Our businesses, like our lives in general, need constant maintenance. Just like we see the doctor for an annual physical, it’s good to run our businesses through the same type of process to assess not only where it is at (at any given time), but also to see where it is going. Like an annual physical, reviewing our business can change over time depending on the business’s general health and well-being and what our “care plan” for the future includes for said business.
At the most basic level, it’s important to complete reviews and other tasks that are typically done on an annual basis. That review of your company might include:
Take the next step and meet with all staff. Update them on plans for the future and any changes that have occurred. Don’t assume they’ve noticed these changes—it’s always good to hear it directly from the source. At the meeting, seek feedback from all staff members and see what their perception of the company’s performance is at this point in time. The “boots on the ground” staff are an untapped resource for feedback, suggestions for improvement, and an objective and meaningful assessment of how the company is doing.
Accreditation standards, license requirements, and even state law all potentially have required annual training. Absent a law or requirement, some ongoing training is just sound business. Make sure all staff is trained in the following areas:
Also, be sure that any clinicians have fulfilled their continuing education requirements for their state license. Nurses, pharmacy techs, and respiratory therapists all have required continuing education which varies state to state.
One DME owner I spoke with had a great system. In January each year, he would sit down with each staff member for a “review”. He had at least a dozen employees, so it was a time-consuming project. He described the review as an opportunity “to make sure my employee is working toward the same goal as I am—to make sure we’re on the same page” and he emphatically stated that the reviews were time well spent. He would often use the review to educate and update the staff member. However, as often as not, it was a time for staff to educate and update him!
The same DME owner had a policy with his managers whereby they were asked to review relationships with vendors. The warehouse manager spent the first few weeks of the year meeting with vendors to review the contracts, the pricing, and whether or not the vendor was still meeting the needs of the organization. On some occasions, this review netted negotiated better pricing. The respiratory manager reviewed supply and equipment vendors as well. The billing manager would review all relationships with insurances and other third-party payers.
It is also worth noting that there’s nothing special about doing these in the first week of January as opposed to any other week of the year. January 1st and the whole concept of “New Years’ Day” is arbitrary. Our culture has established these practices such as new year’s resolutions, but you could just as easily do this every February 1st, or June 9th, or September 25th instead. The point is to do annually and keep up with it.
All these annual tasks serve to stay on top of operations and ensure that your organization is running efficiently. These reviews are hallmarks of a proactive (as opposed to a reactive) management style. Just like we think of changing the smoke detector batteries in our homes, we can think about reviewing our business to ensure we’re on track and working toward success. As a person gets older, it can be comforting to do these self-assessments to make sure we’re on track!