Tracker Tip of the Day - Library

Business Life Cycle Management

Tracker Tip of the Day - Library

June 24, 2021
Saying Thanks - Leadership

You can make a huge difference in the way others feel about themselves by letting them know that you appreciate their efforts and recognize that what they do is important.

Praise is most effective when it is specific, sincere and given as soon as possible after desired behavior occurs.

board, positive, well done-2303314.jpg

June 23, 2021
Building Trust - Leadership

Trust is what happens when values and behaviors match up.

hands, friendship, together-3331216.jpg

June 22, 2021
Profit - Leadership

Profit is the applause you get for taking care of your customers and creating a motivating environment for your people.

protection, protect, hand

June 21, 2021
Leadership is more than just getting results - Leadership

Many leaders focus on the results and forget about their people.

The true test of leadership is to win the trust and respect of the team, keep their motivation running high, and help them reach new heights.

As a result, the team will work together and consistently perform well, even if the leader is not around.

Leadership is not just what happens when you’re there; it’s what happens when you’re not there.

June 19-20, 2021
How Hungry Are? - Practice Management

Successful people are often just people who were a little hungrier and thirstier for success than the rest of us. What we desired, they pursued.

It’s impossible to succeed without going through adversity. The acid test of character is determined by what it takes to discourage you and make you quit.

The question is: HOW HUNGRY ARE YOU?

blue tit, bird, animal-4712771.jpg

June 18, 2021
Do Your Expenses Produce Revenue? - Practice Management

Even though expenses are usually not considered to be profit-making activities, expenses should always generate revenue.

If they don’t, why do you have them?

Eliminate the waste.

cost, calculator, euro-4164541.jpg

June 17, 2021
Making Decisions

Never ever make business decisions based on emotional whim or guesswork.

Listening to your gut should be a key in helping in decision-making, but analyze, analyze, analyze before leaping.

June 16, 2021
Success

The measure of success isn’t whether you have a tough problem to deal with now, but whether it’s the same problem you had last year.

– John Foster Dulles, former U.S. Secretary of State

It’s time for you to break away from the “ordinary” way of looking at your business and EXPERIENCE a new way of preparing for success.

question, questions, man-2519654.jpg

June 15, 2021
Understanding the big picture & the details

Executives always see the big picture and yet appreciate the fine details.

To move in a positive direction, you need to formulate an operational business plan. It has to be written so that everyone (your staff, advisors, bankers, etc.) can understand your vision, be guided along the path toward mutual goals, and be given a plan (road map) to adjust back to the correct path when the way is temporarily lost. As healthcare providers, we know one thing without question:

We understand that if we want to solve the problem, we have to get the right diagnosis.

June 14, 2021
Build Your Roadmap - Practice Management

If you are the average doctor or potential practice buyer, you lack some of the expertise necessary to make educated financial decisions.

Consider using these experts: tax advisors, attorneys, transition experts, and small business consultants (especially those trained in operational management including budget, forecasting, and “what if” scenarios).

Build the roadmap, follow it, and then learn to adjust if the path becomes blocked or if you see better ways to get to your destination. Without a clear direction or roadmap, how can you possibly know how to proceed?

atlas, book, glasses-1052011.jpg

June 12-13, 2021
Enjoy Life

Time is like a river.

You cannot touch the water twice, because the flow that has passed will never pass again.

Enjoy every moment of life.

japan, kumamoto, the small country-958679.jpg

June 11, 2021
Making Guarantees - Practice Management

Making guarantees about the future of your business is, at best, questionable. There will be, however, a few guarantees you can count on for your business:

– Your practice will definitely deviate from your original plan.

– Your practice will continue to change over the years.

– At some point, you will leave your profession.

To successfully make the necessary adjustments in response to these deviations and changes, you must keep your practice business planning current.

label, quality, satisfaction-1289350.jpg

June 10, 2021
Are You Caught in a Paradox? - Practice Management

When operating a healthcare practice, you are often caught in a paradox.

