How using SMARTPro can help enhance the value of your practice

Value should always be top of mind at any stage of your practice’s lifecycle. However, creating a plan for the sale of your practice is about more than simply knowing what you want to accomplish at the end. Identifying what you need to do over the coming years is a critical part of your plan to get your practice to a ready state for your eventual sale. This article focuses on medium-term strategies to help improve efficiency and enhance the value of your practice.

Three key areas to look at include assessing your technology, checking on the health of your practice, and managing your staff.

Improve your processes with modern technology

Technological advancements can happen fast, making it difficult to keep up as a practice owner. However, investing in the latest (and the right) solutions can put time back in your schedule, eliminate tedious day-to-day tasks, and reduce reliance on staffing. It can also reveal opportunities to improve your practice.

One key innovation is the improvements to accounting and bookkeeping platforms. Right now, many practice owners are using traditional methods such as desktop spreadsheet software to manage finances. New solutions use cloud-based apps to develop an accounting and bookkeeping solution that integrates into your current practice. This helps automate repetitive processes, generate key performance metrics, and helps assess your practice against industry benchmarks.

Protect your future with a staffing plan

You have created value in your practice by developing a team who delivers quality patient care in an effective and efficient manner. This team is your competitive advantage — and can be an essential element in the future transition of your practice.

Building a long-term staffing plan designed to protect both your practice and your staff can serve to enhance your annual results. It also helps support the success of a future transition.