My Virtual Practice

Hiring? 4 value shifts post-pandemic.

The pandemic has shifted what priorities a candidate values in a new position. Staffing shortages and the overwhelming demand of healthcare services throws candidates the upper hand. How can your practice stay competitive in an oversaturated hiring market?

Culture – Employees value company culture and want to feel appreciated. Unfortunately building a solid core company culture takes time. What can you do in the interim to boost culture & ensure your employees are valued? Try bonuses for staff that have stuck it out or extra paid time off for new hires. Don't be tempted with catered lunches that fall short. Staff want to be heard, they want help and they want to feel valued. Roll up your sleeves and pitch in. Cut a Friday short and pay normally. Listen and start building those true relationships.

Work-Life Balance – Telehealth coupled with the pandemic proved that not all work has to be done on-site to be productive. Remote work Is often more efficient- no distractions on the trip to the water cooler. Yes someone must be in your office to see patients… what roles or specific tasks can be outsourced? Offer more flexible hours or work-from-home admin days where you can provide a rotating schedule to sit some of your clinical staff for those admin tasks. These are all opportunities for growth. Telehealth is practice expansion. Outsourcing means creating 1099 employees which are less of a financial burden. Think of the talent pool you can attract when you allow remote flexibility!

Benefits – Employees want all-inclusive benefit packages including quality healthcare. If you can’t pay for a plan in full consider plan reimbursement. HSA options may keep costs low. Paid family leave & sick time are of high priority. Prioritizing benefits that support the employee but also their family will you give the competitive edge.

EAPs- Employee Assistance Programs are no longer a buzzword. New hires are looking for practices that value wellness and mental health. With healthcare burnout, stress, and anxiety at an all-time high, open-door policies no longer check this box. Add Zen to your workplace by offering a semi-yearly massage benefit, gym reimbursements, or other wellness programs.

The demand for excellence is everywhere. Expect new hires to be picky. Jobs are reciprocal, you get paid in exchange for your work. However, no longer is a generation going to exchange their mental wellbeing and ability to have it all – a career and a family, for a paycheck.

Does your practice track medical supply expenses? Do you perform an inventory of your consumables? Have you analyzed 2021 medical supply costs to years past? Do you know your average expense per patient? Is your team knowledgeable about the 2022 budget?

Tracking medical supply expenses is an important part of office management and an integral piece of budget control and future practice planning. Small changes in the purchase price of medical supplies or their utilization can lead to dramatic changes in your practice profitability.

Budgets allocate specific dollar amounts to different areas. You can then track what you are actually spending month to month allowing a snap-shot into the financial health of your practice. Are the costs proportional to your patient count? Can you explain an uptick in ordering? Cash flow problems can be solved with strategic ordering.

If you’re like many practices, you have reviewed what you spent last year comparatively but haven’t had the time to dig deeper or aren’t sure where to start.

1. Create a budget for medical supplies. Review what you have spent over the past 3-5 years. If your practice growth is stable take the average and set that for this year’s budget. Divide by 12 and give yourself a monthly benchmark to see if you’re on track. Budgeting for growth, add 10%!

2. Analyze how your products are being used. Start with storage. Are your supplies in one central location? Are they organized? Do you have a standard workflow to inventory? Is ordering always done by the same person? Are supplies inventories? Supply inventory both in exam rooms and centrally ensure that stockpiles aren’t hoarded which protects again excess ordering. Routine intervals for ordering help stabilize cash flow.

3. Have budgets in place already? Do you communicate them with your staff? Have you gone back to your vendors to negotiate discounted pricing? Have you compared other distributors? Most practices don’t think to renegotiate rates or even shop around.
These same principles apply to office supplies!

Need help getting started or just calming the chaos? These steps can be outsourced. Schedule a Discovery Call today to see how My Virtual Practice can help manage your medical supply expenses and increase your profitability this year!

What is Virtual Practice Management? What does a virtual practice manager do? Today more than ever healthcare practices can't simply rely on just practicing good ol' fashioned quality medicine.

The business of healthcare is demanding. Practices must stay current in medical knowledge, while running a profitable business in a changing healthcare environment, with an evolving reimbursement landscape. Patients have become more savvy consumers realizing they have a choice in their care. Practices have to adapt by prioritizing the patient experience and adopting patient-centered care strategies while they
are plagued by staffing shortages, lower reimbursements and the need for both tech-forward improvements and an online marketing presence.

How can one practice manager do all of this? Even worse for those practices that are still solo-physician owned - how do they juggle it all? You simply can't. There aren't enough hours in the day or hands to pitch in. The evolving electronic landscape has paved the way for virtual practice management. A remote solution where healthcare assistants and healthcare consultants can partner with practices to focus on the nitty-gritty so they can focus on the patient in front of them!

Ever thought of outsourcing some of your day to day? Interested but not convinced you can delegate your tasks? Here are some of the areas My Virtual Practice can help, allowing you to elevate patient care. Schedule a discovery call today to see how My Virtual Practice can custom fit a solution for your practice needs.

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