Recently, we went over the roles of a Wealth Advisor. Our list included grow wealth, protect wealth, pass wealth to future generations, increase employee retention, coordinate with other advisors, and recommend family protection. Our poll asked “Have You Met with Your Wealth Advisor in the Last 12 Months?” All participants responded “Yes”. We recommend meeting with your Wealth Advisor annually since most doctors lack the financial planning expertise that a Wealth Advisor can offer. They will help you set goals and make your earnings ‘work’ for you.
The focus of this article will be practice accountability. Many doctors assume that their staff is obliged to do jobs correctly and efficiently, however unless there is a specific program in place to plan, set goals, and track accountability, it will not happen. Having the right goals and clear objectives for each position will improve patient outcomes, employee job satisfaction and practice financial health.
Below are the steps to take to implement an accountability program in your practice:
Set the Right Goals (KPIs)
Track the KPIs Daily and Monthly
- Some KPIs must be tracked daily and others monthly. You can get them from your systems, but you will need a tool to integrate them.
- If this information is not tracked routinely then it will not be considered an important task.
- Might I stress you need a tool because your software probably wont track the right KPIs. Additionally, when you change systems you will lose your history.
Review the Top 3 KPIs Daily
- These numbers must be counted daily, days worked, daily encounters and the average patient charge. Our KPI tool easily tracks this information as well as many others.
Review the Top 5 KPIs Weekly
- The number above and a few others should be reviewed weekly like number of new patients and how much was collected. If your goal is to collect $100,000 a month and you collected $10,000 then you know there is a lot of work to do to make the goal. Note: Collections is not the same as work done (adjusted production).
- Consider this a mini management report, just a quick summary of what happened last week.
- This should be compared with what is scheduled to happen this week.
Hold Regular (Monthly) Management Meetings
- These KPIs will set the conversation and tone for your monthly meeting between you and your office manager to determine what was done correctly and what was done incorrectly.
- If goals are not being met discussions can be had on why these goals are not being met.
- These meetings must be routine, say the 2nd Tuesday of the month at 8am.
- If they are not routine, then they will be considered not important.
Evaluate Your Office Manager
- Some office managers will perform and others will not.
- If they fight monthly management meetings, find excuses to not track data, have too many “life” interruptions, or generally are always making excuses, then you have the wrong office manager.
- Office managers are the key ingredient to your office making their goals, so the wrong one will hold you back.
Evaluate Yourself
- The office manager can’t do everything. They can control some spend but only to a certain point. If you are spending wildly that is not their fault.
- If you make excuses not to work on the days that you agreed to work, that is also not their fault.
- You have to hold yourself to a higher standard than the office manager.
In order to make sure that tasks are getting done promptly and precisely, an accountability program is a must in your practice. At Doctors CFO, we have multiple tools for you to implement into your practice accountability program. Our Daily KPI tracker will help your office set production goals and track where you are at with your progress on a daily basis. This will help identify any issues early on so that adjustments can be made immediately to ensure you meet goals.
To participate in our blog this week, please subscribe to our mailing list and follow us on Instagram. “Do You Currently Have an Accountability Program in Place?”
The reason we are publishing these articles is so that your office can increase its success. We appreciate your feedback on how we can help you more and love it when you pass these articles along to other practice owners and office managers.
Developing a management report is not easy and Doctors CFO currently has a robust model for most practice types that is customized for our monthly and bi-monthly clients. If you have questions on how this model applies to your practice or you are interested in applying the Doctors CFO model in your practice, via one of our annual, bi-monthly or monthly assessments, please contact us.
(c) 2019 Doctors CFO, All Rights Reserved
Recent Comments