Taking Control of Your Practice

Building a successful healthcare practice requires more than just hard work and dedication; it demands a clear vision and strategic planning. Imagine trying to construct your dream house without an architect—you’d end up with a chaotic mess rather than a coherent structure! The same principle applies to managing a healthcare practice. Without a clear plan, you’re simply guessing your way to success, which is both inefficient and stressful.

The Architect Mindset

The first step in taking control of your practice is to adopt what we call the “architect mindset.” Just as you wouldn’t start laying bricks without a blueprint, you shouldn’t run your practice without a clear vision of what you’re trying to achieve. This involves outlining your goals and creating a structured plan to reach them.

Begin by asking yourself: If you could build your ideal practice, what would it look like? This vision should be as detailed as possible. Vague aspirations like “more success” or “more patients” won’t suffice. You need to be specific about your goals to create a tangible plan.

To facilitate this process, we use a tool called the Vision Creator. This tool helps you define both short-term and long-term goals for your practice. Start by outlining what you want your practice to look like in 12 months, and then expand this vision to three to five years.

Assessing Your Current Reality

A crucial part of strategic planning is understanding your current reality. Evaluate your practice’s current status in terms of resources, patient volume, financials, and overall performance. Numbers don’t lie—they provide a clear picture of where your practice stands and highlight areas for improvement.

The Five Ps Framework

To structure your planning, consider the Five Ps framework:

  • Property: The physical space of your practice. How many rooms do you have? Is there room for expansion?
  • People: Your team, including both administrative and clinical staff. Are they full-time or part-time? Employees or associates?
  • Products: The services you offer. What do you charge for these services, and how long do appointments last?
  • Pricing: Setting appropriate prices is crucial. Undercharging can lead to financial strain, while proper pricing ensures sustainability.
  • Patients: Your target demographic. Who are your ideal patients, and how can you attract them?

Setting Clear Goals

For example, if you currently have a one-room practice with part-time staff, you might set a goal to expand to three rooms with two full-time practitioners within three to five years. This clear, actionable goal provides a roadmap for your practice’s growth.

Your practice’s financial health is critical. Assess your turnover and profit margins. Are you charging enough to cover your costs and generate profit? If not, adjustments in pricing and service offerings might be necessary.

One key objective is to build a practice that can operate without your daily input. This prevents burnout and ensures the long-term sustainability of your business. A practice that relies solely on you for its operations is not a business—it’s a job. Aim to create an entity that can thrive independently.