Is Your Time Well Spent?
At the Institute of Podiatric Excellence and Development (IPED), we recommend that practitioners periodically do an “internal audit” on the efficiency of their practices and focus on ways to maximize the allocation of resources for best patient care and a sound bottom line. As a physician, it’s essential that you use your time wisely and appropriately to achieve both goals. Below are a few tips to help you.
Focus your time on patient care. To maximize value to practice, physicians and other care providers should spend at minimum 37 hours per week on direct patient care. While this is obviously easier in a group practice setting, don’t give up on that goal if you are in private practice.
Don’t do what you wouldn’t pay another doctor to do. In other words, “delegate, delegate, delegate.” Examine your activities and ask yourself, “Am I doing tasks that my administrative staff would be better handling?” Get input from your team on how to operate more efficiently. Provide necessary training to staff members to accomplish non-medical work in your practice.
Learn about practice management without managing your practice. Allow your practice manager, accountant, etc. to do their jobs, but check in periodically to get the pulse of your practice. Educate yourself on how to read reports and understand data. This investment will pay off by enabling you to relatively quickly analyze information about your practice from the professionals, and know if your practice is operating at optimal efficiency.
In today’s health care system, it’s essential that your practice be lean and that every resource is utilized in the most productive and beneficial way possible. At IPED, we have a huge pool of resources to draw on: our members. From students to veteran professionals we offer members the opportunities to share ideas and experiences for the betterment of all our practices. To learn more, contact Executive Director Ruth Ann Donahue at 978-296-7634.
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