As 2017 draws to a close it’s a good idea to take a few moments for you the practitioner and for your practice to assess where you are and how you’re doing. At the Institute of Podiatric Excellence and Development (IPED) we know from our members that there are many ways to measure success and that each practice is unique. At the end of the day (or year!) what’s important is not meeting someone else’s standard but reflecting on what you believe is important. Check in on the goals you’ve set for your practice and determine whether you are or aren’t meeting those goals.
Finding Your Yardstick
Here are a few tools and suggestions for getting the big picture on your practice:
- Check your mission statement—you remember that concise statement you developed when you began your practice that said in a few, clear words what you believed the raison d’être for your practice is? Now is a good time to take a look at it and see how the reality of your practice compares with your vision. If the two are not in sync, ask yourself: does something in my practice need to change or is it time to revise the mission statement? It’s a good idea to keep that mission posted where you and your staff can see it daily rather than buried in a file. This will serve as a reminder and checkpoint as you move through 2018.
- What’s your bottom line? How financially sound is your practice? This means taking a look at such markers as gross charges, net collections, accounts receivable, debt to equity ratios and current assets vs. current liabilities. Re-examine your overhead: costs for rent or mortgage, equipment, supplies, staff and benefits. Seek the input of your staff for ways to increase efficiency and decrease costs.
- Patient Care and Satisfaction—Has the number of patients you see increased? What is your rate of referrals? Based on patient comments, suggestion box and the number of referring physicians try to gauge how satisfied patients are with your services. Do you and your staff engage in continued training to bring the latest technologies and advances to your practice?
- Personal Satisfaction—how satisfied are you with your professional life and the balance between it and your personal life? Are you where you thought you would be at this point? What goals do you have for the upcoming year? Think about how you answer the question, “What do you do?”
At IPED part of our mission is to connect practitioners at various stages of their careers to help each other individually and the profession as a whole continue to improve. To learn more about how we can help you meet your goals, contact us at: 978-296-7634.