Organized groups, such as senior advocate, AARP, will continue to have an impact on health care decision makers. Now take a look at the current position of your practice. Or are you taking a big hit from one service area, such as substantial reduction from Medicare with surgical procedures, or perhaps the radiology services are not being paid at near the rate they were in the past, reducing the profits to nil. Next, you must be a sleuth in understanding what the market's current position means to you and what resources are available that can strengthen your position. Based on real data you gather about your market, you are better able to evaluate and qualify who to partner with for the next generation of private practice.
Physicians bring clinical expertise and political influence.
They need to select partners that will complement their strengths and well as share similar philosophy and goals. However, an experienced administrator in health care finance and management to assume responsibility for operations must be included in the equation. Working together to develop and implement a well-designed strategic business plan and operational infrastructure is no easy accomplishment, but it is possible. The strategic plan must be written in real time and carefully crafted with a method that can monitor and respond to market changes as they occur. Such a response strategy is a key element to protecting the future of the practice.