The Practice Managers Overhead Handbook

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source link Based on the result of your survey, you may be automatically redirected to a certain relevant section of our website for a followup. Again, thanks a lot for your time. Reseller Sign In. Welcome Back Reseller Log Out. What are the major needs at this time for your practice?

Choose only one major need. Use the comment field below to list more of your needs if applicable. More Patients. Develop Practice Growth Plan. Clinical Efficiency Training. Total Practice Evaluation. Improve Collections. This can make their role in the strategic planning process more difficult, especially in conservative cultures such as law firms. In order to play a constructive role, you need to:. Implication for Practice Managers. Multiple studies confirm that lawyers are highly sceptical.

Highly sceptical people are often judgmental, argumentative, questioning and sometimes cynical. In other words, they will resist change unless they absolutely need to.

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Great trait for technical lawyering. Not so great for managing, which usually requires collaboration, a degree of risk-taking and mutual trust. Scepticism needs be diluted with data-driven communication. Use statistics, concrete facts and benchmarking information to drive home your argument. The studies indicate lawyers are often high on urgency, compared to the average population.

Impatient, they seek to get things done immediately. The opposite are people who tend to be more patient. Lawyers often prefer interacting with intellectual issues, rather than with people. Strategy and business development are profoundly human activities. An effective strategic plan relies on collaboration with people with mutual respect, often in a spirit of inquiry. As practice manager, you need to think hard about how to create an atmosphere that cultivates this.

Lawyers are over-confident and arrogant? Think again. The studies indicate that most lawyers are lower in resilience than most people think. Many are very sensitive to criticism and use self-protective tactics often razor-sharp sceptical intellect to bolster their low resilience. Be positive about individual contributions and reinforce that everyone is accountable not just a particular partner.

Lawyers place a great deal of importance on their independence. Any threat to this sense of independence is likely to be greeted with resistance — the last thing you need! Show the partners what other firms are doing. Show the partners what is happening in the market. Show the partners the latest benchmarking information.

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Use external experts to direct focus away from you see below. What services should we focus on and what services do we need to get rid of? Most experts are advising smaller firms to either re-engineer the way they deliver commoditised services, or to get rid of them entirely. Also, firms are being advised to specialise in discrete areas. Specialist firms are also able to commend premium prices, compared to generic law firms.

How can we position ourselves so that our clients perceive us in a different way to competitors? Again, specialisation helps. What are the elements of that experience that they value the most? Sure, proximity to your clients is important. Technology, however, is critical. Mid-sized firms that can demonstrate innovation in using technology to enhance the firm-client relationship are likely to gain a distinct advantage over competitors. It needs to engage and include the high quality clients, creating dependence. Is the partnership model the best way to structure the firm?

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Partnerships rely on consensus. Decision-making on a consensus model is often slow. Equally, is the firm still using a leveraged model to generate profit? Most firms are exploring the benefits of a deleveraged model, which can improve profitability as well as meeting client needs.

If your firm is looking to implement an LPO solution insist on a small incremental roll out with a few idea champions within the firm before rolling out the solution firm wide. This is critical to ensure that you gain confidence on whether the solution will work for you without having to deal with the inevitable questions, queries and concerns that an initial organisation wide rollout will always bring.

Subscribe to receive posts as email. Printer-Friendly View. By partnering with an LPO, you can drive previously unrecognized revenue to your firm. Investigate who is successfully delivering LPO services for Australian law firms and clients, and what types of services they offer. Speak to your peers at other law firms and ask for references. You might also consider whether the LPO provider offers onshore account and project management to assist with the initial set up. This will assist you in assessing the quality and value of their work.

What to ask for obviously depends on the particular work in question. For due diligence services, ask to see samples of summarized contractual agreements together with project manuals and process flows delineating areas of responsibility; for legal research, ask for sample memoranda, case law summaries or legislative tracking work product. In the webinar, I spoke to how the LPO industry has matured and consolidated over the last few years and that we are now entering an era I coin "LPO 2.

You should readily expect that across their delivery and executive teams, your chosen LPO provider has an array of talent at different experience levels. Client confidentiality must be maintained, so ensure your LPO provider has appropriate policies, procedures and processes in place to address this, i. Client consent is critical, so inform your clients if you are considering using an LPO provider on their work and seek their agreement to proceed.

Corporate clients are increasingly cost conscious in the current climate, so offering LPO solutions can be a real competitive advantage. Effective legal supervision of LPO providers is crucial to meeting this obligation. Avoid conflicts: Check that your LPO provider strictly adheres to procedures to avoid real and perceived conflicts.