The difference between the success and failure of your practice may depend on how you handle the parts of your business that you do not do so well.

June 9, 2021
Does Your Healthcare Degree Guarantee Business Success? - Practice Management

There’s no guarantee of financial freedom. What you do dictates the outcome.

Don’t assume that your scientific knowledge and clinical experience will automatically translate into the financial acumen needed to run your business – it will not. The ability to provide a health service does not automatically qualify you to be an expert on understanding the financial ins and outs of running a business.

degree, certificate, online-3955169.jpg

June 8, 2021
Dreaming of Success - Practice Management

Those who dream of success dream with their eyes wide open.

A little more persistence, a little more effort, and what seemed as hopeless failure may turn to glorious success.

June 7, 2021
What About Your Professional Advisors?

You may be thinking that you can outsource interpretations of all of the financial and operational information. While I am completely committed to outsourcing anything that others can do to free up my time, I am also a firm believer that you need to understand some business basics that specifically apply to your practice. In addition, I suggest that you do not take advice from someone new to or not familiar with your particular healthcare industry. Work with someone who has “walked the walk.”

Choose the advisor who best matches your identity.

If they don’t have the scars, they don’t have the wisdom.

June 5-6, 2021
Believe

The moment you doubt whether you can fly,

you cease forever to be able to do it.

– Peter Pan by J.M. Barrie

peter, pan, fairy tales-886132.jpg

June 4, 2021
Is Your Business Plan Viable? - Practice Management

You can have a great idea for a business and excellent operational plans but, if the Business Plan demonstrates that you may not make enough income after expenses to be profitable, then the business model is not viable.

If the plan doesn’t look like it will work, go back and redo it until it does.

June 3, 2021
Do You Have a Business Plan? - Practice Management

A Business Plan is an essential first step in the management of your practice. If financing is anticipated, a Business Plan may be required by the lending institutions. You must have a Business Plan that demonstrates how the practice will be profitable.

Because the Business Plan contains detailed financial projections about your practice’s future performance, it’s an incredibly useful tool both for start-up practices and for everyday business planning and, as such, should be reviewed regularly and updated as required. Your Business Plan should provide information on calculating your operating expenses and should include a budget to back it up.

June 2, 2021
Life is too Short

If you (the doctor/owner) are meeting the standards of being a great leader, you must expect high standards from your employees.

If you have done all you can to train, monitor, measure and evaluate their performance and visit with them about that performance on a regular basis (be absolutely certain that you have documentation regarding these steps and provide the employee with a copy), and if they are not willing to comply, say “thank you” and “goodbye.”

LIFE IS TOO SHORT. Don’t work with people who are dishonest, who don’t keep their word, who only care about themselves, and who are jerks.

June 1, 2021
Hire & retain the Best

Hire and retain ONLY those with TOP TALENT. No one else will do.

Talent does not just support your brand. IT IS YOUR BRAND.

training, businessman, suit

May 28-31, 2021
Your Purpose in Life

The meaning of life is to find your gift.

The purpose in life is to give it away.

Pablo Picasso

May 27, 2021
Employee Handbooks Part 3 - Leadership

Before your employee handbook is written, you should take the time to determine what is important to you and your practice. Important issues can be things like the employee’s ability to use cell phones at work, dealing with the appropriate way (or inappropriate way) that employees discuss the employer in chat rooms or on blogs after hours, etc.

One of the most important things to remember is that your handbook needs to reflect the way you want to do business. If you write a policy, be prepared to enforce the policy — whether it is a policy setting limits or a policy supporting goals. You need to have your handbook be a true reflection of how your practice operates.

May 26, 2021
Employee Handbooks Part 2 - Leadership

Rather than provide employees with a haphazard pile of mandatory written notices that show you are complying with the law and then attempting to document that those notices were received, it makes sense to collect them into an organized, easy-to-use handbook or similar document.

It also makes sense to give the employees a source that discusses all they need to know about your practice.

Finally, a legally compliant and up-to-date employee handbook may even provide legal protection if an employer’s policies or practices are ever challenged in court.

