In this episode of the MGMA Insights Podcast, host Daniel Williams speaks with Sharon Sagarra, MBA, FACMPE, owner of Sagarra Medical Consulting, and an MGMA consultant. Sagarra shares her extensive experience in healthcare management and provides actionable strategies for medical practice leaders to optimize compensation and benefits plans for their employees. Her insights are particularly relevant for those attending the 2024 MGMA Staffing Conference, where she will present on this topic.
Practical Takeaways for Medical Practices
1. Develop a Comprehensive Budget
Maintaining a detailed budget is essential for managing financial challenges such as rising minimum wages and decreasing insurance reimbursements. "Make sure you're doing a budget. I was surprised the last two practices I was at did not have a budget," Sagarra emphasizes. A comprehensive budget helps practices monitor expenses, identify cost-saving opportunities, and allocate resources efficiently.
2. Streamline Operations and Utilize Group Purchasing
Streamlining operations and leveraging group purchasing organizations can significantly reduce costs. Sagarra advises, "Look at supplies that could be streamlined with maybe one or two vendors or group purchasing organizations." This strategy helps negotiate better rates and simplifies inventory management, reducing both costs and administrative burdens.
3. Automate to Improve Efficiency
Implementing automation can help reduce payroll and overtime expenses while enhancing staff efficiency. Sagarra notes, "Automation of tasks can make things easier for your staff, reducing costs in payroll and overtime." Automating billing, appointment scheduling, and other administrative tasks frees up staff time for more impactful activities.
4. Invest in Staff as Key Assets
Recognizing staff as valuable assets and investing in their well-being is vital for boosting practice success and employee satisfaction. Sagarra states, "They are an important asset. They are the face of your practice." Providing support, appreciation, and professional development opportunities ensures staff feel valued and motivated.
5. Conduct Employee Benefit Surveys
Conducting employee benefit surveys helps tailor benefits to the needs of the staff. Sagarra highlights, "You can do an employee benefit survey to see what your work staff is looking for in regard to benefits." Understanding the diverse needs of employees, from those starting their careers to those nearing retirement, allows practices to offer relevant and appealing benefits.
6. Develop an Employee Value Statement
An employee value statement demonstrates the practice's investment in its staff. Sagarra explains, "The employee value statement shows how much the company has invested in them." This statement includes the total value of benefits provided, such as health insurance contributions, retirement plan matches, and other perks, helping employees appreciate their total compensation package.
7. Cultivate a Positive Organizational Culture
Building a positive organizational culture that promotes respect, loyalty, and commitment is essential. Sagarra discusses the concept of cultural competency, "Creating a culture where employees are loyal and committed to the practice." Practices should focus on recognizing and rewarding employees, providing flexible schedules, and ensuring open communication to foster a supportive and inclusive work environment.
8. Facilitate Interactive Learning for Continuous Improvement
Sagarra plans to make her conference session interactive, allowing attendees to share their experiences and best practices. "I want the attendees to be able to come to the table and say what's been working, what's not working," she says. This approach encourages continuous improvement and collective problem-solving among medical practice leaders.
Episode Wrap-Up
Sharon Sagarra's practical strategies offer valuable guidance for medical practice leaders looking to enhance their compensation and benefits plans. By developing comprehensive budgets, streamlining operations, implementing automation, and fostering a positive organizational culture, practices can improve financial stability and employee satisfaction. For more detailed strategies and to learn about the upcoming MGMA Staffing Conference, visit MGMA.com. Stay tuned to the MGMA Insights Podcast for more solutions to elevate your medical practice management.
Resources Mentioned
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