You can stay independent, but it takes work and leadership.
- First, get real. Healthcare is changing. More of the same won’t cut it. You’ve reached the limit of just working harder. A fundamentally different approach is required if you are to remain independent in the future.
- Second, get strategic. Your strategy depends on what you are trying to achieve and what it takes to get there. You must have a legitimate long term strategy that blends your objectives with the realities of your situation.
- Third, get bigger. Independent is not the same as small. The new game requires scale, leverage and the ability to invest in talent and technology. Small practices simply will not be able to compete going forward. There are multiple options for getting bigger, but get bigger you must.
- Fourth, get integrated. How you will get paid is changing. To succeed in a ‘value-based reimbursement’ world requires that you have the tools and processes in place to manage care and cost in a disciplined way.
- Fifth, get efficient. Downward reimbursement pressure will continue. Your costs continue to rise. Various government mandates add cost and complexity. That is your reality. You better work hard on both the efficiency of your top line revenue and the cost of your operations or you’ll be out of business.
- Sixth, get wired. This means more than just putting in your EMR – that is just the ante to play. Connect your data to your patients and the outside world. Use the technology to drive integration and efficiency. Make your decisions with facts and data. This is not a project – it is your new way of life.
- Finally, get after it. The hardest part of this whole thing is finding time to make it all happen. You are the revenue producer for your practice and the need to take care patients is always calling. But if you don’t find time to act strategically, your future will be determined for you, and it will not be the one you want.
ALN is helping our clients secure their independence. If this is your goal, we’d like to talk about how we can help.
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