May 25, 2021
Employee Handbooks Part 1 - Leadership

Although there are many laws requiring employers to notify employees of certain workplace rights, there are actually no federal or state laws specifically requiring an employer to have an employee handbook, and there are plenty of doctor/owners who choose not to have one. Creating and maintaining an employee handbook, however, shows good leadership.

A well-prepared employee handbook will answer many of the routine questions that would otherwise end up on the desk of the doctor/owner or office manager. So, when employees know to look in the handbook first, it saves management time.

May 24, 2021
Team Relationships - Leadership

Employees today want a team relationship with the owner, not a top-down hierarchy. Listen to their suggestions, then let them lead you to success.

Dealing with concerns up front will prepare employees to think like you think. When you obtain a mutual understanding and agreement on how the processes should occur, you will find that your monitoring will be a welcome support to making things happen. Anyone who depends upon others to get things done will “inspect what they expect” and do it in a way that makes it a positive experience for all the parties involved.

You are the leader of your practice. You are also the victim of the quality of your leadership.

handshake, regard, cooperate

May 21-23, 2021
Viruses aren't the only contagions - Leadership

Viruses aren’t the only things that are contagious; attitudes are too.

Bad company corrupts good character. One negative employee can pollute an entire team and create a toxic work environment. One negative leader can make work miserable for the team.

You’re not just a creation of your culture; you’re creating it every day through your thoughts, beliefs, and actions. So, you can choose to be negatively or positively contagious.

germ, illness, infection

May 20, 2021
Listen, Listen, and then, listen some more - Leadership

Most people do not listen with the intent to understand. They listen with the intent to reply.

When it comes to relations with your employees, start by paying attention to your people — really LISTENING to them. Then, TAKE ACTION on what you hear.

transformation, emoji, mystery

May 19, 2021
Do Whatever it takes - Leadership

Since your business is in the people business, you must demand innovation from your people.

Turn your team into super-sensitive detecting instruments for observing what customers really want.

Leaders don’t try to transform employees. Leaders create opportunities for people and then encourage them to apply their talents to grasp those opportunities.

Being a leader is not about ability. Make an effort to carry out the obvious actions you need to be successful – i.e., DO WHATEVER IT TAKES.

ball, round, customer

May 18, 2021
Superb business leaders epitomize paradoxes - Leadership

1. They are tough and uncompromising about their value systems, BUT they care deeply about and respect their employees.

2. These exceptional leaders demand that each team player be an innovative contributor, BUT they are open in support of those people who dare to take risks and try something new as long as the leader’s values are supported.

3. Great leaders must cultivate passion and trust, BUT at the same time, leaders must concentrate unmercifully on the details.

Being a leader is not about ability. Being a leader is about responsibility.

May 17, 2021
Thank Your Employees - Leadership

When is the last time you said “Thank you” or “Job well done” to one of your employees? The key is to make it a part of your daily habits – every day.

Make a list of your employees, put it on your desk in your office, and then put a checkmark next to each name when you have complimented or thanked them, at least once every day – DO IT EVERY DAY. YOU WILL SEE POSITIVE RESULTS!

Start catching people doing things right; then, PRAISE and REWARD the progress – any progress at all, and I emphasize ANY PROGRESS AT ALL.

thank you, hospital staff, doctors

May 15-16, 2021
Settle only for the best - Business

To “play skillfully” means to do it well and strive for excellence. There’s a remarkable difference between 99% and 100% commitment. At 100%, you see your problems all the way through to their solutions. At 99%, you can still find a path of least resistance. We live in a culture where excellence is the exception.

Your character will be gauged by the height of your ideals, the breadth of your compassion, the depth of your convictions, and the length of your persistence. Approach every task thinking how you can do it better.

