Do you have a strategic plan?

Do any of you have a strategic five/ten year plan? You should hold physician retreats annually and plan into the future – even if you are solo practitioner.  The retreat should create a summary of items/projects for follow up and implementation throughout the year.

During these times of changes, I have seen many physician practices create a 3 year plan. Many of these plans are based on SWOT. A SWOT looks internal-to-internal (or some external). A similar growth plan is created for new doctors, offices, etc. based on PEST. A PEST looks external-to-internal: Political, Economic, Social, and Technological. Along with these plans is a future staffing projection.

Since the increasingly significant threats to specialty practices are external: decreasing reimbursement, scarcity of physicians/trained staff, regulations, increasing costs such as insurance coverages; I think a PEST analysis for planning is increasing important rather than just role the external forces all into the "T" of SWOT.

PEST helps to re-enforce to the physicians that the external factors are real and beyond internal control no matter how good management is.

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.