By Michelle Wier, MBA, CMPE, V2V Founder
A year ago, the four of us, myself, Deb Wiggs, Nancy Babbitt, and Irv Barnett, joined forces to found V2V Management Solutions.
Why did we do that?
Well, we felt that our ideas on what drives value in medical practice management is pretty unique, and specific. Our initial discussions sparked something akin to that phrase, “the sum of the whole is greater than the individual parts.” What does that mean, in real terms, to the medical practice? It’s a philosophy that leads to the goal of value management across the medical practice.
True, “value” is an over-used term and focuses largely on financial-based or clinical-based imperatives in our industry. However, the basic premise of this age-old term, “value management” represents so much more. It means improving and sustaining a balance between the wants and needs of all stakeholders and the resources required to satisfy those needs. So we asked ourselves,” what would value management look like within the medical practice arena?” What evolved was our ADEPTSM philosophy for driving sustainability in the new business of health care.
So, what is ADEPTSM? The five functions of value across a medical practice.
Application.
Deploying new technologies and processes into practice defines the new normal in health care. However, it’s not just about optimizing your EHR for patient and clinical performance.
Distinction.
What sets your brand apart? Do you know? The future will be driven by each encounter, and will be more patient-centered than ever before. It’s important to know how you are perceived in the market and whether it reflects who you really are.
Effectiveness.
Effectiveness is achieved by ensuring the highest in clinical quality and service to your key stakeholders: Your patients, your employees, and the community. And, it’s imperative to be dedicated to continuous improvement in all aspects of your organization.
Profitability.
Successful financial and clinical operations are not mutually exclusive. In fact, in the new business of health care, improving both service effectiveness and operating margins is imperative to sustainability.
Talent.
A tremendous amount of effort is focused on talent acquisition through recruitment. What about onboarding, organizational development, or interim management? If as much effort was focused on retention as recruitment, the medical practice would reap many rewards.
Over our years in medical practice management, the founders of V2V learned that when any one of these five elements is missing, the success of the practice is at risk of becoming unsustainable. However, when a practice transforms financial and clinical operations by becoming ADEPTSM across these five value functions, it creates a sustainable model for success in this new business of health care. The medical practice of the future will be driven by each encounter and be more patient-centered than ever before. It takes focused work to transform your practice, but it is not an unsolvable puzzle. The benefits to your patients, to the livelihood of your clinical and operations staff members, and to your own success, is worth it. And, that’s really why we’re here.
