2018 Medical Practice Checkup: Areas Commonly Overlooked
When was the last time you gave your medical practice a thorough checkup? While most practice leaders understand how to prepare for a fiscal year closeout, many fail to examine other aspects of their practice that are equally important and deserve a thorough overview. Take a look at our checklist for areas that medical practices commonly overlook.
Audit Your Expenses
The profitability of your practice ultimately relies on your ability to control expenses. Far too many practices overspend without realizing it, and that takes away from profitability and growth.
Evaluate the Following Expenses
- Payroll Services
- Overtime Costs
- Unemployment Insurance Rates
- Employee Expense Reports
- Device Discount Purchase Contracts
- Employee Benefits
- Employee Perks
- Incentive Programs
- Association Membership Fees
- Credit Card Processing Fees
- Patient Financing Fees
- Phone Systems
- Marketing Expenses
- IT Hardware & Support Services
- Utilities
- Medical Supplies
- Office Supplies
Keep in mind, however, that your evaluation should be about assessing both value and price–they go together. Don’t skimp on quality to save a few dollars. As many practice leaders can attest, you ultimately get what you pay for.
Evaluate Your Staffing Needs
You need to strike a balance between providing enough support for your medical providers and staying within your payroll budget. Evaluate your staffing needs to ensure you are neither overstaffed or understaffed at any given time.
Offer Regular Feedback to Your Team
Routinely coaching your team will improve the quality of care for your patients and will help increase office efficiencies. Regular discussion and open communication also reinforce teamwork principles.
Implement a Provider Feedback System to Guide Your Support Team
No one will have better insight into your team’s performance than the providers who rely on them every day. Implement a provider feedback system to help guide and grow your support team.
Touch Base with Your Vendors
Your relationship with vendor representatives should be engaging and friendly, while also respecting professional boundaries necessary to avoid quid pro quo partnerships. Vendor representatives can help make your practice more efficient when they understand your needs.
Evaluate Your Pricing on an Annual Basis
Evaluate your pricing on a regular basis to ensure that you are getting what you agreed to and pinpoint savings opportunities.
Keep Up-to-Date on Specials or Bulk-Purchase Opportunities
Review your discount contracts with vendors frequently to ensure they are meeting your needs. Since the Safe Harbor Act permits contracted discounts in order to help reduce healthcare costs, clinics are legally and ethically entitled to their negotiated discounts.
Keep an Up-to-Date List of Vendor Contacts
Maintain a current vendor contact list, including contract service dates, discounts, representatives, and all pertinent information.
Ensure Your Vendor Representatives are Providing the Support You Need
If you are not getting the support you need, you may want to reach out to your vendor’s leadership team to discuss your concerns. Most vendors will happily meet your requests when they understand your practice and your expectations.
Know Whom You are Marketing
Patients come to your practice with the expectation that you are the medical authority, and they are often turned off by manufacturer-branded materials. Sweep your office and identify any marketing materials that brand anyone other than your practice.
Check for the following:
- Posters
- Brochures
- In-Office Videos
- Magnets
- Pens
- Signage
- Other collateral like notebooks, cases, etc.
Replace these materials with analogous marketing materials that promote your brand.
Audit Your Online Presence
Your online presence serves two purposes:
- New patients can find you in their online searches
- Referral patients or returning patients can find information about you and your practice
Potential patients see you long before you see them. Search for your practice online and see what patients are seeing before they ever come to your practice.
Ensure Your Website is Secure
Your web address should appear like this in the address bar on your browser:
Google Chrome and Mozilla Firefox are actively showing patients warnings if your website is not secure.
Also, take note that browsers like Google Chrome and Mozilla Firefox are increasingly showing patients warnings that block access to your website if it is not secure.
Ensure Your Website is Mobile Friendly
More than 50% of Internet searches happen on mobile devices. Patients will actively avoid your website if it is not easy to use or optimized for mobile devices.
List Your Providers and Their Backgrounds on Your Website
Patients want to see your providers, and they want to know about their backgrounds. Ensure this information is posted, including a brief biography, headshot and education history. Add a personal touch and include providers’ interests or hobbies.
Know Your Online Star Ratings
Patients are influenced by ratings on sites like Google and Healthgrades, etc. If your rating is under 4.2 out of 5, it can send a message that you have a less than stellar reputation, especially if your competition has higher ratings.
Have Proper Release Forms for Patient Reviews/Testimonials
Although a patient may verbally consent to giving a testimonial, you must have the proper documentation to protect yourself from a potential HIPAA violation. Verify that your release forms cover all areas of usage (i.e., patient names on x-rays or other imaging scans), and that you file them away securely.
For a more in depth look on how you can better understand and manage your digital marketing, check out our article, 7 Areas to Focus Your Medical SEO.
Final Thoughts
While this article only covers a handful of areas commonly overlooked, the idea is that all practice leaders must regularly evaluate their practice on a granular level in order to perform at the highest level. As you dissect every aspect of your practice, you will gain a deeper level of understanding of both your practice and the industry you serve. Ultimately, this will help you improve in your role throughout your career.
By Airto Zamorano
By Airto Zamorano
By Airto Zamorano
Airto is the Founder and CEO for Numana Medical and Numana SEO. Prior to launching his own companies, he was the CEO for a nine-location, multi-specialty medical practice. For nearly a decade, he has consulted with small businesses and medical practices, identifying and implementing business solutions, and optimizing opportunities for expansion and growth.
About Numana Medical
Numana Medical offers practice management solutions in the following areas:
- Medical Marketing
- Digital Marketing
- Website Development
- Finance & Operations
- Clinical Operations
- Risk Mitigation and Management
- Staff Training & Development
- Human Resources
- Mergers and Acquisitions
- Executive Coaching
- Device Buying Power
Give us a call at (888) 663-8389 or email us at info@numanamedical.com to inquire about how we may help you.