Welcome to 2K10!

Well, 2009 is past and 2010 is here. I for one am looking forward to a very good year filled with challenges and successes. Year 2009 ended with the US Senate passing their version of healthcare reform. Now, the two houses of government are set to merge both the Senate and House of Representatives versions of healthcare reform into one singular piece of legislation. The final outcome is yet to be determined. In any case, you the physician-owner is challenged with providing medical care in an environment of uncertainty.

It is safe to assume that physicians, hospitals and other healthcare related outlets will bear to brunt of reform. Whether that brunt is reimbursement related, or, new regulations complete with inordinate paperwork, the physician-owner must be efficient. Taking advantage of services that can help you with that endeavor is paramount in light of this upcoming legislative change.

Sadly, since most of the healthcare reform changes, aside from taxation, will be several years off, most providers will begin 2010 with a "business as usual" attitude. The successful practices will instead start planning and implementing business practices that maximize their opportunities for success in future years. Here are few things to keep in mind as you plan your business activities in 2010:

1. How efficient is your practice in serving your existing patient base, including your capacity to see patients, your staff's capacity and your physical space?
2. Have you conducted a SWOT (Strengths, Weaknesses, Opportunities & Threats) analysis for your practice?
3. Have you established your strategic plan for the upcoming 5 year period?
4. Have you updated your Vision and Mission Statements?
5. Does your staff live up to the Vision Statement and execute your Mission Statement?
6. Have you started evaluating 2009 financial performance? If not, get the final P&L and Balance Sheet statements before the end of January!
7. Schedule a meeting with your advisors, legal, accounting, marketing, and other consultants. Conduct your own strategic planning session with all key practice stakeholders.
8. Lastly, spend some time alone thinking about your long range goals, personal and professional.

Wishing you a very successful and fulfilling New Year!