Is Knowledge Power in Your Practice?

Recently we looked at strengthening your practice by building an infrastructure.

The foundational components of a practice infrastructure are your values, job responsibilities and a communication strategy.

Once these are in place, you can continue to strengthen your practice with additional infrastructure pieces. One of these is sharing key performance indicators with your staff.

Key performance indicators are directly connected to your revenue drivers and must be monitored with consistency and responded to with a sense of urgency.

For example, if you're a physician recommending 40 procedures a month, how many are actually booked? If it was less than 40, there is an opportunity but let’s be realistic. If 20 procedures were booked or 50% of the recommended procedures, the opportunity is clear.

Knowing the number of procedures recommended and what was actually booked ensures your staff is tracking and addressing opportunities. From this, opportunities around process improvements can be determined. Is there a single source where these patients are listed? Does your staff have a consistent follow-up process to assist these patients with the booking of their procedure? Monitoring performance indicators allows you to connect revenue drivers to daily processes and to your financial results.

Managing and sharing this information with your staff provides opportunities to celebrate wins and encourages collaboration to address loses.

Key performance indicators are a component of a strong practice infrastructure but should only be added after the foundational areas noted above are implemented.

Knowledge is power and providing your staff with key performance indicators will strengthen your staff and your practice.

If you’d like support building a powerful practice infrastructure, please contact me at smays@impactpracticeconsultants.com