For a healthy operation, your medical practice needs an annual checkup. Take the time once a year to step away from the day-to-day activities and look at what’s gone right and what’s gone wrong – and what you need to do about it.
The multi-step process of conducting an annual checkup involves studying your history, forecasting for the future, communicating with suppliers, patients and other professional associates, then organizing all of the elements of the exercise into a productive and useful format.
An effective annual review needs to be as thorough as possible. Take a look at these specific areas:
- Mission statement. Is your mission statement still valid? If not, revise it. And if you don’t have one, create it.
- Business plan. Compare what you planned to do with your actual results, and analyze why things worked the way they did – or didn’t. Go through each section, updating as necessary to make the plan an accurate reflection of the practice with a clear forecast for the coming years.
- Employee compensation and benefit packages. How do your pay scales and bonus plans compare with other medical practices in your area? Benefits play a major role in creating job satisfaction and employee loyalty; how satisfied are your workers with what you are offering? Could your benefit resources be realigned for improved employee relations?
- Insurance. Review all your policies with a line-by-line coverage and cost analysis. Let your agent know about any changes in your operation that could require changes in insurance, and ask about new insurance products that may be beneficial for you.
- Security. Be sure all your data, especially confidential patient records, is secure from hackers and crashes. Consider physical safety: is exterior lighting adequate? Are locks sturdy? Are measures in place to protect late-night and solitary workers? Who has keys? Security experts recommend changing locks, alarm codes, and other security passwords at least once a year.
- Professional relationships. Be sure the people you rely on for advice and support—your attorney, accountant, financial planner, medical transcription service, other consultants, etc.—have the knowledge and skills appropriate for your needs.
- Financial relationships. Review the details of your banking agreements, commercial loans, and leases. Renegotiate these contracts if you can get a better deal.
Other areas to examine include legislative and regulatory changes, patient satisfaction, vendor terms and relationships, maintenance and service contracts, office furnishings and equipment, computer systems, freight, and telecommunications systems.
Need assistance with your annual practice check-up? Call the team at Consultants Health Care Services, Inc. to schedule a consultation.
