All doctors want to earn as much as possible in as little time as possible. How can you leverage your time and grow your income? Kym Nitschke explains.
Your patients want to pay you for your time and expertise. When you can dedicate most of your time doing just that, while avoiding burn out, you’re making the best contribution to society while boosting revenue for your own practice.
Alternatively, if you’ve lost control of your time you lose your profitability and also your health.
See if you can improve in any of the following areas to earn more and maximise the time you have.
Don’t Do What You Wouldn’t Pay a Doctor to Do
Delegate, delegate, delegate! Pass off as many small tasks as you can to those who are qualified to do them. The whole point is to free up your time which is far more valuable and better spent providing high-income-generating services.
Grow your team so that the practice isn’t relying solely on you to generate the most profit. Look into outsourcing admin tasks to avoid office congestion and slowing down your staff.
Adjust Your Scheduling Method
Look for gaps left by no-show patients and see if you can use those to fit in patients who call with an emergency or last-minute complaint. Try scheduling in a wave method to both maximise your time and allow more time for the patients who need it.
Use Your Skills to Build Revenue
Don’t let your skills get rusty! Become the best in your field so patients will seek you out and referrals will grow.
It may be feasible to offer more services to grow your practice and keep ahead of your competition. Whatever you can provide to your patients means they won’t have to seek that treatment elsewhere. Just don’t go too far with this by becoming a “jack of all trades, master of none’!
Avoid batching patient notes and saving the task for the end of the day. That will bog you down since you’ll have a hard time recalling the details – it will also take up time that could have been spent seeing just one or two more patients. Aim to dictate your notes during or shortly after every one or two appointments. This will help you capture more details while they’re still fresh in your mind and you can just get that part of the job done right away. And outsource the writing up of notes to an in-house or external typist.
Task a staff member with ensuring all the treatment rooms are fully stocked at the start of each day. This will keep you from chasing down supplies all over the office every ten minutes. If you can stay put and see the patient, you’re saving valuable minutes.
Plan a morning huddle with your team each day. The daily huddle is an opportunity to review the schedule with everyone and to make sure you’re all on the same page. Now is the time to address potential problems and anticipate which patients you’ll see that day may take up more time than the others. This will prove helpful because your staff will be on the alert to help speed things up when necessary and keep the office flow moving along smoothly.
Carefully Track Your Expenses
Even the small things will add up if you don’t control them. If you can trim your budget by even $20 a day that savings will reflect in the bank balance. Avoid needless waste and set goals for ordering fewer supplies such as disposable paper towels, gauze and light bulbs. You don’t want to scrimp too hard, but just be aware of small areas you can save in. What you save in office supplies could amount to the cost of seeing a few extra patients each month.
Want to Leverage Your Time and Grow Your Practice Income? Seek Professional Help.
Mastering your time is the key to growing profitability and wealth.
You can make the most of your income by saving and investing it in the right places.
Make smart use of not only your personal income but the revenue your practice generates. Put the money back into the practice in smart ways that will lighten your workload and free up your time while generating extra revenue.
Seek advice from an accounting and financial planning team that works with medical professionals every day.
– Kym Nitschke
The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
Taxation, legal and other matters referred to on this website are of a general nature only and are based on Nitschke Nancarrow’s interpretation of laws existing at the time and should not be relied upon in place of appropriate professional advice. Those laws may change from time to time.
Nitschke Nancarrow specialises in accounting, tax and financial advice for superannuation. Contact us now for a no obligations discussion about your needs.Tags: medical practice, medical professionals, personal finance, time management