BPO--TRAC
Ten Ways to Reduce Overhead Costs
1. Do not use your high-priced talent for low-pay jobs. Organize schedules and procedures so office managers and associates, do not do clerical work, make appointments or do clean up. Temporary fill-in work by expensive staff is okay, but do not let it become routine.
2. Add an extra operation. The extra space. To help you decide, calculate the cost to rent and equip the space, e.g. 500 per day.
3. Reduce legal costs by preparing your own contracts, legal letters or office policies. Then use an attorney to review your work. Lawyers charge a few hundred to review a contract and a few thousand to write a contract.
Modify generic forms to your practice and then clear the wordings with your lawyer. You get the added bonus of understanding every sentence in all your legal documents.
4. Eliminate overtime pay. Issue a policy that no one works overtime without your permission.
If you have this policy in place and an employee works overtime without your permission, you must pay the overtime pay. But then discipline such employees for violating office policy.
5. Put one person in charge of all purchases, including telephone plans, insurance, supplies and so on. He or she can shop for the best deals and negotiate lower prices. The final decision to make purchases or change suppliers stays with you.
Your purchaser can manage the supplies to prevent theft. He or she can save you valuable time by researching prices, features and benefits of equipment for you to consider before you buy.
As well as finding the best deals, your purchaser can work for discounts. Examples: “So if we pay your invoice within 7 days, can we get a discount of, say 3%?” “If we buy sixty instead of ten, can you give us a 10% discount?” “If we pay for six months rent in advance, can we have a 20% discount?” It never hurts to ask.
Give the office purchaser a budget for reducing routine supply costs. Consider paying a bonus when the purchaser stays under budget.
6. Reduce your accountant fees by using a retirement plan administrator, bookkeeper or payroll service. You can do your monthly financial statements in-house with a good software program. Most CPAs are happy to help you make these types of arrangements, if you ask.
7. Evaluate your equipment service contracts. In some cases, such as an older copier or complex treatment equipment, a service contract is far cheaper than paying for service calls. However, with new equipment, you often come out ahead if you or your office manager read the manual and replace the worn out parts yourself, e.g., copier drums. And because prices are so low for other types of equipment, replacing is far cheaper than repairing, e.g., computer monitors or fax machines.
8. Reduce staff turnover. Replacing one employee costs you thousands in lost production, hiring and training time and hassle. Bend over backwards to keep high producers who give you their full support.
On the other hand, keeping poor producers or destructive employees chokes your bottom line. Replace them as soon as possible.
9. If you are over 40 years old and most of your staff members are younger, ask your accountant about an age-based retirement plan.
10. Offer a cash bonus for staff suggestions that save you money or increase your income
Friday, April 10, 2009
Seventeen Benefits of Using E-mail with Patients
BPO—TRAC
Seventeen Benefits of Using E-mail with Patients
1. You are providing a valuable service to your patients in a way that benefits you as well.
2. You save time. For example, a patient telephone call takes three to five minutes, but responding to an e-mail question takes less than one minute.
3. You stop avoiding patients who take advantage of you. "Since I've got you on the phone doctor. . . ."
4. No more phone tag with patients.
5. You spend less time dealing with low-priority patient issues freeing your time for more urgent issues.
6. Because they can take the time to compose a complete question, patients sometimes tell you things in an e-mail that they will not say in person.
7. You can provide or connect your patients to educational material you or others have written.
8. Patients can e-mail your staff to schedule appointments, resolve billing problems and so on.
9. With a secure e-mail system, you can give test/lab results, refill prescriptions and change medication.
10. Your staff can screen and sort your e-mail traffic before you see it.
11. You can inform patients of their scheduled appointments, ask questions and check on their progress.
12. Hearing-impaired patients love it.
13. Patients do not feel guilty or hesitant about taking up your time, especially if you charge for the service.
14. Malpractice risk is reduced as all communication is in writing and can be stored forever. It is not subject to interpretation, alteration or exaggeration.
15. You, your staff and your patients can deal with e-mail when it's convenient, at work or home.
16. You can easily and quickly communicate to all of your patients whenever you like. For example, e-mail newsletters or general announcements.
17. Patients feel you are more accessible to them. They feel better cared for and more likely to remain loyal.
Seventeen Benefits of Using E-mail with Patients
1. You are providing a valuable service to your patients in a way that benefits you as well.
2. You save time. For example, a patient telephone call takes three to five minutes, but responding to an e-mail question takes less than one minute.
