Yes, it IS possible for private practices to not only survive, but to thrive!
Our Making Money in Medicine Workshop attendees learned that luck is not a leadership strategy and intentional and proactive financial management are the keys to success and longevity in this ever-changing healthcare landscape. The practices that thrive over time, despite payer changes, staffing shortages, and financial pressures are the ones led with intention. These leaders don't just react. They watch. They understand. They act before the warning light comes on. They keep their eyes up, on the relevant indicators and on the road ahead.
You should run your practice, not let your practice run you.
Strong practice finance leaders have 5 core skills.
They:
See - observe what is actually happening, not just what is reported to them
Understand - know what the numbers mean and what stories they are telling
Question - challenge assumptions, including the ones that have been in place for years
Act - make timely, deliberate decisions based on data, not just reacting to crises
Sustain - build systems that keep working, even when attention is pulled away
Let me know if you need help learning these skills or setting your strategy. 100% of survey respondents said “This workshop taught me something new” and I’d be happy to teach you, too!