In today’s economy, physicians and practice administrators are tasked with achieving maximum growth for their practice year in and year out. MDmanagement is a hands-on partner with a record of building practices that succeed. We challenge assumptions to build and deliver strategies that help improve profitability and long-term value for our Partners. Analyzing your practice and market from every angle, MDmanagement works with you to provide strategic, operational and financial advice to unlock your full potential, and realize your growth strategies faster.
It is important to evaluate whether you want to consolidate your medical practice’s position or find ways to grow. If you decide that your priority is growth, then you need to plan carefully if you are to succeed. Growth has its risks, but the right strategy can deliver stability, security, and long-term profits. Once you've assessed the current strengths, weaknesses, opportunities, and threats to your practice and how well it's equipped to handle them, you can move on to the next stage - building a strategy for growth.
When we meet with new clients, we spend a few hours with a practice designee and work through a SWOT analysis of their market and competitors. SWOT is an acronym for Strengths, Weaknesses, Opportunities and Threats. A periodic evaluation of your internal and external environment is an important part of the strategic planning process. Strengths and Weaknesses are the internal evaluation components of the SWOT. Opportunities and Threats comprise the external evaluation.
One of the more interesting definitions of marketing is that marketing is the process by which resources are brought to bear against opportunities and threats. In order to determine which resources you can bring to bear against opportunities and threats, you have to understand your strengths and weaknesses.
The Importance of Medical Practice Growth. Identifying opportunities for growth becomes a priority to ensure the practice’s sustainability. You can measure growth by looking at key statistics such as your revenue, profits, patient volume or market share. In general, a combination of top line revenue and bottom-line profit is the most balanced way to measure growth. Timing is critical to the success of any growth strategy. As patients continue expanding their role as active healthcare consumers and redefining patient satisfaction, practice growth has become a cornerstone of physician practice success.