In today’s highly competitive healthcare market, patients have options regarding where they receive care. If you’re a patient, that’s a good thing. However, if you own or run a medical practice, you know increased competition can work against you. One negative patient experience is all it takes for patients to leave … and never return. The good news? While there is no way to eliminate patient turnover , there are ways to reduce it so your business thrives. Remember, acquiring a new customer costs five times more than retaining one. This financial advantage underscores the importance of patient retention and should motivate you to focus on this aspect of your business. You can’t control whether patients move out of the area or no longer need your services, but you can avoid these six common reasons why patients frequently search for a new provider: #1: The Front Desk. Never has so much money, time, energy, and effort gone i...
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If I only had clarity. One of my clients always told me, "If I only had clarity." She wanted to understand what the number meant. The only sure way to get clarity is to review your data systematically. In today's medical world, Medicare and commercial payors reimbursements are dropping, and the dramatic cost of staffing has increased so much in the last few years, and only if you can find new employees. The need for more intelligent business decisions has never been more critical than today. Gathering the data and correctly correlating and interpreting the data is the science of what KPIs are all about. Employing financial KPIs is crucial for medical offices to track the health of their business, make innovative changes, and avoid knee-jerk reactions. By monitoring these metrics, medical practices can identify areas for improvement, make informed financial decisions, and ensure long-term sustainability. Here are some critical financial KPIs fo...
What is Lean and why it matters in the medical world. Lean practices have become increasingly popular in medical offices as a way to improve efficiency, reduce waste, and ultimately, enhance patient care. Here are some key aspects of how lean principles can be applied in a medical office setting, alongside best practices: 1. Identifying Value: From the patient's perspective: This means focusing on what matters most to patients, such as shorter wait times, clear communication with providers, and a comfortable environment. Opens in a new window www.keyinteriors.u From the healthcare system's perspective: This means considering the cost-effectiveness of care and ensuring that resources are used efficiently. 2. Value Stream Mapping: This involves mapping out the entire process of a patient's visit, from scheduling an appointment to receiving care and following up afterward. Opens in a new window wikipedia.org Value stream mapping By identifying any bottlenecks or i...