Looking at GI Practice Management Differently: Fortify the Business of Healthcare in the GI Practice | November 2021-15-Practice Viability

15-Practice Viability_Chaudhry

Pdf Summary

In this document, Sufiyan H. Chaudhry, MD, MBA discusses the viability of medical practices and provides guidance on strategic planning and financial planning. Strategic planning involves assessing the changing environment, creating a vision for the future, and positioning the organization accordingly. This includes anticipating changes, conducting a SWOT analysis, and evaluating internal and external factors.<br /><br />Financial planning is about formulating financial operations to meet long-term goals. This involves reviewing current and anticipated revenues and expenses, conducting financial forecasting, and planning for possible COVID-19 resurgences. Break-even analysis is a useful tool to determine when a practice or endoscopy unit will become profitable by calculating the number of patients or procedures needed to cover costs.<br /><br />The benefits of break-even analysis include improved decision-making, smart pricing, and identifying missing expenses. Recovering patient volumes and practice finances require evaluating visit mix, triaging patients based on risk, adjusting staffing levels, and monitoring financial benchmarks. It is important to verify billing and insurance changes, review obligations and expenses, and consider financial assistance options.<br /><br />Financial principles and best practices include increasing revenue through productivity, considering provider compensation options, and understanding program requirements for federal relief. To improve the bottom line, practices should decrease expenses and develop a well-defined financial plan based on current assumptions.<br /><br />Overall, this document provides a comprehensive overview of practice viability, strategic planning, and financial planning for medical practices.

Keywords

Sufiyan H. Chaudhry

MBA

medical practices

viability

strategic planning

financial planning

SWOT analysis

COVID-19 resurgences

break-even analysis