End-of-Year Practice Audit: How to Streamline for 2024

As the year comes to a close and we gear up for 2024, now is the perfect time to hit pause, take stock, and streamline your practice for the new year. I know, I know—auditing your practice might not sound like the most exciting end-of-year activity, but trust me, it’s one of the most important steps you can take to ensure smooth sailing ahead.

Here’s the good news: it doesn’t have to be overwhelming. With a focused plan and a few key areas to review, you’ll be able to enter 2024 with systems that run like clockwork, a clear sense of where you stand, and goals that will keep you growing all year long. So, let’s dive in!

1. Review Your Financials: Get Clear on Where You Stand

Before you can set goals for the year ahead, it’s crucial to get a firm handle on where your practice stands financially. Here’s where to focus:

• Income vs. Expenses: Run a full report of your practice’s income and expenses over the past year. Identify any months where you saw fluctuations—both positive and negative—and dig into the causes. This can help you plan for slow seasons and capitalize on high-earning months.

• Collections & Outstanding Payments: Now’s the time to clean up your collections process. Follow up on outstanding payments and look for patterns in delayed collections. If billing is a headache, this is the perfect opportunity to review your systems and make changes.

• Cost-Cutting Opportunities: Look for areas where you can cut unnecessary expenses. Are there any services or subscriptions you’re paying for but not using? Are there more cost-effective tools available for billing, scheduling, or client communication?

2. Check Your Operational Systems: Is Everything Running Smoothly?

Your practice can’t scale if your systems are clunky. Take a moment to assess the processes you use daily to run your practice. Consider these questions:

• Scheduling Systems/ EHR: Is your current scheduling system working, or is it causing double bookings or missed appointments? Look for ways to optimize it, such as offering online scheduling or automated appointment reminders.

• Hiring & Onboarding: Review your hiring and onboarding processes for new staff. Are you attracting the right talent? Are new hires getting up to speed quickly, or is there room for improvement in training?

• Client Management Software or CRM: Is your client management software efficient, or is it time to switch to something more intuitive? Explore whether upgrading your software can save you time and improve your practice’s overall flow.

3. Evaluate Your Team: Who’s Thriving, and Who Needs Support?

The end of the year is the perfect time to reflect on your team’s performance and morale. Take time to do a full evaluation of your team:

• Performance Reviews: Conduct one-on-one meetings with each of your staff members to discuss their performance over the past year. Celebrate wins and provide feedback on areas for growth.

• Training & Development: Are there gaps in your team’s knowledge? Identify any training opportunities that could help your staff be more effective in their roles.

• Culture Check: How is the morale of your team? Is burnout a concern, or are your employees feeling supported? Think about ways to improve your practice’s culture—whether it’s better communication, more team-building activities, or recognizing employees’ hard work more often.

4. Set SMART Goals for 2024: Start Strong

Once you’ve reviewed the current state of your practice, it’s time to set goals for the new year. Use the SMART goal framework—Specific, Measurable, Achievable, Relevant, and Time-bound—to set clear objectives for 2024:

• Increase Revenue by 10%: Based on your financial review, set a target for revenue growth. Break it down into monthly or quarterly targets to make it more achievable.

• Systemize Your Onboarding Process: Streamline your onboarding process by creating a checklist and timeline for new hires. Aim to reduce training time by 20% in the first quarter.

• Boost Client Retention: Focus on improving client retention rates by 15% through follow-up reminders, loyalty programs, or improved service offerings.

5. Plan for Growth: Think Big for 2024

As you streamline, don’t forget to think ahead. What does growth look like for your practice in the coming year? Whether it’s expanding your services, hiring new staff, or opening a second location, make sure you have a plan in place. And remember: growth only works if your systems are solid—so focus on building the infrastructure that will support your success.

Decide what you're going to track for 2025. Here's a list of the top ten things we track at Mindsight Behavioral Group: 

1. Session Count (daily, weekly, bi-weekly, monthly)
2. Revenue in Comparison (daily, weekly, bi-weekly, monthly)
3. Number of Leads (daily, weekly, bi-weekly, monthly)
4. % of Conversions (leads booked)
5. Lead Analytics (where do they come from, which ones book vs. which ones don't, new leads, etc.)
6. Aging Report (under 3%)
7. Individual Clinician Productivity (bi-weekly, quarterly)
8. Individual Clinician Utilization (# of clients on their list vs. # of clients seen in a pay period)
9. Number of Client Assignments per Clinician per week
10. Clinician Tenure

Wrap-Up: Time to Streamline!

Taking time to conduct an end-of-year audit might seem like a tall order, but it’s the key to starting the new year on the right foot. By reviewing your financials, streamlining your systems, evaluating your team, and setting clear goals, you’ll be well on your way to a smooth and successful 2024.

So grab a cup of coffee (or tea, or wine—no judgment here) and dive into this audit. Your future self will thank you!