits are given back to the team members that help generate those profits. The remaining 60% of profit is held within the business for future investment and growth, in order to bring more practices and team members into the family of FHP.

Of course, there are certain requirements in order to be eligible for the team bonus. Individual practices need to perform in a variety of key performance areas and they then need to pass an audit which proves their performance. When a practice passes its audits for the year then the entire team become eligible for a bonus.

If the team work together then the team benefit together.

The audit follows the format of the Balanced Scorecard originated by Drs. Robert Kaplan (Harvard Business School) and David Norton as a performance measurement, it looks at the four key areas of customers, internal processes, learning and development and finances.

Here’s what our audit takes into account.

FHP Audit -  Date:

FOCUS ON CUSTOMERS

Is the entrance, drive and exterior signage clean & free from clutter?
Is the interior paintwork clean and free from scuffs?
Are all interior walkways clear and free from clutter?
Is the reception area organised, streamlined and clutter free?
Are there up to date magazine & newspapers available?
Can patients see this month’s offer
Can patients see the Practice offering?
Is there literature about Practice services
Are patients aware that they can buy toothbrushes and dental products
Has a patient questionnaire been completed and audited in the last 6 months?
Have Pt complaints been recorded and actioned where required?
Have all new patient enquiries been followed up?

FOCUS ON INTERNAL PROCESSES

Cloud-based practice management software being used
Cloud-based team rota software being used
Internal team communication systems such as groups and e-mails being used.
Team meetings being run (daily huddle)
Team meetings being run (monthly practice meeting)

FOCUS ON LEARNING AND GROWTH

CPD for team recorded
Team member attending the bi-monthly practice development meetings with FHP
Team members attending the FHP team events (if held)
Personal Development Plan in place for all team members

FOCUS ON FINANCES

Turnover increased by 10% compared to same period last year
Profit >10%

By investing in the future of our business via the people we are sure we are providing a sustainable and ethical future for the provision of healthcare in the United Kingdom.

Mark Oborn

For a confidential chat about bringing your practice into the FHP family, please give me a call on the number above.

 

Mark

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