Why Your Practice’s Financial Success Is Tied To Staff Performance
In a recent article, George Taylor writes that he considers an engaged employee “an economic engine for your practice.”1 He makes a lot of interesting points that mirror ideas I firmly adhere to and advocate. That is, there is an undeniable link between well-trained, satisfied employees and the financial success of a practice.
I wonder: if staff had CPT codes hung around their necks, making it easier for doctors to measure their productivity, would their efforts be more acknowledged and appreciated?
Employees who feel that “your practice is our practice” inherently take more pride in their work, leading to greater job satisfaction. The results are:
1) fewer costly staff turnovers
2) a higher quality of patient care and customer service
3) increased patient satisfaction and adherence
4) patient retention and loyalty
Harvard researchers W. Earl Sasser, Leonard Schlesinger, James Heskett and several others in 1990 researched a different approach to a business model called “the service-profit chain.” They noted that “a mere 5 percent improvement in this area could result in profit increases ranging from 25 to 85 percent.”2
This means that the single most important investment with the greatest return is the investment in your staff. Most of the horror stories that you hear about staff are usually the consequence of mismatching people to their jobs, poor hiring, inconsistent management, a lack of communication, a lack of essential training and no appreciation.
What are your experiences?
1. Available at http://www.physicianspractice.com/blog/content/article/1462168/2049873 .
2. Available at http://www.physicianspractice.com/blog/content/article/1462168/2049873 .