3. You stop avoiding patients who take advantage of you. "Since I've got you on the phone doctor. . . ."
4. No more phone tag with patients.
5. You spend less time dealing with low-priority patient issues freeing your time for more urgent issues.
6. Because they can take the time to compose a complete question, patients sometimes tell you things in an e-mail that they will not say in person.
7. You can provide or connect your patients to educational material you or others have written.
8. Patients can e-mail your staff to schedule appointments, resolve billing problems and so on.
9. With a secure e-mail system, you can give test/lab results, refill prescriptions and change medication.
10. Your staff can screen and sort your e-mail traffic before you see it.
11. You can inform patients of their scheduled appointments, ask questions and check on their progress.
12. Hearing-impaired patients love it.
13. Patients do not feel guilty or hesitant about taking up your time, especially if you charge for the service.
14. Malpractice risk is reduced as all communication is in writing and can be stored forever. It is not subject to interpretation, alteration or exaggeration.
15. You, your staff and your patients can deal with e-mail when it's convenient, at work or home.
16. You can easily and quickly communicate to all of your patients whenever you like. For example, e-mail newsletters or general announcements.
17. Patients feel you are more accessible to them. They feel better cared for and more likely to remain loyal.
Profiting from the Business End of Healthcare
BPO—TRAC
Profiting from the Business End of Healthcare
Treating patients is not the only way you succeed as a practice owner. The wealthiest, most successful practice owners hire associates and make a profit from the associates' work. They sell partnerships. They build their wealth by selling thriving, profitable practices.
With good management, your practice investments of energy, money and intelligence can pay off better than any investment on the market. Or they can be wasted with bad management, poor planning and inaction.
Going out the Top
You can build your wealth as a practice manager in many ways. For example, Dr. Bob works hard and spends 10 years building his practice. He hits $70,000 collections per month without managed care and with less than 55% overhead. He goes through two associates before finding his match with Dr. Chris. He pays Dr. Chris 33% of her collections while spending hundreds of hours grooming her to take over his practice.
Over the next five years, Dr. Bob cuts his work week to 40 hours and stops working weekends. Dr. Chris builds her production from $25,000 to $50,000 to $75,000 per month. Although Dr. Bob's personal production drops to $55,000 per month, his profit increases because he skillfully manages the practice.
Dr. Chris then pays Dr. Bob $190,000 for half the practice. As his partner, she begins to accumulate her own wealth. Dr. Bob spends less time at the office to pursue his passion for breeding thoroughbred race horses. The staff and patients love Dr. Chris because she walks in Dr. Bob's shoes.
After the 10-year partnership period ends, the two doctors finalize their buy-sell contract. Dr. Chris pays Dr. Bob $220,000 more and takes over as sole owner. Dr. Bob works a few hours per week for 50% of his production. He continues to advise and support Dr. Chris for three final years. Dr. Bob then moves to Kentucky to raise horses. Because he is only 55 at this point, he starts another practice as well. Dr. Chris also thrives.
If you can effectively manage people, you have all the options. You can build a group of doctors. You can create satellite practices. You can form strategic partnerships. You control the game.
Going out the Bottom
Without management skills, your income is limited to your own production. For example, Dr. Ed graduates with Dr. Bob, but with better grades. He opens a practice down the road from Dr. Bob and focuses on his technique. Although he is a better technician than Dr. Bob, he ignores the business end of his practice.
After 10 years, Dr. Ed hits his production peak average of $45,000 per month. However, staff members come and go with no stability. Dr. Bill tries to work with an associate, but fires him for being an idiot. Another associate takes a dozen patients with him when he quits. Dr. Ed decides hiring associates is a bad idea.
He then tries a partnership with a colleague who hates management more than Dr. Ed. Together, they get less done with more stress. The resentment builds and builds until patients and staff hate coming in. Dr. Ed is relieved when the new guy leaves. He vows to work alone forever.
During the next 25 years, Dr. Ed's production slowly dwindles to $25,000 per month. At 65, he decides to sell his practice. Unfortunately, his equipment and patient base is so old that he can't find a practice broker to help him. So he sells his patient files to Dr. Chris for $10,000. He moves to Arizona because living there is cheaper.
What Is Your next Step?
Decide to play a bigger game. Win your current phase and move on. If you don't move on, you get stuck at your current activity and income.
