These 4 Cs are the vital signs of your practiceApr 01, 2021
In our daily clinical practice, we check our patients’ vital signs all the time. What about “checking the vitals” of your own practice?
Just like for human beings, the vital signs are the measurables that can quickly tell you the most crucial wellbeing of your practice-- the 4 C’s:
- Cash Flow
If “Cash is King”, then “Cash Flow is Queen”-- as in the most powerful chess piece on the chessboard! Cash flow can be measured in the following categories:
- Accounts Receivable
- Accounts Payable
- Accessible Credits
- Clientele/ Good Will
The “good will” of a medical practice can be assessed by the following parameters:
- Patient panel size
- # Patients seen daily or weekly
- The third next available appointment
- No show rate
- Customer Satisfaction / Reputation
How happy are your patients about you and/or your practice?
Under the Universal Health Care model in Canada, most practices do not receive payment from patients directly and there are seldom shortages of patients. However, patients are essentially still your customers. Public ratings are becoming more mainstream and relevant to the health of your practice.
- Clan Health (Organizational Behaviour)
The collective strength and health of your practice reside on the aggregate status of each individual member ((MD/ RN/ LPN/ MOA/ Receptionists).
Here are some aspects to consider:
- Remuneration (monetary & otherwise)
- Personal & Family Health
- Job Satisfaction
- Staff Turnover
What are the current “vitals” of your practice and how can you improve them?