A simple post today: Remember that growing a medical practice today is ALL ABOUT GROWING THE TOP LINE.
I would hate to think that there is any medical practice out there where overhead can still be cut substantially……..Maybe “nickel and dime” reductions but nothing substantial. If this is not the case, then someone needs to get fired. In other words, you shouldn’t have to use overhead reduction strategies to grow the medical practice’s bottom line.
You therefore should be concentrating on how the practice can increase its revenues, using both internal strategies and external strategies. Some of these ideas have been discussed in my monthly electronic newsletter and related books.
Growing a medical practice today is not easy, which is why I think strategic planning is so important. Strategic planning can provide a vision and road map on how to grow a medical practice’s top line revenue stream and thus its bottom line net income (income that is available for physician owner distribution!).