Set big goals. Write a strategy that makes sense. Use ExecTech advice and materials for the details.
With ExecTech's support, you learn to hire, train and manage associates with less risk and more gain. You form or sell partnerships. You sell your practice at a healthy profit. You go out the top.
Profiting from the Business End of Healthcare
Treating patients is not the only way you succeed as a practice owner. The wealthiest, most successful practice owners hire associates and make a profit from the associates' work. They sell partnerships. They build their wealth by selling thriving, profitable practices.
With good management, your practice investments of energy, money and intelligence can pay off better than any investment on the market. Or they can be wasted with bad management, poor planning and inaction.
Going out the Top
You can build your wealth as a practice manager in many ways. For example, Dr. Bob works hard and spends 10 years building his practice. He hits $70,000 collections per month without managed care and with less than 55% overhead. He goes through two associates before finding his match with Dr. Chris. He pays Dr. Chris 33% of her collections while spending hundreds of hours grooming her to take over his practice.
Over the next five years, Dr. Bob cuts his work week to 40 hours and stops working weekends. Dr. Chris builds her production from $25,000 to $50,000 to $75,000 per month. Although Dr. Bob's personal production drops to $55,000 per month, his profit increases because he skillfully manages the practice.
Dr. Chris then pays Dr. Bob $190,000 for half the practice. As his partner, she begins to accumulate her own wealth. Dr. Bob spends less time at the office to pursue his passion for breeding thoroughbred race horses. The staff and patients love Dr. Chris because she walks in Dr. Bob's shoes.
After the 10-year partnership period ends, the two doctors finalize their buy-sell contract. Dr. Chris pays Dr. Bob $220,000 more and takes over as sole owner. Dr. Bob works a few hours per week for 50% of his production. He continues to advise and support Dr. Chris for three final years. Dr. Bob then moves to Kentucky to raise horses. Because he is only 55 at this point, he starts another practice as well. Dr. Chris also thrives.
If you can effectively manage people, you have all the options. You can build a group of doctors. You can create satellite practices. You can form strategic partnerships. You control the game.
Going out the Bottom
Without management skills, your income is limited to your own production. For example, Dr. Ed graduates with Dr. Bob, but with better grades. He opens a practice down the road from Dr. Bob and focuses on his technique. Although he is a better technician than Dr. Bob, he ignores the business end of his practice.
After 10 years, Dr. Ed hits his production peak average of $45,000 per month. However, staff members come and go with no stability. Dr. Bill tries to work with an associate, but fires him for being an idiot. Another associate takes a dozen patients with him when he quits. Dr. Ed decides hiring associates is a bad idea.
He then tries a partnership with a colleague who hates management more than Dr. Ed. Together, they get less done with more stress. The resentment builds and builds until patients and staff hate coming in. Dr. Ed is relieved when the new guy leaves. He vows to work alone forever.
During the next 25 years, Dr. Ed's production slowly dwindles to $25,000 per month. At 65, he decides to sell his practice. Unfortunately, his equipment and patient base is so old that he can't find a practice broker to help him. So he sells his patient files to Dr. Chris for $10,000. He moves to Arizona because living there is cheaper.
What Is Your next Step?
Decide to play a bigger game. Win your current phase and move on. If you don't move on, you get stuck at your current activity and income.
Set big goals. Write a strategy that makes sense. Use ExecTech advice and materials for the details.
With ExecTech's support, you learn to hire, train and manage associates with less risk and more gain. You form or sell partnerships. You sell your practice at a healthy profit. You go out the top.
Top Five Partnership Myths
BPO—TRAC
Top Five Partnership Myths
ExecTech consultants are constantly running into false ideas about partnerships (or corporations with doctor shareholders, same thing). These myths keep practice owners held down in one-man-bands when they should be conducting orchestras.
1. “All partners share equal ownership.” This myth says that your partner owns 50% and you own 50%. If a third partner joins in, you each own 33.33% and so on.
The fact is, each partner can have a different portion of ownership. A partner is a partner, even if he or she owns 0.01% and you own 99.99%. You can form a partnership with an individual, corporation or another partnership. You are restricted by nothing except your imagination.
2. “Each partner deserves equal control” and “A partnership is managed best by democratic process.” These myths results in endless meetings, disagreements and anger.
Fifty-fifty partners with equal authority have more conflicts than any other type of structure.
Just as only one person can drive a car, only one person can be in charge of the practice. If two or more try to drive the car or run the practice, you crash.
