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3 Keys to Seize More Revenue in 2010
Making necessary changes isn't easy, but these ideas can help
If you want your business to grow more profitable in 2010...something has to change. Maybe you need new software. A better workflow process. Or enhanced services for your clientele. Whatever the answer may be, you simply can't grow without change.
So why is it so hard to change? People naturally cling to the status quo: your front desk staff are happy with the workflow approach in place...your clinicians are reluctant to change documentation systems...and your billing department is scared to death of anything that might improve claims processing and collections.
If you need help making the changes needed for growth, here are three easy steps that can help you grow revenue in 2010.
1. Count the cost of inaction
Start the growth process by asking yourself two questions:
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What results do you demand from yourself and your organization in the next 12 months? (More new patients, greater revenue per encounter, fewer no-shows?)
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What needs to change in order for that happen?
It's hard to face up to the high cost of change if you don't know what you're losing by keeping things the same). For example, it's only after you take the time add up the costs of a 10% no-show rate, that an automated reminder system suddenly doesn't seem so expensive.
The high cost of change will keep you mired in the same rut until you accurately quantify the cost of NOT changing.
2. Establish metrics for every department and employee
You can't manage what you don't measure. Each employee should be assigned a goal related to cost savings, added revenue, new patient acquisition, or reduced losses and write-offs. You will need a medical scheduling and workflow system that tracks activity across your organization to measure these goals effectively.
Of course you have to attach serious risks and rewards for missing or making goals. Only then will your team see the value of adopting new technologies and solutions. For example, if your billing team is tasked with cutting write-offs and bad debt, they will quickly see advantages to a medical billing network that didn't matter to them before. If your clinicians are expected to complete all documentation by set dates and to clear standards, they will be more open to a documentation system designed to facilitate those goals.
3. Set a deadline
You already know that nothing in life gets done without a deadline. So here's a suggestion: tie your deadlines to outside events that are beyond your organization's control. That way your deadline can't be pushed back or delayed so easily. Some examples:
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Decide to purchase new software before the 2009 stimulus incentives expire
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Tie a performance goal to the next investor meeting or company bonus period
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Change your workflow approach before the next financial reporting period begins
Deadlines must be firm in order to be effective.
When you count the cost of inaction, give your people a sense of ownership, and create a sense of urgency around important goals, effective change can happen.
Let SpectraSoft help you...
Our practice management consultants have worked with over 4,500 hospitals, clinics and businesses. Start profiting from all that experience...
Ask a question or call today: 1-800-889-0450.
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