Covid-19 Recovery Plan


Last Update: 14 May 2020

The aim of this COVID Recovery Plan is to ensure that each practice emerges from the COVID shutdown in the strongest position possible – stronger than it was before the shutdown. There will be opportunities to capitalise on as we come through this pandemic and those practices that make good decisions now will set themselves up for the future. Those that fail to use the time wisely or retreat into a shell, will take longer to recover and risk missing the opportunities.

Make no mistake, fortunes will be made in the months following this pandemic. History shows this to be true.


What to focus on right now:
 
  1. ACTIVELY MANAGE CASHFLOW


Generate what revenue you can under the restricted operations
Actively manage expenses especially wages
  • Take advantages of government stimulus measures, loan deferrals and lending deals
  • Negotiate rent relief 
  • Collect accounts receivables
  • Manage inventory
  • Return surplus stock if possible
  • Short term cash flow forecast
 
  1. ACTIVE RETENTION OF PATIENTS


Communicate in order to nurture relationships.
  • Outbound marketing – email, Podium, newsletter, etc
  • Create content that engages
  • Plug patient leaks – ensure your database is well managed
  • Reactivation – map out the process, build the collateral and be ready to roll out
 
  1. ACTIVE ENGAGEMENT OF TEAM


As the practice gears up or re-opens, we want to be ready to work as efficiently and profitably as possible. In order to achieve this, the practice owner will need to focus on preserving and strengthening team culture, articulating and communicating their vision as well as training the team to attain a higher skill level. It will also be opportune to build out the systems and processes of the practice.
 

 A. TEAM TRAINING


For team members still working, develop a whole of practice training routine as well as a personal one based on the individual needs of the team member.
 
For team members that have been stood down:
  • Remain connected
  • Look at using Zoom (or other) for maintaining a connection with the team while stood down.
 

B. BUILD OUT STANDARD OPERATING PROCEDURES

 
  • Have the person who normally does the job build out the system. 
  • Document in a consistent format.
  • Have another team member complete the task using the system. If they get the correct outcome without assistance, the system or process is accepted. If not, the system is handed back to the original team member for re-writing and refining.
 
  1. SELF DEVELOPMENT FOR THE PRACTICE OWNER

  • Communication skills - clear, considered and consistent
  • Develop leadership skills 
  • Get clear on your recovery plan
  • Read business books and biographies
  • Communicate daily with team
  • Let the team know that it might be a fast start once re-open and there may be a short term need for extended hours to manage pent up demand

COMMON MISTAKES:
 
  • Being too passive
  • Turning off all marketing - don’t turn it all off. Reposition it. 
  • Failing to lead. Your team is looking to you.
  • Believing the sky is falling in. This will blind you to opportunities.
  • Stop watching the news and social media if it makes you feel pessimistic.

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