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1. Can you identify up to five key success factors for your practice and monitor these factors weekly?
2. Have you sought to maximize your reimbursement for services by:
a) Reviewing your fee schedule annually?
b) For your high volume fees do you know what each major payer in your market area is paying you?
3. Have you benchmarked your practice financial results, personnel costs and key performance such as accounts receivable aging against other practices in your specialty?
4. Do you know how each provider in your practice is coding new and established patient office visits? Failure to document and code at the appropriate level is costing many physicians thousands of dollars annually.
5. Do you regularly see a report showing you your aged accounts receivable trends?
6. Do you know what your operating costs are and do you have a system to periodically insure that you are paying the lowest costs for these items?
7. Do you have systems to insure that payment denials are being responded to in a timely basis?
8. Do you have a system of measuring each physician’s profitability and does your income distribution system reward physicians for achieving the practice goals?
9. Do you have a system to insure that you are reviewing your profitability on a regular basis?
10. Can you strengthen your relationships with your patients by holding seminars on current topics and inviting existing patients, as well as their friends and family members to attend?
11. Can you survey your patients and encourage them to tell you what you are doing right and wrong?
12. When was the last time you thanked your patients for their loyalty? Remember, your patients are the reason your are in business.
13. Is there technology available that could reduce costs, control man-hours, or eliminate repetitive tasks?
14. When was the last time you sought input from outside your practice? The cost of professional advice is not material when dreams become reality.
15. Can you prepare a strategic plan with 1-year, 3-year and 5-year goals and update it annually?
16. Are you purchasing inventory to maximize discounts and minimize cash flow restrictions?
17. Have you measured how much turnover is costing you?
18. Are you matching the talents of your employees with the jobs to be performed?
19. Do you have incentive plans that reward employees for exceeding company goals?
20. Do you know what it costs to operate your office every day and how many patients need to be seen to generate your profit goals? Do you manage your office flow to ensure optimal cost efficiently?
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