Looking at GI Practice Management Differently: Fortify the Business of Healthcare in the GI Practice | November 2021-Practice Viability: What's Really the Nuts and Bolts?

Video Transcription

Video Summary

The video begins with the speaker asking two polling questions about strategic analysis and financial forecasting in medical practices. The speaker then introduces the topics of strategic planning, financial planning, and post-COVID recovery. Strategic planning is defined as a process of assessing the changing environment, creating a vision for the future, and setting a plan of action to position the organization accordingly. SWOT analysis is mentioned as a useful tool for analyzing internal and external factors. Internal analysis includes factors such as service performance, staff resources, and financial performance. External analysis involves monitoring market changes, trends in demographics, changes in technology, and competition. Financial planning is discussed as formulating financial operations to meet long-term goals and involves financial forecasting to predict future revenue and expenses. The importance of breakeven analysis is highlighted for improved decision-making. The speaker then discusses ways to improve patient volume and finances, including telehealth, new processes, staffing levels, and payroll management. Monitoring financial benchmarks and KPIs, using appropriate billing codes, and verifying insurance information are emphasized. Additionally, monitoring expenses, having an income recovery plan, and increasing productivity are discussed as strategies to improve finances. The video concludes with reminders to understand federal program requirements, review and continually monitor practice finances, and develop a well-defined financial plan with forecasts. No credits were mentioned in the video. The video provides an overview of strategic planning, financial planning, and ways to improve patient volume and finances for medical practices.

Keywords

strategic planning

financial planning

post-COVID recovery

SWOT analysis

patient volume

telehealth