Author Nick Hernandez

Oftentimes physicians and administrators discuss strategies and may even devise a strategic plan, only to see nothing come of it. The most common reason for strategy failure is that they failed to build execution into their strategic planning process.

Good is rarely good enough, and opportunities for improvement are never lacking. Unfortunately, the success rate of major change initiatives in medical practices is often low due to poor management of the change.

Bringing in a physician partner has many advantages: A partner may help your practice grow and become more successful; partners allow you to share the workload and to combine skills with another provider; and you can enrich your practice by having a solid teammate. However, business partners can become your greatest asset or worst liability. Deciding whether or not to share your practice with someone else may be one of the most important business decisions you ever make. Deciding who you go into business with can be just as important.

There are three dimensions of cohesion: individual morale, confidence in the medical practice's capability, and confidence in practice leaders. In combination, these dimensions dramatically affect the effectiveness of your practice.

More and more physicians are looking at concierge models. As you begin to weigh this consideration, keep in mind that there are three primary routes: concierge, direct primary care, and hybrids.

Successful physician entrepreneurs are obviously hard-working by nature, but they also make their habits work for them.

Strategic planning functions as the "design" just as a blueprint functions as the "how" to build something. Strategic plans are expressions of a physician owner’s dreams and visions of successful results.

Practice managers must be keenly aware of what competing practices are doing as well as practices outside of their catchment area. Practice management requires a firm focus on the competition; identifying its strengths and vulnerabilities is crucial.

The changes to the healthcare industry are increasingly focused on addressing patients as consumers. Such a change means that providers must of course emphasize quality and work toward price transparency, but they must also seek to determine what patients desire most.

Physicians and practice managers must be smart about training employees on what they should and should not share online.

There is no such thing as a standard telemedicine program. Consequently, it is extremely important to develop a strategic plan first.