Tough Advice About Your Practice from an Expert Practice Consultant
By: Paul D. Vanchiere, MBA
1. Physician owners not sharing information with employed doctors.
Employed physicians desire feedback about their performance. They appreciate monthly, quarterly and annual performance reports and they want to be informed about patients, revenue and changes to procedures and policies. Although they are employees they appreciate being kept within the information loop and they often would like to have the opportunity to voice a suggestion or opinion that could benefit a practice.
2. Physicians need to be on time.
Many providers are simply late and not punctual for their appointments. This directly correlates to weaker financial performances because of poor customer service.
3. Limit long lunches.
With the consolidation of healthcare physician-owners need to be on time and cannot afford to schedule long 90 minute to 2 hour lunches. They are losing revenue and not catering to the patients.
For example, if a doctor has already covered his/her annual overhead cost for the practice and if he/she could earn $100 per visit, by simply scheduling 2 more visits a day for 4 days a week for 50 weeks could result in an additional $40,000 a year in profit!
4. Convincing physician-owners to trust the judgement of the business staff.
Physician- owners tend to micromanage the business staff. It is important that the physician focus on seeing patients so if he/she doesn’t trust the business staff to delegate responsibility and to make business decisions for the practice then they (physician-owners), need to hire someone who is credible that he/she trusts.
With over 15 years of healthcare management and finance experience, Paul D. Vanchiere has been involved with pediatric, cardiology and pathology physician practices. Combined with his experience working for a physician-owned health network and his involvement with physician practice acquisitions for the largest not for profit hospital network in Texas, Paul has a unique perspective on healthcare. He specializes in completing a comprehensive set of financial analysis including practice cost, physician compensation and managed care contract negotiations. Paul founded Pediatric Management Institute to provide an array of services for Pediatric practices of all sizes focusing on financial and operational issues. Paul is involved in a variety of advocacy efforts related to ensuring access to healthcare and education for children with special needs. Paul is married to Laura Williamson Vanchiere and they have three daughters, Anna Beth, Camille and Eloise.