Medical Practice Management
Jan 19

Physician practice strategic planning made easy

To make changes in your physician medical practice (or any business for that matter) you need an action plan. Creating an action plan doesn’t need to be a long drawn out process but with all of the uncertainties in healthcare right now, one is essential. Here’s how to create one right now.

1. Where is my practice now Take a look at what happened to your medical practice last year, both financially and non-financially.

2. What Didn’t Work So Well and Why? You don’t want to continue doing things that aren’t working well for your practice, so you need to take a look at what those are and remove any barriers to future success.

3. Where Do I/We Want To Be? You need to define what your future looks like so you can take the right steps to reach it. Create a short term plan and a long term plan outlining where you want to be.

4. What Are Your Goals? You’re actually going to turn your good work into something that will be a road map for you to follow to achieve those things you’ve only been dreaming about. This is the step in the process where you’ll see the pieces come together.

5. Create Your Road Map for Success It’s much easier to achieve success if you have the steps broken down into bite-sized pieces. Now define and write down just what action you will take to ultimately reach your goals. Be sure to review your action plan each and every month to gauge progress.

About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read more →