Search
Close this search box.
over 200,000 downloads

Episode 223 | The 5 A’s of Accountability: Audit

tgpe podcast with maureen werrbach

WITH MAUREEN WERRBACH

00:00
00:00
  • Episode 223 | The 5 A’s of Accountability: Audit 00:00

Share

Ever wondered how to transform vague promises into measurable success in your group practice?

For the fifth episode of the six-week Accountability Equation™ podcast series, I dive deeper into the fourth A of the five A’s of Accountability: “Audit”. Join me as I share why using key performance indicators (KPIs) are necessary to track progress and measure success. I talk about how to identify the core responsibilities, objectives, and critical success factors for each leadership role in order to determine the appropriate KPIs to track. I also share examples of common KPIs for different roles in your practice. Some of the things I cover in this episode are:

  • Explaining the importance of accountability in a group practice
  • Understanding the need for metrics and key performance indicators (KPIs) to track progress and measure success
  • How to use data and evidence to support claims of success or failure
  • Sharing how to identify core responsibilities, objectives, and critical success factors for each leadership role
  • Exploring ways to determine appropriate KPIs to track for different roles (administrative, clinical, hiring and onboarding, HR)
  • Diving into the importance of accurate auditing to ensure leadership team meets accountabilities

Accountability thrives when it’s supported by a web of metrics, offering transparency, motivation, and insight. Audits act as a reality check for your business, bridging the gap between intentions and outcomes.

Thanks for listening! Like what you heard? Give us 5 stars on whatever platform you’re listening from. Need extra support? Join The Exchange, a membership community just for group practice owners on our website www.thegrouppracticeexchange.com/exchange. Talk to you next time!

Resources mentioned in this episode:

The Accountability Equation™ Quiz

The Accountability Equation™ Program & In-Person 2-Day Accelerator 

Connect with Maureen Werrbach & The Group Practice Exchange:

Website

Facebook

Instagram

LinkedIn

 

This episode is sponsored by TherapyNotes. TherapyNotes is an EHR software that helps behavioral health professionals manage their practice with confidence and efficiency. I use TherapyNotes in my own group practice and love its amazing support team, billing features, and scheduling capabilities. It serves us well as a large group practice owner.

Do you ever wish for a financial therapist who could relieve you from the last few months of bookkeeping, talk you off the edge when you’re running into issues with Quickbooks, or help you work through a profit plan for growth? GreenOak Accounting does just that! GreenOak Accounting is an accounting firm that specializes in working with group practices. Their value goes WAY beyond bookkeeping; they can help you get on track for financial success. Schedule a free consultation by going to http://greenoakaccounting.com/tgpe

Transcript:

Maureen Werrbach

Maureen Werrbach (00:00:01) – You’re listening to the group Practice Exchange podcast where the business development resource for group practice owners, where we talk candidly about business ownership and leadership from practice building tips to live coaching to real talk episodes with other group practice owners where the resource you’ve been looking for to help you grow your group practice. I’m your host, group practice owner and entrepreneur Maureen robach. 

 

This episode is sponsored by TherapyNotes, TherapyNotes is an online practice management and billing software designed for mental health professionals. Therapy Notes says everything you need to manage patient records, schedule appointments, create rich documentation and bill insurance right at your fingertips. They offer free and unlimited live support seven days a week. Their streamlined software is accessible wherever and whenever you need it. To get two free months, go to www.therapynotes.com/r/thegrouppracticeexchange. 

 

Need a new accountant or bookkeeper? Meet Greenoak Accounting, an accounting firm that works specifically with private practices. They do all of your accounting needs from budgeting to accounting to bookkeeping and payroll to building your dashboard. On top of that, they can help you set up your profit. First systems go to greenoakaccounting.com and mention The Group Practice Exchange for $100 off your first month. 

