Maximize Efficiency & Growth:
5 Practice Management Planning Strategies
Where are my fellow hustlers, medical mavens, and healthcare heroes? If that's you, then you have to listen to this week's episode on The Provider's Edge!
A healthcare business owner must enlist the help of a practice manager to create a plan for maximum efficiency and business success without burnout.
Here's what I cover:
- What is practice management planning and how can it help your healthcare business reach new levels of efficiency and growth?
- What are the five techniques that a practice manager will use to make your business run smoothly and take pressure off you and your staff?
- What is the 'Health Score' of your healthcare business, and how can you create a plan to execute the right staff, system, and resources to continue up-leveling your work and your social impact?
- Are you stretched too thin, putting all your time into the practice that you built, with little time left to enjoy your reward? If so, download this PDF so you can handoff 20 tasks right now to save your sanity: SabrinaRunbeck.com/Handoff
- Want to save a day of work per week while increasing your team's productivity? Book a complimentary consultation here: SabrinaRunbeck.com/Blueprint
Other episodes you'll enjoy:
- Ep 7 https://sabrinarunbeck.com/7-which-strategy-is-more-valuable-time-management-or-energy-management/
- Ep 11 https://sabrinarunbeck.com/11-5-ways-to-be-happy-while-building-your-practice-with-sabrina-runbeck/
Listen anywhere you get your podcastin' on.
Business owners and medical professionals are experiencing substantial and consistent growth at an astounding rate by utilizing the power of practice management planning! But what exactly is practice management planning? Well, if you asked 10 people for their definitions, you would probably get 10 different answers. Essentially, practice management is the supervision of all business aspects of practice. A practice manager does not provide healthcare directly to the patients, but they do provide a service that is crucial to your patient's well-being and the business’s growth.
Practice managers spend their day overseeing many of the operations that medical professionals do not have the time, energy, or knowledge to oversee themselves. These operations can include many things like finances, information technology, human resources, compliance, and marketing. That’s just the tip of the proverbial iceberg, however. Let’s dive deeper into the ways that practice management can help your business reach new levels of efficiency and growth.
1. Analyzing the current workflow of your practice
The most important task of a practice manager is to frequently do an in-depth analysis of your business’s workflow. They will be continuously working to find the errors in your daily operations that are costing you the most time and money. Part of this process will more than likely involve gathering patient & staff feedback. An in-depth analysis of your workflow will help you make decisions and find solutions based on real data instead of gut feelings.
2. Making new goals and translating them into actions
Practice managers are specifically trained to use the data from their in-depth analysis of your business to identify clear and concise goals that can be easily translated into action. It is important that they make long and short-term goals. Additionally, it is important to give adequate attention to and design specific goals for each department.
3. Executing tasks by taking advantage of new information technology
New technology in the medical industry like remote patient monitoring systems and telemedicine are redefining what it means to give a patient the best care possible. Practice managers are knowledgeable about the latest technology available to them. Utilizing these new and exciting technologies can help you notice changes in your patients faster than ever. That means a decreased rate of readmission for your patients, and time and money saved on your end!
4. Optimizing Finance Processing
The medical industry is known for having some of the most byzantine and difficult-to-navigate billing systems of all time. Patients are often paying via insurance—or through governmental programs—rather than paying in cash or with credit. Financial matters like these can be finicky and leave medical professionals scratching their heads, buried under mountainous piles of documents. Practice managers are great at hunting out those easily missed inefficiencies that can start to really add up.
5. Measuring results and evaluating the effectiveness
The job of a practice manager is never over. They should be constantly reviewing the operations of all departments and trying to find the inefficiencies in your systems. A monthly meeting with your practice manager is encouraged so that you can stay up to date on the results and effectiveness of the strategies being implemented.
As you can see, being proactive about practice management planning is pivotal in making sure your business is experiencing continuous improvement and growth. Without a practice manager, you're biting off more than you can chew and are at serious risk of burnout. Being a medical professional is tough enough as it is, and you and your patients deserve to feel healthy, both physically and mentally.
Are you ready to take a look at your practice under a microscope and start operating at maximum efficiency?
Do you want to save a day of work per week while increasing your team's productivity?
We can work together to figure out exactly what your business needs are in order to run smoothly.
Just book a complimentary consultation here: SabrinaRunbeck.com/work-with-me
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