Is Your Practice Leaking Money?

Is Your Practice Leaking Money? from Mark Tager

I recently gave four practice management presentations to groups of physicians. Each presentation revolved around that great sucking sound made when opportunity and revenue circle the drain…only to get deposited who knows where.

It was easy to identify one of the sources of the great sucking sound…the telephone.

Each year, practices spend thousands of dollars on print, radio, pr, and social media…all in an attempt to get the phone to ring. All in an attempt to covert phone calls into consults or appointments.

And who is on the other end of that phone? Usually it is the lowest paid, least knowledgeable and least trained person in your practice. …increasingly a millennial who is bidding his or her time before moving on to the next job.

What About the Telephone?

Because practice management is such a hot topic, I routinely ask two questions to assess where practices stand with regard to their phone processes.

The first is for a show of hands for how many practices routinely measure their phone to consult conversion rate. Sadly last month, only 10% of the audience raised their hands.

I then ask those hand raisers to tell me—roughly—what percent of phone calls convert to consults. Sadly, only one in ten knew the answer.

If you want to stop the sucking…you’ve got to get a handle on how big the leak is. Make a commitment to not only measure your phone to consult conversion rates, but to share this data with staff and work toward improving.

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Author

Mark J. Tager, MD

Mark J. Tager, MD is co-founder of ChangeWell Training Academy. A veteran of more than 800 presentations Mark shares his skills and passion to empower those who attend his trainings. A highly sought after speaker, Mark lectures for a number of medical device, nutraceutical, cosmeceutical and biotech companies. He has authored nine books related to health and performance. He attended Duke University Medical School and trained in family practice at The Oregon Health & Science University.