As the end of the year draws to a close, we at the Institute of Podiatric Excellence and Development (IPED), think it’s a good time to evaluate how your practice is doing. Hopefully, whether you are a new practitioner finishing up the first or second year of podiatric practice or a veteran with decades of experience, you have a mission statement for your practice as well as benchmarks for measuring how well you are succeeding in reaching your goals.
The goal of formulating mission statements and benchmarks is twofold: first to help you to define where you want your practice to go but then also to have a way to tangibly measure results and progress. The end of the year is a good time to assess how you are doing.
Below are seven practice assessments to consider when analyzing data and comparing goals and benchmarks:
Financial Soundness—take a look at your gross charges, net collections, accounts receivable, debt to equity ratios, as well as comparing current assets to current liabilities.
Overhead—get a handle on what the overhead expenses are to run your practice including: rent or mortgage, equipment, supplies, staff, and benefits.
Managed Care Costs—these would include capitation rates, quality assurance, and utilization management issues.
Patient Encounters—how many encounters per physician per full-time equivalent (FTE) do you have? How many patients are seen daily? How many new patients have come to your practice?
Analysis of Outsourced or Performed Services—this would include subcontracted or sub capitated services or carve outs, ancillary services and costs of services calculated through activity-based costing or other methods.
Product—take a look at revenues per hour, encounters per hour, encounters per procedure, revenues per FTE and payer mix.
Client Satisfaction—segregate patients by type of insurance and study your rate of patient turnovers. Also, take into consideration your general sense of client satisfaction and the feedback you are getting from your patients.
Not all results can be quantified. Ask your staff how satisfied they are with the work they are doing personally and how the office is running overall. Lastly, reflect on your level of satisfaction with your practice and where you’d like to see improvement.
At IPED, we offer many ways to help podiatric professionals achieve their professional goals. To learn more about our mission and how membership can help your practice move ahead, contact us by calling: 978-296-7634.