Motivated staffs are a critical component to achieving accuracy in the overall efficiency of any business. Accuracy in employee production directly impacts the overall profitability of the business. Accuracy improves the bottom line, motivates employees, optimizes cash flow and facilitates a spirited atmosphere of teamwork. I have worked with several senior executives in major corporations who have greatly influenced my philosophy and approach to motivating employees through accuracy.
The first step is establishing standards, goals and objectives, including monetary rewards or other means of appreciation for achievements such as additional paid vacation days. The URS management team has established several key financial accuracy ratios. For example, URS expects 100% of its filed claims to be 100% accurate! Therefore, having established this as the benchmark, billers compete to getting as close as possible to this figure and those who achieve the highest `accuracy ratio' are rewarded. Accuracy ratios not only play a vital role in effectively managing our client’s medical accounts receivables but act as an `invisible manager’ overseeing each medical practice’s production level. That is to say, these analytical measurements dictate to the medical biller which areas of the billing process are on target and which need undivided attention. Financial rewards have been created for meeting these accuracy measurements and when the medical biller has met all, URS pays an additional bonus. These accuracy measurements have been in place for more than 12 years.
How do you motivate your staff? Any inspiring stories from motivated employees and proud bosses?