Physicians and practice administrators must arm themselves with the necessary tools to make their decisions. Success and stability will be directly affected by their involvement in the business aspects of the practice and the ability to monitor management's performance on an on-going basis. Sound business and clinical principles must be supported with the appropriate governance, leadership and expertise in management and finance. This needs to be coupled with an understanding of what it takes to run the practice as a business without compromising the quality of care and services provided to patients. Beyond this, physicians must be willing to change, assume responsibility, be involved in examining system performance and decision making.
Physicians are at risk until they accept risk and manage it wisely.
It is only then that they will gain an understanding of what it takes to take charge of their future and deal with the competitive challenges that continue to emerge. Rebecca Anwar, Ph.D., is a senior consultant in the Philadelphia office of The Sage Group, Inc., a national health care firm specializing in strategic planning, restructuring, practice management and marketing. Inc. All rights reserved.