Establish planning points to address the practice problems

Your practice needs to work toward shared goals and you need to have serious, somewhat formal discussions about your plans to address the economic threats to your practice. The fundamental steps in the business plan or strategic planning process—though overdone—remain valuable undertakings and should occur on a regular basis:

• Get to know your industry, demographics, competition, and yourself. There’s no need to get formal or fancy, just to lead some good, open discussion.
• Lead your group in projecting the practice’s likely finances (income and expenses) for the next few years
• State a number of generally acceptable and desirable goals for the next few years, too
• Agree on some action steps to achieve those goals

About the Author

Reed Tinsley CPA

This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on accounting & tax, practice management, and financial planning. Schedule a Free Consultation.