5 ways to end the year on a strong note
There is only a month and a half left in 2015, and you may be wondering where time went. However, there is still time to finish out the year strong for your practice and your patients.
There is only a month and a half left in 2015, and you may be wondering where time went. However, there is still time to finish out the year strong for your practice and your patients.
The following article will discuss five ways to wrap up your year and address any pending practice management issues that you might be experiencing.
Check your cash flow
Keeping track of your accounts receivable can be a challenge, with clinical activities often taking priority. However, at the end of the fiscal year, it is a good time to count the past-due accounts from payers and patients. Those accounts that are 90 days past due are especially of note, as the longer the account goes unpaid, the less likely you are to collect money for your services. Your services have value, and you communicate your value through asking to be paid in a timely manner, so make sure you are monitoring accounts receivable and taking action on late payments.
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Talk to the staff
You and your staff are undoubtedly busy, but make sure you check in with your staff regularly as they are the front lines in the office and may be aware of problems or concerns that you may not necessarily see. Due to their positions, team members often have insights and ideas but can be unsure of how or even if they should bring their ideas forward. This is a great time to put aside a few minutes for each team member and ask them how their year is going and if they have any suggestions for the practice. Taking the time to touch base will have the added benefit of strengthening the team and improving the communication flow. If your team knows you are engaged, they will engage with you.
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Set your fees
The end of the year often means it is time to renegotiate fees. Although this may seem arduous, it is an important part of making your practice competitive. Without fees, it would be hard to keep a practice afloat, pay the staff and provide care to your patients. There are many tools and articles available this time of year to assist you in this process including: https://www.sikkasoft.com/product/fee-survey/
Related reading: Dental fees broken down by geographic region
Finish out strong
Make a plan to finish the year strong. Address any lagging problems, like those mentioned above, in preparation for a great start next year. Check your patient lists, who has unused insurance and promote hygiene for the holidays. Just because it’s November doesn’t mean it is too late to make a change. Once the holidays start, you and your staff will be even busier, so start tying up any loose ends now.
Trending article: The top 5 things you need to know about dental fees
Plan for the new year
January will be here in the blink of an eye. What changes would you like to see for next year? Do you want to improve patient recall rates or maybe decrease no shows? Now is the time to start planning. Build a plan and set goals with yourself and your staff to make this happen.
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Conclusion
Your practice is a center for patient health, as well as a livelihood for you and your staff. Make sure you are ready for the end of this year so you can start January on the right foot. Practices may experience a wide range of challenges during the year. Now is a perfect time to wrap up any pending concerns and prepare for the New Year. When your practice is healthy, you will be best able to provide the highest level of patient care.
About Sikka Software
Sikka Software provides a platform for small and medium-sized business healthcare apps. The company’s products help healthcare providers and other small businesses optimize their business via a series of easy to use cloud-based applications. With over 32 apps built on Sikka Platform Utility® with over 16,000 installations, Sikka Software is the leader in the US Dental, Animal Health and Hearing Care markets. The company is now supporting a real time optimization and information network with providers, patients, consultants, manufacturers and financial service provides.
A privately-held company, Sikka Software is headquartered in Milpitas, California with offices in the United States and in India. More information may be found at www.sikkasoftware.com.
