This is where the mindset needs a shift. We can’t possibly know everything, so reaching out to sources with particular expertise and knowledge proves to be a valuable strategy when it comes to problem solving and efficient work.

“I Don’t Know.” can be the Right Answer

Learn to Delegate

The use of delegation is much more valuable to the success of a business. In delegating tasks to experts in their fields, you’re able to focus your efforts in areas where you are confident, and they in theirs, thus pushing your goals further.

Balancing skill sets helps each employee focus on their strengths when completing tasks and projects. It also makes the delegation process smooth and easy.

Buy Yourself a Little Time

When you say “I don’t know,” a simple way to maintain control and professionalism is to complete the sentence with “…but let me find out and get back to you.” This gives you time to do some research and find out what you need to know to progress.

Being able to admit when you don’t know something may be difficult at times, but giving the wrong answer is much more problematic. Whether you find experts to help, or do the research to get your own answers, you need to be honest to achieve success. With that you can find the power in saying, “I don’t know.” To read the full article click here.

Michael Roub
Inflection 360

As Co-Founder of Inflection 360, Michael Roub advises clients on a wide range of strategic initiatives, including operations enhancement, acquisitions and business planning. Michael has a particular expertise working with healthcare practices and small businesses.
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Growth-oriented mindsets vs. perfection

“Perfection is the enemy of success.” – Mark Cuban is Right

A growth-oriented mindset has been shown to be the most effective mindset for achieving goals, gaining new skills, and developing positive changes in your life. You’re more likely to ask yourself, “what can I do here to improve the situation,” which can help in progressing your business efficiently.

Mark Cuban explained a valuable strategy during New York Advertising Week; when addressing areas where you lack certain skill sets, find the people who compliment your skill set to allow more opportunity for growth and business improvement. Let those who are willing help you improve your business and tackle opportunities quicker.

Change your definition of failure

Cuban says, “you only have to be right once.” Your biggest failure will be giving up completely so perseverance is an important factor when starting or maintaining a business. By seeing your failures more as opportunities, you can see problems from a different perspective and thus, find solutions quicker. It also allows you to keep a generally positive outlook.

Your time is valuable

With the technology of today, lengthy phone calls and meetings are not necessary to keep a consistent dialogue of priorities. Email threads can be much more efficient in maintaining a record of progress and saving everyone time. In addition, your balance of work and personal life has an effect on efficiency and mood which can certainly impact business operations. Optimize your schedule around your most productive hours and ensure that you are not bringing work home with you to keep a strong work-life balance.

It’s quite obvious that no one is perfect, and neither are their businesses. So why should you hold yourself to an unattainable standard when you can productively push toward company goals? To read the full article *click here*

Michael Roub
Inflection 360

As Co-Founder of Inflection 360, Michael Roub advises clients on a wide range of strategic initiatives, including operations enhancement, acquisitions and business planning. Michael has a particular expertise working with healthcare practices and small businesses.
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Make your list the night before

As a business owner, your time is valuable and needs to be utilized in the most efficient way. If you’re like the majority of the population, you consider yourself to be the most productive in the morning. If so, make it a routine to write out your list at night. By doing so, your energy in the morning will be used to efficiently complete your tasks.

Prioritize your list using the 4 D’s

This is a simple strategy used to simplify the daily tasks of running your business. Establish what on your list can be done now, done by others, deleted entirely, or delayed until another day. By doing so, your priorities become clear and enable a more productive process to your work day. See this helpful chart below, posted by Mike Renahan on Hubspot:

The Four D’s of Productivity to Effectively Manage Your To Do List

Understand other factors that improve productivity

Optimizing your rest patterns has been shown to increase productivity in the workplace by improving your mood and can also decrease the risk for certain long-term health problems. A balanced work-life schedule has also been shown to improve productivity. By separating work and personal life, stress levels decrease thus improving your mood, as well.

A simple strategy and basic understanding of what can positively affect your productivity will have you hit the ground running when completing your daily to do list. Do yourself a favor by shifting your focus on these simple steps. See full article here

Michael Roub
Inflection 360

As Co-Founder of Inflection 360, Michael Roub advises clients on a wide range of strategic initiatives, including operations enhancement, acquisitions and business planning. Michael has a particular expertise working with healthcare practices and small businesses.
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Michael Roub of Inflection 360 was interviewed by the folks at IdeaMensch earlier this month. In the article, Michael is asked about topics ranging from industry trends to productivity. Michael provides numerous examples of skills that help him manage a busy clientbase and still have time for his family.

Michael also talks about strategies he used to grow his business and what software or tools make him most productive. What stands out in the article is Michael’s views on keeping focus on what is truly important in life – family and friends. Staying balanced and focused is critical to Michael Roub’s daily work and personal life.

