MEDICAL ENTREPRENEURS: How to Improve Your Bottom Line in Life and Practice in 2011
Often, I’m asked by physicians how they can improve their bottom line while also enjoying a better quality of life. There’s a common misperception that medical entrepreneurs cannot enjoy both. To dispel that myth, I’ll answer a few questions that will help physicians improve their bottom line in 2011 by embracing an entrepreneurial mindset.
I want to improve the patient service in my office. Do you have any recommendations?
As a physician, you’re obviously in the service business. While people will always seek medical help, they may not always seek that help from you. Unless you have a monopoly on medical services in your community, then the reality of competition is something for you to consider. In addition, I strongly believe that having a great culture of service should be the goal of any service organization. Below are some key principles of great customer service to consider.
First, you need to put yourself in the shoes of your patient. Would you want to come to your clinic? Try to visualize the experience through their eyes. That’s why many businesses have mystery shoppers to obtain candid feedback on the customer experience. What is the patient experience in your office? Is it positive or negative? Is your office warm and comfortable or cold and sterile? Do you have magazines from the last decade or interesting materials for patients to review while they’re waiting to see you?
Second, create a culture of excellence. Every organization has a culture. What is yours? Is it a great place to work or does it seem toxic? Are you purposely guiding and directing it or is it directing itself? Optimally, your employees begin to own the culture and weed those out who don’t share the same commitment to excellence. This is your organization and you need to be intentional to set the tone. Do people treat each other with respect or yell and scream at each other? Be clear in sharing the mission, vision, and values of your clinic. Every new employee should be taught about the beliefs and expectations of the organization. The Ritz Carlton is world famous for its customer service. Their motto is “ladies and gentlemen serving ladies and gentlemen.” Those are powerful words! Every employee on every shift has a card they carry, reminding them of the motto and values of the company.
Third, we have to recognize that customer service is a system, not an event. Organizations such as Disney have built systems to ensure predictability and repeatability in customer interactions. In your practice, what are the rules that you want followed? What are the expectations? Have you communicated those to your employees? Write down your rules; review them with your team. This requires you to pre-think scenarios and make plans for how to handle them. What happens when you have to cancel an appointment? What if your schedule gets way behind? Think through the contingencies in your clinic that could impact patient satisfaction.
Fourth, reinforce the standards. Creating a culture of excellence isn’t a one-time event. Before every shift at the Ritz Carlton, the shift leader reviews the company values and plans for the day with the team. That is commitment. In a service business, every day is game day. That’s why great organizations huddle up and set the tone and standards for the day. What if your team huddled for five minutes every morning to reinforce your values and establish an expectation of excellence for the day? How would that change your practice?
Fifth, create raving fans. Your patients are your best source of new business. Great service starts by taking care of your employees, who then in turn take care of your patients. The single biggest question to consider is whether your patient would refer you to someone else. That’s the ultimate question and potentially best compliment you could receive. Mediocre performance doesn’t inspire a patient to become a raving fan. Your team’s goal should be to provide such exceptional service that your patients become raving fans.
In the end, why settle for mediocrity when we each have the opportunity for greatness in our organization if we make the effort? Good luck in building a culture of great customer service in your practice.
Do you have any technology tips for better efficiency?
Physicians have the ability to gain great efficiency in their practice with EMR systems and similar tools. If you’re still shuffling paper in your office, then it’s time to shift gears. Your communication with referring physicians and your staff can be at your fingertips. I have personally watched practices make this transition and reap huge rewards. Accessing and utilizing data in this manner is a game changer. Because of the governmental mandates for EMR, there are literally hundreds of EMR companies competing in the marketplace. I would encourage you to do your due diligence and make sure you’re working with a company that has the balance sheet to be around for a while. The last thing you want to do is invest in a system and have the vendor go bankrupt. I would also talk to their references and really probe how they’re using technology to enhance their practice. Are their customers raving fans or just lukewarm supporters? Ask their references what would they do differently if given the opportunity and to explain the challenges of the conversion process. Don’t just defer these types of important potentially game-changing decisions to your staff. Converting to an EMR system will have a huge impact on your day-to-day practice, so don’t skimp on doing your homework.
Martin Willoughby is a serial entrepreneur and business lawyer. He authors the blog, www.fastgrowthlawyer.com, Direct questions about medical entrepreneurialism to martin@wlglegal.com.