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Ownership As A Key To Profits
By Marianne Harper

By developing a sense of ownership in employees, you will create a more dedicated, team driven, and productive staff that will result in a more profitable bottom line. One way to accomplish this is to establish an affordable, yet attainable monthly incentive bonus that is generated from production dollars that exceed a pre-determined level and that take into consideration collections, staff salaries and benefits, and employment taxes. The incentive bonus should be calculated at a daily rate times the number of days worked in the month to encourage excellent attendance. Should the monthly collections total less than 95% of the production, there should be a bonus percentage decrease based on the difference. Keep a monthly chart posted with daily figures so that staff can see their progress. This ratio of collection to production in determining a bonus keeps both clinical and clerical staff working together in a win-win situation for both the practice and the staff.

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The Art of Practice Management                              Phone: 1-252-637-6259  /  Fax: 1-252-637-0009