The big muddy. The Mississippi River flows thousands of miles before reaching the Gulf of Mexico. A huge river.
But the watershed contributing to the Mississippi’s flow dwarfs the size of the tremendous river itself: Water from 31 states and 2 Canadian provinces, an area of approximately 1.2 million square miles extending from the Rocky Mountains to the Allegheny Mountains, from Minnesota to Louisiana, flows into the Mississippi.
What about your practice? Is it a single channel, even a very large single channel, or is it supported by multiple streams, streams of income, that is?
In the medical group context, there are many ways of looking at income streams: multiple offices, multiple facility contracts, multiple products, multiple providers, multiple specialties, and so on and so on . . . even multiple groups themselves.
Taking advantage of those opportunities, those multiple streams, helps you to hedge risk. It’s very different from those dependent upon one source, even a large one.
Comment or contact me if you’d like to discuss this post.
Mark F. Weiss