Home Authors Posts by Nick Hernandez, MBA, FACHE
Nick Hernandez, MBA, FACHE
For those that are considering merging with another private practice entity, applying a systematic approach to strategic due diligence can yield huge returns to practices considering mergers.
Financial metrics not only help to track the performance of your practice but also can be used to increase accountability of your in-house staff as well as outsourced billing companies.
Performance metrics help you know how well the practice is doing as well as determine what needs to change and what should stay the same.
We should view strategic planning as a process that involves continuous adjustment and improvement. It is a solution-by-evolution, not a solution-by-engineering.
A physician partner can help you grow your practice, but you have to carefully identify what each of you wants from the partnership and craft it carefully.
Here are four areas practices should be attentive of in order to prevent losing current patients.
Done well, strategic planning is an extremely valuable activity that greatly improves practice performance; done poorly, it can be a waste of time.
Medical practices facing a competitive threat need to find ways to get out of the echo chamber and evaluate the situation objectively, using outside perspectives from experienced professionals.
Although your practice may be doing fine now, there may come a point where bringing in a partner could make sense, particularly if he or she has skills and experience that complement yours, and can assist with achieving the growth and health of your practice.