Operating a medical practice can be a complex and challenging task. It requires not only a deep understanding of clinical care, but also a strong grasp of business and operational demands.
Fortunately, Keith Hovan explains that there are a variety of resources available to support the needs of medical practices, helping to streamline operations, improve patient outcomes, and stay ahead in the ever-evolving healthcare landscape.
According to business advisors and experts, understanding where a business is at financially, as well as in terms of resources such as equipment and staffing, allows companies to effectively meet their operational needs – this is especially true for physician practices at all levels of healthcare.
Adapt to Change
As the industry continues to evolve, medical practices face increasing pressure to adapt to changes in regulations, technology, and patient expectations. To stay competitive while providing quality care, doctors’ offices must stay properly equipped to support their patients, staff, and business needs.
Technology
Software that automates the process of meeting a patient’s needs is usually an effective investment, especially if it draws both new and returning patients to the practice. Some popular examples of such technologies include telehealth services, electronic health records, and interactive communication platforms.
Electronic health records (EHRs) can help practices track vast amounts of various types of data, such as appointment schedules, patient-related tasks, documentation of phone calls and messages, and compliance.
Similarly, practice management software can help with billing, coding, and scheduling for patients and staff, while communication platforms provide a consistently available contact method.
Tracking Data and Finances
A key aspect of any business is to focus on the metrics that are relevant to daily operations. In a physician practice, this may include the length of appointments and wait times, the number of patients associated with the practice, or the number of visits a practitioner warrants in increments of days, months, or throughout the year.
Financial-related metrics are also important. For example, insurance billings and collected copayments should be tracked and then balanced at the end of each day. The overall financial management of a physician practice can become especially challenging for larger organizations due to the complexity of healthcare billing and reimbursement. Some offices may heavily benefit from working with consulting firms that specialize in healthcare finances.
Protect the Assets of the Business
With the above steps in place, a successful medical practice will need asset protection. It is important to plan for unexpected scenarios with staff, supply shortages, or extended closure periods.
Additionally, the importance of cybersecurity should never be overlooked. Train employees to guard against ransomware, be wary of email phishing, and utilize strong, frequently changed passwords. Add security programs to protect against industry-specific risks, or consider adding multi-factor identification to avoid any data breaches.
Patient Care
Last but certainly not least is to maintain a strong focus on patient care. At the end of the day, the goal of any medical practice is to provide high-quality healthcare to patients. Practices can improve patient outcomes by implementing evidence-based clinical guidelines, measuring, and tracking techniques while utilizing patient feedback to drive improvements.
In Conclusion
At the end of the day, a medical practice is a business, but one that is best supported by responsibly managing patient care, data, compliance regulations, and financial ambitions.
By leveraging the right tools and technologies, practices can improve their operations, achieve their goals, and thrive in the constantly advancing healthcare landscape.
