The situation could be traumatic or catastrophic, as in an office fire or computer crash, or – more likely – it could be subtle and compounding, as in unnoticed embezzlement, billing irregularities or an increase in overhead. If you kept track of every administrative detail in your practice, you wouldn't have time to see patients. You have to triage this work in order to be effective and efficient. Just as you work with your clinical staff to monitor the vital signs of your patients, you and your front-office staff can monitor the “vital signs” that reveal your practice's financial health.
The most productive and profitable group practices have the most efficient workflows The right people, doing the right job at the right time
3 phase of practice revenue, expenses, profit/net income/owner compensation
Everyone works cash flow scheduling/recalls/phone people check-in/front desk clinicians/triage providers ancillaries check-out billing dept OM/Administrator accountant consultants
Reception vs waiting cabel/wi-fi/kids toys/reading materials, etc Surveys Act on information and disseminate
Employee morale/satisfaction direct impact on patient satisfaction Patient satisfaction culture Bragging patients Word of mouth advertising Innovate / embrace change TRANSPARENCY is here!
MBWA Walk in their shoes 360 evaluations & staff meetings allow staff to set portion of the agenda Regular review of work & special projects What about meetings with owners Rewards & recognition
Real budget isn’t prepared by simply increasing prior year revenues and expenses by an arbitrary percentage; it’s built from the ground up and requires careful consideration of each line item. From a revenue perspective, be sure to consider any changes in patient demographics, variances noted in the procedure mix, and changes to insurance plans accepted. From an expense standpoint, really spend some time on administrative and medical staffing levels as well as their compensation packages. This is one of the areas where the management team has the most control when it comes to costs.
7 Effective Habits Of Profitable Medical Practices