It is time to step back. Why? Because much like an annual wellness exam, a proactive approach to your 2023 planning can prevent future pain, financial burden, and headaches down the road. But where do you start?
Start with a thorough analysis of your practice. This goes beyond a simple assessment – consider this a comprehensive approach that addresses everything from patient experience to technology.
Experience:
To get started, spend time with your staff to gain their perspective and listen to their feedback. Here are a few questions to help you cultivate conversation:
- What are you doing well?
- What could be improved?
- What input does your staff have? This is important because they are the first point of contact with the patient.
Once you have asked these questions, it is time to shift views and analyze your practice through the eyes of the patient. This practice allows you and your team to gain perspective on the experience that patients receive starting in the parking lot through the exam room. For instance, when was the last time that you walked through the front door of your practice or even sat in your waiting room?
Today, patient experience is more important than ever. Experience and comfort are key factors to retaining patients and gaining a referral.
Marketing:
Next, you need to review your marketing efforts. Marketing goes beyond a brochure or a social post; it is messaging, communications, and the brand of your practice.
One of the best places to start is by reading your online reviews. Reviews are a wonderful opportunity to see honest feedback, so it is important to read them and take in constructive information that can make your practice better.
What if you encounter a negative review – should you respond? As you are going through these reviews, remember that when you respond, if not done correctly, it can do more harm than good. When and if you respond, be careful, watch for HIPAA, and do not engage negatively. Also, within your response, do not use a name or confirm that they are a patient but encourage them to call the office to discuss the issue further to help you improve in the future.
Responding to reviews has its benefits and can have a positive impact on your practice. But if you respond, we suggest having a response plan in place.
Financials:
Accounts receivable are the lifeline of your practice. You can work hard all year, but if you are not collecting on it, you are not growing and cannot continue successfully. Considerations:
- What is your collection percentage?
- Are there outstanding balances over 60-90 days?
- Look at what can be improved and what needs to be written off.
Step back and look at the process from a holistic view.
Supply Chain:
Going into the new year is a perfect time to review facilities and equipment. If you are up for a lease renewal or looking to purchase a building, look ahead to have a proactive approach toward it. Keep your goals in mind to stay away from a reactive approach.
At year end you may be tempted to purchase equipment to save taxes, but only purchase what you will need. Do not let the tax tail wag the dog. Assess your equipment – what is on their last leg? If you are looking to expand, what equipment will you need to do so? Call ahead and see what the supply is and what the delays are, and order it before you need it.
Technology:
Something that may not be top of mind is cybersecurity. But it is something that needs to be taken seriously as it can cause real financial damage to your practice. The cost of a breach is high but also think about what will happen when patients can’t trust the security of your practice with their personal information. Yes, you probably have insurance, but do you have the correct policies and procedures in place so your insurance will cover it? It is better to be on the front end to protect your cybersecurity than rely on your insurance. When it comes to cyber, what you don’t know is what will hurt you.
HR:
Your associates are such an important part of keeping your practice up and running daily. During the past few years, the cost of associates has fluctuated. When was the last time you did a compensation review to see what competitors are paying compared to your practice? With the current staffing climate, you want to make sure you stay competitive and retain your employees. Take some time to review your employee handbook and determine updates to fit the new work culture.
This is only a high-level overview of what you should do for your practice’s annual checkup. The first thing you can do is download the full checklist at https://go.rehmann.com/PracticeCheckUp.
Set a goal to complete one task in the next 30 days. Remember, if you never start, you cannot improve.