• Doctors CFO

What are the Top Priorities of the Practice Owner? Part 5

Updated: Oct 25, 2019

Previously, we focused on how the owner will 'Lead the Direction of Patient Care'. Because the owner has the most training and knowledge in the office, patients want them to set the pace for everyone else in the office. In our last weekly poll, we asked "How often are you recommending preventative services to your patients?" One third of respondents said more that 90% of the time, while the other two thirds offered preventative services 75%-90% of the time. Promoting preventative services keeps your patients healthy and allow for early detection which can lead to more effective treatment.

Now we will focus on the fifth priority of a practice owner "Staying Relevant". This means that in addition to meeting continuing education requirements you are actively seeking new approaches and techniques that are having successful outcomes. Your staff can be engaged as well to help you learn about or experiment with new technologies and treatment protocols. One benefit to the owner is that generally insurance does not cover these treatments so they are completely cash pay. A second benefit is your patients like to see that you are staying up with the latest and greatest ideas.

It is also important to keep up to date equipment and software in your office. Your office is not the only medical or dental office that your patient has visited. When they compare you to other offices, you need to make sure that your methods and materials are not antiquated. Training on medical or dental software is critical. Many users do not utilize the software to its full potential. Software skills will help with data analysis for diagnosis, treatment, and marketing. Though subtle, keeping your equipment and software up to date, trains your staff to stay up to date.

With the ability for patients to do internet searches on their problems, they can become very informed or misinformed on a condition and treatment options. As important as it is to be knowledgeable on current medical trends, its also important to be able to promptly discredit myths that your patient might find on the internet.

Stay Relevant

Double your continuing education requirements each year.

  • ​Attend conventions where you can take many classes in just a few days.

  • Take business classes as well as those related to health.

Staying up with critical tools (software / equipment) (3 year rule)

  • ​Evaluate efficiency of current software and equipment every 3 years.

  • If there are better options, consider an upgrade.

At the same time, wait for new equipment to prove itself.

  • The equipment should pay for itself quickly and become profitable.​

  • Research should verify that a majority of patient will have good results

Someone is working harder or just as hard as you.

  • Make a list of the top 3 doctors that do the same thing as you in your area and see what they are doing to stay relevant.

  • Understand the competitive landscape, alliances, etc.

  • ​Referring doctors will also take into account the compatibility of your equipment and software with theirs.

  • Be aware of your direct and indirect competition. A few times a year, take time to think about what they might do if you were them. A simple yet powerful exercise.

Inform yourself on fictitious finds on the internet so that you can promptly educate your patient if they bring such things to your attention.

  • Fictitious finds are a great and fun source for social media posts.

To keep up with competition in your field, using modern equipment and techniques is pivotal. With the medical realm advancing in leaps and bounds, it takes commitment from the owner to be well versed in the trends of their field in order to be successful.

To participate in this week's poll "Have You Ever Performed A Competitive Analysis?", please subscribe or visit our Facebook Page.

We hope you are enjoying these articles and are passing them along to other practice owners and office managers. If you have a question that you would like answers to in a blog post, please email it to info@drcfo.com. If you have not signed up for our blog, please do, so you can continue to receive these important insights and participate in our weekly polls.

Doctors CFO is now launching a KPI tool to help you track your KPIs. You might also be interested in our New Patient Tracking Solution and a Salary Planning Solution, to see these and other products please go to please go to https://www.drcfo.com/shop.

Developing a management report is not easy and Doctors CFO currently has a robust model for most practice types that is customized for our monthly and bi-monthly clients. If you have questions on how this model applies to your practice or you are interested in applying the Doctors CFO model in your practice, via one of our annual, bi-monthly or monthly assessments, please reach out to us as info@drcfo.com. Doctors CFO provides financial analysis and valuations for doctors and dentists in the United States. We also offer programs for new patient marketing, revenue and collection management, medical practice consultant, dental consultant, and practice analysis.

(c) 2018 Doctors CFO, All Rights Reserved

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