Reed Tinsley, a Houston CPA who has specialized in physician practices, recently wrote a series in his blog outlining 10 resolutions for physicians for 2007:
1. I RESOVE to inspire and motivate my employees
2. I RESOLVE to have a monthly management meeting
3. I RESOLVE to take a CPT coding class
4. I RESOLVE to adopt a healthier personal lifestyle
5. I RESOLVE to take a proactive managed care stance
6. I RESOLVE to get an independent review of my medical practice
7. I RESOLVE to start my own personal financial planning
8. I RESOLVE to hold a strategic planning retreat this year
9. I RESOLVE to consider a practice merger
10. I RESOLVE to hire the best people
As for his resolutions: well said. The practice administrator and the managing physician (or only physician! 🙂 ) should be meeting more often. Every few years, an independent review is certainly in order as a “reality” check by someone with a view “from the balconey”, so to speak. You’re in there every day and may miss obvious issues and opportunities. The review process also imposes discipline on you to look closely at your practice and to make decisions.
I am a proponent of annual strategic and business planning retreats. In preparation for the retreat, you should talk to your accountant and attorney. Your practice accountant will have finished your tax return, and may have questions or advice for you. From your attorney you are looking for any legal trends or issues that you should be aware of. From there, you can look to improving operations, marketing, patient relations, staff training, new services, new and replacement equipment and so on. All this to create a long term strategy and a business plan for the comning year. I am the author of the “Medical Practice Business Plan Workbook”, so I am, naturally, a proponent of this process as the most important management tool.
Tinsley is the author of Medical Practice Management Handbook, originally targeted to CPAs and now for the broader audience. It’s an excellent resource. The most current edition is from 2002. I