As You Review Your Mid-Year Results, Will You Choose Denial or Discipline?

Last month we discussed the value of your internal reputation and how your reputation impacts your results.

As we move into the third quarter of 2022, it’s time to assess your mid-year results. As you review your results, you have two choices- to deny or to accept that improvement opportunities exist.

Identifying practice opportunities is as simple or as complex a process as you make it and I recommend keeping it simple. Consider your financial results over the last five years during the same period and compare your current results. With that, you may want to dismiss 2020 as an outlier and focus on the other years.

If you’re challenged to obtain this reporting within a couple of days, then I’d recommend you assess your financial partners. Whether you utilize a billing company or a full-time staff member, you should receive monthly reporting that connects your financial results to your revenue drivers.

Once you’ve compared prior year results to your current performance, you have a choice. Deny that opportunities exist and continue down the same path or collaborate with your team on ideas to improve your results.

Connecting your revenue drivers to daily processes will ensure you are disciplined in your approach to enhancing your results. For example, I recently spoke with a client who was focused on growing a specific area of their practice. After some discussion, we learned that the staff had placed limitations to the patient schedule due to staffing availability. The physician and staff collaborated to remove those obstacles and now they are moving in a positive direction.

Accepting that you have opportunities to grow your practice is the first step to develop disciplined systems and processes to enhance your results. Growth occurs when we are uncomfortable so if you are ready to move your practice forward, choose discipline over denial. And if you would like to support, contact me smays@impactpracticeconsultants.com.