To succeed, one partner must assume the day-to-day management duties and have enough power to get the job done. The managing partner position should be held by the partner who can increase the number of satisfied patients, keep staff morale high and end with the most profit possible.
3. “All partners deserve equal pay.” Poor producers insist on equal pay so they can ride on the shoulders of high producers. High producers then either get angry at this unfair arrangement or reduce their productivity.
A sole owner feasts or starves based on his or her hard work and the success of the practice. The same principle applies to a partnership . . . if it is going to endure.
Partner pay must be based on individual contribution to the partnership's success. Forming the partnership and managing the partnership are, obviously, significant contributions.
4. “Every associate becomes a partner” or “It's impossible to find the right partner” are equally wrong.
You can make every associate into a minor partner, if you like. But make it a reward, not a right. Form partnerships with those who produce well; who give more to the practice than they take. The wording of your associate contract is important. Include specific qualifications an associate must meet before becoming a partner. Leave yourself options to cancel the deal.
If you are at the other extreme, and believe the right partner probably does not exist, you are too picky. Your fears of selecting bad partners prevent you from enjoying the progress you deserve.
You can find a place for most good producers, if you open your mind to new arrangements and roles.
5. The most destructive myth of all: “We don't need a written agreement.” This false idea leads to life-long disputes, ruined practices and lawsuits.
Without a thorough partnership agreement in writing, a successful practice can be torn apart. One partner or all partners can lose everything.
The practice's partnership agreement must include solutions for every conceivable problem that can arise. What happens if a partner wants to leave? If a partner wants to change the agreement? If a partner is sued, disabled or dies?
By eliminating these five myths from your mind, you open the door to amazing new possibilities.
Read what one practice owner says about ExecTech partnership consulting.
Top Five Partnership Myths
ExecTech consultants are constantly running into false ideas about partnerships (or corporations with doctor shareholders, same thing). These myths keep practice owners held down in one-man-bands when they should be conducting orchestras.
1. “All partners share equal ownership.” This myth says that your partner owns 50% and you own 50%. If a third partner joins in, you each own 33.33% and so on.
The fact is, each partner can have a different portion of ownership. A partner is a partner, even if he or she owns 0.01% and you own 99.99%. You can form a partnership with an individual, corporation or another partnership. You are restricted by nothing except your imagination.
2. “Each partner deserves equal control” and “A partnership is managed best by democratic process.” These myths results in endless meetings, disagreements and anger.
Fifty-fifty partners with equal authority have more conflicts than any other type of structure.
Just as only one person can drive a car, only one person can be in charge of the practice. If two or more try to drive the car or run the practice, you crash.
To succeed, one partner must assume the day-to-day management duties and have enough power to get the job done. The managing partner position should be held by the partner who can increase the number of satisfied patients, keep staff morale high and end with the most profit possible.
3. “All partners deserve equal pay.” Poor producers insist on equal pay so they can ride on the shoulders of high producers. High producers then either get angry at this unfair arrangement or reduce their productivity.
A sole owner feasts or starves based on his or her hard work and the success of the practice. The same principle applies to a partnership . . . if it is going to endure.
Partner pay must be based on individual contribution to the partnership's success. Forming the partnership and managing the partnership are, obviously, significant contributions.
4. “Every associate becomes a partner” or “It's impossible to find the right partner” are equally wrong.
You can make every associate into a minor partner, if you like. But make it a reward, not a right. Form partnerships with those who produce well; who give more to the practice than they take. The wording of your associate contract is important. Include specific qualifications an associate must meet before becoming a partner. Leave yourself options to cancel the deal.
If you are at the other extreme, and believe the right partner probably does not exist, you are too picky. Your fears of selecting bad partners prevent you from enjoying the progress you deserve.
You can find a place for most good producers, if you open your mind to new arrangements and roles.
5. The most destructive myth of all: “We don't need a written agreement.” This false idea leads to life-long disputes, ruined practices and lawsuits.
Without a thorough partnership agreement in writing, a successful practice can be torn apart. One partner or all partners can lose everything.
The practice's partnership agreement must include solutions for every conceivable problem that can arise. What happens if a partner wants to leave? If a partner wants to change the agreement? If a partner is sued, disabled or dies?
By eliminating these five myths from your mind, you open the door to amazing new possibilities.
Read what one practice owner says about ExecTech partnership consulting.
