Let others bemoan the bad economy. Use your time to take advantage of the opportunities.
Physician groups that were focused only on the easy business or which avoided making the necessary investment in strategies to provide significant supplemental income, are those most likely, even destined, to fail.
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) such as cost cutting without regard to the impact on return on investment.
Instead, the key is to develop and implement strategies to thrive, to fill the vacuum that the others’ failure and their blindness to opportunity will leave for you. This is the time to develop stronger relationships with your fellow shareholders/partners, to make certain that key employees/subcontractors remain bound to the group, to revisit the economic relationships with your hospitals and payors, and to pursue new income streams that exist but have either been unimagined or left undeveloped.
Prudent investment in “thrival” trumps both failure and mere survival.
Comment or contact me if you’d like to discuss this post.
Mark F. Weiss