You can't analyze and fix what you can't measure. Define what areas in which you think you aren't measuring up and set goals according to what you would like to accomplish. Figure that out and analyze. Create general goals, then specific measures how you plan to accomplish these goals. It may involve personnel, treatment protocols, office protocols, marketing, patient relations...and take one small step after another. AN dtry to keep a positive mental attitude about it.
Thank you for your help !.....As part of our knowledge is power series for Medical Entrepreneurs, using platforms like Alignable's question and answers forum, allows us to provide insightful and helpful information for professionals running a medical practice. Although the question was hypothetical to our company in particular, someone in our industry may be experiencing a failing medical practice and now can reference answers like yours for solutions. Thank you again, good Job Everyone who answered !
Check and see where your problems are. What access do your patients have to you and how easy is it to get access. Is your staff supportive to the patients you see? Do you patient feel comfortable talking with you and staff about problems? Often doctors do not realize the office staff is not supportive of the patients and make it difficult to make appointments or talk with you.
3. Credentialing- New and current policies/ Current Rates
4. Marketing/Business Development: What is your current strategy?
5. Overall Review
Once we narrow down the issues that are causing the practice to fail, we will build support and processes around your practice to provide the support to move the practice in right direction and make fail in to your success.
First thing is first you need to make the assessment if your practice is failing on the Clinical side or on the Administrative side of the business! Often too many times when we discuss this topic with our clients we help them understand that they are not one and the same. In example do I have a bad bedside manner or do we just not collect all of the patients responsibility upfront upon check in.
We must not lump in all failures into the same category, we need to Root Cause the problem and what always appears to be the simplest answer is often only a causal effect of a deeper problem that lies beneath the surface.
Business from Winnetka, IL
Answered on Feb 22nd, 2018
I agree with the other replies. I also think you need to where your passion is, what are your current goals? Have you been practicing a long time and the practice is not the same? Are you just starting out and need guidance? I am a Chiropractor with additional training in Nutrition, Neurology, Neurofeed back, Acupuncture. And with each of these different "tools" that I learned from the education, no one taught me how to market or run a business. We have a have multi-hats in our professions if we are self employed. If you get hired from Medical school into a hospital setting, then they have other people that handle the billing, marketing, etc and you show up and perform your skills. If you are self employed, perhaps you hire a profession specific coaching group that can help guide you. I don't think there was enough information given with your question.
Please feel free to reach out if you would like to talk. Make it a great day and believe that you can make your visions happen if you are clear of what that is for your self. xxx xxx-xxxx
All great answers, here...Dr. Hubbs’ Is especially valid. Every business needs a set of matrics you work toward and are measured by. These need to be transparent to everyone, and each person in the practice needs to understand the part they play in driving this.
Comments around social are also important. Need to engage patients these days where they operate - on the web and in social olatforms
My company has a branch that specializes in branded all 'green' supplements that are Isotonic (powdered and accessible to your lower intestines within a few minutes if taken on an empty stomach), and this line can provide not only extremely help to your patients, but a second stream of income to your office. Get in touch.
Boy, that is a tough question. My answer may or may not help you. I do not know the specifics of why you are failing. However the statistics are always the same:
#patient visits/time period (month, week, whatever)
#new patients/time period
Production
Collections
How many insurance networks are you on?
From these you can generate certain very important statistics.
Patient visit average: #patient visits/time period divided by #new patients in that same time period
Collections % = Collections/total production This number should be above 85% or your practice is not viable.
I'm not sure this is helpful but without zeroing in on what the actual problem is, it's hard to come up with any solution.
Take care, E.C. Hubbs, DC, CCST
Join Your Local
Business Network
Connect & get quality referrals
from Small Business Owners
Answers (1-10)
You can't analyze and fix what you can't measure. Define what areas in which you think you aren't measuring up and set goals according to what you would like to accomplish. Figure that out and analyze. Create general goals, then specific measures how you plan to accomplish these goals. It may involve personnel, treatment protocols, office protocols, marketing, patient relations...and take one small step after another. AN dtry to keep a positive mental attitude about it.
Thank you for your help !.....As part of our knowledge is power series for Medical Entrepreneurs, using platforms like Alignable's question and answers forum, allows us to provide insightful and helpful information for professionals running a medical practice. Although the question was hypothetical to our company in particular, someone in our industry may be experiencing a failing medical practice and now can reference answers like yours for solutions. Thank you again, good Job Everyone who answered !
Check and see where your problems are. What access do your patients have to you and how easy is it to get access. Is your staff supportive to the patients you see? Do you patient feel comfortable talking with you and staff about problems? Often doctors do not realize the office staff is not supportive of the patients and make it difficult to make appointments or talk with you.
First, Define failing medical practice:
1. Financial - Payroll, bookkeeping, payables
2. AR- Denials/Reimbursement/billing/coding
3. Credentialing- New and current policies/ Current Rates
4. Marketing/Business Development: What is your current strategy?
5. Overall Review
Once we narrow down the issues that are causing the practice to fail, we will build support and processes around your practice to provide the support to move the practice in right direction and make fail in to your success.
xxx.xxx.xxxx
www.healthcarebusinessconnection.com
First explore how you are defining success.
First thing is first you need to make the assessment if your practice is failing on the Clinical side or on the Administrative side of the business! Often too many times when we discuss this topic with our clients we help them understand that they are not one and the same. In example do I have a bad bedside manner or do we just not collect all of the patients responsibility upfront upon check in.
We must not lump in all failures into the same category, we need to Root Cause the problem and what always appears to be the simplest answer is often only a causal effect of a deeper problem that lies beneath the surface.
I agree with the other replies. I also think you need to where your passion is, what are your current goals? Have you been practicing a long time and the practice is not the same? Are you just starting out and need guidance? I am a Chiropractor with additional training in Nutrition, Neurology, Neurofeed back, Acupuncture. And with each of these different "tools" that I learned from the education, no one taught me how to market or run a business. We have a have multi-hats in our professions if we are self employed. If you get hired from Medical school into a hospital setting, then they have other people that handle the billing, marketing, etc and you show up and perform your skills. If you are self employed, perhaps you hire a profession specific coaching group that can help guide you. I don't think there was enough information given with your question.
Please feel free to reach out if you would like to talk. Make it a great day and believe that you can make your visions happen if you are clear of what that is for your self. xxx xxx-xxxx
All great answers, here...Dr. Hubbs’ Is especially valid. Every business needs a set of matrics you work toward and are measured by. These need to be transparent to everyone, and each person in the practice needs to understand the part they play in driving this.
Comments around social are also important. Need to engage patients these days where they operate - on the web and in social olatforms
My company has a branch that specializes in branded all 'green' supplements that are Isotonic (powdered and accessible to your lower intestines within a few minutes if taken on an empty stomach), and this line can provide not only extremely help to your patients, but a second stream of income to your office. Get in touch.
Boy, that is a tough question. My answer may or may not help you. I do not know the specifics of why you are failing. However the statistics are always the same:
#patient visits/time period (month, week, whatever)
#new patients/time period
Production
Collections
How many insurance networks are you on?
From these you can generate certain very important statistics.
Patient visit average: #patient visits/time period divided by #new patients in that same time period
Collections % = Collections/total production This number should be above 85% or your practice is not viable.
I'm not sure this is helpful but without zeroing in on what the actual problem is, it's hard to come up with any solution.
Take care, E.C. Hubbs, DC, CCST