Practice efficiency

When it comes to inventory management, ask yourself the following questions:

• Do you have a scheduled process for checking inventory balances? Create a system so your staff can ensure there is no duplication of inventory, or waste due to expired supplies
• Are your supplies visible and accessible? Strategically place inventory in areas of highest use so that physicians and support staff are not wasting time searching or ordering redundant supplies
• Is there accountability in the system? Make one or two staff members responsible for inventory ordering
• Are you receiving the best price? Conducting an annual cost comparison might yield a supplier who can provide a better price for products or services — or give you some negotiating leverage with your current supplier

Consider the following questions:

• Do you have clearly defined roles and responsibilities for your staff? This will help reduce confusion among staff, enable collaboration, minimize internal conflict and increase accountability. An efficient, motivated staff is key to running an efficient practice
• Are you investing in your team culture? Create a sense of belonging and ownership through scheduled meetings to address clinical and staff issues, and to gain valuable insight from all staff members

When it comes to technology considerations, ask yourself the following questions:

• Establishing an integrated electronic medical record, adapted to meet patient and provider needs, is a key component of an efficient practice
• Have you considered a cross-platform EMR system? While many systems may independently address a particular function, cross-platform systems can minimize technical issues and related expenses
• Is your EMR system in line with your strategy? Your system should be capable of handling the tasks required by your office today while supporting future growth.
• Does your technology serve your daily needs and tasks? Technical deficiencies may inhibit practice growth and operations. On the other hand, additional phone lines, expensive equipment and high-capacity systems might look good on the shelf, but not be practical

Ask yourself the following questions when considering the patient experience:

• Do you have a consistent communication strategy? From the internet to phone messages to in-person staff interactions, your communications must ensure that patients receive timely and consistent information through all channels
• Are your patients satisfied? Collect real objective data through patient satisfaction surveys that will assist you in delivering the best possible care both within the exam room and beyond
• Do you have long wait times or inconsistent scheduling practices? Consider leaving space in your schedule for patients with same-day care needs. Educate patients about arriving on time and limiting the number of issues they discuss per visit

When it comes to billing, consider the following questions:

• Are you aware of applicable OHIP and third-party billing codes, including bonuses and premiums? Consider attending a billing webinar (member-only content) offered by the OMA Education Network, or obtain the support of billing specialists and practice management consultants to help you identify areas for improvement and training for staff and physicians
• Are you aware of your accounts receivables? Implement a system for reviewing missed billings before the six-month window closes. Have staff share in the work to minimize simple errors by using health card validation, fixing billing rejections, and resubmitting bills on a timely basis
• Is your staff motivated to help you improve your receivables? Construct a payment or incentive structure based on overdue receivables to help you increase your monthly earnings