
Advice to Small Medicine Practitioners
Most of the success for small medicine practitioners will be determined by how well they practice the art and science of medical practice entrepreneurship, not just practice management, and meet the needs of diverse patient customer segments.
I recently met with a management consultant who works with sick-care organizations. His potential client is building a new multispecialty clinic building and looking for some strategic and tactical direction to succeed given the multiple threats and opportunities.
I suggested small medicine practitioners need to focus on four basic building blocks:
1. Innovation and Entrepreneurial Mindset
2. Marketing
3. Health Information Technology Strategic Plan
4. Business Model
These recommendations should not be at the expense of revenue cycle management, customer service, or other elements of practice operations management. However, most of the success for small medicine practitioners will be determined by how well they practice the art and science of medical practice entrepreneurship, not just practice management, and meet the needs of diverse patient customer segments. Much like clinical care, one treatment will not fit all you will need multiple arrows in your quiver to hit the right targets.
Newsletter
Stay informed and empowered with Medical Economics enewsletter, delivering expert insights, financial strategies, practice management tips and technology trends — tailored for today’s physicians.