Twenty-one Ways to Be a Happier Practice Owner
BPO—TRAC
Twenty-one Ways to Be a Happier Practice Owner
When the doctor is in a good mood, everyone is in a good mood. When he or she is unhappy, everyone is unhappy—including patients.
As a practice owner, one of your most important responsibilities is to put yourself, your staff and your patients in a good mood. You create a positive atmosphere. You make everyone happier.
A happier practice owner is a more successful practice owner. A happier staff member is a more productive staff member. A happier patient gets better treatment results and cheerfully pays and refers.
Make a list of actions that make your practice more enjoyable. Here are some suggestions.
1. Send singing telegrams to thank people for their referrals.
2. Put cartoon books in your waiting area.
3. Bring your son or daughter to your office for a day.
4. Have patients who are nervous, depressed or upset take a deep breath, hold it and smile.
5. Pat five people on the back.
6. Supervise a full office cleaning with all staff members.
7. Install a fish tank in the reception area (or remove the fish tank from the reception area).
8. Replace an employee who upsets you or your other employees.
9. Send a humorous card, signed by you and your staff, to an insurance adjuster.
10. Write an employee commendation.
11. Introduce child patients to adult patients.
12. Let your hair down, quit being so serious, lighten up.
13. Provide gourmet refreshments for a staff meeting.
14. Print your practice logo on T-shirts, baseball hats, coffee mugs or pens. Give as prizes to patients who refer, pay in advance, never miss appointments or never complain.
15. Discharge a patient who upsets you or your employees.
16. Require all staff to tell a joke at staff meetings.
17. Publicly praise staff members who hit their production quotas.
18. Take your staff bowling.
19. Make a big deal out of each holiday.
20. Replace an old piece of office equipment that everyone hates.
21. Whip out a hand puppet, that looks like you, whenever a patient wants a second opinion.
Twenty-one Ways to Be a Happier Practice Owner
When the doctor is in a good mood, everyone is in a good mood. When he or she is unhappy, everyone is unhappy—including patients.
As a practice owner, one of your most important responsibilities is to put yourself, your staff and your patients in a good mood. You create a positive atmosphere. You make everyone happier.
A happier practice owner is a more successful practice owner. A happier staff member is a more productive staff member. A happier patient gets better treatment results and cheerfully pays and refers.
Make a list of actions that make your practice more enjoyable. Here are some suggestions.
1. Send singing telegrams to thank people for their referrals.
2. Put cartoon books in your waiting area.
3. Bring your son or daughter to your office for a day.
4. Have patients who are nervous, depressed or upset take a deep breath, hold it and smile.
5. Pat five people on the back.
6. Supervise a full office cleaning with all staff members.
7. Install a fish tank in the reception area (or remove the fish tank from the reception area).
8. Replace an employee who upsets you or your other employees.
9. Send a humorous card, signed by you and your staff, to an insurance adjuster.
10. Write an employee commendation.
11. Introduce child patients to adult patients.
12. Let your hair down, quit being so serious, lighten up.
13. Provide gourmet refreshments for a staff meeting.
14. Print your practice logo on T-shirts, baseball hats, coffee mugs or pens. Give as prizes to patients who refer, pay in advance, never miss appointments or never complain.
15. Discharge a patient who upsets you or your employees.
16. Require all staff to tell a joke at staff meetings.
17. Publicly praise staff members who hit their production quotas.
18. Take your staff bowling.
19. Make a big deal out of each holiday.
20. Replace an old piece of office equipment that everyone hates.
21. Whip out a hand puppet, that looks like you, whenever a patient wants a second opinion.
Why Delegate Responsibility?
BPO—TRAC
Why Delegate Responsibility?
Dr. Brent called his consultant at 12:30 a.m. "I can't sleep because of this big problem with Jennifer. Despite the 15 years we've been together, I've decided to fire her. SHE HAS CROSSED THE LINE!"
Earlier that day, Dr. Brent and his consultant had formulated a delegation plan so he could cut his schedule to three days per week. But disagreements with his long-time office manager got in the way.
Brent said, "She wants to schedule the staff in a way that's really inefficient. I told her to do it my way and she got all huffy and walked out of my office. Now she's acting like she doesn't care about anything. This really pees me off. I can't let her schedule the staff because she lets them walk all over her. I need to get someone else in there who can do it right."
