Debra Turco - Metrics Webinar

"What gets measured, gets done."  

Peter Drucker is often credited with this old business acumen, but my research is far less clear about who said it first.  Another variation of this wisdom is "If it can be measured, it can be managed." 

The point is that for a long time, we have known that consistent measurement of our business performance is critical to making it better.  If we want our practices to be more profitable, we must begin by measuring our profitability.  

One problem: For many of us, it is harder than it sounds.  We know we need to do this, we just aren't sure where to start.  While there are countless services that promise to make it easier for us, the fact is we usually just need a little help getting started.  

In this Featured Presentation, we have Debra Turco, who is the Office Operations Manager for a large, multi-doctor practice in Toronto.  Her practice is a member of Leadership OD and her input in our our small group discussions has been invaluable.  We were thrilled when she agreed to teach us how to really use metrics in managing practice performance.

In this presentation, Debra explains the importance and value of using metrics in the management of the practice.  In simple to understand details, she explains what information matters and how to get it.  Then she describes what to do with the information to make an actual difference in the practice.  

Please enjoy, 
Mike

p.s. If you want to see the oldest quote I could find about measuring your work,
-CLICK HERE-

Featured Presentation: 
Using Metrics to Grow Your Practice

Non-members may register for most online events for a small fee.
LOD Member? Watch Here

Are You a Good Doctor?

As an optometrist, I have always thought I do a good job.  I listen to my patients' concerns, use high tech equipment, work with a very talented team and make strong recommendations.  I have always tried to honor our mission statement by always carefully monitoring each patient’s visual development, function and preservation. 

In general, my patients feel like they were well taken care of and keep coming back.  If you go by the diner in Carrollton, GA and ask, “Hey does anybody know if Dr. Rothschild is any good?”, you will probably get a positive response. 

So what?

In tomorrow’s world, we will be paid based on our merit (Merit Based Incentive Plans (MIPS)).  I shouldn’t worry, because as I just explained, I practice with substantial “merit”.  However, in the very near future, I will have to demonstrate that merit based on someone else’s scorecard.  (I don’t think they will be polling the diner.)

Many people feel like the changes that are coming our way will have a positive impact for those who are ready.  

Last month, Dr. Brett Paepke released for us a Featured Presentation titled, "MU, MARCA, MIPS and More....OMG!"  If you don't understand the title, then you have some catching up to do.  

Dr. Paepke is the Director of ECP Services for Revolution EHR and an authority on the new payment models and requirements that we are all facing.  We are releasing his video again and hope that if you haven't seen it yet, you will take the time to watch it now.  

Happy Memorial Day, 
Mike

Featured Presentation: 
MU, MACRA, MIPS, MORE...OMG!

Non-members may register for most online events for a small fee.
LOD Member? Watch Here

April Fool's Day is a great time for discussing money.

When it comes to spending money, I have my quirks. 

I tend to buy nice things, I don’t like to use coupons and I would rather do without it than settle for low quality.  On the flip side, I refuse to waste money.  I will put paper back in the printer that has something printed on one side and I would rather replace the soles on my shoes than buy new ones.  It is tough for me to explain the “logic” I use for spending money.  
 
At the Executive Retreat in January, Dr. Mick Kling helped me understand some of my quirky financial habits in his lecture, The Emotional Impact of Money.  He taught us that most of us make financial decisions based on feelings more than rationality.  
 
The most common emotional factors in our financial management are greed and fear.    When managing the finances of our practices, we too often allow our feelings to make those decisions for us.  Sometimes it’s fear that prevents us from making that investment we need to grow.  Other times, we spend too quickly because we get excited at a trade show and sign up for that new service that just doesn't make sense for us. 
 
We also avoid uncomfortable conversations about money which is why most of us fail to always make good recommendations to our patients until we know how much they will have to pay “after insurance.” It is also why we give broad percentage raises to all staff regardless of how well they perform individually.

(Here’s on old BLOG about giving raises)

 So how can we overcome this tendency to manage by feelings?
 Our surveys show OD’s consistently ranking their own management of finances lower than any other area of the practice. On a scale of 1 – 9, we rank ourselves at an average of 4.88 in Financial Management - compared to a 7.76 in Patient Care. 
 
At Leadership OD, we have put together tools to help bring some of the logic into your financial management strategy.  Our members always have access to their budgeting calculator, and now we are releasing a tool that we use at WGEC to track all of the metrics we can think of within our practice. 

USER GUIDE

 And on April 14, our own Dr. Mickey Kling will host a webinar helping us gain control of our Cash Flow.  The title is “Where did all the money go?” and attendance is free to members.
 
Our Face2Face meetings this month will focus on financial management, bringing doctors and staff together to talk about real challenges we are all facing and how to improve. 
 
We still have more opportunities for than barriers.  We just have to keep working on it.
 
Happy April Fool’s Day,
Mike
 
p.s. To have a better understanding of your Money Personality, some say it is a good exercise to recall your very first memory of money.  I will tell you my first memory….if you tell me yours.