These 4 Cs are the vital signs of your practice

Apr 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:

 

  1. 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
  • Liquidity
  • Accessible Credits

 

  1. 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

 

  1. Customer Satisfaction / Reputation

How happy are your patients about you and/or your practice? 

 

Under the Universal Health Care model in Canada,...

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Are you delegating or abdicating in your practice?

Mar 18, 2021

Most of us understand that we should delegate most tasks for maximum efficiency and throughput except the ones that only we can perform. However, the most common mistake of Delegation is Abdication, which is defined as blind trust plus giving up control. 

So, how are we supposed to delegate without trusting and giving up control? 

Well, the key here for Abdication is BLIND trust without a system of checks and balances for control. 

Here are some examples: 

Entrusting the billing clerk with all the billing without knowing the hows, whys, ifs, ands or buts. 

As clinicians, we are so busy providing the best patient care that it is tempting to just “delegate” the billing tasks to a clerk. However, are the billings optimized or even proper? How about billing rejections or reductions from the billing source (Provincial Health Care or otherwise)?  Who is there to follow up and remedy the situation so that they do not become write-offs or, more...

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