Insurance: Speak to your insurer to confirm that your policy extends to work delegated to a LPO provider. As mentioned, Australian lawyers remain ultimately responsible for all legal work they sign off on. It may not be in every situation i. Without champions to drive and support change, endeavours to set up an effective LPO interface are destined to fail. Winning over your firm will require a good result the first time around, and close collaboration with your LPO provider on a small project is an ideal way to achieve the best results.

Manage these hurdles with diligent planning. Establish clear objectives and key performance indicators KPIs ; stay involved and interested throughout engagements and ensure appropriate feedback loops are in place.

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Decide what, if any, mark-up to apply to the cost of the LPO services, and disclose the same to your clients. LPO providers routinely bill for their own services on a fixed fee basis per document, per contract and this facilitates the law firm providing services to their own clients under fixed fee models. He is a pre-eminent authority and thought leader in the field of legal outsourcing.

He is also a recognized expert on the Ethics of Legal Outsourcing, and has written numerous articles and widely acclaimed White Papers dealing with the subject. Comments 0 Trackbacks 0 Permalink. I believe that true, value-creating change within the legal profession will be when LPO itself supplants the base of the law firm pyramid. Nor am I suggesting that the rise of LPO somehow equates to a win-win-lose scenario, namely win for the corporate client, win for the LPO provider yet lose for the law firm. In or around , it was not law firms but corporate legal departments that were the first proponents of LPO.

Back in those early days, a cocktail mix of incredulity with a dash of disdain was the tipple of choice for many a US or UK law firm partner when confronted with the LPO elevator pitch. These first couple of years I characterise, perhaps somewhat harshly, as the phase where US and UK law firms were dragged kicking and screaming into the arms of LPO providers.

In fairness to the major Australian law firms, this phase of forcible reluctance largely passed them by.

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Andy McCorquodale is the author of The Practice Managers Overhead Handbook ( avg rating, 0 ratings, 0 reviews). [EPUB] The Practice Managers Overhead Handbook by Andy McCorquodale, Mel Williams. Book file. PDF easily for everyone and every device. You can.

Although Australian law firms came a little later to the LPO party, when they did arrive, they generally did so with a refreshing degree of enthusiasm. In-house counsel muscle-flexing manifested itself not only in ad hoc requests that their outside counsel use an LPO provider but also in the increasing prevalence of Requests for Proposals RFPs asking outside counsel whether they had relationships in place with LPO providers. Law firms responded in turn by undertaking selection processes of their own to choose one or more preferred LPO providers.

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The end result was that when asked the question in an RFP, law firms could respond in the affirmative. I call this the Checking the Box phase. I believe that many firms including several in Australia are struggling with how to navigate the transition from the Checking the Box phase into the phase that follows, Strategic Collaboration. In , my employer Integreon commissioned research tracking the adoption of LPO among UK law firms and in-house counsel.

These firms are at various stages along the journey that I term Strategic Collaboration. The theory behind strategic collaboration is not rocket science. The premise is that the whole is greater than the sum of the parts. Contrary to early concerns that LPOs would compete directly with law firms, it has become abundantly clear to those firms embracing Strategic Collaboration that the most effective legal services delivery model is a true symbiotic ecosystem in which law firms and LPO providers both play crucial roles. Unrelenting cost pressure, deregulation, disaggregation, globalisation and technological advances have been the genesis of LPO.

Over the next years, the challenge and the opportunity is for LPO providers and law firms to develop new delivery models that will drive even greater innovation. It is incumbent upon all the key constituent stakeholders in the legal services industry to find better ways of working together. In coming years I have no doubt we will see even closer collaboration between law firms, and LPOs, with the lines of ownership of the legal services delivery model becoming increasingly blurred as these stakeholders invest in and enter into joint ventures with one another.

This I call the Bifurcated Ownership phase. The end result of the journey to this final fourth phase, is a seamlessly integrated delivery model, with both corporate and lay clients benefiting from better, faster, more readily accessible and cheaper legal services. Register here. Tuesday, May 28, There is no point in hiding from the fact that sooner or later, consumers will move en masse to the internet to purchase legal services. Online legal services, including the provision of legal documents, advice and information, have taken off in both the US and the UK over the past 5 years.

The Australian market has not developed as quickly, but based on the growth of business such as RocketLawyer , LegalZoom and Riverview Law overseas, we can expect significant changes here as well. The key for any business in the online legal services space is to pick an appropriate business model which allows it to leverage the three key strengths of e-commerce: low overheads, scalability and search.

LegalZoom and RocketLawyer, the two biggest players in the US online legal services market, have chosen models which achieve just this. Because of their size, VC backing and Silicon Valley mentality, these businesses have grown very quickly, despite attempts by various state law societies in the US to shut them down. Because the marginal cost of providing their product to consumers is very low, and the costs of running a business online are also very low, they are able to reinvest significant sums in marketing.

