1. Manage by the numbers
If you can’t measure it, you can’t manage it. A key to making improvements to your practice in the New Year is to measure the objectives of your particular goal. But don’t go overboard on this or you find yourself bogged down in the analysis.
For starters: Collaborate with your healthcare business consultant to identify a few key performance indicators for your practice. Monitor them on a weekly basis and work towards meeting defined goals.
2. Update your Master Fee Schedule
Having done several fee analyses for practices, I have found that it is not uncommon to see errors in the Master Fee Schedule.
Fees below actual costs, below the market, or simply below contracted fee schedules can result in dollars being left on the table.
For starters: Create a listing of all the procedures you did in the past year and the frequency of each code used along with your current fee. Sort the codes by frequency and by dollar volume to key in on your top 25 codes, which most likely makes up 80 to 90 percent of your gross charges.
If these fees are in line with your costs to produce the charge and market rates, then take the next step and check the rest of your less frequently used codes where underpricing is often overlooked.
3. Focus your marketing
While you shouldn’t scrap every advertising program you have in place, be purposeful in your marketing strategy this year to grow your top line.
For starters: Profile your current patient base. Knowing where they work, of which organizations they are members, how they were referred to your practice or how many referrals they sent to your practice will help you identify your biggest growth opportunity.
Whether it is a specific new patient type, service that you could or should be performing for the better health of your patient, or maybe a new geographical market, create a laser-focused marketing plan.
4. Look to gain insight from one of your greatest assets
Look to your staff for suggestions on how you might improve your practice this year. Most do care about the continued success of your business.
For starters: Whether it is through having regular staff meetings or casual morning huddles in the office, create time on your agenda for non-threatening discussions on their thoughts that will benefit you and your staff this New Year.
5. Follow the money
Cash flow is the lifeblood of your practice. Keeping an eye on your cash flow will keep your practice healthy and allow for a less stressful year.
For starters: Go through your accounts receivable listing and look for those accounts that are greater than 90 days old. Is there a plan for collecting the money? If not, look to institute a revised method for collecting this money.
6. Keep things looking fresh
Walking into an office and finding old magazines in the waiting room or furniture that looks worn and tired creates a negative first impression of you when a patient enters your office for the first time.
First impressions also find their way on your website, or lack thereof, and may be the difference between making that first appointment or sending a potential patient looking for other options to satisfy their health care needs.
For starters: Ask a few people outside of your office to provide you with a set of fresh eyes. Have them give you their impressions of your website, your patient information brochure, or have them call and make an appointment with your front desk staff to evaluate the experience that your new patient may encounter.
7. Renew your perspective
The New Year is a popular time for reflection. But it can be equally helpful to look ahead into the future.
Imagine your life 10 years from now. What impact do you want to have on your patients? How do you want to be remembered by your kids?
For starters: Take time away from your practice and make an honest assessment of the impact your business has on you and you have on it. Look for ways this year that will provide you with the proper work/life balance.
Renew your passion for being a healthcare provider and “Practice with a Purpose.”
Happy New Year!
I wish you a happy, healthy, and prosperous New Year. I look forward to working with you this year once again…helping you mind your own business.
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