In the medical field, we have found that there are three big reasons why medical practices fail to reach their goals. We find that practices fail to plan properly, fail to hire properly, and fail to know their expenses.

1. Construct a plan that lays out a financial, administrative, and marketing component. The financial plan should always include revenue and expense generation. The administrative plan includes politics, an employee handbook, etc. Finally, the last plan is marketing, which allows you to sell yourself to the public.
2. Hire properly. When hiring, fair pay, screening candidates, and staff training are key! (We help practices with this ALL of the time, so if this is something you struggle with, contact us for help!)
3. Know your expenses. A lot of owners forget to check what they are really spending in their medical practice. Evaluate costs on supplies, credit card processing, patient financing programs, etc. The main type of expenses that can be saved is the cost for supplies. By enrolling in a group buyers club, you can achieve big discounts.

For further information, click here to read our article in Orlando Medical News, “Top Three Reasons Medical Practices Fail to Reach Their Goal.”

Click here to read our partner’s Mara and Jay Shorr’s article on “How to Plan Strategically.”