A Strategic Planning Self-Assessment for Physician Medical Practices

Medical Practice Strategic Planning

Following is an example of my strategic planning self-assessment. The purpose of these self-assessments is to give you a concise checklist of best practices in a physician medical practice (and other healthcare practices for that matter). This checklist follows the Pareto Principle of focusing on the 20% of business practices that get you 80% of the results. Therefore, I don’t claim that it covers EVERYTHING. But it does cover a good percentage of the most important things.

Strategic Planning Checklist

• We do a strategic planning process at least annually to gather input from key stakeholders and data about our practice and marketplace.
• We review our mission and vision for the practice.
• We assess the size and growth of the market for our services.
• We compare our own “penetration” to the size of the market.
• We assess trends in managed care and payments and analyze our contracts.
• We evaluate competitors’ strengths and weaknesses, and how we can gain an edge.
• We assess the strengths and weaknesses of our referral network.
• We evaluate the depth and breadth of our overall service offerings.
• We assess the strengths and weaknesses of our marketing.
• We assess our payers, including our payer mix.
• We evaluate our clinical utilization rates and quality or care outcomes.
• We evaluate our internal controls.
• We evaluate our cost structure and financial ratios.
• We review our technology.
• We take a hard look at the patient’s experience, and how to improve it.
• We assess the capabilities of our clinicians and staff and identify any gaps to fill.
• We review physician and staff compensation.
• We assess our risks, compliance, and malpractice insurance.
• We evaluate our relationship with local hospital(s).
• We analyze our financial strength, including capacity for debt, days receivables, trends in aging of receivables, collection ratios, and profitability by services.
• We assess our facility and location, including whether we are located in the optimal zip code/area to serve our desired patient base.
• We do an overall “Strength, Weaknesses, Opportunities, and Threats” or SWOT analysis about our practice.
• We determine which services and programs to expand, which to defend, and which to exit.
• We identify the top issues we need to address, and then identify key priorities to address these issues, achieve our vision, and be more competitive and profitable.
• We set annual performance/financial goals for our practice and develop a plan to achieve those goals.
• We assign specific accountability to achieve these initiatives, and a communication plan to follow up on them.

After reviewing this checklist, where do you think your physician medical practice stands from a strategic planning viewpoint? Time for a strategic planning retreat?

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Contact REED TINSLEY, CPA today to learn more about our strategic planning services and how we can help your practice thrive.

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.