Remember, if you refuse to accept anything but the best, you often get it!

mother's day, sunset, bokeh

May 14, 2021
Employee Reviews - Leadership

Why do we, as leaders, feel we can tell our employees what is expected of them, ask them to do the required tasks, and then, LEAVE THEM ALONE? (e.g., for a year until their next annual review)? Why do we expect good performance and results when we don’t tell them in advance what good performance and results are? Moreover, do we assume that they know how to teach themselves without any guidance and training from us (the “experts”)? Why do we wait a year since the last performance review to give them a “grade” when we don’t periodically review their performance (i.e., test and grade them more frequently) and then, redirect their efforts? Most importantly, why do we criticize their efforts (grade them below an “A”) when, had we trained them properly (given them the information in advance), they could have the tools to perform admirably so that your practice runs ideally – isn’t that what you, your employees, and ultimately, your patients really want?

feedback, satisfaction, employee

May 13, 2021
Leave Alone - ZAP!!! - Leadership

Don’t be a “Leave alone – ZAP” boss; i.e., don’t let employee issues stew until the annual review and then tell them you are unhappy with their performance because of this issue, that issue, blah, blah, blah! Showing frequent interest in your employees will make them feel better about themselves.

By consistently monitoring, praising, mentoring, teaching, and redirecting, your employees receive reinforcement toward the results you desire and constant redirection when they stray.

team, business, building

May 12, 2021
Set Clear Goals for Your Team - Leadership

When you think of your team as partners, they take responsibility for what they do, and that is exactly what you want them to do.

This means you have to show them why you are monitoring and measuring their performance and then give them the tools and training they need to succeed, and show them the targets they need to aim at for success.

May 11, 2021
Secrets to Having Great Employees - Leadership

Doctor/owners often assume they can go about their day, work hard, be nice to their employees, and then assume, because of the employees’ past training and experience that the employees will automatically know what to do. YOU need to train them how YOU want things done. If you cut your employees loose without any direction, they will lose their way, and your practice will suffer immeasurably.

If those you are leading don’t know where you are going, they will have a hard time getting excited about the journey.

compass, hand, lake

May 10, 2021
Lead By Example. Leadership - General Business

Lead By Example – General Business
A leader must lead by example. If the doctor expects promptness, he/she needs to be on time. No staff should be asked to deal with irate patients because the doctor lacked respect or personal discipline.

Therefore, it follows that a leader curates and then enforces the culture of the practice by example.

businessmen, silhouettes, man

May 8-9, 2021
Don't Be a Know-It-All. Leadership - General Business

Don’t Be A Know-It-All – General Business
If you routinely use expressions like “If I were you” or “You should …”, proceed with caution since phrases like these can cause low self esteem and make your employees feel uncomfortable. Consider using phrases like “have you considered …”. People don’t mind correcting their behavior when they think it is their own idea.

Try this: Listen attentively, ask for ideas, resist demeaning correction tactics, and limit your opinion and recommendations to no more than one or two points so that your team does not get overwhelmed.

Remember this principle: “The wise don’t make a show of their knowledge.”

head, labyrinth, compared to

May 7, 2021
Leadership - General Business

1. If you want to know why your people are not performing well, step up to the mirror and take a peek, and conversely,
2. If you want to know why your people are performing well, step up to the mirror and take a peek.

faces, silhouettes, silhouette

May 6, 2021
Leadership - General Business

The new definition for leadership is as follows: Leadership is the capacity to influence others by unleashing their power and potential to impact the greater good.

No matter how much you know and how experienced you are, adding additional IQ, experience and passion to the mix increases your chances for success. Every employee has something valuable to offer.

Therefore: A team is two or more persons who come together for a common purpose and who are mutually accountable for results. – Ken Blanchard

hands, team, united

May 5, 2021
Leadership - General Business

Profit is the applause you get for taking care of your customers and creating a motivating environment for your people.

– Ken Blanchard

No practice, small or large, can win over the long run without energized employees who believe in the mission and understand how to achieve it.

May 4, 2021
Leadership - General Business

A leader is one who

KNOWS the way,

GOES the way, and

SHOWS the way!

