Is Your Company’s Culture Hindering Your Profitability?

I come from a non-medical business world where most conversation centers around profit, revenue, budgets, marketing, sales and things like that. In the private  practice world, mentioning profit or revenue is almost prohibited as if it was a kind of taboo. I remember being a little taken aback when people in the healthcare business would talk about “profit” and they would lower their voices and look around and whisper the words “making money” to ensure nobody outside of our conversation heard the money reference. In our practice, we take a completely different approach. In our practice, we don’t apologize for our pursuit of profitability. We are very upfront with both patients and our staff about the need to be profitable. We view “profitability” as a responsibility. Why? Because a broke doctor doesn’t do anybody any good. Profitability allows the practice to hire the best docs, hire the best staff, buy the best equipment, send staff to training, pay for docs’ CME’s and all the other things that go along with ensuring patients receive the best medical care possible. Top notch medical care is expensive. We believe so strong in this, that in our practice, we discuss profitability in practice’s core values document. Here is an excerpt from our company’s charter: In order to carry out our mission, we recognize that every staff member must take every opportunity to decrease cost, to increase efficiency, and ...
Source: Pediatric Inc - Category: Pediatricians Authors: Tags: Collections Employee Leadership Money Savings Business Health Health Care Healthcare medical practice Medicine Patient Profit (economics) Revenue Source Type: blogs