7 Ways to Boost Your Practice Efficiency
The term efficiency is used in a variety of contexts: Quarterbacks in the NFL are ranked on scoring efficiency, which is the number of actual scores divided by the number of opportunities the team had to score. For economists, efficiency is a measure of how well resources are allocated for and used by different people or entities.
But what does efficiency have to do with your practice? Wasted time and resources are a major roadblock for your practice’s short- and long-term goals. So, we’ve gathered the top seven ways your practice can harness the power of efficiency to increase revenue and grow exponentially.
1. Establish a Solid Outbound-Calling Process
We can’t say this often enough: Outbound calling, though tedious and sometimes frustrating, is one of the most important ways to get more patients into your practice and increase your revenue. Outbound calling reinforces that your patients and their hearing health are your top priorities. It also shows you can address their concerns and you know your stuff. It might take time — and trial and error — to find your unique outbound-calling “secret sauce,” but the result will be efficient (and successful) calls, more patient satisfaction, and more revenue.
2. Regularly Evaluate and Map Out Financial Goals, Budgets, and Plans
Your patients and their hearing needs come first, but your practice is still a business, so don’t lose sight of your financial benchmarks. Creating a budget for your practice helps you stay on track and implement processes that will better help you reach your goals. Once you’ve developed the budget, share it with your team. Transparency creates trust and buy-in. If the staff has no idea what the practice goals are, they’re less likely to adjust their behavior. Give them something to work toward and efficiency will follow.
3. Find New Ways to Engage Your Team
Helping your employees feel invested in the practice will help your business grow exponentially. In fact, according to a recent study by Business 2 Community, companies with engaged employees outperform those without by 202%. Wow! Some easy ways to create engagement are:
- Regular team meetings. Make sure all team members share what they’ve done since the last meeting and what they hope to accomplish in the coming weeks. This helps all departments work cross-functionally and opens the lines of communication.
- 1:1 check-ins. Holding regular one-on-one meetings with each team member shows them you care about their success both professionally and personally.
- Align company goals with team member goals. Give your staff some ownership in the practice’s success by helping them align their goals with the practice’s. As a bonus, customer retention rates are 18% higher on average when employees are highly engaged in their company, according to Cvent
4. Assign Captainships
A great way to create engagement in your team is with captainships, as we call them at Audigy. Give team members something to oversee on a day-to-day basis, such as social media, outbound calling, organizing patient paperwork, etc. Through sharing their successes and challenges in your team meetings, each captain develops a sense of ownership. They also gain an understanding of what their teammates are doing. To maximize captainships, assign them based on team members’ strengths: A recent Gallup study reported that employees who exercise their strengths daily are 8% more productive and six times more likely to be engaged. More communication and engagement lead to better efficiency.
5. Implement a Block Schedule
Block scheduling, an organizational scheduling technique used by many Audigy members, can be an incredibly effective way to make sure your schedule is meeting your financial goals. A block schedule keeps your practice on track, minimizes wasted time, and ensures you find a balance between revenue-generating appointments and other priorities, like clean & checks and outbound calling.
6. Outline a Clear Retirement Strategy
Right now your practice may be your whole life, but when it’s time to move on to the next chapter, your practice needs to be stable enough to continue without your fearless leadership. Many practice owners don’t think of ownership transition until it’s too late. Take the time now to outline a clear exit strategy so you have benchmarks for tracking your retirement goals. These benchmarks will double as performance indicators as well as day-to-day indicators of how to improve efficiency.
“Everyone knows they’re going to exit their business eventually, but the problem is, it’s always, ‘Oh, it’s three to five years, maybe it’s five to 10 years,’ but those years pass by really quickly. So sitting down and actually putting that to paper — it’s vital.”
Take charge with these five steps to retirement and succession planning from senior business analyst Sam Haney, who shared his insights on successful succession planning.
7. Evaluate and Simplify Your Processes
In a health care practice, one of the biggest efficiency roadblocks is a complicated patient process. If your patients fill out paperwork multiple times in a visit, wait longer than a few minutes to see a doctor, or have to answer the same questions at each step in the process, it might be time for a process overhaul. A simple way to determine this is to sit through an entire patient cycle, take notes on things that are inconvenient, and calculate how much time you spend in each part of the appointment. Happy patients are a key indicator of efficiency in your practice.
We understand that total practice efficiency can be hard to accomplish, which is why Audigy’s teams of experts is here to support you, from implementing captainships to simplifying your processes. Contact us to learn more.