So you’ve been in private practice for a few years, and things are going along pretty well…
There might be some areas where you think things could be better, but you’re unsure. Plus, you’re likely caught up in the day-to-day of running the business and/or caring for patients/clients as a clinician, so if things aren’t really broken, they don’t get much attention.
This is the position of many medical and allied health business owners and decision-makers most of the time; it keeps things ticking along. But are there opportunities you’re missing out on? Or niggling issues not being addressed, including those that, without attention, may become considerably more significant issues?
This is where a healthcheck for your practice comes in. Like your patients getting their annual check-up, it’s a thorough and objective review of how things are going compared to a past time and where they could be improved. It’s just that this one focuses on the health of your practice.
Where to start
A great place to start is to consider what your practice would look like if it were in the best possible state – in all areas, not just the physical environment. This is the time to dream and envision the ideal and not allow yourself to be restricted by thoughts like, “Yes, but…” or “X team member wouldn’t support that” type factors.
It’s also a perfect time to review your vision and goals - short, medium and long-term – and highlight what you want to achieve and where you want to head.
With all this in mind, you can look at where things are currently in comparison. Where do you need to do some work? Do you need the focus of some areas of your practice/team/finances, etc., to shift?
A deeper dive… what areas should you be reviewing in depth?
Next up, it’s time to do a close investigation of specific facets of your practice. This could include:
Financial performance.
A SWOT (strengths, weaknesses, opportunities & threats) analysis.
Human resource management indicators, like turnover, sick leave use, performance, satisfaction, etc.
Patient/client satisfaction indicators – such as whether they’re coming back for review appointments, referring others, engaging in other services, any feedback & complaints received, etc.
Market share and positioning, plus referrer or other stakeholder relationships.
System, process and operational efficiency.
Asking your team members how they feel things are going - what’s going well and what could be improved - will also help identify opportunities. We suggest you seek input from everyone across all roles regardless of how long they’ve been with the organisation. And be sure to acknowledge this input and their ideas.
Next steps
Collate and review all the information you’ve gathered.
Work up strategies to address each area where opportunities or issues have been identified.
Celebrate and share the wins and where things are going well. This step is easy to forget and is an excellent opportunity to build your team and culture that’s not to be missed. At the same time, you can share your vision, goals and the relevant areas where some work will be done and secure team members’ buy-in for the coming changes.
Work out the steps to implement, manage and embed the strategies and changes needed.
Keep the team in the loop by keeping the communication flowing and updating them on progress.
If you’d like assistance with your practice health check, including a fresh, objective viewpoint and assessment, the Augmentum team can help. Our Current State Review (CSR) product is a complete checkup tailored to your Medical or Allied Health practice. We offer 3 levels of CSR – basic, intermediate and advanced – depending on the depth and complexity you seek for your practice.
In your comprehensive CSR Report, we’ll identify underlying performance issues, potential efficiency improvements, cultural issues and cost-saving opportunities. We can also focus in-depth on specific areas you’re concerned about. Additionally, we’ll pinpoint opportunities for growth & expansion and pathways to achieving these. With your Report complete, we can also help implement and embed strategies and improvements where desired.
You can check out the Current State Review product details on our website and maybe a testimonial or two, then get in touch to book a free initial discussion with one of our leading consultants.
The Augmentum team provides a broad range of consultancy and management services, supporting healthcare business owners and decision-makers in many key areas, such as strategy development and action planning, building effective foundations and teams, keeping your finger on the pulse, and driving growth and success.
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