How does a medical practice thrive in a business environment where the margin of management error has all but disappeared? Profit margins are being squeezed by declining reimbursement rates, capitation plans, gamesmanship on the part of the payors, and increasing operating costs. Addressing the specific needs of today’s medical practice, Medical Practice Business Plan Workbook, Third Edition supplies a detailed and ordered work plan to tackle some of the most pressing issues facing the field.
Peter D. Lucash delves into decades of experience helping physician groups develop business plans to guide you along the process of building the profitable practice you want and deserve. This updated edition of a bestseller begins with a review of the fundamentals, including the questions your plan should answer, how to get started, how to organize and develop your plan, and the staff support and resources you will need. Complete with a wealth of helpful sample plans and worksheets, this workbook:
- Reflects recent changes in the healthcare industry, including federal healthcare reform
- Offers a one-of-a-kind design and approach tailored to the medical practice
- Covers conceptualization, organization, and implementation of your business plan
This updated edition reflects current and forecasted challenges for practices, including the Affordable Care Act, data security, and quality and outcome measures. It supplies detailed coverage of the different types of organizations, governance and management, personnel needs, key business relationships and contacts, demographics and economic factors, patients as customers, competitor analysis, marketing, information technology, disaster and business continuity planning, and financial strategies. The final section outlines a process for implementing your plan. Sticking to this process will help ensure your plan covers what is needed to succeed in today’s complex medical environment.
Visit www.Lucash.com for videos and other resources to help you develop and implement your practice business plan.
Table of Contents
Why This Book?
What’s a Business Plan and What Do You Do with It?
Questions a Plan Should Answer
Getting Started on Your Plan
Organizing to Develop a Plan
Board and Leadership Support
Staff Support and Resources
Data and Information Needs
How to Use This Workbook
Sit Down and Read through this Book
Prepare Your Rough Draft
The Final Draft and Action Plan
Background of the Practice
Governance and Management
Advisors to the Practice
Clinical and Technical Staff
Key Business Relationships
Your Market: Demographic and Economic Factors
Economic Factors Information
Patients as Customers
A. Major Employers
B. List top MCOs
C. Analysis of Patient Services
Facilities and Location
Business Process/Patient Flow
Quality of Care
Information Technology (IT)
Disaster and Business Continuity Plan
The Goal: What Are You Protecting?
Focus on People First
Develop a Projected Financial Plan
Personnel: Position Control Register
Schedule of Insurance
Schedule of Leases
Capital Spending Plan
Projected Financial Plan
THE BUSINESS AND ACTION PLAN
Pulling It All Together: The Action Plan
Milestone and Time Frames
Peter Lucash is the founder and CEO of Digital CPE, LLC, a consulting, information, and training firm working to improve the business management of organizations. He is also the CEO of BioPharma Connex, LLC, a company that facilitates pharmaceutical firms to introduce innovative products in Latin America. Peter has worked in management and consulting roles in a variety of growth-oriented situations. He was the chief administrative officer of a specialty medical practice, an assistant hospital administrator and vice president of planning and marketing for large urban teaching hospitals, a manager in a Big 4 CPA firm consulting practice, and directed a development venture to explore entrepreneurial venture opportunities for a consortium of nonprofit organizations.
Peter is a faculty member and lecturer for Northeastern University and other colleges, where he teaches courses in business, strategy, entrepreneurship, small-business management, organizational behavior, nonprofit management, and financial management. He holds an MBA and MPH from Columbia University and earned his BA from New York University.
In addition to this book, Peter is the author of Medical Practice Change Management, originally published by McGraw-Hill. Peter has been an active speaker and facilitator for conferences, workshops, and seminars for national, regional, and local organizations including the Medical Group Management Association, Healthcare Financial Management Association, Charleston Metro Chamber of Commerce, and Charleston Digital Corridor among others. He was an active seminar leader for McGraw-Hill Healthcare Education Group and the Center for Professional Education, Inc. Peter is a member of his local chamber of commerce and other business and economic development organizations.