Many clinical practices unintentionally fail to plan for long-term success and sustainability – not for lack of effort, but because the task feels unfamiliar, complex or overwhelming. In reality, building a strategic plan is simply about being thoughtful and intentional: clarifying what your group does best, how you do it, and who you serve – while evaluating the risks and returns of potential initiatives.
There has never been a more important time to step back and thoughtfully define the future of your practice. Below are four compelling reasons to gather your leadership team together for an exercise in charting a path to that future – and start planning with purpose.
Today’s practices face mounting pressure to perform on all levels. Maximizing cash flow generated from clinical activities is increasingly challenging. Staff engagement and retention are critical to sustaining delivery. And patient access and satisfaction are no longer differentiators – they’re the baseline to business continuity. The cost of missed opportunity in the form of suboptimal performance is significant.
Shifting payor behaviors and reimbursement declines are a prevalent challenge, regardless of specialty. These top-line pressures are further strained by rising costs related to labor, pharma, and compliance. What’s more, patients have truly become consumers – and smart consumers demand convenience, access, and experiences that match their broader buying expectations. And on top of all of this, the competitive environment continues to become more intense, with new market entries and methods of delivery disrupting historically protected segments.
Accidental success isn’t good enough anymore, and “inertia” is not a strategy. Payors, patients, and competing points of access are all becoming more sophisticated in both planning and execution. High-performing organizations are intentionally and consistently evaluating market demand relative to their own access points and competencies while seeking to objectively understand what activity produces the margin necessary to support their mission. They are seeking ways to differentiate and operate more effectively, and they are constantly evaluating their clinical and administrative activities with the same rigor applied to medical mission delivery.
Many clinical practices, even those led and executed by competent and well-intentioned professionals, fall short of their performance potential because they lack a focused, forward-looking plan. Don’t let a lack of strategy and purpose be the reason your practice misses the mark.
If the task feels daunting to you, we’re here to help – no commitment required. We’d welcome the chance to hear about your specific opportunities, aspirations, and challenges, and to share a framework that will simplify the strategic planning process, helping ensure the right return on your investment of both capital and time.
Please contact us at jkelsheimer@medicmgmt.com or visit our website at www.medicmgmt.com for more information.
Jerry L. Kelsheimer is President and CEO of Medic Management Group and MMG Healthcare Solutions. His background includes extensive work in areas including leadership development, strategic planning, process improvement, and capital markets / financial management. MMG is a national provider of advisory and consulting competencies, transaction support services, and back office administrative support to independent and system owned physician practice groups.