Top Traits of a Successful Medical Practice


Top Traits of a Successful Medical Practice

Is your medical practice as profitable as it could be? Are your patients pleased and your staff satisfied?

Some medical practices are prosperous and have physicians who are engaged, patients who refer, and the business pays its bills easily. Other practices squeak by each month to pay the bills, have high staff turnover, and their physicians are burned out.

What’s the secret sauce? Often hard to control factors are to blame: patient demographics, geographic location, poor reimbursements, even perhaps an unpopular physician. But in most cases, the success quotient has more to do with how a practice is being run than external factors.

The Medical Group Management Association’s (MGMA) recent survey showed that better practice performance in areas like operations, productivity, profitability, and value, were all directly related to the practice “culture.” Fuoco Group healthcare CPAs and medical practice accountants suggest that the best type of culture for a successful practice is one that embraces change and challenge positively, while fostering transparency and teamwork. The doctors who are owners and practice leaders must recognize staff’s needs and contributions, and communicate openly about issues affecting the workplace.

The MGMA survey revealed a unique insight and factor typically found in more successful practices: physicians in those practices tended to experience greater satisfaction in their work! In addition to a clear focus on profitability and operations, “….providers all the way down the line are fully engaged in their work and also have a feeling of autonomy.”

Practices with a positive culture win awards and rave reviews on Google. On the other side of the coin, in a practice with a negative culture, there's unhappiness, a higher turnover rate, second-rate patient experience, and that all creates a cost and unnecessary expense.

Typically the value of teamwork and how to build a positive culture is not taught in medical school. Neither is finance. So we offer clients these top tips:
1.    Communicate your vision of the practice, set and explain the short term and long term goals, then make sure everyone is onboard and working toward the same objective.
2.    Hire professionals you know will appreciate the culture you are trying to build, and be sure their personality and attitude will fit in with your vision as much as their skills do.
3.    Be responsive to staff and patient problems, issues and complaints. Do your best to fix it, or at least explain why you can’t. Encourage your staff to speak up, offer suggestions and solutions.
4.    Reward teamwork, milestones, improvements, and performance. Remember folks like cash and cake.
5.    Promote wellness. Burnout can have a significant impact on productivity, morale, costs and quality of care.
6.    Encourage professional development and provide your team members the opportunity to progress as your practice grows.
7.    Build a unique brand – get the word out about what differentiates you from your competition in patient care.
8.    Build a better budget - successful practices monitor financial progress, examine their revenue and expenses regularly, and revisit their financial strategy if they have to.
9.    Automate and/or streamline procedures for revenue cycle functions like collecting co-pays, verifying insurance, submitting claims, and billing patients, etc. Employees will thank you for training them and making daily routines less burdensome.
10.    Think like a business owner as well as a clinician! Consult with a trusted accountant and advisor who can help you understand the financial fundamentals of the business as well as risk management, operations, cash flow, insurance, debt consolidation, retirement planning etc.

In conclusion, accountability, autonomy, work environment, and clear, frequent communication are important to employee engagement which directly impacts profitability and success. Building a great work culture takes time, but it is the way to increase employee satisfaction and retention, ultimately improving patient interactions and your bottom line.

Contact Us: Want to spend more time focusing on patient care? Want a better bottom line? Let us take some of the burden off you and your partners because worrying about costs, reimbursement, margins, operations and finances shouldn’t be keeping you awake at night! Call 855-534-2727 to learn more.




 

In The News


We are proud to announce that Lou Fuoco CPA, CEPA, joins a distinguished panel of experts at the April 8th Opportunity Zone Conference hosted by Madison Street Strategies and Carras Community Investment, Inc.
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Press and Events

TFG Financial Advisors Announces New Michigan Office and Financial Professionals
North Palm Beach, FL, (May 8, 2019) - TFG Financial Advisors and The Fuoco Group are proud to announce they have opened a satellite office in Plymouth, Michigan, in order to expand the TFGFA geographic footprint.
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The New York Real Estate Journal recently featured a "Ones To Watch" Spotlight, focusing on both up and coming professionals as well as industry veterans across all areas of real estate. Congratulations to Lou Fuoco CPA, CEPA, for being included in this prestigious group of “OTW” for 2019!

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