The consultant said, "Brent, what do you care how she schedules the staff? Do you want to be scheduling employees for the rest of your life? Delegate it! She'll do a better job than you since she deals with staff members every hour and knows their situations. Tell her to do whatever she wants—as long as the payroll percentage doesn't increase and trained people are available when you need them.”
After a moment of silence, the doctor laughed. "Of course! What the heck do I care? She can do whatever she wants with the scheduling. I don't need to worry about this anymore. It's her problem. I'm going to call her right now, so I can get some sleep."
Top Five Delegation Goofs
1. Believe this lie: "It's easier to just do the job myself.” When you transfer small duties to others and concentrate on more important matters, you increase your income and sphere of control.
2. Delegate the work, but withhold your trust. Micro-management after a person proves his or her competence is harmful. If you treat your people like idiots, they become idiots. If you believe in your people and give them your trust, they become loyal and trustworthy. Assume all is well until you see otherwise.
3. Go around the person in charge. For example, you delegate all supply decisions to your office manager, who does a good job. One day, you bypass her and place a big order with a new supplier. You then wonder why your office manager gives you the silent treatment, leaves early and stops ordering supplies.
4. Delegate too much, too fast. Once you see the benefits of delegation you may be tempted to shovel out responsibility faster than your team can handle. Delegation, like all management changes, must be done according to a plan; otherwise, you or your staff members become overwhelmed.
5. Delegate jobs you can't perform. The employee has a better chance of accepting full responsibility for a job when properly trained. Once you master the job, you train people more easily.
Additionally, you can't be misled you if you know the details of a job. For example, if you can use the computer software, you can disagree with excuses like "The computer won't allow us to get out the insurance billings until next month" or “We can't get the accounts receivable totals with this software.”
Why Delegate Responsibility?
Dr. Brent called his consultant at 12:30 a.m. "I can't sleep because of this big problem with Jennifer. Despite the 15 years we've been together, I've decided to fire her. SHE HAS CROSSED THE LINE!"
Earlier that day, Dr. Brent and his consultant had formulated a delegation plan so he could cut his schedule to three days per week. But disagreements with his long-time office manager got in the way.
Brent said, "She wants to schedule the staff in a way that's really inefficient. I told her to do it my way and she got all huffy and walked out of my office. Now she's acting like she doesn't care about anything. This really pees me off. I can't let her schedule the staff because she lets them walk all over her. I need to get someone else in there who can do it right."
The consultant said, "Brent, what do you care how she schedules the staff? Do you want to be scheduling employees for the rest of your life? Delegate it! She'll do a better job than you since she deals with staff members every hour and knows their situations. Tell her to do whatever she wants—as long as the payroll percentage doesn't increase and trained people are available when you need them.”
After a moment of silence, the doctor laughed. "Of course! What the heck do I care? She can do whatever she wants with the scheduling. I don't need to worry about this anymore. It's her problem. I'm going to call her right now, so I can get some sleep."
Top Five Delegation Goofs
1. Believe this lie: "It's easier to just do the job myself.” When you transfer small duties to others and concentrate on more important matters, you increase your income and sphere of control.
2. Delegate the work, but withhold your trust. Micro-management after a person proves his or her competence is harmful. If you treat your people like idiots, they become idiots. If you believe in your people and give them your trust, they become loyal and trustworthy. Assume all is well until you see otherwise.
3. Go around the person in charge. For example, you delegate all supply decisions to your office manager, who does a good job. One day, you bypass her and place a big order with a new supplier. You then wonder why your office manager gives you the silent treatment, leaves early and stops ordering supplies.
4. Delegate too much, too fast. Once you see the benefits of delegation you may be tempted to shovel out responsibility faster than your team can handle. Delegation, like all management changes, must be done according to a plan; otherwise, you or your staff members become overwhelmed.
5. Delegate jobs you can't perform. The employee has a better chance of accepting full responsibility for a job when properly trained. Once you master the job, you train people more easily.
Additionally, you can't be misled you if you know the details of a job. For example, if you can use the computer software, you can disagree with excuses like "The computer won't allow us to get out the insurance billings until next month" or “We can't get the accounts receivable totals with this software.”
Investing in Your Human Assets
BPO—TRAC
Investing in Your Human Assets
Investing in your practice should always be your first investment choice, even during a booming real estate market or stock market.
Practice investments are safe because you control every aspect. Practice investments help you provide better service. You can also experience and enjoy the investment—much better than just watching portfolio numbers go up and down.
