Whether you’ve been in practice for one year or 30 years it’s a good idea to ask yourself this question periodically. Of course, there are many ways to assess the success of your practice. At The Institute of Podiatric Excellence and Development (IPED) we have the advantage of gathering facts from many practitioners at all stages of their careers. Here are some thoughts on how to answer the question.
Measurable and Immeasurable Benchmarks
Some ways of checking how you’re doing are not very tangible:
- Are you improving patient care?
- Is your practice doing what you hoped it would?
- Are you personally satisfied and fulfilled with the work you are doing?
You can also use very objective formulas to assess your practice:
- Payroll ratio (total staff payroll/annual collections)
- Per visit value (total collections/total patient visits)
- Accounts receivable numbers
As you consider which benchmarks you wish to use to track your practice, here are 7 assessments each podiatric physician should analyze:
- Financial Soundness
- Overhead Expenses
- Managed Care Costs
- Patient Encounters
- Client Satisfaction
There are a few ways to collect this data. Many practice management software programs can help track everything from number of injections and x-rays to new patients and diagnoses. You also should enlist the feedback of your staff and your patients and really listen to what they are saying.
Ultimately, you want to be able to say your practice is doing better today than yesterday and you want to have an eye on how to make it even better tomorrow.
How IPED Can Help
One advantage of membership with IPED is the tremendous networking that is available. As a member, you have access and the opportunity to interact with many other practitioners who have walked the road you are on and you’ll get to pick their brains as to what has helped make their practices successful. We also offer podcasts, webinars and a wealth of other resources that you can access when it’s convenient for you. To learn more about the benefits of membership, contact our Executive Director, Ruth Ann Donahue at: 978-296-7634.