Q:How Do I Know If My Practice Is Prepared For The Holidays And The Beginning Of The New Year?
A:The end of the fiscal quarter brings along with it tax season. As busy practices across the country scramble around to get their taxes together, take vacations and give bonuses, it is the perfect time to get an accounting check-up. Something that you want to make sure to do at the end of every year is to evaluate your finances. It is imperative that you set financial goals for the year to come; this is where a financial plan comes into play, which can be accomplished through the use of a good accountant or a strong financial advisor. As you set your new goals, you also want to take a look at the goals that you had set at the beginning of the previous year; did you meet them, and if so, who do you want to thank for helping you achieve those? You want to secure your financial future. Please remember that, as the owner of your practice, you do not have to wear all of the hats; it is to your advantage to bring in an expert.
Do you have card lists for your valued clients, patients, employees, vendors, and referral sources? It is best to know what makes your employees happy; some like cash bonuses, others like time off or even gift cards. Have you set up a proper bonus structure for your employees; they are very motivating! There are many different concepts and models available for bonusing. It is vital to show your appreciation to your employees because, after all, they do keep your practice running. When giving out vacation time, do not forget about yourself. You, too, deserve time off. It is important to keep your office open during your vacation so you do not miss out on that revenue. You want to find a staffing company that credentials their physicians and allows for working interviews so that you are secure with leaving your practice in their hands.
Never put off till tomorrow what you can do today.
Lisa Goldberg is the Executive Director of Physicians Choice Concierge (PCC), a company specializing in revenue enhancement. If you have a question you’d like to ask Lisa in an upcoming issue, email [email protected] or call 1-888-369-2224 for a personal consultation.