Practice
Business Plans
- Consult
with the physician and develop a business plan for the practice to achieve
the physician goals. Properly implemented, it is the keystone to
success
- Define
practical goals and objectives for the practice
- Set
short and long term personal and business goals
- Evaluate
how achievable goals are for the physician specialty, market place and
work style
- Review
practice resources and gather data
- Conduct
competitor analysis and set market share acquisition plan
- Determine
the present status of the practice
- Define
the practice mission statement
- Assess
the business opportunities
- Select
the business strategies
- Identify
the resource requirements (financial, personnel, equipment facilities)
- Determine
the practice's strengths and weaknesses
- Evaluate
the competitive position in the market
- Conduct
market analysis and outline marketing strategies
- Set
mechanism for determining fees
- Outline
policy for internal/external marketing to patients and other physicians
- Identify
primary, secondary, and tertiary patient concentration zip code areas
- Select
key performance indicators
- Prepare
"red flag" contingency plans
- Perform
risk analysis for the practice and by profit center
- Develop
organizational plan and assign responsibility
- Define
the role of the management team and key personnel
- Set
human resource needs
- Develop
the operational budget
- Develop
a pro forma: income statement, balance sheet statement, and cash flow
statement
- Review
the final written business plan with the physician