Although in a helping and healing profession, doctors must also consider economics in running their medical practice, in order to remain in business.
To serve your community and patients well, keep these practice management basics in mind:
Identify Areas for Medical Practice Improvement
Prioritize, rather than trying to optimize all aspects of your practice simultaneously. Evaluate which area needs the most immediate attention. For instance, are health outcomes positive, while patient satisfaction receives low ratings? Is cash flow barely adequate, even though your office is busy?
Outline SMART Goals for the Target Area(s)
Your goals must be specific, measurable, attainable, relevant and timely. Get buy-in on the improvement strategy from your entire staff, so that all are working toward the goals you’ve set for your medical practice.
Focus on the Patient Experience
Make sure each patient feels welcomed by you and your staff, and confident they’re receiving the best care. Both clinical and office staff should listen attentively to patient concerns in all areas, from symptoms and medical history to billing. Clearly explain all procedures and processes to patients. Be empathetic and respectful as you address patient questions or concerns. Bring in a customer service consultant or trainer if necessary.
Increase Staff Productivity and Retention
Locate, attract, hire and retain the best staff members for an efficient and successful practice. Provide proper compensation and a path for advancement. Establish clear procedures and office policies, along with good training, so that clinical and office management processes are followed consistently. When everyone understands the established best practices, and knows how their duties should be handled, you’ll create a smoothly running office and a cohesive team.
Stay Informed About Budgets and Billing
Ensure that billing and coding are handled effectively and efficiently. Claims rejected due to incorrect coding should be minimal and quickly followed up, otherwise your cash flow is at risk. Hire a consultant to help you set up a good billing system for your medical practice, or consider outsourcing the function if cost effective.
Leverage Practice Management Technology
Technology (including EHR, electronic heath records) improves accuracy, communication, organization and productivity so that your practice runs efficiently. Specialized software can help you with the ongoing management of all of the above functions.
At Grecco Capital, we provide multiple options for medical practice financing. Contact us to learn more today.