How to Start a Practice Management Accountability Program
Updated: Oct 25, 2019
Recently, we went over the roles of a Wealth Advisor. Our list included grow wealth, protect wealth, pass wealth to future generations, increase employee retention, coordinate with other advisors, and recommend family protection. Our poll asked "Have You Met with Your Wealth Advisor in the Last 12 Months?" All participants responded "Yes". We recommend meeting with your Wealth Advisor annually since most doctors lack the financial planning expertise that a Wealth Advisor can offer. They will help you set goals and make your earnings 'work' for you.
The focus of this article will be practice accountability. Many doctors assume that their staff is obliged to do jobs correctly and efficiently, however unless there is a specific program in place to plan, set goals, and track accountability, it will not happen. Having the right goals and clear objectives for each position will improve patient outcomes, employee job satisfaction and practice financial health.
Below are the steps to take to implement an accountability program in your practice:
Set the Right Goals (KPIs)
As mentioned in a previous article, all goals should start with days worked, daily patient encounters and the average encounter charge. Other goals such as new patients, collection percentage, etc. will follow. In our KPI tool, we outline the 10 numbers you should be tracking and setting goals to. These numbers ensure that the practice is running correctly and not sacrificing tomorrow for today.
Track the KPIs Daily and Monthly
Some KPIs must be tracked daily and others monthly. You can get them from your systems, but you will need a tool to integrate them.
If this information is not tracked routinely then it will not be considered an important task.
Might I stress you need a tool because your software probably wont track the right KPIs. Additionally, when you change systems you will lose your history.
Review the Top 3 KPIs Daily
These numbers must be counted daily, days worked, daily encounters and the average patient charge. Our KPI tool easily tracks this information as well as many others.
Review the Top 5 KPIs Weekly
The number above and a few others should be reviewed weekly like number of new patients and how much was collected. If your goal is to collect $100,000 a month and you collected $10,000 then you know there is a lot of work to do to make the goal. Note: Collections is not the same as work done (adjusted production).
Consider this a mini management report, just a quick summary of what happened last week.
This should be compared with what is scheduled to happen this week.
Hold Regular (Monthly) Management Meetings
These KPIs will set the conversation and tone for your monthly meeting between you and your office manager to determine what was done correctly and what was done incorrectly.
If goals are not being met discussions can be had on why these goals are not being met.
These meetings must be routine, say the 2nd Tuesday of the month at 8am.
If they are not routine, then they will be considered not important.
Evaluate Your Office Manager
Some office managers will perform and others will not.
If they fight monthly management meetings, find excuses to not track data, have too many "life" interruptions, or generally are always making excuses, then you have the wrong office manager.
Office managers are the key ingredient to your office making their goals, so the wrong one will hold you back.
The office manager can't do everything. They can control some spend but only to a certain point. If you are spending wildly that is not their fault.
If you make excuses not to work on the days that you agreed to work, that is also not their fault.
You have to hold yourself to a higher standard than the office manager.
In order to make sure that tasks are getting done promptly and precisely, an accountability program is a must in your practice. At Doctors CFO, we have multiple tools for you to implement into your practice accountability program. Our Daily KPI tracker will help your office set production goals and track where you are at with your progress on a daily basis. This will help identify any issues early on so that adjustments can be made immediately to ensure you meet goals.
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The reason we are publishing these articles is so that your office can increase its success. We appreciate your feedback on how we can help you more and love it when you pass these articles 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 CFO Management tool to help you track your KPIs. You might also be interested in our Pricing Model Calculator, New Patient Tracking Solution or 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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