May 3, 2021
Ignorance is not Bliss - General Business

You are the person you’ve been looking for –
no one else is coming!
If you’re willing to accept responsibility for your life, you’ll discover that no matter what
other people do or don’t do,
you’re accountable to yourself.
You decide how to respond.
You decide to continue to move
toward your dreams, or not.
Prince Charming isn’t waiting around the next corner; your ship isn’t coming in.
The odds are against you winning the lottery.

So what are you going to do?

You can do one of two things:
die at the gate of complaint, or
take the responsibility and emerge
with a strategy that enables you to succeed.

Take the temperature for your life and
change the terms for your future.

May 1-2, 2021
Fulfill Your Purpose - General Business

The two best days in a person’s life are the day they are born and the day they discover why they were born.

– Mark Twain

If you are going to be what you need to be, you need to find your purpose in life and fulfill it.

mark twain, painting, book

April 30, 2021
Your Business Life Cycle - General Business

You are in or will be in one of the following stages of your professional life cycle or transitioning between stages: 1. Launch – just starting or considering your career. 2. Expand – in practice, but wanting to grow. 3. Optimize – wanting to be the best provider you can be. 4. Sell – considering a transition out of practice.

Each life cycle of your practice is aimed at focusing on the strategies necessary to exit your practice in style.

April 29, 2021
Develop Habits & Routines - General Business

Everyone wants to succeed, but few are willing to pay the price. You don’t determine your future; you determine your habits, and your habits determine your future.

The secret lies in developing a routine of understanding the business of your business, doing it on a regular basis and then acting on what you see.

woman, face, clock

April 28, 2021
Your Practice's Business Life Cycles - General Business


Whether you’re preparing for a healthcare career, or launching a practice, or growing a practice, or making your practice the best it can be, or getting ready to sell your practice, what you do in each one of those business life cycles is very different. We don’t get taught how to deal with those in school.

The goal is to be comfortable with the business of your practice, predictable with your cash flows, and to have money in your bank accounts. And ultimately, to be able to sell your practice to the right person for the most you possibly can.

frog, tadpole, žabka

April 27, 2021
Establish Goals - General Business

Imagine how satisfying your professional journey can be if you have a definite plan throughout each of your business life cycles.

A goal without a plan is just a wish.

– Antoine de Saint-Exupery

April 26, 2021
It's Monday - Now What? - General Business

Expect the best.

Prepare for the worst.

Capitalize on what comes.

– Zig Ziglar

April 23, 2021
Now is what's Important - General Business

Successful people don’t just face adversity, they embrace it. Tune out the critics and focus on doing your best. Refuse to dwell on the past or worry about the future. Today is where you have the most influence.

startup, profession, career

April 22, 2021
Employee vs Independent Contractor - Definition-General Business

An independent contractor is a person who contracts to do work for another person according to his or her own processes and methods; the contractor is not subject to another’s control except for what is specified in a mutually binding agreement for a specific job. This person or business performs services for another person or entity under a contract between them, with the terms spelled out such as duties, pay, the amount and type of work and other matters. To validate this arrangement, the first step is to have the contractor complete IRS Form W-9.

workplace, macbook, iphone

April 21, 2021
Employee vs Independent Contractor - Definition-General Business

An employee is a person hired for a wage, salary, fee or payment to perform work for an employer. Generally, the employer must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on wages paid to an employee. The first step is to complete IRS Form W-4.

office, men, women

April 20, 2021
Should You Work For Someone Else - Practice Transitions

If you do not want to immediately (or ever) pursue ownership of a practice, but you want to provide healthcare services to patients who can benefit from your expertise, you should not feel as if you are a second-class healthcare provider, unmotivated, or a failure simply because you want to be someone else’s employee.

recruitment, opportunity, employment

April 19, 2021
The Selling/Buying Process - Practice Transitions

It is extremely important to understand that the normal selling process takes time to develop. The following illustrates the steps required to sell a practice. This is also what a potential buyer and seller should look for in the process. The summarized pathway for a sale looks something like this:

April 17-18, 2021
MOVE while the Door is Open

“Opportunity is often lost in deliberation.” – John Mason

“99% of failures come from people who have a habit of making excuses.” – George Washington Carver

Remember, opportunity is a visitor: Don’t assume it will be back tomorrow.

