How to Audit Your Practice: Setting Goals / Practice Manager Network
Welcome to our series on auditing your medical practice! Auditing your practice may seem unnecessary, or even counterproductive, when you know you have all the required processes in place for keeping the practice running smoothly. But that's precisely when an audit should occur, because standardized policies and procedures could lead to your practice falling into a rut that causes you to miss out on additional income opportunities, among other things. After all, auditing your practice does not mean that you will necessarily make changes; it simply means that you are open to new ideas that could benefit your practice.
With this in mind, here are some areas of the practice to audit:
- Existing sources of revenue, with an eye towards developing new revenue-generating ideas
- Compliance solutions
- Website design and development
- Solutions for minimizing overhead costs
- Providing top-quality medical care
Auditing your practice requires certain tools. For example, you should start with a goal worksheet, a timeline worksheet, and a plan worksheet. Let's look at goals first.
Your goal worksheet should list five or six specific goals for auditing your practice. The above items can serve as goals; you may also come up with some areas that are particular to your practice. List the reason(s) that each goal is important for your practice, as well as objectives – steps you will take to achieve each goal. It's a good idea to conceptualize each goal in terms of who, what, when, where, and why so you think of all the ways to approach achievement of each one. As you audit your practice, you can refine your goals and determine which ones will receive first priority.
Deciding which goals should receive first priority is the reason you need to create a timeline for each goal. Your timeline worksheet will help you decide which goal to work on at what time. This is very important when you have multiple goals you're trying to achieve at the same time; a chronological list of your objectives allows you to make progress on each without continually reviewing your goal worksheet, as well as plan expenditures.
Planning expenditures for your goals is the purpose of the next worksheet – the budget worksheet. This is of critical importance, not just for keeping your expenses in check but to help you determine your return on investment (ROI) at the end of each project. After all, if your ROI isn't a positive number, there was no purpose in pursuing new goals in an effort to implement cost-cutting or revenue-enhancing ideas. Be as realistic as possible when determining your budget for each goal so you'll have all the information you need to make a good decision about whether or not to pursue the goal at each stage of the process.
Keeping track of your accomplishments at each stage of the process is the reason for creating the last worksheet, which entails creating a plan for completion of each goal. This plan encompasses all of the above elements: each new goal (incorporating the results of the audit), the timeline, and the budget. The plan for completion allows you to document the entire project at a glance and provides an excellent resource for reporting on the results of your audit.
For more information please visit http://www.practicemanagernetwork.com or http://www.practicemanagerlife.com/how-to-audit-your-practice-setting-goals/. If you would rather speak to a representative you can call 877-315-3338 and we will be happy to assist you.
Questions and Answers
Article Tags:
healthcare practice managers
,medical practice manager
,improve practice revenues
,practice managers network
,practice manager
Broadview Health assists hospitals, medical practices, and health care organizations of all sizes in anticipating and meeting the challenges of the changing health business environment. During the last decade, we have worked with organizations ranging from single physician practices to some of the largest Integrated Delivery Networks (IDN) in the United States.
The Primary Health Care (PHC) system in the US has so far served as a platform for providing frontline care with services provided by medical professionals ranging from family physicians and assistants, internal medicine specialists, nursing practitioners and clinicians.
Unlimited opportunity for growth exists for physicians practice in a rapidly changing environment of medical business management. The article discusses the available technology and outsource expertise options in managing the business component of a medical practice, no matter the style of the practice.
In today's economy, even traditionally stable fields like healthcare need to diversify to stay competitive. Multiple streams of income offer the opportunity to avoid significant income loss if conventional revenue streams fail. If you've been sensing a need for locating new sources of revenue for your medical practice, this article will provide guidance.
The race is on for nearly 6,000 eligible hospitals and over 700,000 physicians in the U.S. to receive millions of dollars in incentives if they comply with federal mandates for meaningful use of electronic health records (EHR). Decisions are long term and the stakes are high for providers if they select the wrong EHR vendor at the onset. This white paper provides critical strategies and risk reduction guidelines for hospitals and hospital systems as they face the massive undertaking.
In USA, one of the leading brands that offer diverse and high quality products promoting proper hygiene is Difresh USA. If you are looking for the best opportunity to grow and have the opportunity for a new business Difresh USA can help you for they are looking for Exclusive Local Distributors
Getting clean and refresh doesn't sacrifice the place where you are for it should be a habit. Having a healthy body will allow you to do things right and good. And no matter where you are you should practice a healthy and proper hygiene even in little things you do.
Maintaining a healthy and proper hygiene badly needs products that are truly effective and could truly answer our need for this. No matter where we are and at anytime we want to get clean we basically need these products right away and only Difresh USA can supply these in a very easy way
The key reason why some firms thrive while some implode during an financial recession is still a puzzle to many people business-owning business owners. Some wrongly assume that all businesses should suffer via recessionary cycles. But the truth is that some companies are usually essentially recession-proof, and it is not necessarily because they are much larger, better known, or a lot more generously capitalized.
Companies like Arch Coal (ACI) and Massey Energy (MEE) watched his or her stock climbed.
Healthcare organizations are not exempt from the financial problems and woes facing other corporations today; they too must "adapt or die". Whether large or small, healthcare organizations must constantly seek and implement business and marketing strategies to retain customers (patients) and to attract new ones.
As you look for additional areas to increase the revenue for your practice, look to include retail sales of nutritional supplements to your existing patients. When you prescribe (recommend) nutritional support to your patients, you can make it convenient for your patients by stocking vitamins and other dietary supplements right in your office.
By its very nature, medical practice work can be frenzied, stressful, and overwhelming. You and your staff are likely under constant interruption, making it impossible to give each task the attention it deserves, and simply completing the huge number of necessary tasks each day can be a struggle. Effective time management is essential to the smooth operation of a medical practice. These practices can help you reduce your stress, improve your productivity, and reclaim your personal life.
As the healthcare climate in America continues to change, it becomes more important for the private practitioner to increase revenue streams for their office or clinic. One very important revenue stream that every practitioner can incorporate into their practice is dietary consulting and providing nutritional products for their patients.
With the rise of managed care, doctors are required to see more patients in a day than they did a generation ago. This can lead to long wait times, rushed visits, and overall less satisfied patients – not to mention doctors who feel like they're working on an assembly line. Here are several ways to make your schedule run more smoothly.
Discuss this Article
