ENHANCING PRACTICE PERFORMANCE BY CORINNE Z. WOHL, MHSA, COE, AND JOHN B. PINTO BOLSTER YOUR REVENUE STREAMS Are you extracting all possible revenue and value from your practice? O phthalmology practices face many challenges to achieve revenue growth year-over-year while also delivering high-quality care to patients. Once the “low hanging fruit” has been tackled, such as own-ing your own ASC, employing asso-ciate doctors and providing optical services, it becomes harder each year to increase revenue, beyond increas-ing patient volume for the traditional services you offer. Every aspect of the practice plays a crucial role in driving sustainable growth. Some approaches are more obvious than others. Here are actionable strategies and tactics for your practice to bolster rev-enue streams. 1. IMPACT OF LEADERSHIP ON REVENUE GROWTH Leadership sets the tone for the entire practice and plays a pivotal role in driv-ing revenue growth. Strong leadership fosters a culture of accountability, in-novation and continuous improve-ment. By cultivating a cohesive team environment where every member is aligned with the practice’s goals and objectives, leaders can inspire produc-tivity and enhance patient satisfaction. Effective leadership includes fostering relationships with referring doctors and leveraging networking opportunities to expand the practice’s referral base. 2. STRENGTHENING MANAGEMENT SKILLS AND IDENTIFYING SKILLS GAPS Effective management is the corner-stone of a thriving ophthalmology practice. Practice managers and ad-ministrators must possess strong lead-ership and organizational skills to streamline operations and maximize efficiency. Conducting regular assess-ments to identify skills gaps among staff members allows for targeted training and development initiatives. Investing in management training programs can empower leaders with-in the practice to effectively navigate challenges and capitalize on opportu-nities for growth. Busy practices often fail to recog-nize skills gaps and understand the impact of having a manager who is burned out, resistant to change or stuck when action is needed. Skills gaps can be improved with education and coaching. Managers who are drowning in work and can’t find their way out need more assistance or a reassignment. Do not underesti-mate the impact of an overburdened or under-skilled management team on your practice’s success. 3. DATA MINING FOR PATIENT VOLUME INCREASES Data mining is a powerful tool for practices seeking to boost patient vol-ume and revenue. Analyzing patient demographics and referral patterns provides valuable insights into market trends and patient preferences. It’s also a great way to determine which pa-tients have not been seen in the prac-tice in the last year or two. Identify those patients (by CPT and diagnosis code) with higher needs. Focus on clinical and risk manage-ment priorities, eg, diabetic retinopa-thy, glaucoma, status-post cataract pa-tients who have been lost to follow-up. It is easier and less costly to retain your patients than to attract new ones. And it is better patient care. By leveraging your in-house prac-tice management system analytics tools, you can identify untapped mar-ket segments, personalize marketing efforts and optimize appointment scheduling to accommodate patient demand effectively. Data-driven deci-sion-making enables practices to allo-cate resources efficiently and prioritize strategic initiatives for this segment revenue growth. 4. REVIEW STAFF COSTS AND OPTIMIZATION Although this article focuses on revenue enhancement, which is the best path to profit enhancement, we can’t ignore the importance of controlling expenses. Staffing costs represent a significant Corinne Z. Wohl, MHSA, COE, is president of C. Wohl & Associates, Inc., a practice management consulting firm. Corinne earned her Masters of Health Services Ad-ministration degree at The George Washington University and has over 30 years of hospital, physician practice management and management consulting experience. Her latest book, co-authored with John B. Pinto, is “UP: Taking Ophthalmic Admin-istrators and Their Management Teams to the Next Level of Skill, Performance and Career Sat-isfaction.” For information on how to purchase this book or other inquiries, she can be reached at czwohl@gmail.com or 609-410-2932. John B. Pinto is the founder of J. Pinto & Associates, Inc., an ophthalmic practice consulting firm established in 1979. He is the most published author in the world on the subject of ophthalmic management and economics. The firm serves organi-zations worldwide, ranging from solo practices to high-volume market leaders, teaching centers and medical product companies, providing strategic planning, financial benchmarking and analysis, operations enhancement, and marketing counsel. He can be contacted at pintoinc@aol.com or 619-223-2233. APRIL 2024 OPHTHALMOLOGYMANAGEMENT.COM APRIL 2024 9
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