NOW is the time – move while the door is open!

arrow, change, silhouette

April 16, 2021
Be SMART - General Business

All Goals Must Follow The SMART Rules

• Specific

• Measurable

• Attainable (i.e., Achievable)

• Relevant and Realistic

• Time-based and Time-bound

April 15, 2021
Benefit #3 of Value Drivers - Practice Transitions

1. Perspective (April 13 Tip – see Library)

2. Action (April 14 Tip – see Library)

3. Triage. By identifying Value Drivers, you can concentrate your and your staff’s efforts on areas that need the greatest improvement.

stormtrooper, lego, stretcher

April 14, 2021
Benefit #2 of Value Drivers - Practice Transitions

1. Perspective (Benefit #1: see yesterday’s Tip)

2. Action. Because you’ve already set your goals and determined how much your business is worth, you know how much and how quickly growth needs to occur. This gives you an action plan.

idea, plan, action

April 13, 2021
Benefit #1 of Value Drivers - Practice Transitions

1. Perspective. Identifying and enhancing Value Drivers can help you view your business through the eyes of a prospective buyer. This helps you overcome sentimental attachments to your practice and decisions that only benefit you personally.

corona, woman, girl

April 12, 2021
Why Value Drivers Matter - Practice Transitions

Growing practice value and cash flow can help you add to what your practice is currently worth. Potential buyers will look at:

• Value Drivers: historical cash-flow, sales growth, growth opportunities, market share, profitability, unique services, key employees, transferable, good systems, leadership, good financials so buyer can obtain financing.

• Value Killers: inconsistent profit, bad financials, poor management, no growth opportunity, and owner skills and patients who are not transferable.

masks, persona, duality

April 9-11, 2021
Client & Staff Interactions - General Business

There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self.

― Ernest Hemingway

April 8, 2021
Transitions & Practice Management - Value Drivers

What happens if your practice isn’t worth enough to allow you to exit with financial security? How can you increase your practice’s value if everything that’s made it successful thus far isn’t enough? The answer lies in managing to the Value Drivers.

Value Drivers are specific characteristics that drive growth.

April 7, 2021
Transitions - Be Prepared, NOW!

Don’t wait until you have to sell; start preparing now. You will need a map before you go into the woods. Start looking NOW at what you need to know and how to prepare that map so you are ready. – AT ANY TIME!

forward, road, away

April 6, 2021
Transitions - Exit Plans Evolve

“Written down” does not translate to “chiseled in stone.” Like I indicated previously about how Business Plans should be reworked as time passes, written Exit Plans can, and often do, change. As your practice and goals evolve, updating an Exit Plan gives your planning strategies credibility as time passes.

evolution, twilight, caricature

April 5, 2021
Transitions - The Exit Planning Road Map

The exit planning road map should include being prepared to exit from Day 1, just in case the practitioner experiences a catastrophic reason to leave practice whether that reason occurs shortly after starting the practice or after forty years of practice or anytime in between.

The plan also should include how to value the practice at any time in the Business Life Cycle or when an exit is being anticipated.

April 2-4, 2021
Thoughts to Consider (General Business Principles)

We cannot discover new oceans until we have the courage to lose sight of the shore.

– Gide

Paul’s Pics. Taken off the coast of Maine.

April 1, 2021
Transition Planning

I found that other healthcare professionals, regardless of their chosen professions and number of years in practice, were experiencing transition dilemmas with having very little, if any, knowledge of exit planning. These doctors had been deluded into thinking that they could practice as long as they wanted and then, when they were ready to exit, someone would automatically appear ready to buy their practices at the price the exiting doctor expected. On top of that, many of them continued to slow down as they got older with subsequent decreases in annual revenues and therefore, decreases in the practice values. Those exiting doctors had misunderstood that buyers don’t want to pay for a practice the way it was ten years ago; they pay for today’s value.

