Everything in today's world is fast evolving, particularly how businesses operate and communicate with their clients. The reality is we are in a digital age where everything requires a more flexible structure to match current technological advancements. As a medical practice owner you need to look at every aspect of your business, from your business operations to your business' finances to stay up to date.
At some point, you need to step back and really look at your medical practice from a different perspective - not as a medical practitioner but as a business owner. You should adopt a multipronged approach to evaluate the strengths and weaknesses of your medical practice. What are the indicators that you are doing well with and what needs to be restructured to get abreast of today's digitised approach?
Top three signs you need to restructure your medical practice
Change or be left behind
- Business growth is stagnant – This is an obvious indicator that something is wrong when the growth of your business levels off or is stagnant. For example when you have minimal new patients, current patients are not returning or you are not hitting your KPI's
- Inefficiency – Inefficiency happens when you try to do everything yourself, thus missing out on things you really need to remain focused on. But if you outsource the things you are not expert at, you can focus more on managing the business and on delivering the best possible care to your patients. For example, your business' finances can be handled by a virtual CFO who is more knowledgeable in that area.
- Obsolete systems – Sometimes it is not lack of management skills causing your business growth to stall. It is with the systems you are using. How can you expect growth if your system is slowing you down? Growth usually needs to be accompanied by investment. You need to invest so you can create value for your patients and consequently gain more revenue and grow the business.
With new government regulations and guidelines on health care, the biggest challenge now for practice owners like you is on how to effectively and efficiently grow the business while staying focused on things that matter most. The urgent need for change is important at this time of digitisation.
Traditional accounting systems are already obsolete for today's businesses particularly those in the medical industry. What you need is a sophisticated accounting system to help you manage your business' finances in real time accurately and securely. Cloud-based accounting systems are the way to go these days and can also be used for billing, tracking funds coming in from healthcare insurance or even payroll. Aside from increasing efficiency and accuracy of financial reporting, cloud accounting solutions like Xero can help you with benchmarking
and setting of your KPI's
Again, we leave you the question, "Is it time to restructure your medical practice?" Check out your practice from a different perspective, review your strategy, revisit your financial statements or consult with a Chartered Accountant to get a second opinion. The choice is yours. If you choose to restructure your medical practice, it is important to do it now.
For a comprehensive assessment about whether you should restructure your medical practice or not, we are here to help. We already work with multiple medical practices and have in-depth knowledge and expertise to assist you with your unique challenges. Please don't hesitate to contact us on (09) 576 4166 or request an appointment online.