Let's Talk Value -Part 2

In my first blog on this topic, Let’s Talk Value: Removing the Cliché from Value in Clinic Operations, we defined the type of “Value” we are talking about is dedicated to motivating people, developing skills and promoting synergy, with the aim of maximizing the overall performance of the organization.   As I covered in that blog, I’ve been fortunate to help many practices reframe their definition of value.  To me, it’s not unlike committing to a personal good-health regime.  It takes an honest evaluation and adoption of healthy habits.  By learning how to look at value differently and realigning various aspects of your business, you can enhance what is valuable to your practice and your patients.

At the outset of new project work, we often find that our clients are doing just the opposite; they are not yet ADEPT^SM at driving value for the organization in this new business of health care.  It’s not unlike needing to figure out how to get healthy.  Before getting into shape, many of us wonder, “Why can’t I lose any weight?” Well, developing a healthy organization is similar to developing a healthy personal lifestyle.  So, let’s break down how each of the five functions of value can be addressed and improved within your medical practice.

Many practices use Applications to capture data for their obvious solutions, but do not adapt them to fit other technology needs.  Ask yourself what data and their applications are about the practice, the patient, and the provider? Have you looked at the overall workflows between manual and digital processes?  As you refine your focus, remember that the concept of value relies on the relationship between achieving satisfaction of many differing needs and the resources used in satisfying them.

That is absolutely true regarding patient satisfaction and your brand Distinction.  Value is about creating and sustaining relationships, it’s not an equation.  What are you doing to set your practice apart and reflect your mission or core purpose?  It’s about devising a valuable patient experience.  Also, I have learned that to be Effective, you must identify efficiencies in your operations.  This can be accomplished, cost-effectively, by breakdowning your worklfows to find the waste in process, time and resources. It is important to identify the industry’s best practices but keep in mind what works for one will not always work for all  Profitability, through finance, contracting, and partnerships, requires a similar dedication to identifying cost controls, potential partnerships, and improved reimbursement models. You will also find that as you improve the value functions in other areas they will typically bring a financial reward along with them through reduced costs, better market positioning, or simply better bargaining power.

Finally, you can do this work and it can all be for naught if your turnover is at a pace that nullifies the investment into recruitment and retention.  Your contribution to retaining top Talent is a crucial investment in clinic maintenance and operations.  As you know, it’s not just about compensation levels; mentoring for leadership as well as continued education for skill development are essential investments.  Unfortunately, we find investments in your team are often some of the first areas cut with an organization that is in a financial crisis.

With a combined focus on building your ADEPT^SM practice, you can ensure that anything done adds value rather than detracts from it.  Time and time again, I have seen the results of superior quality and outcomes, a premier work environment, and a highly engaged and trained staff increasing and sustaining organizational profitability.