When The Words “Staff” And “Profitability” are…
in close proximity it is usually in the context of someone reducing staff in order to increase profits. When running a medical practice it can actually be beneficial to go the unintuitive route and increase your efficiency and profitability by bringing in someone new. Who or what that entity is makes all the difference.
For example, at HMR we partner with clinic owners and operators to create custom practice management solutions that address issues such as staff management, human resources, and bookkeeping. By increasing the efficiency of internal processes, clinic owners can increase profits and eliminate the need to hire more staff.
Dr. Gina Wesley – a local client of ours – recently joined the 20/20 MONEY podcast to discuss the idea of increasing profitability through staffing with host Adam Cmejla, CFP. Dr. Wesley owns and practices at Complete Eye Care in Medina; she has been recognized as Minnesota’s Young Optometrist of the Year (2011) and awarded the Early Professional Achievement Award (2013) from The Ohio State University College of Optometry.
Contrary to the notion that eliminating staff or partners is the only way to increase profitability, Dr. Wesley’s administrative costs have been reduced since bringing us on board while her patients and staff have benefited from having reliable processes in place. She has less staff in place now because the staff she retains is empowered to focus their time and energy on what they do best.
In Dr. Wesley’s case, HMR conducted an analysis of her practice after two key staff members left her practice. It was a “no-brainer” for her to move forward without hiring new staff due to the analysis’ demonstration of her practice’s ideal staffing ratios. Regular analysis of her practice allows for adjustments based on the needs of her practice, ensuring ongoing efficiency and profitability. The eventual goal is to reach a point where the internal systems in place no longer require continuous services from HMR or other outside groups.
“They fully expect me to pare down what they’re doing for my office, because their goal is to make the systems and processes efficient enough that they make an office manager obsolete,” Dr. Wesley said.