Looking at GI Practice Management Differently: Fortify the Business of Healthcare in the GI Practice (On-Demand) | 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. They highlight that most practices have not performed strategic analysis or financial forecasting recently. The speaker then moves on to discuss the importance of strategic planning, which involves assessing the changing environment, creating a vision for the future, and developing a plan of action. They emphasize that strategic planning is vital for creating a proactive approach and achieving organizational goals. The speaker explains that SWOT analysis is a useful tool for analyzing both internal and external factors that can affect a medical practice. They discuss various factors to consider during internal analysis, such as service performance, staff resources, and financial performance. In terms of external analysis, they highlight the importance of monitoring market changes, demographics, technology, competition, and more. The video then transitions to financial planning, which is distinct from strategic planning. The speaker explains that financial planning involves formulating operations to meet long-term goals and emphasizes the need for financial forecasting. They discuss the importance of a breakeven analysis as a tool for making improved decisions and achieving profitability. The speaker also talks about strategies to improve patient volume and finances, including telehealth, establishing new processes, monitoring payroll and expenses, and creating income recovery plans. They mention the importance of reviewing loans, leases, and renegotiating payment arrangements when necessary. The speaker advises practices to increase revenue by improving productivity, increasing patient volume, and making changes to provider compensation if needed. They emphasize the need for continuous financial review and developing a well-defined financial plan. Overall, the video provides insights and strategies for strategic analysis, financial forecasting, and improving practice viability.

Keywords

strategic analysis

financial forecasting

strategic planning

SWOT analysis

internal analysis

external analysis