How an External Expert Can Help Optimize Your ENT Practice Revenues
Running an ENT practice takes discipline, devotion and passion – three traits that most doctors possess. All this becomes compromised when the doctor’s ENT practice begins to suffer operationally and financially. While an otolaryngologist may have excellent healing skills, they may not have the right skill set to effectively run a business.
In situations where a doctor cannot run their practice profitably, an outside consultant may help get things back on track.
So how do you pick the right medical practice consultant? Look for the following traits:
- Has experience working with medical practices
- Has relevant qualifications to perform the consultancy
- Has a positive track record to show for their years of experience
- Can provide references
- Is open to new ways of thinking and solving problems, rather than having a one size-fits-all template
- Specific experience working with ENT practices
- Last but not least, is cost effective for your practice
Once you have the right person, here are some of the things you can expect them to deliver:
- They will run a thorough audit of your practice processes, systems and workflow. This will provide them, and you, with a clear picture of exactly how things work at your practice. The advantage of this audit is that it will be done with a fresh pair of eyes, able to see things you may never see yourself.
- Once complete, the consultant will discuss with you the outcomes you would like realized. If it’s revenue optimization and maximization, they will focus their efforts on creating a course of action for this. You cannot just tell the consultant you want your practice to be “better”. Being specific with your desired outcomes will help them provide the right strategies for you.
- The consultant will create a proposal for you, listing a number of actions you can take to improve your practice. These are just proposals, so they can be changed and tweaked. Be sure to offer your own suggestions so that the final draft is a blend between your ideas and theirs.
- When it comes to the plan to action, it may be best to allow them to implement the initial phases of the project so as to get things started on the right footing. Nevertheless, keeping a consultant on too long may prove to be expensive, so recruit your staff to take on any new changes and make them a part of your practice workflow.
- Once the consultant has completed their work, the ball now lies in your court. How you move forward with the proposed and newly-implemented changes is up to you.
Consultants tend to offer a mixed pot of results, so be ready for this. Remember that consultants are not there to perform miracles but to offer a different perspective on how to run your ENT practice, optimize your revenues and boost your profits.