When medical practices or businesses see lagging revenue, they most often look to grow their business through sales and marketing initiatives. Higher expenses means a practice needs to grow patient volume, yes? What happens, though, when even those efforts are not enough to help you reach revenue targets?
It may be time to assess your current operations for “efficiency deficiencies.”
Optimizing resources of time, money, equipment, technology and staff is key to revenue growth. And in some cases, it’s the easiest fixes for resources that represent the greatest financial savings.
An often-overlooked element is the patient experience.
How are incoming calls/texts from patients being handled? Is your team responding to messages and requests in a timely manner? How is a new patient process handled with forms and contact criteria? How are patients checked-in for visits – both in-person and virtual sessions?
In your back office, are patient records being updated in a timely manner? Is the process in place for ordering tests and prescriptions working well? Is the investment in technology working for the practice? Are work flows time-consuming because there’s a lack of coordination among providers and support staff? Is the current billing system working in a timely manner? Is the current system providing clean claims?
The efficiency of a practice is only as good as the staff’s capabilities and the tools (technology) they use to help manage an office. Processes are important and so are outcomes. An assessment needs to addresses both factors.
There is likely opportunity for improvement with providers. The more time saved throughout the day, the more time providers have to spend with patients or their staff. How often are patient charts updated? Do providers start their day on time and adhere to an established schedule? Are providers accessible to staff who need them and how does that accessibility impact productivity?
Every aspect of a medical practice represents a chance for improvement. Investing in an efficiency assessment will not only bring you fast results but provide you with a road map for long-term advancement.