It’s more critical than ever that your medical practice has a suitable business plan. Does it?
Many physicians, especially established, older doctors, often think business plans are only appropriate for new businesses, Practice Notes blogger Ike Devji recently wrote. That’s a mistake, he said, noting that business plans are more critical now than ever due to shifting reimbursement and medical economics in general.
Every practice, he said, “must understand and have a basic business plan including cash flow and budgets.” This plan should include your mission statement, plans for how your practice will remain profitable, what patient volume it will take to generate business to support that income level at current reimbursement rates, and how you will achieve those goals.
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