When doctors begin a practice, a great first step is to create a medical practice business strategy.
A Medical Practice Business Strategy is a formal process. It helps to identify your mission, values, goals, projects, timing, barriers, opportunities, and strategies.
A well-structured strategic business planning process can help your practice in both the short and the long term. Having a clear strategic plan for your business means providing clear direction for your team. It also helps prevent wasted activities that may actually work against each other.
It also offers an opportunity for medical practice owners, medical practice team members to collaborate in choosing the future direction of the practice.
The 5 Key Parts of Medical Practice Business Strategy
To begin the process of starting a medical practice business plan, set aside several hours as a team, and break the medical practice business strategy into 5 key areas:
1) Medical Practice Mission Statement
Your mission statement is the overall purpose and driver for all behavior. It should be clear, concise and motivating for all team members. Ideally, it should reflect the practice’s direction for the next 5-10 years.
2) Medical Practice Values Statement
Values are a little more intangible at times, but still very important. Consider what’s important to your medical practice, and how you deliver care. They way you interact with patients and each other are all going to reflect the values you espouse.
3) SWOT Analysis
Take the time to think through the strengths, weaknesses, opportunities, and threats that are specific to your practice in your location. Given your practice mission and values, in what areas do you excel? Where are you weaker? Based on this, what opportunities and threats to do you see to your practice in the next 5-10 years?
4) Medical Practice Goals
What are the practice’s specific goals? Financial goals are important, but also think about things like staffing, marketing, IT needs, operations, etc? If this is a new practice, this is the time to think in terms of creating an ideal practice. If this is an established solo or group practice, then perhaps it is a revision of what has been set in the past.
5) Medical Practice Projects
Within each goal will likely be several projects that need to be completed. Of course, any new projects come with a price tag. As these projects will likely be in addition to the day to day operations, have you estimated the time cost of each project? Do your team members have the skills and ability to accomplish the projects on your list?
Should you do it yourself, or hire a professional?
In any medical practice, there are likely to be differences of opinion, and someone outside the organization with no personal stake in the outcome can often help to be a guide for the discussion. An experienced external facilitator or medical practice consultant can also bring to the table lessons learned from other medical practice business strategy planning sessions.
It is very easy to skip this process when starting a medical practice. However without a medical practice business strategy, you also are likely to miss opportunities and make some expensive mistakes as you grow your practice.