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

15-Practice Viability_Chaudhry

Pdf Summary

In this document, Dr. Sufiyan H. Chaudhry discusses the importance of strategic planning and financial planning for medical practices. Strategic planning involves assessing the changing environment, determining the organization's strengths and weaknesses, and creating a roadmap for the future. It is a proactive approach that anticipates changes. <br /><br />The strategic planning process includes conducting a SWOT analysis, which examines internal strengths and weaknesses as well as external opportunities and threats. Internal assessment focuses on services performance, staff resources, financial performance, and facilities and equipment. External assessment involves monitoring market changes and trends such as demographics, economics, health status, and technology.<br /><br />Financial planning involves formulating long-term financial operations to meet the organization's goals. It includes reviewing current and anticipated revenues and expenses, planning for possible COVID-19 resurgence, and conducting financial forecasting. Break-even analysis is a useful tool to determine when the practice or endoscopy unit will be profitable. It helps in making decisions, planning business funding, establishing pricing, and identifying missing expenses.<br /><br />Dr. Chaudhry also provides tips for recovering patient volumes and practice finances. This includes evaluating visit mix (in-office vs. telehealth), communicating with and triaging patients based on risk category, adjusting staffing levels, and closely monitoring financial benchmarks. He emphasizes the need to verify billing and insurance changes, review current obligations and expenses, and anticipate unforeseen expenses.<br /><br />To navigate financial challenges, Dr. Chaudhry suggests developing an income recovery plan and taking advantage of federal, state, local, and health system programs. Considerations include taking out a line of credit, reviewing and restructuring debt, and renegotiating vendor contracts and leases. He advises practices to increase revenue through productivity and provider compensation adjustments.<br /><br />Lastly, Dr. Chaudhry recommends understanding program requirements for relief during COVID-19, regularly reviewing finances, and developing a well-defined financial plan based on current assumptions. These practices will help practices navigate the financial challenges posed by the pandemic.

Keywords

strategic planning

financial planning

medical practices

SWOT analysis

internal assessment

external assessment

COVID-19 resurgence

break-even analysis

patient volumes

practice finances