Tips on Valuing Your Time

Like most people, you probably wonder where your time goes and what it’s worth.

The two simple exercises below may seem tedious, but if completed honestly and fully, they can make a big difference to your life.

Where does my time go?

The easiest way to look at where your time goes, is to analyse a week in your life. Technology is invaluable, but for this exercise, we believe a trusty notepad and pen are most appropriate for keeping track. Follow the steps below to analyse your use of time:

First: Keep track

Throughout one whole week, write down everything you do, and when you do it.
This includes everything – from anaesthetising and checking emails, to picking up the mail, cleaning the pool, and ordering supplies. The more detail you include, the better.

Second: Summarise and check

After one whole week of keeping track, go through your week, ensuring there are no gaps.
Create a summary – x hours spent anaesthetising, x hours spent checking emails, even x hours wasting time on social media.

Third: Fix it

Circle anything repetitive. Do this on both your detailed and summary lists
Circle anything you don’t like doing
Circle anything you know you shouldn’t be doing

Fourth: Write a list

Now, look at the circles and work out the following:

  • What YOU need to do, such as checking your bank account
  • What you CAN AUTOMATE, such as pre-op assessments, template emails to send patients, etc. included in our service
  • What you can OUTSOURCE or IMPROVE, such as checking the mail. Can you do this instead once a week, or send your partner to do it? Can you change the postal address on your invoices to your billing service, so they get them instead?

What’s your time worth?

Following on from the above task, we can work out what your real hourly rate is, using the following steps

Fifth: Work out your hourly rate

Look at your earnings for the last 4 weeks, then divide it by the number of hours you spent anaesthetising. This is your hourly rate.

Now, add your anaesthetising hours to your administration hours, such as the time travelling and preparing for each patient.

Now, divide your earnings for the last 4 weeks by this number. Your hourly rate has probably dropped a lot, but this is your ‘real’ hourly rate.

‘Real Hourly Rate’ = Your earnings divided by your actual work time ( Anaesthetising + Travel Time + Administration )

Sixth: Repeat after me…

Everything less than your ‘real’ hourly rate, unless you love doing it, you need to eliminate

Look at the list you wrote above. If you can hire someone, pay a service, or buy a program at a cost less than your ‘real’ hourly rate, to do the tasks you need automating – do it. This will not only free up your time, but will free up your mind.

Finally: Focus on what you should be doing more of

  • Anaesthetising
  • Personal Growth
  • Professional Growth
  • Strategic Planning
  • Fun – enjoying life, hobbies, friends, and family.

 

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