Goodwill is not just the name of a well known charity. Goodwill, in terms of valuing a medical facility or other business, is an important, intangible asset that can play a huge part in the success of a family practice.
We’ve all seen them. They’re the person at the business that everyone enjoys seeing. The one person patients at a family practice may stop by to chat with even when they aren’t ill. They are well liked, well respected and well known in the community. Sometimes they have enough personality and charisma to make up for the office crankpot or employees who tend to be rude. Often they are the principle force in the business as well as the driving force in the success of the business.
What is goodwill? Some professional appraisers define it as an overall talent, attitude or condition. It includes the ability to interact very well with people, to attract and hold clients and is usually part of the makeup of respected, well known members of a community.
Family practices can have practice goodwill attached to them. Practice goodwill is a term used to describe a professional entity that bears the same characteristics as someone with professional goodwill.
Practice goodwill is defined by several family practice characteristics including excellent location, a respected reputation, and often is applied to a business that has been operating for some time. Practice goodwill isn’t created overnight. It takes time to build a relationship with the community, with patients and with other professionals. Once developed, practice goodwill is an excellent characteristic for a family practice to have and one that directly affects the bottom line.
If the family practice is one of goodwill, patients are more likely to tell others about the clinic in a good way, other physicians are more likely to refer patients and to speak well of the practice, as are general professionals. The location of the practice is good if not ideal.
Professional goodwill is a characteristic demonstrated by one or more family practice staff members. Many different talents and skills and circumstances can affect professional goodwill. Most staff members who possess goodwill in a way that actually increases the value of the family practice get along well with everyone inside and outside the clinic. They have a good reputation and are considered trustworthy and reliable in the practice and in the community.
Goodwill can rarely be measured in dollars and cents. It is measurable in that if it were to disappear, the family practice would suffer. Family practice clinics that do their best to hire the type of employees who generate goodwill will go farther and last longer in the community.
Practice goodwill can be developed as can professional goodwill. Smart clinic administrators recognize the value of goodwill both in the practice and professionally in staff members. Hiring staff members who appear to be able to develop goodwill characteristics or who have already demonstrated them can be good for office morale and for the bottom line.