Optimizing Financial Health for Your Hearing Health Clinic

Wouldn’t it be nice if the only requirement for running a successful hearing health clinic was excellent patient care?  You could run that in your sleep!  Unfortunately, as you know, there are many layers involved in running any profitable and scalable business and your hearing health clinic is no exception.

Finance management is an integral piece of the puzzle and impacts your ability to make decisions, seize opportunities, and know exactly where your business stands at any moment. 

There are a lot of moving parts in a busy clinic like yours, and in order to be in the position to make great decisions for your business, you need the right systems and roles in place to make sure you have access to data that is as accurate and up to date as possible. 

Effective Procedures:

Consistency and replication are key in ensuring that your financial processes are completed as efficiently and accurately as possible.  Having a well-staffed clinic is of course a necessary element in your success, but providing those staff members with clear expectations and parameters related to their tasks is absolutely essential to building a strong foundation for finance management.

Procedures should be developed, implemented and periodically evaluated for 

Petty Cash Usage and Replenishment

Deposits

Creating Invoices

Receiving Payments 

…and other routine tasks

Clear Process documents:

Each of the procedures that the staff at your hearing clinic follow will outline specific tasks to complete, and forms and documents to use.  “How Tos” or “Process Flows” should be made to assist with task completion, These should all be created and made easily available to your staff.  As much as you can, automate these elements to save time and energy that your staff can use to ensure excellent service to your patients!

Whenever updates or changes are required, be sure to implement them with consideration of your finance team and all other departments that may be impacted by the changes.   

Goal-Oriented Bookkeeping:

Being able to make good decisions quickly requires your hearing clinic’s books to be accurate and up to date.  You can’t effectively make your next big move with information that is 6 months old or even 3 months old.  You need to be able to look at your financials and see clear patterns, identify areas of growth, and recognize aspects of the business that are stagnant or troublesome.  You, of course, need an excellent bookkeeper on your team to create this useful set of books.  This bookkeeper should be aware of the goals you have for your business - this will help them to measure the aspects that will contribute to you being able to seize opportunities that will allow you to meet those goals, and turn things down that might distract you. 

If any of these elements are missing in your hearing health practice right now, that’s okay!  You can implement them at any time, and it won’t take long to see the difference they can make.  If you don’t quite know where to start, or you’re not sure you have the exact right team in place to make the changes necessary - let’s chat!