Ask any experienced practitioner what their most valuable assets are and “my staff” is sure to be in the top 3. Once you’ve hired competent and personable people who are enthused about their jobs, the next step is keeping them motivated. At The Institute for Podiatric Excellence and Development (IPED) our membership consists of podiatric professionals at all stages of practice. We’ve gathered some of their best suggestions here.
There are two basic kinds of incentives to keep staff highly motivated: financial and nonfinancial. Today we’re going to address financial incentives. There are a few factors necessary for making financial incentives successful:
- Need to be linked to hitting a specific measurable goal
- The target goal needs to be agreed upon by you and your staff
- Achieving the goal needs to be under the control of the staffer or staffers who will receive the bonus
To decide on the goal, you need to examine your practice’s history or, if you are new in practice, take advantage of the networking opportunities provided by IPED to get an accurate picture from others who have been in a similar practice setting. It’s important that you provide your staffers with the tools for achieving the goal and that the goal is something consistent, ethical and one that your office can take on successfully without compromising patient care.
Here are 5 goals that can be linked to a financial incentive:
- An increase in gross monthly collections, the collection of overdue (aged) accounts, or the net collection ratio.
- An increase in the number of new scheduled patients.
- Growth in the number of patient visits.
- A target number of positive patient satisfaction surveys.
- An increase in in-office dispensing revenues.
The amount of money offered does not have to be large and it can also be accompanied by a small gift such as movie tickets, for example. The point is to recognize your staff’s enthusiasm and hard work with a tangible reward.