HR AS A PROFITABILITY FACTOR
Did you know that you could positively impact your profitability by paying attention to human resources? Given the fact that as much as a third of our budget is contributed toward personnel, it ought to be something we should be looking at much more closely.
The concept of human resources management as a profitability contributor is fast gaining attention in U.S. businesses and bears close examination.
This essential resource for your business often gets set too low on the priority list, taking a back seat to details such as facilities, equipment, finance and supplies. Yet, human resources management can have a significant impact on your practice’s profitability as well as the overall success of your practice.
How can you increase profitability through better HR management?
- Conduct an HR Management Survey
An HR Survey examines the major aspects of human resources management within medical practice management and identifies strengths, weaknesses, and areas where improvement may be warranted. A human resource survey is much like an annual medical examination. It serves as a good preventive checkup to help insure good health. Many annual examinations have saved a person’s life. An HR survey can provide an evaluation of the health of the human resource function in your medical practice.
- Empower your employees with knowledge
Having an HR Personnel Policy Manual & Employee Handbook in place is a detail that is often overlooked by medical practices. Every business, including medical practices, needs well-defined personnel policies. Too often, policies are simply allowed to evolve and are created on an ad hoc basis. This can lead to confusion, chaos and, sometimes, claims of discrimination or wrongful termination. When your employees know the guidelines and codes of conduct for your practice, you empower them with knowledge of your expectations of them. Employees who are confident in their understanding of the rules are more productive and contribute to the success of your practice.
- Employee feedback can pay off in spades
Are your employees fully engaged and positively contributing to your bottom line? Do you know how they are feeling at work? Do you know the real reasons employees leave your organization? Employee feedback helps you obtain candid, objective feedback that can uncover root causes and consequences on employee satisfaction levels and get valuable insight and actionable recommendations for improvements.
- Develop leadership skills in your team
Is your staff equipped and inspired to serve patients to the best of their ability? The success of your organization relies on such people. Stay aware of the leadership skills in your employees and take steps to foster growth in your employees’ leadership skills. Strong leaders from the front desk to the billing department help drive healthy profits for your practice.
- Hire once, hire right
The ability to make good hiring decisions is a crucial part in the success of your practice. Common mistakes include not recognizing talent at hand, hiring for the here and now, failing to maintain high standards in your hiring process, and promising the moon.
It is sometimes helpful to outsource this HR function to professionals that have the HR knowledge, skills and resources to competently do the job.
Viewing human resources management as a revenue enhancer may take some getting used to; but, following the practices listed above can help boost the quality of the culture as well as the profitability of your practice from good to great!