 

Welcome to another episode of the Group Practice Exchange podcast. This is Maureen. We’re back here. Host And today is episode five of our six part Accountability Equation series. Last week we talked about the five A’s of accountability. Specifically assign. If you haven’t listened to it, I recommend going back and listening to that episode because this week we’re on the fourth a of the five A’s, which is audit, and we’re going to be talking specifically about all things related audits. So once we’ve assigned accountability to our leadership team and an organization as a whole, it’s time to audit the practice. In the fourth of the five A’s of accountability, you’ll learn how to effectively audit your leadership team and their accountabilities. Because accountability can only happen when we track progress and have metrics that show clear data. I want to share that in a world of information overload, the concept of accountability has taken on a new dimension.

 

Maureen Werrbach (00:02:30) – Gone are the days of vague promises and handshakes today. Action is measured, weighed and quantified. The power of metrics has become the backbone of accountability, and it weaves its way in every aspect of business. Metrics have become the driving force behind decision making. We can’t any longer claim success or failure without any solid evidence to support these assertions, and the metrics provide a yardstick against which accomplishments are measured and goals are assessed. They bring clarity to the world of subjective opinion and they demand tangible evidence and quantifiable results. Metrics hold a really unique power the power to reveal truths, uncover hidden patterns and expose areas of improvement. And they offer an unbiased view of the reality of your business so it can allow you to see beyond what’s right in front of your face with metrics. Accountability is no longer abstract, but the concrete reality that can be measured and evaluated. It really bridges the gaps between what we are intending on and our actual outcomes. So when we think about metrics, we want to talk about KPIs, which are key performance indicators.

 

Maureen Werrbach (00:03:48) – And in order for us to figure out what key performance indicators we need to have in our business, we have to think about some questions: What are the core responsibilities of our leadership role right In all of the leadership roles we want to look at? What are those core responsibilities? That’s going to tell us some of the things that we need to be tracking. We also want to talk about what are the key objectives or goals for each role, understanding those desired outcomes and performance expectations for the leadership positions that you have, they’re going to align with the broader organizational objectives in your practice. Also thinking about what are the critical success factors for the role. So if you can identify key factors that drive success in each specific leadership position, you’re going to be able to come up with key performance indicators and metrics that you want to track so that you can see the success. What are the measurable indicators of progress and performance? If you can determine the specific metrics that can effectively measure progress and performance in certain areas. And that means that they’re quantifiable, actionable and relevant to the leadership role, you’re going to get a good sense of what sort of metrics you should be tracking.

 

Maureen Werrbach (00:05:07) – So there are a bunch of common key performance indicators that most group practice owners are tracking. And I’ll go through a few of the most common ones for each of the main leadership roles. Administratively, we’re going to be looking at referral sources, the type of insurance that is being taken, the conversion rates of inquiries to scheduled appointments. Why are people not scheduling appointments, availability preferences for those that call how many people are requesting telehealth versus in-person based capacity and utilization by location? These are just a few administrative metrics that you might want to be tracking from a clinical perspective. You might want to track follow up feedback forms, client feedback forms, clinician retention or attrition session count or note completion. For an integrator. Remember, as we’re talking about the accountability equation, the integrator is the person. They’re the glue that holds the whole practice together and ensures that all the different departments are engaging in their accountabilities and meeting them. But beyond that, they are going to look at revenue and cost data. When we think about the hiring and onboarding person, you might want to be tracking how many clinicians are hired each year, how many applicants are coming in each year.

 

Maureen Werrbach (00:06:31) – So you can see what percentage of applicants are actually being hired. It’ll give you great information as to whether the places that you’re putting out your job offers are good places to actually put them out. You’re going to look at referral acquisition and hiring status and 90 day onboarding. Like how long does it take to successfully onboard new people and do they feel like they are successfully trained once onboarding is complete? And then lastly, HR, you might want to have some sort of tracking system for completion of required employment documentation or trainings, exit interviews, employee benefit data, health care benefits, clinician attrition, retention. These are all important auditing KPIs that every practice should be aware of. So auditing is sort of an adjunct to accountability measures. And if you’re auditing accurately, the data pieces on your dashboard are going to give you a story that lets your leadership team know if the things that they’re accountable for are being met. So I want to end this with talking about what we’re going to be discussing next week, which is the last of the five A’s in the five A’s of accountability, which is action planning.

