There’s no more room for average in terms of any medical practice’s business approach. This applies regardless of specialty or whether you are hospital-based or office-based. This applies whether you are in solo practice or with a group.
Medical practice is becoming stratified. Some practices are aligning with ACO’s. Some practices are taking action to go a completely independent route. Some practices are merging or forming other alignment with other practices as opposed to with hospitals. Some practices are opting out of government financed care completely.
In some instances in life and in business, it pays to wait and see. In other instances, after weighing alternatives, it pays to do nothing. But this is neither of those instances.
Rather, not taking any action puts your practice into a position equivalent to that of a ship dead in the water.
It’s obvious that the current system is broken – no matter who you think broke it.
Doing nothing is not the cure.
Wait and see is what got you into this mess.
Set a strategy for your group’s future and implement it. Note that unlike a ship, your group can hedge its bets and adopt more than one strategy – that is not the same as doing nothing.
Comment or contact me if you’d like to discuss this post.
Mark F. Weiss