March 31, 2021
Advantages of Forecasting

Forecasting allows you to combine insights with facts to make better decisions and stops you from making emotional or gut decisions that may feel right at the time but don’t hold water after seeing the anticipated results after forecasting.

March 30, 2021
What Are The Differences Between Budgets and Forecasts

While Budgeting should be the basis for your most important planning decisions, you need Forecasting to be able to predict how to plan for changes in scheduling, facility costs, labor requirements, inventory, production, purchasing, etc. as the year progresses.

March 29, 2021
What is a Forecast

To Forecast is to estimate, predict, or calculate, in advance, based on understanding historical information and planning for trends.

Forecasting should be the basis for your most important planning decisions. For example, you need to be able to predict how to plan for changes in scheduling, facility costs, labor requirements, inventory, production, purchasing, etc.

cup, notebook, work

March 26-28, 2021
Goodness

Do all the good you can, by all the means you can, in all the ways you can, in all the places you can, at all the times you can, to all the people you can, for as long as you can.

different nationalities, children, human

March 25, 2021
Chance Favors the Prepared Mind

Preparing annual budgets are necessary for laying the groundwork for all aspects of sound business planning.

Although budgeting is essential, it can be likened to looking in the rear view mirror, i.e., learning from what has occurred in the past. Forecasting, on the other hand, is like looking out the windshield to what is really happening in front of you in real time.

Obviously, you need both.

March 24, 2021
Determining Profitability With Your Budget

Once you have determined your production, revenue and expenses, it becomes a simple matter of mathematics. Subtract the anticipated expenses from the revenue to determine your profitability. If the outcome is negative, you need to make adjustments to increase production and revenue to offset expenses, or you need to decrease expenses, or a combination of both.

March 23, 2021
Why Some Practices Avoid Budgeting

It is common for healthcare professionals to not do budgeting at all. Reasons include:

– Many doctors are comfortable with past profits and status quo, so they see no value in spending the time or costs involved in preparing budgets.

– Owners accept fate and hope for the best, usually because the practice has been somewhat successful in the past in spite of its lack of financial organization.

– Owners lack the expertise necessary to prepare a budget.

– Someone in the practice (e.g., an office manager) takes on the responsibility of establishing internal accounting reports and tells the owner/doctor that budgets will not be necessary.
angry, businesswoman, conflict.

angry, businesswoman, conflict

March 22, 2021
Creating a Budget - Additional Advantages

  1. It forces you to do better estimating by compelling you to re-evaluate past performance to identify changes,
  2. It provides tools for evaluating your and your team’s performance, and
  3. It incentivizes everyone to shoot for goals.
man, suit, arrow

March 20-21, 2021
If You Want to learn, empty your cup

A learned man once went to a Zen master to inquire about Zen. As the master talked, the learned man frequently interrupted him with remarks like, “Oh, yes, we have that too”, or “Yes, I already know that.” Finally, the Zen master stopped talking and began to serve tea to the learned man; however, he kept pouring and pouring, and the tea cup overflowed and poured all over the learned man. “Enough! No more can go into the cup!” the learned man interrupted. “Indeed, I see,” answered the Zen master. “If you do not first empty your cup, how can you taste my cup of tea?”

tea set, teapot, still life photography

March 19, 2021
What is a Budget

A Budget is a plan that outlines an organization’s financial and operational goals.

Planning a budget helps a business allocate resources, evaluate performance, and formulate plans. Its main use is to predict your practice’s ability to take in more cash than it pays out.

Are you preparing a Budget for your practice each and every year?

savings, budget, investment

March 18, 2021
Preparing a Budget

Take the first steps to knowing exactly where your practice is going financially. Prepare a budget.

A Budget is one of the most important core planning tools used by every successful business.

Are you preparing a Budget for your practice each and every year?

office, business, businessmen

March 17, 2021
The 3 Ws Needed For Successful Practice Planning

Your financial planning and practice management tools need to show you where you’ve been, where you are, and most importantly, where you’re going.

