1. Rebuild Trust and Morale
- Communication: Host a team meeting to acknowledge the challenges, reiterate your commitment to the team, and share your vision for moving forward.
- Transparency: Share plans for stabilizing cash flow and improving operations, so your current staff understands the path forward.
- Retention Strategies: Implement non-monetary benefits like flexible scheduling, professional development opportunities, or wellness programs to make Stoic a desirable workplace.
2. Adapt Pay Structures
Since pay structure issues contributed to past turnover, consider alternative approaches:
- Base Pay + Bonus: Provide a modest base salary with bonuses tied to productivity.
- Stipends for Unavailable Clients: Offer partial compensation during low-billing periods to stabilize therapist income.
- Year-Round Support: Collaborate with schools or community centers to arrange summer programs or other activities that generate billable opportunities during off-seasons.
3. Strengthen Recruitment Efforts
To attract qualified therapists:
- Leverage Your Case Management Program: Highlight your strong case management program as a selling point—it's an indication of strong support for therapists' workloads.
- Expand Intern Recruitment: Work closely with NKU and other local universities to bring in graduate-level interns who may transition into full-time roles.
- Recruit Passive Candidates: Use LinkedIn or a recruiter to target professionals who may not be actively job-seeking but could be open to a conversation.
4. Secure Cash Flow
- Bridge Financing: Tap into a line of credit to manage the cash flow challenges caused by credentialing delays and operational changes.
- Improved Billing Processes: Ensure billing is being done as quickly and efficiently as possible once credentialing approvals come through.
- Negotiation with Insurers: If feasible, work with insurance providers to expedite processing times or resolve credentialing bottlenecks.
5. Protect Against Future Risks
- Non-Compete Clauses: Ensure that future clinical directors and key hires sign enforceable non-compete agreements.
- Frequent Check-Ins: Regularly engage with staff to address concerns before they escalate.
- Exit Interviews: Conduct interviews with departing therapists to understand root causes of turnover and identify opportunities for improvement.
