Surviving and thriving in private practice has become increasingly challenging. Tackle these 10 items over the summer to set your self up for success.
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.
6. Take a two-week vacation.
7. Revisit your business model and consider appropriate service line extensions.
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.