Use a bonus system to foster teamwork
A properly designed bonus system is a highly effective way to increase practice profitability. It also motivates your practice staff to work as a team. And there is no financial risk: Bonuses are paid out only if you reach the target.
Motivate the team effectively. To get team members working together, follow these guidelines:
- Offer a substantial bonus based on reaching goals for increased production and collections.
- Make it a team bonus to be shared by all.
- Track performance against the goal and report it to staff weekly.
- At monthly business reviews, discuss what's working -- and what's not -- to help motivate individuals to improve their performances.
Don't target only production; target collections, too. Team members will show greater commitment when they understand that the practice's financial success -- and their bonuses -- depend on revenues. Stress the importance of collecting what is owed by patients and insurance companies.
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