Eyeworld

50 | EYEWORLD | JUNE/JULY 2020 I NSIDE THE PRACTICE by Corinne Wohl, MHSA, COE, and John Pinto N o matter what practice we work with, large or small, we are on the lookout for a finite number of good habits. When a new client is faltering, it is often because one or more of these good habits are missing. These core habits are the pillars of strength for your practice. It's understandable if in the midst of a pan- demic some of these good habits have fallen by the wayside in your practice. And if they have, you won't be too far behind if you get back to them sooner rather than later. There are hundreds of good business hab- its, but here are five you always want your prac- tice and management team to stay on top of. 1. Regularly scheduled meetings. Whether face-to-face or on Zoom (our new normal), communication needs to be clear to be effec- tive. When meetings are conducted regularly, communication throughout the practice is enhanced and no one is overlooked. It may feel premature to hold meetings before your staff and doctor schedules are back to normal, but this could leave the practice lagging behind in business growth or staff morale. Whether the office is back to full functioning or not, be sure to re-establish (or begin) the meetings needed for a fully engaged business. Typical meeting schedules include: • Board meetings: monthly • Administrator/managing partner: weekly or biweekly • Administrator/department managers: weekly or biweekly • Management team: weekly or biweekly • Department meetings: monthly • Provider meetings: monthly or quarterly • All staff meetings: monthly or quarterly Note: Large practices might need more meetings than small practices. 2. Financial and volumetric benchmarking data. These have to be timely and well under- stood by administrators, mid-level managers, and physician owners alike. A monthly review is essential to identify and correct performance gaps quickly and to address adverse trends. In part because of COVID-19, more practices are tuned into their financial reporting and more are closely watching cash flow projections than ever before. If your practice was on top of things, you were able to swiftly and accurately collect and submit the financial data you needed to apply for grants and loans and, as important- ly, forecast what your financial support needs were going to be. If your practice struggled, use this experience in the midst of an emergency to re-evaluate the way you collect and present important financial data. Ask your CPA for as- sistance as needed. Talk to peers in similar-sized practices to find out what they track. Tracking volumetric data is another import- ant good habit. Instead of simply glancing at your monthly stats, engage deeply with the data. If you are an active user of your data, you'll know you are building your practice back up with staffing levels, visit volumes, and surgeries all rising in proper ratio to each other. 3. Performance appraisals. Feedback and communication with your staff has never been more important. If, like most practices, you had to make tough staffing decisions in the second quarter of this year, everyone who's coming back on needs to hear how much you appreci- ated the sacrifices they made. If some staff are still on the fence about returning to work, hear- ing your viewpoint about their heroic role will make coming back onto the clinic floor easier. This is the time to double down on giving your staff performance feedback, especially if staff wages were rolled back or future wage in- creases are temporarily frozen. Your employees need to hear how they are valued and appreciat- ed in other ways. 4. Revenue cycle management. Hovering closely over your patient accounts is another critical habit that can go soft in the midst of a crisis. Track your A/R aging report closely, looking to keep claims over 90 days to 12% or less of the total. It is not uncommon for us to find overstressed billing departments where staff focus first on getting the claims billed Getting back to good habits About the authors Corinne Wohl, MHSA, COE President C. Wohl & Associates San Diego, California John Pinto President J. Pinto & Associates San Diego, California

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