So you’re going along with a fairly successful practice, making ends meet and enjoying some perks of life and time for family … your practice strategy is working.
And then suddenly, you wake up one day and notice that your numbers are slowly (or quickly) worsening. Stats going down are one of the biggest fears of any practice owner because one thing we all know for sure that ISN’T going down and that is your overhead. Therefore, the only person who feels the pinch is you, the owner of the practice … your net income suffers and you start worrying.
The point being made here is that no strategy lasts forever. As a healthcare practitioner, you need to review and renew your strategy regularly because the business world is evolving around you and times are changing. And so must your practice. Nothing stays the same forever and if your practice is staying the same, then you are going down because inflation is going up.
For example, a new practice opens up across the street from you and suddenly you have major competition. Or someone who has referred a lot of patients to you traditionally has suddenly retired, moved or just stopped for no known reason (and you haven’t asked or handled any problem that may exist). Or one of your key staff members has retired, moved away, gone downhill mentally or physically (as will happen to all of us sooner or later). Or a competitor in your area suddenly started a massive marketing campaign. Or we get hit with a recession (there is NO recession in Canada by the way). Or … or … or…
Any one of the above changes simply are cause for revisiting your practice strategy and coming up with a suitable plan. Anything can be out-created if you have a strong intention to do so.
The first step would be to notice that there is a need for change and the second step is deciding that you ARE going to change. Only you can make that decision as you are the leader. You have to demand of yourself to respond to the problem and decide that it CAN be beaten.
How you are going to solve the situation is the next step. You need some ideas and out-of-the-box thinking. Perhaps you have a home consultant (spouse) to discuss it with. Or a mentor. Your staff may be comprised of some amazing geniuses and, being “on the ground,” they may have the perfect suggestions. If you don’t ask, you won’t find this out, so have a good staff meeting to strategically address the precise problem and see what solutions are put on the table.
Don’t reject any ideas from any of the above. Just explore them fully and make notes. Ultimately, you will have to be the judge as to which route you are going to take and how the solution is going to be implemented. But taking the matter head on is going to make you a lot happier than letting it fester in your mind for days and weeks and months. Being a victim of anything is an unpleasant way to live life.
Take control of your life for true happiness!
For help with the evolution of your practice
call us at 416-466-6217 or click here
Creative Commons Attribution: Permission is granted to repost this article in its entirety with credit to The Art Of Management Inc. and a clickable link back to this page.