 

Maureen Werrbach (00:07:50) – I love the action plan section. And so I hope to see you next week. But make sure to also look at going to our Accountability Equation accelerator. It’s our in-person accelerator program: two days, eight hours a day. We’re deep diving into the accountability equation and I’m helping you boots on the ground, build your roles and functions, Matrix your accountability tracker, coming up with questions for interviewing and onboarding new leadership team members, as well as building your dashboards and creating an action plan. So I’ll see you next week where we talk about the last of the five A’s, which is action. Thanks for listening to the group Practice Exchange podcast, like what you heard, give us five stars on whatever platform you’re listening from. 

 

Need extra support? Join The Exchange, a membership community just for group practice owners with monthly office hours, live webinars, and a library of trainings ready for you to dive into. Visit Dot members dot the group practice exchange.com/exchange. See you next week.

Thanks For Listening

Thanks for listening to the group practice exchange podcast. Like what you heard? Give us five stars on whatever platform you’re listening from. Need extra suppor? Join The Exchange, a membership community just for group practice owners with monthly office hours, live webinars, and a library of trainings ready for you to dive into visit www dot members dot the group practice exchange dot com forward slash exchange. See you next week.

Resources

Here are the resources and guides we recommend based on this episode

Specialized Accounting for Private Practice

At GreenOak Accounting, we offer accounting services that cater specifically to solo and group therapy practices. Our services range from bookkeeping to budgeting & forecasting, Profit First support, profitability analysis, payroll, tax preparation, compensation analysis, and much more.

Through working with over 100+ therapist clients, we have seen what works and what doesn’t, so our team can help guide you on the path to financial. Our specialized services can be customized based on the size and needs of your private practice.

For more information about our packages and the different ways to work with us, please visit our website at https://www.greenoakaccounting.com/ and schedule a complimentary consultation with one of our team members!

therapy notes

*Need a good EHR for your group practice? TherapyNotes is it. I’ve been using it for years in my own group practice, and it does really well when it comes to having the features group practice owners need. Try it out for FREE for 2 months by clicking here.

* I am an affiliate for some of the businesses I recommend. These are companies that I use in my own group practice, and make recommendations based off of my experience with them. When you use some of these companies through my links, I receive compensation, which helps me continue to offer great free information on my podcast, blog, Facebook group, and website.

Related Episodes

11 MIN

Episode 28: Finding Your Ideal Clinician

38 MIN

Episode 25: Interview With Profit First Author Mike Michalowicz

30 MIN

Episode 238 | Implementing The Accountability Equation™ with Abby Morgan

34 MIN

Episode 240 | Leveraging Kolbe A™ Index for Enhanced Team Dynamics with Niki Ramirez

36 MIN

Episode 62 | Discussing Changes With Long Term Staff

28 MIN

Episode 153 | Clinical Supervision Directory with Amy Parks

Meet your host

Maureen

Maureen Werrbach is a psychotherapist, group practice owner and group practice coach. Learn more about her coaching services here:

About

The show

The podcast is structured so that you get practice building tips in small doses, where an episode can be listened to (and a group practice building lesson can be learned) in a single car ride.

Episodes are structured into categories: coaching sessions where I coach a group practice owner on a specific topic, tips of the day by yours truly, real talk where you get to be a fly on the wall while an established group practice owner and I talk about the highs and lows of ownership, and trainings done by experts in the field.

Don’t miss an episode! Download The Group Practice Exchange Podcast on iTunes, Stitcher or Google Play and don’t forget to subscribe and rate TGPE

* The content of this post is intended to serve as general advice and information. It is not to be taken as legal advice and may not account for all rules and regulations in every jurisdiction. For legal advice, please contact an attorney.

Subscribe To The Podcast

On your favorite player