The big US players have been able to grow by focusing mainly on the legal documents market. In many ways this is a reflection of the US legal market- consumers are savvy and willing to do some work themselves on documents before seeing a lawyer. We launched LegalVision last year with a range of customised legal documents, selling them both on a pay-per-document and a subscription basis. Although customers loved our user experience and range of documents, we were missing out on quite a bit of business as we were not offering legal advice, legal review of documents or general legal help.

The size of the market in Australia means a successful online legal services business needs to offer a broader variety of services than just documents. We therefore put together a network of specialist lawyers who work online and hence have very low overheads. This allowed us to begin offering quotes on any legal project, with LegalVision managing the project and the lawyers in our network providing the necessary legal advice under their own practicing certificates.

This hybrid model is working for us, but there are other online legal services in Australia using different models; some generate business for lawyers and charge an advertising fee, some just sell document templates and others also focus on a hybrid model. Customers are looking for value, and having a junior solicitor draft a document using a precedent, then having the partner review the document before signing off on it does not, unfortunately, represent value.

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Clearly there will always be a great need for lawyers, but the way in which lawyers provide their services is going to change. A great example of this approach is Riverview Law in the UK. They are a new firm, partially owned by DLA Piper , that provide fixed fees for all work, and crucially an online platform with a host of documents and information that customers can work on themselves before taking on a lawyer. The largest corporate law firms are unlikely to be affected by the move online, but smaller firms, and in particular sole practitioners, will need to lower prices, offer fixed fees, and work more efficiently.

Find more tips on our Social Media page , or Take a look at the slides from the Practice Management Workshop session on new practice marketing techniques. An employee handbook is needed whether you are a solo physician, practicing in a single specialty or part of a multispecialty group. It is the document that will provide your employees with the proper guidelines and rules that govern your practice and will allow you to reward or discipline an employee when needed.

Fair employee treatment cultivates loyal employees. The employee handbook should include the following: 1. Mission and vision of the practice. Great mission and vision statements will motivate your staff. Job titles and descriptions for all categories of the office staff. The office hours of the practice. What constitutes part-time and full-time employment and what benefits each are entitled to receive. An outline of all benefits medical and dental insurance, life insurance, CME allowance, PTO and how to qualify for them. A description of what actions result in disciplinary actions, as well as steps for disciplinary actions.

Rules about use of cell phones during office hours and personal use of office computers. Your sexual harassment policy, including your complaint or investigation procedure. Employees must read the handbook and sign an acknowledgment that they read it. Create a contract summary form that includes the fee schedule, effective dates, contract point outliers, etc.

Physician burnout can be caused by excessive workload, poor work-life balance and lack of control. Daily huddle with your team: Spend 5 to 10 minutes each day talking to your nurses and other office staff to plan how your day might go. Discuss the scheduled patients who might need more time with the provider or need any labs, tests and records to be retrieved or done before seeing the provider. Have a documentation team: Nearly half of providers say they spend too much time on clerical tasks. Have your nurses help you enter clinical data. Train them to get better on their technology skills.

Increasing the number of your support staff might actually save you more money. Consider hiring a medical assistant to serve as your scribe and as your nursing assistant. Better prescription management: When prescribing a medication, consider prescribing a 90 day supply of medicines with refills and try to be consistent in doing this. It will reduce the number of calls into your office for refills and other prescription changes.

If a patient calls asking for refills, then you and your staff know immediately that a patient has not been to your office in a while and needs a follow up appointment. Determine the number of patients that your practice has on biologics. It might be time to assign or hire a person on your staff to solely manage the handling, billing and administration of biologics.

Keep a detailed inventory and tracking log, and update it every day. The log should include patient names and insurance and specialty pharmacy information, payment information, dosage, and vials and milligrams used. Do not forget about disaster management. In light of the most recent weather-related disasters, do not forget about having disaster insurance on your inventory of biologics and allergy extracts and vials. Click here for full issues of Practice Matters! April Practice Tip of the Month: Be Aware of Insurer Skin Testing Limits Insurers are beginning to limit the number of skin tests a patient may have over a period of years the time varies with insurer.

February Practice Tip of the Month: Payer Relations Many insurers are requiring proof of reversibility of airway obstruction for the approval of biologics. January Practice Tip of the Month: Successful Practice Transitions With increasing mandates and complexities of practice, many physicians are either selling or closing a practice or joining larger entities in order to reduce financial and administrative burdens. Assemble a team of experts — accountant, lawyer, appraiser — to help the sale go smoothly.

Eliminate as much practice debt as possible, and hold off on making major technology investments. Closing your practice Review your vendor, service and managed care contracts for notice requirements.