The value of practice management in Australian healthcare

How to achieve excellence in your practice and boost your bottom line

As a practice owner, you know that running a healthcare practice is not only about providing quality care and services to your patients and clients, but also about managing the business aspects of your practice. You need to ensure that your practice operates efficiently, effectively, ethically and legally, and that it meets the changing needs and expectations of the healthcare environment.

Practice management is a complex and dynamic position that requires a range of skills, knowledge and competencies. It involves the process of planning, organising, leading and controlling the resources and activities of a healthcare practice. It is not only about managing the administrative and financial aspects of the practice, but also about managing the human resources, clinical governance, risk management, marketing and the strategic planning. 

Why is practice management important for your practice?

The importance of practice management lies in its direct effect on your practice's performance and sustainability, as well as the satisfaction and outcomes of your patients and clients.

A well-managed practice can:

• Enhance the productivity and profitability of the practice, leading to reduced costs and increase in revenue.
• Increase the engagement and retention of staff and practitioners, potentially reducing turnover and improving teamwork.
• Reduce the stress and workload of the practice owner and manager, thereby improving work-life balance and well-being.
• Improve the quality and safety of care and services, resulting in increased patient loyalty and referrals.
• Ensure compliance with the relevant standards, regulations and legislation, which can avoid penalties and litigation.
• Adapt to the changing needs and expectations of the healthcare environment, generating improved opportunities and competitive advantages.

How you manage your practice is significant because it demonstrates the values and ambitions that affect how your practice is perceived by others in the community and industry. 

What defines excellence in practice management?

To achieve excellence in practice management, mangers should seek to develop and apply the following core principles:

These are the core skills, knowledge and competencies that improve the performance and sustainability of your practice. They can also help you meet the expectations and needs of your patients, clients, staff, practitioners and stakeholders.

Valuing practice management

It is vital to keep investing in your personal growth by:

• Accessing resources and support from the Australian Association of Practice Management (AAPM), the national peak body for practice management in Australia.
• Encouraging certification programs, such as the Certified Practice Manager (CPM) and the Fellow of AAPM (FAAPM), that can help affirm your manager’s competencies and achievements.
• Seeking professional development and education opportunities, such as webinars, workshops, conferences and courses, that can help update their skills and knowledge.
• Networking with and mentoring with other practice managers, such as, through local and national events, online forums and peer support groups that can help you share your experiences and challenges.
• Accessing resources and information, such as publications, newsletters, guidelines and templates, that can help you implement best practices and standards.

If you need to hire professional practice management resources, look for a professional manager with the skill set your practice requires. CPM through AAPM should at least be a desirable criterion for the position as it indicates they have undergone education and development within the profession.

While practice management is an expense to the business, if you have the right people on board, you will turn that expense into an investment and reap the benefits of having an efficiently run practice that delivers high-quality care and services to your patients and clients. Please reach out if you need assistance to address your practice management capabilities and how those capabilities can be of value to your practice. 

Disclaimer

The information provided in this article does not constitute advice. The information is of a general nature only and does not take into account your individual financial situation. It should not be used, relied upon, or treated as a substitute for specific professional advice. We recommend that you contact Brentnalls SA before making any decision to discuss your particular requirements or circumstances.