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The Private Practice Summer To-Do List

Article

Surviving and thriving in private practice has become increasingly challenging. Tackle these 10 items over the summer to set your self up for success.

practice management, leadership

Surviving and thriving in private practice has become increasingly challenging. Juggling all the balls while earning a reasonable profit vexes even the most accomplished small medicine physician entrepreneur.

To stay ahead of the game, put these things on your summer to do list:

1. Be sure you understand MACRA-economics and have a plan to comply.

2. Review your revenue cycle management results and make the necessary adjustments to keep, not just collect, what you have earned.

3. Review your internal financial control system. Three-quarters of your employees steal at least once, and that is not the worst of it by any means.

4. Create and incrementally deploy a strategic communications plan.

5. Integrate a digical care strategy into your practice.

6. Take a two-week vacation.

7. Revisit your business model and consider appropriate service line extensions.

8. Check yourself for burnout by taking this test.

9. Read at least one book.

10. Start getting into the habit of creating entrepreneurial habits.

Don't forget to cover up in the sun.

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Victor J. Dzau, MD, gives expert advice
Victor J. Dzau, MD, gives expert advice