Learn The Real Health of Your Medical Practice? Here’s How:
Annual Practice Assessment: The Prescription for Success!
The Annual Practice Assessment provides significant value and should not be forgotten when it comes to determining the real financial health and well being of your group or individual practice. This annual assessment can easily be compared to the importance of an annual check-up for a patient and is often the platform to spot and identify any concerns at an early stage. And while one assessment checks on the health of the patient’s body, the other, confirms the true health and well being of your practice.
An Annual Practice Assessment is vital because it can be the lifeblood for any practice. Helping a practice to maintain its competitive advantage, improve staff tenure, help improve financial checks and balances as well as keeping you the owner(s) focused on the goal of maintaining financial health and profitability of your practice.
Social Media Solutions for Doctors provides this information as a part of our consultation service and practice development program for doctors and other medical practitioners. Our clients pay a nominal fee to receive this as well as using our mobile website design services and social media services.
As a bonus, we are providing you with the first part of a five-part series to download. This is a copy of our suggested weekly topics checklist. This checklist we recommend to be used in your weekly meetings or discussions with your Practice Administrator and Patient Care Coordinator. ( If you are not now having weekly meetings with your Practice Manager, you should be to help maintain awareness of what goes on with your staff and patients!)
The Annual Practice Assessment: How Does It Work?
The Annual Practice Assessment is a vital tool that can be used to identify problems and unhealthy trends such as:
- Customer Service or Patient Care Issues/ Concerns
- Compliance issues with State or other Regulatory bodies
- Discover financial irregularities such as embezzlement
The Assessment can also be used as a tool to discover, promote, and encourage healthy trends, staff promotions, or new hire needs in your practice. You will also be able to confirm:
- Growth and Development opportunities inside and outside of your practice
- Staff training and development needs
- Promotional opportunities for new and existing products and services
- Discuss and measure the return on your marketing investments and brand building
- Make additional enhancements to your practice or group marketing campaigns to ensure the furthest reach and highest yields for new patient acquisition
- The ability to measure and monitor your practice performance is key to longevity and financial practice success
How to gauge the health of your practice
You must be able to:
- Identify how many leads your marketing efforts to produce each week
- How many of those leads are converted by your staff to actual consultations
- How many of those consultations are now actual paying clients
The Measure of success
- A Conversion Rate (CR) rule of thumb is to have no less than a 75% closure rate for all email leads and phone call inquiries.
- For Consultation Closure Conversion (CCC) there should be a rate of no less than 80% closure for face to face consultations to clients becoming paying patients.
- How much revenue was generated by that effort for the week?
- How many upsells with patient financing offers and acceptance occurred for the week?
Your EMR, Accountant, Practice Manager, and Office Staff should be required to provide you with the necessary updates from the tools and reports generated on a weekly basis. You must know what your closing ratio is for leads, calls, etc. You can then use the information provided to set your goal and growth targets. Monthly Budgets should grow by no less than 15% above the prior month or over what you did last year. Break up your goals in daily, weekly, monthly increments to ensure annual growth.
Tools for Success
It is important to use all the tools available to you and that everyone contributes to the success of the practice. Proper Management, EHR and tools like MyMedLeadswill ensure significant financial gains for your marketing dollars spent and the continued health and success of your practice.
Weekly Staff Meetings
Set relevant meeting topics, performance should be measured relative to goals, identify the most consistent patient issues or concerns, and use of the post-care programs as a tool for up-sell opportunities. Most Importantly, how you treat your staff can be instructive or destructive. Treat your team like you would want to be treated. Greet them with a positive attitude daily as they control the lifeline to your income. Remember, if you hired them, get out of the way and let them do their jobs. Micromanaging your team slows down growth, creates negative energy, and makes for a hostile work environment. You spend forty plus hours per week with your team, make it fun don’t make it a burden, otherwise, you will experience high turn over, low profits, and slow to no new patient growth.
Please read this compelling article: http://businesspaths.net/Articles/12/people-quit-their-boss-not-their-job
Marketing for Success
Social Media Solutions for Doctors will provide professional assistance and guidance in matters relating to marketing such as Social Media and Website Design and Mobilization. We also suggest that a list of discussion topics for your weekly or monthly Newsletter and Blog be forwarded to your Marketing Director or Marketing Agency on a weekly basis to ensure all topics are being covered and services that you wish to offer are being promoted..
If you determine after reading our brief recommendations that a Practice Review is in order or you feel your Social Media program and website is not generating the correct amount of practice income to help take your practice to the next level Social Media Solutions for Doctors recommends a practice review. This review should include a Practice Assessment, Website Review, or Social Media Evaluation.
Along with our corporate partners, we look forward to speaking with you soon and I hope this first of our five-part discussion helps take your practice to new heights of success!
You may also want to read our last post: Is Social Media Good for Your Practice?
Quintin L. Gunn Sr.
CSO/Chief Strategic Officer