Keeping a medical practice running smoothly and ensuring the satisfaction of both employees and patients can be a challenging endeavor. There are a lot of moving pieces that need to align to ensure the greatest success. With proper management, attention to detail and careful planning, a highly effective healthcare practice can be designed and maintained. Here are three common pain points that arise in healthcare practices and how to avoid them.
Patient satisfaction has a marked impact on retention and clinical outcomes, so keeping satisfaction as high as possible should be a key goal for any healthcare practice. Before a patient even gets to the office, they have likely experienced fear and anxiety over their symptoms, have spent hours researching their condition online, and have spent a significant amount of time in transit and in the waiting room. All these make it challenging for a medical practitioner to match patient needs, but the best course of action is to devote as much time as possible to each patient, genuinely taking the time to listen to their concerns and ideas regarding their health. According to Podium, 94% of patients will look at online reviews, so unhappy patients could be driving business away. The perception of teamwork and strong care coordination are key indicators of a positive patient experience. If nurses and other providers have effective communication with each other, they are able to help patients feel like they are in good hands, and it will also increase their ability to see more patients in any given day. Recruiting a strong team that keeps this in mind is an essential step in building a successful healthcare practice.
Liability insurance is a critical aspect of any healthcare practice. A lawsuit can negatively impact reputation and create a dent in business finances, so it is imperative to ensure staff is highly trained and confident in their tasks. Risks are still present, however, so incorporating protective measures into a business plan is essential to protect professional and personal assets. This process must be carefully navigated with a lawyer to make sure proper protections are in place. According to Legally Mine, “yes, asset protection entities such as LLCs and Family-Limited Partnerships can be used to protect personal assets, but if they are worded incorrectly or the papers are not kept up to date, these entities will lose most (or all) of their effective benefits.”
According to Becker’s Hospital Reviews, “employee turnover rates are exceptionally high in the medical field, with some fields experiencing an average turnover rate of 16.8% per year.” In fact, over 50% of employees spend less than two years at a given facility. With this turnover rate in mind, having proper retention strategies is vital. Building a positive employee experience and listening to concerns of employees are the best places to start. Differentiating your company with employee satisfaction-driven initiatives can also improve the number and quality of applicants.
By following these suggestions, building a strong, sustainable medical practice can be made simpler. Regardless, there are always challenges that need to be addressed as the healthcare field is dynamic and constantly changing.
If you’re a private practice owner and want to maintain autonomy in your business while pushing for more growth, a Healthcare Management Service Organization (MSO) may be the solution you are seeking to optimize efficiency, find the right people, increase revenue, and reach new patients.