Solo Practice Owner Solves Team and Money Woes, Makes $1M in Year 2
A new practice owner faced mounting challenges as she worked to balance great medicine, time management, and business demands. Despite leadership experience and strong clinical skills, she found herself pulled in too many directions and struggling to lead the business. She was working in her practice, but not on her practice.
The Vision
After opening the practice in early 2023, this doctor dreamed of creating a high-touch practice focused on quality care and proactive client education. But with mounting administrative tasks and a growing caseload, she needed help understanding and managing her finances, and successfully dealing with team conflict. She wanted to build a multi-doctor practice while maintaining work-life balance and her passion for professional development.
The Discovery
Our coaching partnership revealed that while the practice was growing steadily and generating strong revenue in its first year, there were large financial obligations and a need to develop management systems to run the business profitably.
While naturally drawn to leadership, the client needed tools and a strategy to develop and delegate responsibility to her team, so she could lead more effectively.
The Journey
Through bi-weekly coaching sessions, we identified priorities and created a framework that defined coaching goals and outcomes.
We started by improving team dynamics, introducing structured problem-solving methods and guidelines for giving meaningful feedback. This groundwork helped resolve team conflicts and improved communication throughout the practice.
Financial management became a cornerstone of our work together. We analyzed profit and loss statements carefully, examining income sources and expenses to get a clear picture of financial health. We tracked performance and productivity, reviewed staffing and daily scheduling practices. This led us to set daily revenue goals and develop pricing strategies that balanced profit with the practice's commitment to excellent patient care.
To address the owner's overwhelm, we developed systems for managing time and prioritizing tasks. This allowed her to delegate confidently while maintaining high standards. Regular meetings helped us adjust these systems as the practice continued to grow.
Key initiatives included:
Addressing performance and team culture issues
Review of financial reporting to assess profitability
Pricing analysis
Creating financial and productivity tracking dashboards
Establishing best practices for the interview process and hiring
Creating inventory management controls to optimize COGS
The Results
The practice underwent a transformation in both culture and operations. Team relationships improved with new communication systems in place, while better financial tracking gave insight into practice performance.
The financial improvements were remarkable. The practice grew revenue by 67% compared to the previous year. The number of patients seen increased by 45%, while the average amount spent per client grew by 15.5%. Daily revenue rose from $3,500 to a consistent $4,500, putting the practice on course to exceed $1 million in annual revenue in its second year.
The owner discovered she could maintain high medical standards while empowering her team to take on greater responsibility. She developed confidence in her leadership abilities and created space for strategic planning and growth. Most importantly, she built lasting systems that would support her vision of a high-touch, quality-focused practice.
Key achievements included:
Grew from $600,000 first-year revenue to tracking over $1 million in year two
Expanded revenue through strategic pricing increases.
Implementation of inventory management protocols to reduce COGS expenses
Successfully resolved team conflicts through structured intervention
Established protocols for team empowerment and delegation
Created a position for a second veterinarian and grew doctor production through the addition of a relief doctor.
This story shows how targeted coaching can help new practice owners succeed in both medicine and business. Through structured guidance and support, coaching helped turn overwhelming tasks into manageable routines, building a strong foundation for growth while protecting both the owner's health and her commitment to excellent patient care.