If your current system does not provide this information, you need a program that does.

Are you monitoring and measuring these 3 Ws at least once per month?

March 16, 2021
Key Performance Indicators (KPIs) For Your Practice - Part 2

A Key Performance Indicator (KPI) is a measurable value that demonstrates how effectively your practice is achieving key business objectives.

Organizations use KPIs at multiple levels to evaluate their success at reaching targets. Yesterday, we discussed how high-level KPIs focus on the overall performance of the business. Today, the chart shows how more in-depth, low-level KPIs focus on processes in departments such as sales, marketing, HR, support and others. Here is an example of lower-level KPIs.

Are you monitoring and measuring these KPIs at least once per month?

March 15, 2021
Key Performance Indicators (KPIs) For Your Practice

A Key Performance Indicator (KPI) is a measurable value that demonstrates how effectively your practice is achieving key business objectives.

Organizations use KPIs at multiple levels to evaluate their success at reaching targets. High-level KPIs may focus on the overall performance of the business, while low-level KPIs may focus on processes in departments such as sales, marketing, HR, support and others.

Here is an example of high-level KPIs.

March 13-14, 2021
Goodness

Do all the good you can, by all the means you can, in all the ways you can, in all the places you can, at all the times you can, to all the people you can, for as long as you can.

affirmations, appreciations, positivity

March 12, 2021
The Ingredients to Optimal Operational Management


• Ensuring that business operations are designed in terms of meeting customer (i.e., patient) requirements.

• Acquiring skills and understanding of the financial and other operational information required for success.

• Managing the process that converts inputs into outputs.  Inputs are the production, revenue, expenses, customers, staff, and statistics or key performance indicators (KPIs).  Outputs are the products, services, customers, and goals.  Making improvements along the way.

March 11, 2021
Optimal Operational Management - Definition

Successful non-healthcare businesses use Operational Management routinely; healthcare professionals should do the same. Optimal Operational Management is the process of taking actual, real-time financial numbers and re-forecasting them into a format that is made up of all the different parameters and components of production, revenue and expenses in order to demonstrate past, present and future income and expenses.

mark, marker, hand

March 10, 2021
Know Where You are Going - Part 2

When Alice reached a fork in the road, she asked the Cheshire cat which way she should go. He asked her where she was going. Alice replied that she didn’t know. The cat concluded matter-of-factly, “Then it doesn’t matter which way you go.”

– Lewis Carroll

March 8-9, 2021
Know Where You are Going - Part 1

Those who are unaware that they are walking in darkness
will never seek the light – Bruce Lee
secret, forest, darkness

March 6-7, 2021
Success

The distance between insanity and genius

is only measured by success.

team, silhouettes, teamwork

March 5, 2021
Question Everything

Knowledge is having the right answer.

Intelligence is asking the right question.

March 4, 2021
Goal Setting Process

Start thinking about the content in this flow chart. It will help guide you in preparing up a goal setting process that should remain throughout your career.

March 3, 2021
Financial Statements

To add to what was said yesterday about the importance of understanding your financial statements, it is recommended you have your financials prepared on a monthly basis whether by your accountant, bookkeeper, office manager, etc. Then, meet with your accountant quarterly to review and update your tax situation so that there are no surprises when taxes are due.
taxes, tax office, tax return

March 2, 2021
Financial Statements

As a doctor, you don’t need to memorize or understand all of the intricacies of financial statements but, as an owner, the worst thing you can do, when presented with your practice’s reports, is to not ask questions, or even worse, not pay any attention to the information provided. You must understand what stories the financials are telling you.

March 1, 2021
Pleasing Coworkers

People pleasing is inherently dishonest because you are telling others what they want to hear, instead of what you need to say. Because somebody doesn’t want to hear the truth doesn’t negate your responsibility to speak it. When something doesn’t feel right, speak up. When somebody’s reaction threatens to stop you from doing what you know is right, it’s time to shake it off and move on.