Although history might not repeat itself (but it sure does rhyme), economic cycles do. The trick is in remembering them, or at least in studying them. Sure, some of the details might be different this time around, but it’s the cycle that matters.
The points I made back in 2008, the last time we found ourselves at this point, either in or about to whimper into a recession, whether or not those attempting to control language will speak the near-forbidden word, remain true. Let other medical groups bemoan the bad situation they see themselves as in: The fact that they see themselves as commoditized. The fact that investor-owned businesses are the competition. The fact that hospitals are increasingly showing themselves bankrupt and, perhaps, unworthy of trust. Instead, use your time to take advantage of the opportunities that are inherent within the coming creative destruction.
But to do so first requires that you shore up the structure within your group. You must develop strong bonds among the shareholders/partners as well as between the group and its providers. You must take steps to make certain that key individuals remain bound to the group.
You must create a compensation plan that rewards for the leadership efforts that will be required to expand the group’s thinking horizon and business opportunities.
You must drop the singular focus on easy business.
You must make the necessary investment to morph your medical group’s business, not just cut costs.
The key is not to devote efforts to complaining (it will do you no good, only harm) or to take actions to merely “survive” (the wrong focus entirely).
Instead, the key is to develop and implement strategies to thrive, to fill the vacuum that other medical groups’ failure and their blindness to opportunity will leave for you.