Going Full Circle
I talk a lot about strategic leadership in these blogs. Well, guess what? Time to put those words into action! December might be kicking your butt right now (and I totally get it – get everything done before the new deductible kicks in!), but let's not get caught flat-footed when 2024 rolls around. It's time to look ahead and set specific goals for 2024.
Before we go headfirst into next year, let's take some time to reflect on the current year. Assess your progress, identify areas of strength and weakness, and celebrate your successes. Make sure you recognize and acknowledge the people who have helped make things work. Here are some key operational areas to consider:
Financial performance: Did you meet your financial goals for the year? (oh wait…did you have any?) What were your biggest revenue drivers and expense categories? Where can you tweak your revenue cycle processes for greater profitability in the coming year?
Operational efficiency: Did your workflows run smoothly? Did you encounter any bottlenecks or inefficiencies that impacted productivity? How can you streamline your operations to improve patient care and staff satisfaction?
Patient satisfaction: Did you meet the needs and expectations of your patients? What are their key concerns and areas of feedback? How can you enhance the patient experience and build stronger relationships with your patients in the coming year?
Staff performance: Did your team members perform well individually and collaboratively? What are their strengths and development opportunities? How can you invest in your staff's growth and satisfaction?
By honestly answering these questions and conducting a thorough year-end review, you can gain valuable insights that can inform your goals and strategies for the upcoming year.
Now, as you prepare for 2024, here are some ideas for goals you may want to set.
Financial Goals:
Increase revenue: Explore new revenue streams, expand (or contract) patient services, (like reduce your caseload of lower margin services).
Evaluate your service mix: Are you spending too much time with patients who use a low-margin payer? Or are you doing a disproportionate amount of low-margin work? You may be busy, but are you keeping the lights on?
Reduce expenses: Implement cost-saving measures, optimize supply chain management, and pay attention to waste in the lab.
Improve cash flow: increase the efficiency of your billing and collections practices, manage accounts receivable effectively, and invest in financial automation tools.
Operational Goals:
Streamline workflows: Implement new ideas, like the Gemba, and cross-train staff to improve efficiency.
Reduce time to Delivery: Analyze patient flow patterns, optimize scheduling procedures, and invest in appointment reminder systems.
Staff Development Goals:
Improve employee satisfaction: Conduct regular employee surveys, address concerns, and implement programs to enhance employee well-being and engagement.
Empower staff: Delegate tasks effectively, provide autonomy in decision-making, and recognize and reward outstanding performance.
Patient Experience Goals:
Improve patient satisfaction: Conduct regular patient surveys, address feedback proactively, and implement initiatives to enhance the patient experience.
Increase patient engagement: offer educational resources and provide personalized communication to improve patient engagement.
Remember, goal setting is not a one-time event. Regularly revisit your goals throughout the year, track your progress, and adjust your strategies as needed. By embracing a continuous improvement mindset and actively working toward your goals, you can ensure your practice thrives in 2024.
Remember, goal setting isn't a one-time thing. It's a continuous conversation we have with ourselves and each other. So, check in regularly, track progress, and adjust as needed. By keeping this growth mindset and working together, we'll make 2024 our best year yet!
P.S. Don't forget to schedule some well-deserved rest and relaxation during the holidays. You can't pour from an empty cup.