Why are you failing?
Some of you might take offense to the title of this post. You might be thinking, “I’m not FAILING!” and I understand your feeling. Let me put it another way… Are you where you want to be, where you should be, right now? Your practice, your business (your life)? If so, you are blessed. If not, …well then in a sort of way, you are failing. Now it’s not all that bad to be failing. Some of the most successful people in the world today have failed many more times than you. What is bad is if you don’t recognize it when you are, or what may be causing it.
Here are some ways a practice knows when it’s failing:
1. No-show/Cancel/Reschedule rate is more than 8%.
If you are in the 10, 20, or even 30% you are failing. Patients are not perceiving the value of the appointment. Your profit margin is being hit hard right here. A practice’s profit margin typically range from 15-30% so if your cancellation rate is 15-30%, there goes your profit margin. You’re still paying your overhead. You can’t go to your staff and say, “Hey, can’t pay you for this hour because the patient didn’t show.” (Yeah right). Not to mention, you are losing out on the revenue you might have collected if the patients did show. You’re losing more than you know. (This also goes for pediatric clinics). Your cancellation rate may be high due to several reasons (receptionist not doing their job correctly, the clinical staff not performing comparable signs or using resource sheets, financial ambiguity, or lack of convenient appointment slots) but bottom line is you must fix it.
2. No Automation. No vacations.
I know some of you really like working, so do I. But if you can’t take a vacation, it’s saying something about your business, especially if you’ve been in business more than 3 years. Automation is important to the foundation of your business (just ask McDonalds). If you don’t have it, well…you’re probably not as successful as you might think. It’s not just about the money. It’s about satisfaction. And quite frankly, if you can’t take a vacation and enjoy life, well, you are failing. The lack of automation is typically due to a lack of certain key systems such as poor recruiting system, lack of performance based pay, not having the right positions in place with the right duties delegated, etc.
3. No Leader.
Just because you own a practice doesn’t make you a leader. And no team or organization can be successful without a strong and competent leader.
Leadership isn’t something that you are born with, it is a skill that is learned. Throwing your staff out into the front lines and telling them what to do doesn’t make you a leader. A leader sees a vision, paves the way for the team, provides the tools necessary, and creates an optimal environment. I know so many practice owners who complain all the time, about their staff, about the lack of performance, mistakes, problems…hell they even complain when they have a headache, are hungry, or simply tired. If you are complaining, you are not a leader. Leaders never complain, never judge, and never loses hope … then and only then will your staff follow.
If you are serious about taking your practice to the next level get coaching on the strategies and systems to success at an IndeFree course near you.
Learn how to:
– Eliminate cancellation and no-shows and increase profits
– Become a leader that brings success to the organization
– Automate your practice and add stability to your foundation
Register now or go to www.indefree.com