It’s hard to believe, but December is here again – and in a few short weeks, we’ll be getting ready to launch into 2023. Now is the time to get on top of outstanding admin, accounting, and to-do tasks so that you’re well-placed to hit the ground running in January. Here’s what to do.
1. Run those KPI Reports
Did your medical practice hit its quarterly, annual, or departmental goals? Run analytics to see how your financials add up and work through those individual goals and reports to see whether your performance aligns with your targets. See how things are trending in the short-term and compared with previous years’ performance, and leverage that intel into new goals, procedures, and processes for the coming year. Areas to monitor include payment timeframes, payer mixes, patient mixes, billing code mix, and individual staff billing and performance.
2. Collect Outstanding Payments
Getting your financial ducks in a row is vital for finishing up the year in style. Submit any unbilled claims, follow up on unpaid balances, reconcile your accounts, and finalize any forms and documentation needed for your accounting department. Now is also the time to review your expenses, perform coding and billing audits, and consider ways of streamlining and improving your coding, billing, and payment processes – such as through new technology or dedicated staff.
3. Gather Staff Feedback
Quantitative data is valuable, but qualitative data completes the picture. Undertake year-end performance reviews with individual staff members to review performance and identify areas for growth or improvement. But make it a two-way street: get feedback from your team about what’s working well and where they envisage opportunities in terms of specialization, automation, processes, or even expansion. Use this feedback together with your KPI data to see your goals and direction for the coming year.
4. Take Stock and Clean
Step into the new year with freshly refilled and organized cabinets and cupboards – and a polished look to your clinic. Monitor levels of PPP and other equipment, reorder as needed, and ensure that all storage areas are properly organized and labeled. Encourage staff to clear off their desks and file any outstanding paperwork and invest in a deep clean – making a point to spruce up common areas such as parking lots or signage. A sparkling practice will motivate staff while also delivering an elevated patient experience.
5. Start on Patient Outreach
It’s never too early to launch a patient outreach campaign. Once you’ve set your goals for the coming year, develop a marketing campaign to reach out to existing patients – and land new ones. It takes time to develop and send marketing assets, so get started early in order to see results quickly. Use the holidays as a reason to check in with patients and to share small gifts or cards that will help keep your practice top-of-mind as they book their routine appointments.
6. Review Your Lease
As you reflect on your year-to-date achievements, you might find yourself considering a practice expansion, renovation, or even a move. Review your lease terms to see whether you have a lease renewal in the cards and if so, talk to the Gittleson Zuppas Medical Realty team about your needs going forward. We can help you negotiate a lease that works in your favor or help you find a new space that will live up to your ambitions – and your brand promise.