You can reach the full article, on IdeaMensch

Professional Accomplishments

Michael began his career as an investment banker with Donaldson, Lufkin & Jenrette where he focused on corporate restructuring, mergers & acquisitions, initial public offerings and strategic advisory engagements. From there Michael has gone on to hold executive positions with multiple businesses, including:

• VP of Finance for a Silicon Valley start-up
• Operations and Development lead for a multi-specialty surgery center group which was acquired by a public corporation
• Founder of multiple entrepreneurial ventures
• VP of Business Development – Acquisitions for the nation’s second largest provider of occupational medicine services (sinced acquired)
• VP of Business Development – Acquisitions for a leading dental service organization (DSO)

Michael has a B.S. in Economics from the the Wharton School of Business at the University of Pennsylania with concentrations in Finance and Marketing.  Michael also has an M.B.A. from the University of Chicago Booth School of Business with concentrations in Finance and Accounting.

Family and Community Involvement

While Michael has had many professional accomplishments, he is even more proud of his family and his community involvement. His wife Lisa is a breast cancer survivor and advocate who was featured in Calabasas Style Magazine to share her story. In addition, Michael has been actively involved over the years with Making Strides Against Breast Cancer, Agoura Lacrosse Association, and the University of Pennsylvania  Alumni Interviewing Committee.

To learn more about Michael, you can also check out MichaelRoub.com and Inflection360.com

The post Michael Roub March 14, 2018 Interview with IdeaMensch appeared first on Michael Roub.

If you are a healthcare practice owner, it is important to be prepared to sell your practice to ensure you get the highest price possible. While all business owners need to take appropriate steps to sell their business, practice owners must consider additional factors. As a corporate executive focused on practice acquisitions, I have learned that will benefit any practice owner. 5 lessons that are most critical are:

1. Understand Your Payor Mix

Buyers look for opportunities and challenges. Untapped payors in your practice could represent tremendous opportunities. However, this may not be clear to a potential buyer, so it helps if you can provide this information upfront.

2. Review Your Practice Metrics

It is important to understand where volume has increased or decreased. Some providers within a practice are busier than others. These and other metrics will need to be understood by both you as the seller and any potential buyer.

3. Providers are Assets – Stay After Sale

If you currently see patients, a buyer risks losing clients after the sale. If you are willing to work out a meaningful transition plan it can result in more value to both the buyer and you as the seller.

4. Discuss Legal and Compliance Considerations

Be prepared to discuss any legal or compliance issues with a potential buyer. Having these issues under control before a sale is essential.

5. Have Credentialing Files Up to Date

A buyer will need to work with insurance payors to update contracts or obtain new ones after a sale. They will need current credentialing files for all providers.

If you want to sell your practice for more money, you should read my full blog on this topic at The 5 Most Important Lessons I Learned Acquiring Medical and Dental Practices

Michael Roub

P.S. If you would like to learn more about how I can help your business, schedule a call here. Schedule Call

P.S.S. Please check out my video on YouTube to learn more on the topic. 5 Lessons from Acquiring Medical and Dental Practices

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Who is Your Most Valuable Employee? (Hint: It’s Probably Not You)

Many owners like to think that they are the most valuable employee in their business. However, on any given day that probably is not true. Years ago, I ran a large surgery center and learned firsthand the truth. I took great pride in the success of our business. We had 800 patients each month, 50 employees, and a constant sense of urgency. Patients, doctors, staff – the days were always hectic.

I managed critical aspects of the business. I managed profit and looked to control costs, hired and fired staff, and dealt with partnership issues. But, our revenue was driven by patient procedures. Positive patient experiences led to more patients choosing to come to our surgery center. Doctors wanted to come back and word of mouth drove additional patients to these doctors.

Who Do Customers Consider as the Most Valuable Employee?

We had patients complete a survey following their procedure and always asked for patients to identify any staff member that made their experience enjoyable. In more than 5 years running the clinic, I am happy to say that my name was never mentioned once. Management will certainly get mentioned when there are problems, but a valuable employee will receive a customer’s praise.

Survey Says…

Of all of the staff, including our incredible nurses and surgical technicians that cared for our patients, there were three individuals that consistently were named by the patients and led to glowing reviews of our business: the receptionist and the two orderlies. Why?

Nervous patients would walk into our facility. The first person they would meet was our receptionist. She was calm, polite and professional. This put the patients at ease and made them feel much better about the upcoming experience.

As most people have experienced, medications and anesthesia will limit most memories when having a procedure. So, the caring nurses and clinical team were not always remembered by the patients.

However, after some time in recovery, and with a clearer mind, patients would be ready to go home. We had two incredible orderlies that would take the patients from the center to their vehicle. The patients always loved them.

First and Last (Most Recent) Interactions…

The first and last interactions with staff made the most lasting impressions on patients. Everyone on the team played a vital role, but these key individuals made a massive difference in the patient experience. Everyone at the center played a vital role, but to the patient the receptionist and orderlies were the most valuable employees.

Salaries and titles don’t always matter. You have to think like a team and value all of your employees to get the best results. From start to finish – everyone is critical. If you lose a customer the moment they walk in the door, you will never gain their trust. If the patient leaves with a negative experience, you will never see them again.

As an owner or manager, you have to consider the customer’s perspective. In my surgery centers, the most valuable employees from a customer perspective were also the least expensive ones.

Michael Roub

P.S. For other blogs, please go to https://inflection360.com/blog/

P.S.S. If you would like to learn more about how I can help your business, schedule a call here. Schedule Call

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