5 Tips for Ontario Doctors to Start 2025 on The Right Foot
A new year (and improved compensation) brings a fresh opportunity to refocus and set your practice up for success. For Ontario physicians navigating challenges like billing updates, rising overheads, increasing patient demands, and who are considering new directions, here are a few actionable steps to start the year strong:
1. Review Your Financial Health
Take stock of your revenue streams and expenses. Use the temporary 9.95% compensation increase as a chance to evaluate how well your practice is handling cash flow, overheads, and profitability. Set goals for gross profit, not just top-line revenue. In your top-line revenue, take your OHIP billing and error monitoring more seriously. Post your results or key metrics by your computer or put a snapshot of them in your phone’s wallpaper. Whatever it takes to measure and monitor your progress, do it.
Pro Tip: Consult with a practice consultant and / or with a financial expert to identify areas where small tweaks can yield big returns.
2. Streamline Your Billing (and other key) Processes
Billing errors and inefficiencies can cost you hundreds of thousands each year. As the new PSA updates take effect, now is the time to optimize claims and ensure your processes are error-free.
Pro Tip: Consider automation tools or a professional billing service to save time and reduce rejections.
3. Focus on Work-Life Balance
Burnout is a reality for approximately 50% of Ontario physicians, and can be avoided if physicians were open to advice from others. This year, prioritize self-care by delegating administrative tasks and creating boundaries to protect personal time. Think of the oxygen mask on the airplane: you’re told to put it on yourself before you help others… it’s good advice both on board, and in practice!
Pro Tip: Consider and ask colleagues about how they reduce their workload or try to find balance. If your colleagues and friends brag about how hard they work and that this is only way, time to check with a new set of colleagues or friends!
4. Invest in Professional Development
Keeping up with the latest in medical care and business management can sharpen your skills and give your practice a competitive edge. It can not only help keep your skills current, but also keeps your mindset right. Those professionals with an open and collaborative mind tend to do better over the long run than those who believe they know more than others, and those who use tools ineffectively. This New York Times article shows us that ChatGPT beat doctors at diagnosis - both those who felt they didn’t need it, and those who used it to help them arrive at a diagnosis. We see this in our work as well, many doctors just feel they understand their billing and work well enough they don’t need to waste the time or money on self improvement. Nothing is further from the truth.
Pro Tip: Look for local workshops or online courses on practice management, technology and leadership tailored to Ontario healthcare professionals. Our Clarity Concierge team can help and regularly produces modules that can help.
5. Plan for Growth
Whether it’s expanding services, improving patient experience, or considering your next move, growth starts with a clear plan. Define your goals and outline actionable steps to achieve them.
