General Business Principles
Business Life Cycle Management
It’s time for you to break away from the “ordinary” way
of looking at your business and EXPERIENCE
a new way of preparing for success.
It’s not your fault that you may not have a thorough grasp of business acumen. Finance and business education courses are rare, if given at all, in the current healthcare universities and the professional curriculums they offer. In addition, most doctors want to treat patients and don’t particularly care for or aren’t good at the financial aspects of their businesses.
When operating a healthcare practice,
you are often caught in a paradox.
The difference between the success and failure of your practice may depend not on the parts you do well, but on
how you handle the parts of your business
that you do not do so well.
“Tracker Enterprises is probably one of the most progressive financial and business building growth companies. Their attention to detail and complete understanding of financial issues surrounding growth is unsurpassed. They always take a great deal of time and genuine interest in truly knowing how to help a business grow and expand. They use their knowledge and experience coupled with their proprietary business modeling software to assist healthcare businesses to truly capitalize on opportunity and provide the controls needed to sustain strong growth. I would recommend them to anyone.” – R. C. S., CO
This is what you need to know, AND WE CAN HELP YOU!
- You must understand what your financial statements and practice software reports are telling you and how that affects profitability.
- You need a system that regularly updates you on your practice’s progress to allow you to make financial decisions with confidence.
- We can show you how to understand where your practice is, where it was, and where it will be.
- We will provide the coaching, knowledge, wisdom and roadmap you’ll need to meet or exceed your goals.
Before starting your healthcare career, you need to ask?
- Where are you now (i.e., student, resident, faculty, hospital staff, military, associate, owner, HSO employee, retirement candidate)?
- What stage of your Business Life Cycle are you preparing for or currently experiencing?
- How well do you understand basic business principles?
- What should you avoid to prevent failure?
- What are your sources of funding?
- What business structure should you choose?
- How do you choose the right advisors?
There’s no guarantee of financial freedom.
What you do dictates the outcome.
Why do practices fail? The most common reasons for practice failures are:
- Poor planning – Doctors typically have a really hard time looking out a year or two in advance to plan where they want to be. The reason why is that they have been trained in the here and now looking at patients and getting them healthy. You absolutely must shift your brain to look out and plan for the future in a radically different way, and you probably need someone to help you to shift that thinking process and develop a plan. When you don’t have proper planning, your business runs the risk of making decisions that seem good today but could have a negative long-term impact.
- Weak or inexperienced management – You need to have the discipline to train yourself in understanding sound business concepts and how they apply to your practice.
- Inadequate financing – To prepare for what you will need now and to prepare for what you will need in the future, you need to put yourself in a strong relationship with a banker.
- Poor location – Don’t buy a practice without understanding location-sensitive issues.
- Increased competition – Cutting your prices is no way to deal with competition. Solid marketing strategies are how you handle competition.
- Low sales or production – If you aren’t producing enough procedures and if the procedures are not perceived as valuable to the patients, your production will be low. Low production results in lower revenue; one follows the other (more later). You must concentrate on either high dollar production procedures or do a high volume of procedures.
There is a better way …
To move in a positive direction, you need to formulate an operational business plan. It has to be written so that everyone (your staff, advisors, bankers, etc.) can understand your vision, be guided along the path toward mutual goals, and be given a plan (road map) to adjust back to the correct path when the way is temporarily lost. As healthcare providers, we understand that if we want to solve the problem, we have to get the right diagnosis.
LET US HELP YOU UNDERSTAND WHY A BUSINESS PLAN IS SO IMPORTANT AND THEN HOW TO PREPARE A PLAN THAT WILL TAKE YOU ON A SUCCESSFUL BUSINESS LIFE CYCLE MANAGEMENT JOURNEY.
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