If you want to be sure you’re optimising the use of the existing resources in your healthcare business, this is the article for you!
One of your primary functions as a business owner/manager/decision maker is containing costs and generating efficiencies wherever possible. Before you spend cash or commit to additional expenses, you want to know you’re optimising what you’ve already got – right?
So, a targeted SWOT (Strengths, Weaknesses, Opportunities & Threats) analysis is a great approach. And it doesn’t even have to take long!
Analyse your current resources
You can do a SWOT analysis on pretty much anything in your business. Ideally you do a broad scan on a semi-regular basis as part of your Strategic Planning & Review.
Optimising your resource use though is more specific. Spending even just 5-10 minutes looking closely at each type of resource (see below) you / your practice has available – right now and in the immediate future – will highlight things not previously on your radar.
Strengths - what unique capabilities / efficiencies do you have? How could you harness them more?
Weaknesses – what capabilities / areas of the business are lacking? How could that resource be improved?
Opportunities – what trends / conditions / circumstances could you take advantage of? What actions will you take?
Threats - what trends / conditions / circumstances could impact you negatively? How will you mitigate these?
Resources to review
A thorough review and SWOT analysis of the following often uncovers some resources you haven’t been thinking with to date, and that you can get a lot more out of!
Based on what we’ve found in doing this with our coaching and consultancy clients, the types of things you might uncover are…
Time – consider not just yours, but everyone in the practice:
Better times of the day to do certain tasks.
Ways to schedule time use better, like checklists and schedules.
Quieter times for your reception/admin team members when they can take on additional tasks.
Better times to nab the directors and get decisions made.
Relationships:
Information from patient surveys that will enhance the service you provide and their loyalty (and word-of-mouth referrals).
Shared values between clinical team members with complementary skills, leading to more patient sharing and collaboration.
Opportunities to build more connections and referrals.
Colleagues / connections / forums where you can discuss challenges and get support.
Knowledge/skills – your own and within your team:
Opportunities to build knowledge through training and development, and build efficiencies.
Ways to utilise people’s areas of interest and abilities, such as a team member’s passion for IT / skill at writing procedures or designing spreadsheets.
Mentoring and coaching opportunities within and beyond the practice.
Data:
Harnessing the reporting and analysis potential of your patient management system.
Accessing the financial reports you need, when you need them, so you can make the right decisions more easily.
Other information, like ABS statistics, that will help your practice maximise opportunities.
Floorspace:
Optimising floorspace returns, both in relation to achievement of the strategic goals, and financial returns.
What’s the best option for new or underutilised space? Use data to assess the appropriateness of – pharmacy/pathology/gym/consult room/treatment room/allied or specialist room renters etc.
Other less tangible assets:
Systems / procedures / documentation that will make your team more efficient.
Better use of items of equipment. Maybe some should be sold because it’s not used?
There are so many potential opportunities you could uncover for your practice - you won’t know until you look.
Of course, there are other resources to investigate - once you get going you’ll be hooked. We’re also going to cover HR and Cash in the future - optimising these can make such a big difference they deserve their own articles!
Take action – but make it doable
With all these factors and opportunities identified, the next step is to action them.
Obviously you’re a busy person – it’s inherent in your role. So, try breaking down what you’ve uncovered into doable tasks. Maybe just pick a few each week for a start. Adopt a strategy that’s going to help you stay on track and get the most out of what you’ve got.
The team at Augmentum has extensive expertise in the Medical & Allied Health fields. We provide coaching and a broad range of consultancy services to business owners and decision makers, including around identifying opportunities to optimise their resource usage. Other key areas are strategy development and action planning, building effective foundations and teams, keeping your finger on the pulse, and driving growth and success. Get in touch to find out more, or check out our website www.augmentum.com.au
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