Practice Management

"Net" Your Work to Improve Your Net Worth

February 1 2002 Jeffrey D. Olsen
Practice Management
"Net" Your Work to Improve Your Net Worth
February 1 2002 Jeffrey D. Olsen

E ver notice how the word network is really two words put to­gether? The active word net means gathering up, and the word work means pur­suing a livelihood. Putting these two words together then, literally means, gath­ering vour livelihood. You may have a network of professional peers in chi- ropractic that you communicate with in­formally. Take a new look at them—they hold unique experiences, ideas, tips, and information that you don't even know yet. Likewise, you hold great ideas that they are unaware of. You both are inter­ested in succeeding in your practices. Why not tap into these resources by es­tablishing a formal network? An active network of professionals can be helpful in fostering an environment of informa­tion exchange and accountability for your practice. In essence, you would be help­ing each other to "net" your work. If you are new in the profession and don't know your colleagues, locate a group of professionals with similar prac­tice philosophies and locations far enough apart to limit any direct competi­tion. You may want to use electronic fo­rums on chiropractic websites to locate like-minded individuals. Or, collect email addresses from people that you've met at seminars that might be interested in this con­cept. One group that I'm famil­iar with has been success­ful over the years because they meet in a spirit of mu­tual improvement. They help each other set goals, implement successful business proce­dures working elsewhere, and require ac­countability for each other's activities in the office. Similarly, your network can serve as ad hoc practice consultants for you. They can enhance your existing practice consultant's activities by making sure you stay on track—or get you started on the right path, if you don't have one yet. Practice consultants succeed because they keep you focused on building your business. But that's not all—because they speak to hundreds of doctors all over the country, they are able to glean ideas that work, refine them, and pass them along to their clients. If you had the time, you could also come up with many great ideas like the consult­ants do. But, if you're a doctor, treating patients is what you focus on as the most efficient use of your time. Here's where your network comes in. By sharing infor­mation on what works and what doesn't, you can build on each other's success. One thing that practice consultants do is to make you and your staff account­able for your activities: daily, weekly, etc. Practice consultants require you to evalu­ate your current procedures and perfor­mance and give you "homework" similar to the following: Set specific goals. Beginning with the doctor, every employee must identify areas for immediate improvement with an appropriate action plan. These must be put in writing and reviewed daily. Provide incentives. We don't go to the office everyday just to see the sick get well and the healthy stay healthy. We work to play! Analyze what moti­ vates you to work; then do the same for your staff. It makes sense to re­ ward exceptional work, and it's not surprising that professional athletes' contracts contain substantial bo­ nuses for each successive level ob­ tained in play-off competitions. Bo­ nuses must reward achievement be­ yond completing basic job tasks, and the goals must be clear and relatively short-term. Any incentive plan longer than 2-to-4 weeks will likely be ignored or forgotten. Have the deadline coincide with an upcoming holiday or local event. Then, as patients are talking about the special day, it will motivate the staff to achieve their objectives, while cre­ ating a fun atmosphere that builds on that general enthusiasm. Give an appropriate break between special incentive programs. Remem­ ber that the staff will generally con­ centrate their efforts on the areas be­ ing measured; so, combining several related job duties in the bonus pro­ gram helps avoid imbalance. Alter­ nate between individual incentives, which achieve healthy competition, and group incentives, which encour­ age teamwork. 5. Monitor progress. The only way to know where you are heading is to record wliere you were and compare this to where you want to be. Whether by computer or on tally sheets, we must simply take the time to record our activities. Every job function ■ should be recorded, but especially those which need improvement or those which are tied to incentive pro­grams. 6. Evaluate performance: A frequent re­view of your recorded data will open the windows of your practice and re­veal those areas most in need of ur­gent corrective care. The interpreta­tion of this data takes time. A prac­tice consultant who is not involved in the daily operations is best able to give an objective evaluation and to observe performance trends. Most practitioners have time off dur­ing the week when they do not see pa­tients. This break is an ideal time for your network to meet and go over your home­work. Each week, report your success at achieving goals, which have been enu­merated at a previous meeting. You may want to set up "penalties" for those times when goals have not been achieved. This may involve the payment of a pre-ar­ranged amount into the group's fund. (These funds, when available, may be used to promote chiropractic in the com­munity, among other things). Beyond the financial "penalty," there is a natural dis­incentive in reporting to peers that you have not achieved your goals. So, make the most of your practice by networking with peers that have common goals. After a few months of reviewing your homework with your group, you'll find that it's a low-cost means of gather­ing your livelihood in ways that improve your net worth! Dr. Jeffrey D. Olsen is a 1996 Presi­dential Scholar and summa cum laude graduate of Palmer College of Chiro­practic. He has been in private practice with his two brothers/partners since 1997, in Roanoke, VA. In addition to his practice. Dr. Olsen has instructed, as an adjunct faculty member, at the College of Health Sciences in Roanoke, VA, teaching Anatomy and Physiology in the Physician Assistant department. He is currently serving as Technical Advisor at Foot Levelers, Inc., and is a featured speaker in their 501'' Anniver­sary Conferences. He can be reached m\ e-mail at: olsen ieffrevfa hotmail.com.