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In my last post I talked about the problems that all practices face in changing and growing – specifically the constaints that are “invisible” to the owner for some reason but painfully apparent to the outside consultant. So here is what we decided to do to overcome that situation.
We developed a unique practice development tool called My Practice CEO. It looks at every key process within your practice as it relates to operational efficiency, clinical quality indicators and revenue optimization. It is a 3 to 5 year process and we work it one system at a time.
We break down each process in your practice. We begin with five major categories:
- Marketing
- Billing and Coding
- Staffing
- Staff Management
- Cash Management
We then apply metrics to evaluate each area and determine where we need to go deeper. After that we build the plan for process improvement, bring it to the physician-owner for their blessing or correction and then set about the process redesign while the doctor continues to actively practice.
We find typically that there is one key constraint in the practice that is the limiting step for growth. Once overcome, efficiency goes up, revenue goes up and stress goes down. And then, guess what happens? We identify the next key constraint. And then we work on that until it is resolved and then we find another and another.
Somewhere after about the fourth or fifth process redesign we start to see some pretty amazing changes. We start to see a culture shift – a change in the way doctors, staff and patients see and appreciate the practice. It becomes (not to be corny) a labor of love, not just some mundane effort to pay the bills.
It’s a lot of work and oh boy is it worth it. It is critical to do this in your practice – on your own or with our help. And as you consider this opportunity, please keep the following question in mind. Is it worth the effort for you to fall in love with practicing medicine again?
David Zahaluk, MD is a Dallas-based practice optimization expert and the author of The Ultimate Practice Building Book. His firm, Ultimate Practice Builder, takes physicians to the top 10% of their specialty – in income, time off and quality indicators - within 3 years… guaranteed. Learn more at www.UltimatePracticeBuilder.com.
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Tags: Business, Consulting, Dallas, Healthcare, Healthcare Management, Patient, Physician, Practice Management
