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A tartalmat a Sandra Weitz MD biztosítja. Az összes podcast-tartalmat, beleértve az epizódokat, grafikákat és podcast-leírásokat, közvetlenül a Sandra Weitz MD vagy a podcast platform partnere tölti fel és biztosítja. Ha úgy gondolja, hogy valaki az Ön engedélye nélkül használja fel a szerzői joggal védett művét, kövesse az itt leírt folyamatot https://hu.player.fm/legal.
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Developing Your Practice's 2023 Strategic Plan

10:21
 
Megosztás
 

Manage episode 351422479 series 2949848
A tartalmat a Sandra Weitz MD biztosítja. Az összes podcast-tartalmat, beleértve az epizódokat, grafikákat és podcast-leírásokat, közvetlenül a Sandra Weitz MD vagy a podcast platform partnere tölti fel és biztosítja. Ha úgy gondolja, hogy valaki az Ön engedélye nélkül használja fel a szerzői joggal védett művét, kövesse az itt leírt folyamatot https://hu.player.fm/legal.

In this episode, I'll outline the key steps you need to develop your practice's strategic plan for the new year.
The first step: doing a review of the past year. For this you will need a few things:

  • 2022 Profit and Loss statement
  • 2021 Profit and Loss statement (so you can look at the year-over-year changes)
  • Year end billing reports

To develop this year's strategic plan we need to do a post-mortem on the prior year. We need to figure out what went right and what we can improve. Examples of what we're looking for:

  • Did you meet your 2022 goals?
  • Did your revenue grow?
  • How's your volume?
  • What's happening with your expenses? What expenses can be pruned?

One of the first goals should be your profit projection. How much money do you want to make this year?
This year's strategic plan involves setting both yearly and quarterly goals. These goals depend on the stage you are at.
The quarterly goals should build to achieve the yearly goals.

Examples of possible yearly goals:

  • Getting credentialed and contracted by Fill in the Date
  • Add a new physician and/or midlevel to my practice
  • Add a new revenue stream
  • Have X% year over year growth in Revenue &/or Volume

Examples of possible quarterly goals:

  • Increase volume by X%
  • Develop standard operating procedures for front desk (or whatever needs work)
  • Decrease average days in AR
  • Decrease number of days until claims are submitted
  • Decrease days to complete charts
  • Increase front desk collections

Mine last year's data to look for the good, bad and ugly of how things are going to help you determine the items to focus on this year.
If you have any questions about your practice's strategic plan for 2023 contact me at drweitz@drsandraweitz.com.
Earn 1 AMA CME when you learn and reflect: CMEfy link for it: https://earnc.me/tkXPli

Want to hear more tips on how to start, run and grow your practice and related medical businesses, please sign up for my newsletter at https://www.thepracticebuildingmd.com
Join my FB group, The Private Medical Practice Academy.
Enroll in How To Start Your Own Practice and get the step-by-step process for opening your practice.
Join The Private Medical Practice Academy Membership for live group coaching, expert guest speakers and everything you need to know to start, grow and leverage your private practice. The course, How To Start Your Own Practice is included in the membership, as a bonus.
Rate, Review, & Follow on Apple Podcasts"I love Sandy Weitz and The Private Medical Practice Academy Podcast." <-- If that sounds like you, please consider rating and reviewing my show! This helps me support more people -- just like you -- move toward the practice they want . Click here, scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode!

  continue reading

78 epizódok

Artwork
iconMegosztás
 
Manage episode 351422479 series 2949848
A tartalmat a Sandra Weitz MD biztosítja. Az összes podcast-tartalmat, beleértve az epizódokat, grafikákat és podcast-leírásokat, közvetlenül a Sandra Weitz MD vagy a podcast platform partnere tölti fel és biztosítja. Ha úgy gondolja, hogy valaki az Ön engedélye nélkül használja fel a szerzői joggal védett művét, kövesse az itt leírt folyamatot https://hu.player.fm/legal.

In this episode, I'll outline the key steps you need to develop your practice's strategic plan for the new year.
The first step: doing a review of the past year. For this you will need a few things:

  • 2022 Profit and Loss statement
  • 2021 Profit and Loss statement (so you can look at the year-over-year changes)
  • Year end billing reports

To develop this year's strategic plan we need to do a post-mortem on the prior year. We need to figure out what went right and what we can improve. Examples of what we're looking for:

  • Did you meet your 2022 goals?
  • Did your revenue grow?
  • How's your volume?
  • What's happening with your expenses? What expenses can be pruned?

One of the first goals should be your profit projection. How much money do you want to make this year?
This year's strategic plan involves setting both yearly and quarterly goals. These goals depend on the stage you are at.
The quarterly goals should build to achieve the yearly goals.

Examples of possible yearly goals:

  • Getting credentialed and contracted by Fill in the Date
  • Add a new physician and/or midlevel to my practice
  • Add a new revenue stream
  • Have X% year over year growth in Revenue &/or Volume

Examples of possible quarterly goals:

  • Increase volume by X%
  • Develop standard operating procedures for front desk (or whatever needs work)
  • Decrease average days in AR
  • Decrease number of days until claims are submitted
  • Decrease days to complete charts
  • Increase front desk collections

Mine last year's data to look for the good, bad and ugly of how things are going to help you determine the items to focus on this year.
If you have any questions about your practice's strategic plan for 2023 contact me at drweitz@drsandraweitz.com.
Earn 1 AMA CME when you learn and reflect: CMEfy link for it: https://earnc.me/tkXPli

Want to hear more tips on how to start, run and grow your practice and related medical businesses, please sign up for my newsletter at https://www.thepracticebuildingmd.com
Join my FB group, The Private Medical Practice Academy.
Enroll in How To Start Your Own Practice and get the step-by-step process for opening your practice.
Join The Private Medical Practice Academy Membership for live group coaching, expert guest speakers and everything you need to know to start, grow and leverage your private practice. The course, How To Start Your Own Practice is included in the membership, as a bonus.
Rate, Review, & Follow on Apple Podcasts"I love Sandy Weitz and The Private Medical Practice Academy Podcast." <-- If that sounds like you, please consider rating and reviewing my show! This helps me support more people -- just like you -- move toward the practice they want . Click here, scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode!

  continue reading

78 epizódok

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