Successful private practices possess pride of ownership and business-oriented mindset that is essential in today’s competitive healthcare environment. Keep opportunities open and enhance the success of your practice with the help of these five effective business management tips:
1. Develop a plan and follow through.
Create a roadmap and strategize how to get there. Attend a weekend retreat with your partner, or if you have three or more physicians consider hiring a professional practice administrator to help iron out details. Consider appointing a medical director from among your physicians to dedicate specific time to the business-end.
2. Stay on top of coding.
Negotiate with managed care organizations using your strengths as leverage patient/physician satisfaction, outcomes, appointment turnaround times, etc. Re-contract annually to increase rates. Optimize coding, reduce inadequacies, and improve collections by taking at least one course by the ACOG or SMFM.
3. Collect in a timely fashion.
Invest in a patient accounting system or billing service. Collect co-pays, co-insurance, and deductibles each visit. You cannot support a good staff or equipment without these funds.
4. Differentiate yourself by offering a unique experience.
Wow patients with a staff that feels valued and motivated. Hire nice, empathetic, intelligent people with good social skills. Unhappy people make for an unhappy atmosphere.
5. Measure and maintain standards.
Keep track of how you’re doing clinically, financially, and in the delivery of services. Strive to excel, but ensure goals are attainable. Track indicators monthly and survey for staff and patient satisfaction.
These tips will have a positive effect on almost every practice. By involving yourself, adapting your practice, and striving for excellence, you too can ensure a rewarding private practice career.
