How SMARTPro Helps Enhance Practice Value

Creating plans for the exit 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 exit. This article focuses on medium-term strategies to improve efficiency and to enhance the value of your practice.

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

Improve your processes with modern tech

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

Improvements to accounting and bookkeeping platforms is one of the key practice innovations. Right now, many practice owners are using traditional methods, like spreadsheet software on their desktop, to manage finances. New solutions, like ease by MNP, use cloud-based apps to develop a solution that integrates into your current practice, automating repetitive processes, generating key performance metrics, and helping to assess against industry benchmarks.

Evaluate the health of your practice — and where you can improve it

An in-depth analysis of the practice can help you adjust your practice strategy to lean into your strengths. Armed with insightful data, you’ll learn where your practice excels and how to maximize your opportunity. Building out from a strength delivers returns in the short and long term, as you benefit from the improved performance while practicing and increase the value of your practice for a sale.

SMARTPro makes this easy. An MNP advisor works with you to identify room for growth and builds a strategy to help you get there.

Protect your future with a staffing plan

You have built value in your practice through development of a team who deliver 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 the practice and your staff, will serve to enhance your annual results and increase your success on that future transition.

How does your practice rate in these areas? Our SMARTPro self-assessment tool will show you. Click here to get started.