I have been in a well established, single specialty private practice for 12 years now. As I learn more about finances and establish more a business sense, I have come to realize, my practice is not the most business savvy. Don't get me wrong, we do fairly well and usually continue to have an improving financial picture annually (although not last year). A lot of private practices around us (and nationwide) are being bought up by the larger entities such as hospitals, and we would like to remain independent as long as possible. We do not have a managing partner. We just all meet and discuss and vote (with equal weight) on any directions and decisions for the practice. And we each have varying degrees of business experience and interest. Some of the docs just want to come in, see their patients, do their work and go home, without much care for the practice itself.
I think our group should create a mission and "personal statement" to help us with the future. It makes so much sense to create a personal investing statement on an individual level, so probably makes sense for the practice too.
My initial thoughts would be to include a specific mission, 1 year goal, 5 year goal, 10 year goal, and succession plan. Some of the ideas that may be included would be: adding a midlevel provider (we don't have one), adding an office, adding an MD, building an office building.
Has anyone done this? Or have any thoughts or experiences of your own private practice business model?
I think our group should create a mission and "personal statement" to help us with the future. It makes so much sense to create a personal investing statement on an individual level, so probably makes sense for the practice too.
My initial thoughts would be to include a specific mission, 1 year goal, 5 year goal, 10 year goal, and succession plan. Some of the ideas that may be included would be: adding a midlevel provider (we don't have one), adding an office, adding an MD, building an office building.
Has anyone done this? Or have any thoughts or experiences of your own private practice business model?
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