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Golden Nuggets: BSM Expert Lists Top Vegas Takeaways

Wednesday, June 27, 2018 9:00 AM

Aesthetic Medicine, Expert Advice

Written by: Glenn Morley

From left, Lori Poznansky and Bruce Maller at the 2018 Vegas Cosmetic Surgery meeting. Glenn Morley (not pictured) also attended.

The BSM Consulting team recently returned from a busy and rewarding experience at the 2018 Vegas Cosmetic Surgery (VSC) meeting. This year’s meeting was top-notch; the caliber of speakers and content presented was better than ever, and the opportunity to network with clients and industry colleagues proved invaluable.

BSM founder and CEO Bruce Maller and senior consultants Lori Poznansky and Glenn Morley (that’s me, the author) were honored to be included as faculty speakers. Collectively, BSM Consulting delivered six presentations on a variety of practice management topics, including dashboards and financial reporting, consultation skills, staff engagement, compensation, and incentive plans.

The presentations given by the BSM team successfully demonstrated one of the company’s primary core values: To provide cost-effective and high-quality business management tools and resources for health care professionals.

For those unable to attend, below are highlights or “Golden Nuggets” from BSM’s VSC presentations. We hope you find them valuable.

Golden Nugget #1: Exceptional customer service is built from processes established in your clinic. Staff training alone is not enough to ensure consistently outstanding customer service. Inspiring staff to live by your service philosophy requires establishing carefully designed service processes for each customer touchpoint. Creating five-star service starts with defining four to five key values that represent the ideal customer service experience (i.e., efficient, courteous, discrete, etc.). Begin this process by carefully evaluating each customer touchpoint and developing seamless procedures, thus ensuring your staff delivers exceptional outcomes across each established core value.

Golden Nugget #2: A hallmark of top-performing practices is financial discipline. In addition to monitoring balance sheets and operating statements, top-performing practices typically use three reports to ensure sound financial discipline. First, an annual budget is critical for monitoring and managing operations, allowing for informed and timely decision-making. Second, financial dashboards are essential in evaluating key trends, ensuring goals are being consistently met while embracing a culture of accountability. Finally, benchmark reports are used by top-performing practices to ensure they are always meeting (or exceeding) practice goals.

Golden Nugget #3: Retaining star employees is more important than ever. In an ever-tightening job market, staff retention is critical. Evaluating regional and national compensation and wage data and understanding how your practice compares are important components of staff retention. Bonuses and incentives need not be complicated — a disciplined approach should start with good data, then clearly outline key performance indicators and achievable goals. This will pay dividends in the form of increased employee trust, engagement, and retention.

Golden Nugget #4: What YOU can do to attain better employee engagement. The most common employee-related issues reported by managers and physicians are lack of accountability, rudeness/bad manners, and poor attention to detail. Sadly, most practices spend more time focused on the problem rather than owning the solution. The most important engagement factor, as reported by our experienced consultants and practices, is inspiration! The best organizations inspire employees to own every task and interaction by taking the time to articulate a clear mission. Painting a picture of what this mission looks like and how each employee contributes to it inspires staff to actively own their day-to-day tasks.

YOUR TURN: What were your major takeaways from this year’s VCS meeting? We’d love to hear them. Let us know in the comment section below.

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