For example, new reception area furniture gives more comfort for your patients, a better image and some extra pride. A new computer system speeds up your billings, raises your staff morale and gives you more information about your operation. These types of investments help increase collections so you have more money to plow back into your practice.
Even better than buying hard goods, you can also boost your wealth by investing in people.
In the best-selling business book “Against the Gods: The Remarkable Story of Risk” by Peter Bernstein, more than half of the increase in the wealth of all businesses comes from the development of human capital, not from the acquisition of hard goods.
Developing human capital means improving your performance and your staff members' performance. Getting more from everyone's efforts.
For example, you get your staff trained on a better way to discuss fees with patients. You spend $1500 for seminar tickets, gas and a dinner for everyone.
The next week, your over-the-counter collections double. The following week, the statistic jumps even higher. As patients now pay in advance, rather than over time, your cash collections rate hits 100%. You calculate a profit increase of $1000 the first month alone.
How to Invest in People
The wealthiest, most successful practice owners hire the best raw talent they can afford. They train them to perfection and then push them to their next level of performance.
They write office policy, job descriptions, procedure manuals and articles of advice. Their staff members have all the written instructions they need to do every aspect of their jobs.
These practice owners conduct educational staff meetings to teach their staff about the profession. They buy training, coaching, seminars, tapes and any other method of staff improvement available.
They keep their best people challenged. They cross train them, give them more responsibility and lay out futures for them. When employees fail to make the grade, top practice owners cut their losses and look for new talent.
They realize the one thing worse than training people and losing them, is not training people and keeping them.
Top practice owners also work on improving their own performance. They go beyond their continuing education requirements and attend extra seminars, hire consultants and try new programs. They never close their minds to new ideas and methods.
Successful, wealthy practice owners earn 100% to 1000% returns on these investments. Their lucky staff members and associates receive a lifetime benefit of competence. And what is more valuable than competence?
Investing in people gives you more than just wealth. You get a happier office, delighted patients and more time to do what you love to do.
What would your practice be like if you and your staff were twice as good at what you do?
What can you invest in yourself and your people right now?
Investing in Your Human Assets
Investing in your practice should always be your first investment choice, even during a booming real estate market or stock market.
Practice investments are safe because you control every aspect. Practice investments help you provide better service. You can also experience and enjoy the investment—much better than just watching portfolio numbers go up and down.
For example, new reception area furniture gives more comfort for your patients, a better image and some extra pride. A new computer system speeds up your billings, raises your staff morale and gives you more information about your operation. These types of investments help increase collections so you have more money to plow back into your practice.
Even better than buying hard goods, you can also boost your wealth by investing in people.
In the best-selling business book “Against the Gods: The Remarkable Story of Risk” by Peter Bernstein, more than half of the increase in the wealth of all businesses comes from the development of human capital, not from the acquisition of hard goods.
Developing human capital means improving your performance and your staff members' performance. Getting more from everyone's efforts.
For example, you get your staff trained on a better way to discuss fees with patients. You spend $1500 for seminar tickets, gas and a dinner for everyone.
The next week, your over-the-counter collections double. The following week, the statistic jumps even higher. As patients now pay in advance, rather than over time, your cash collections rate hits 100%. You calculate a profit increase of $1000 the first month alone.
How to Invest in People
The wealthiest, most successful practice owners hire the best raw talent they can afford. They train them to perfection and then push them to their next level of performance.
They write office policy, job descriptions, procedure manuals and articles of advice. Their staff members have all the written instructions they need to do every aspect of their jobs.
These practice owners conduct educational staff meetings to teach their staff about the profession. They buy training, coaching, seminars, tapes and any other method of staff improvement available.
They keep their best people challenged. They cross train them, give them more responsibility and lay out futures for them. When employees fail to make the grade, top practice owners cut their losses and look for new talent.
They realize the one thing worse than training people and losing them, is not training people and keeping them.
Top practice owners also work on improving their own performance. They go beyond their continuing education requirements and attend extra seminars, hire consultants and try new programs. They never close their minds to new ideas and methods.
Successful, wealthy practice owners earn 100% to 1000% returns on these investments. Their lucky staff members and associates receive a lifetime benefit of competence. And what is more valuable than competence?
Investing in people gives you more than just wealth. You get a happier office, delighted patients and more time to do what you love to do.
What would your practice be like if you and your staff were twice as good at what you do?
What can you invest in yourself and your people right now?
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