The Best Investment for Practice Success
CA CORNER
FINANCIAL PERSPECTIVE
Kristi Hudson
Kristi Hudson is a certified professional compliance officer (CPCO). She serves as the Director of Business Relationships for ChiroHealthUSA where she has helped to educate DCs and CAs on establishing simple and compliant financial policies. You can contact Kristi at [email protected], 888719-9990 or you can visit the ChiroHealthUSA website at www.chirohealthusa.com.
It’s well known that you must spend money to make money. Reinvesting in your business is innovative and strategically essential for staying competitive in ever-changing markets. With rising costs, many business owners need help with where to invest those dollars. Gallup reports that over 50% of U.S. employees are “quiet quitting,” and failing to reinvest in your current workforce isn’t an option. (Harter, 2022) Your team is your most valuable resource, so investing in them only makes sense. Investing in your team will improve efficiency and patient outcomes. In today’s competitive job market, it will also help you attract the best candidates, retain your best team members, and improve workplace satisfaction. (Hall, 2023)
According to McKinsey & Company, 87% of companies face a skills shortage or anticipate developing one over the next few years. The need for training programs to hnprove employee skills is a must to see your practice be successful. (McKinsey & Company, n.d.) Various fonns of training can be implemented to hnprove the quality of care provided to patients. One example is customer service training which can help staff members develop practical communication skills and provide a positive patient experience. Another necessary type of training is compliance training which ensures that all staff members are knowledgeable about regulatory requirements and can adhere to them. Additionally, clinical training can help staff members stay up to date with the latest techniques and procedures. Henry Ford once said, “The only thing worse than training your employees and having them leave is not training them and having them stay.”
Here are some resources you may find helpful for training your team:
1. The American Academy of Professional Coders (AAPC) is the nation’s largest education and credentialing organization for medical coders, billers, auditors, practice managers, documentation specialists, compliance officers, and revenue cycle managers. AAPC offers a variety of training programs, certifications, and webinars to keep your team up to date on changes within healthcare and arm them with the tools and resources they need to work efficiently and hnprove the revenue cycle in your practice.
2. Your state association is a wonderful resource. Many offer CA-specific classes and training online and at in-person events. Some associations even have CA memberships to help your team connect with others in your state.
3. Online training is available through a variety of resources. Many companies offer free webinars, while others provide specialized self-paced online training for your team, including Assistants for Chiropractic Excellence, KMC University, and ChiroArmor, to name a few.
Investing in team training is crucial for the success of any chiropractic office. It helps employees develop new skills and fosters a sense of unity and collaboration within the team. According to an article on Linkedln, the website Corporate Traveler was quoted as saying, “Training empowers your employees to go beyond the requirements of their roles and explore what else they could do because they have the support and encouragement to be their best. An empowered, more positive, and focused workforce is felt throughout the service delivery and customer experience, which ultimately reflects your business.” Recent studies show that nearly 50% of private sector employees say they did not receive proper onboarding training, and over 60% complain about the lack of ongoing training once they start working for a company. These statistics are reflected in high turnover, low employee engagement, poor professional development, low productivity, and low motivation. The relationship between these indicators and training is directly proportional; investing in continuous employee training should be considered an opportunity to strengthen your workplace relationship, increase motivation, and boost productivity. (Hubtek, 2023)
By providing training opportunities, practices can empower their employees to excel in their roles and contribute to the practice’s overall growth, improve productivity, and increase job satisfaction. There is no downside. Take the time to invest in your team this year and you’ll see the benefits gained by their personal and professional growth resulting in business growth.
References:
1. Hall, J. (2023, February 26). Why Businesses Should Invest In Employee Learning Opportunities. Retrieved from Forbes: https://www. forbes.com/sites/johnhall/2023/02/26/why-businesses-should-invest-in-employee-leaming-opportunities/?sh=285c37c06154
2. Harter, J. (2022, September 6). Is Oniet Quitting Real? Retrieved from Gallup: https://www.gallup.com/workpla...
3. Hubtek. (2023, March 16). Importance of Investing in Training a Team. Retrieved from Linkedln: https://www.linkedin.com/pulse... importance-investing-training-team-hubtek/
4. McKinsey & Company, (n.d.). The skillful corporation. Retrieved from McKinsey & Company: https://www.mckinsey.com/capab...
