More Business Planning For Medical Practices

July 25, 2015

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In today’s turbulent practice environment, coupled with the uncertainties of the future, practitioners are
being forced to take a hard look at the business aspects of medicine. As a result, physicians are
beginning to view and operate their medical practices like any other business unit. The goals of any
business, like a medical practice, are to maximize revenue, minimize costs, and expand net profit to its
physician owner(s). However, to operate like a business, a medical practice must conduct itself like one.
Like any business, success can be linked to diagnostic business planning. While planning should occur
continuously throughout the practice year, it must at least occur once a year as a formal business
planning session. The purpose of this encounter is to review the internal operations of the past year and
prepare for the upcoming practice year. The session should include the physician owner(s), the practice’s
office manager or administrator, legal counsel, and the practice’s outside accountant. Other advisors can
be included in the meeting if need be.

What follows is a discussion of the basics of diagnostic business planning. Use this information to
diagnose problem areas and solve them quickly. Use it to prepare for the future. For without sound
business planning, the continued success of a medical practice cannot be assured nor its success be

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