Try to predict your practice needs

I often urge physicians to ask two often overlooked questions when thinking of hiring a new colleague: Can you get Dr. New on the panel with your major managed care plans? And do you have enough staff, an adequate physical plant, and proper internal systems to support a new doctor? However, here are some additional suggestions for predicting your practice's future physician needs:

• Demographic shifts. Watch if your service area has plans for new construction, movements towards younger or older populations, and other demographics.
• Primary care trends. For a specialist, an expanding primary care presence may foretell future referrals.
• Your competition. Physicians are notorious for loose talk, so stay alert to what others in your specialty (and related specialties) are planning. If they are not expanding, I see greater chances for you successfully doing so.
• The payors. In areas with heavy HMO penetration, what are your payers planning? Then consider how their plans impact yours.

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.