Why do you need a strategic plan?

It’s similar to a professional basketball game.  Coaches have a clear vision of the team’s strengths and weaknesses.  They also find out as much as they can about the opposition. Effective coaches draw on the team’s capabilities and plan a series of strategies to outsmart the competition. The coach intends to win the game and makes sure the quarterback leads the team, never straying from that objective. This same approach applies to the business of medicine.

The medical practice environment is so complex and changing so rapidly that a practice must have a strategic plan in order to survive. The larger, busier and more complex the practice, the more critical this becomes.  It’s reasonable to expect that every medical enterprise is faced with different issues within its walls and in the community where it resides. How we will respond to these critical issues, the decisions we make and the results we achieve, are directly related to how well we understand our business and how well we prepare for the future.

Strategic planning provides a blueprint for the medical business to follow and get it where it intends to go. It will result in better decision-making when it comes to expanding services, adding providers, investing in equipment or preparing for inevitable retirement.

Strategic planning is a proactive process rather than taking a reactive approach to making decisions that can affect the future of your medical enterprise and provides a concrete plan to protect, and even flourish, in times of uncertainty.

A solid strategic plan will examine the marketplace, the community and the competition, and take a critical look at your past and current business performance.  It will clearly address challenges and provide an opportunity to develop an action plan that focuses on business strengths and potential opportunities, while overcoming potential threats. It will be the powerful source that helps you accomplish impressive achievements in a competitive and economically challenging environment.  So what are you waiting for?

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.