What are the Top Priorities of the Practice Owner? Part 6
Updated: Oct 25, 2019
Last week's blog post focused on a practice owner's obligation to "Stay Relevant". In our last weekly poll, we asked "Have you ever performed a competitive analysis for your office?"Fifty percent of respondents said "Yes" while fifty percent said "No". A good way to perform a competitive analysis is to evaluate your competitors website and reviews on the internet.
Today's post will discuss the final essential task of a practice owner, "Lead Managerial and Financial Reviews". Owners work very hard to get their business up and running. Once you have executed a plan, it is important to examine processes frequently. Correcting methods sooner rather than later can prevent emotional and financial stress. While other team members should be present at these reviews, the owner should always guide the conversation.
To make good decisions, the owner must be informed. To be informed, you should have a management report prepared either by you, your office manager, or preferably an external CFO each month. Several numbers including AR, Patient Counts, and much more should be reviewed. This gives you time to reflect on the business as well as what changes to make today. Your office manager should be included so they can first be mentored and secondly implement the recommendations.
After the management review, a meeting can be scheduled with the rest of the team to discuss what they can do to meet the goal. Monthly meetings with your employees are also beneficial to your employees. At these meetings, they can bring up questions or concerns about processes. This will give everyone a chance to bring up with new ideas or concepts that may make the business run smoothly.
Regarding goals, they should be designed based on a sure knowledge of your business' numbers not just because you want them. If you have not read our blog on KPI Macros, we suggest you do. When you start with a commitment to working a specific number of days, seeing a specific number of patients each day and at a certain price, then you will know your revenue goal. Expenses should be modified accordingly. Because this process is difficult, we at Doctors CFO have created an "Assisted" (self directed) program for you to implement in your office.
Lead Managerial and Financial Reviews
Prepare a Monthly Management Report and hold a recurring monthly meeting with your CFO and Office Manager.
Schedule recurring appointments with your Team to discuss changes made as a result of the management meeting.
Schedule recurring meetings with your Marketing Advisor.
Schedule recurring meetings with your CPA to discuss and plan tax strategies.
Schedule recurring meetings with your Wealth Advisor.
Schedule an annual meeting with your Insurance Advisor.
In order to maintain control, the owner must be the leader of managerial and financial reviews. These reviews are essential to become informed about past and current situations so that the owner can plan for the future of the business. Input from the team is important, but the owner should make all final decisions concerning finances, clinic processes and front office processes.
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 email@example.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 has 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 firstname.lastname@example.org. 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.
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