By Nick Hernandez bio There are many different models and action steps for strategic planning. Attempting to "jump right in", however, is ill-advised. Undertaking some basic pre-work will help to ensure better success for the strategic planning process. Here are three prerequisites for strategic planning: 1. Agree on a strategic planning process You should provide … [Read more...] about 3 steps to set up your strategic planning process
strategic planning
Six key areas for successful physician partnerships
By Nick Hernandez bio Physicians should take a measured approach to the future of their practice. Physician partnerships require much pre-planning, careful structuring, and a whole lot of continued communication in order for them to be successful. I am often asked to help a practice facilitate the undertaking of physician partnerships. It is certainly not a process that … [Read more...] about Six key areas for successful physician partnerships
Analyze your competitors as you plan for 2024
By Nick Hernandez As you sit down with your physician partners, practice manager, and perhaps consultant over the coming weeks contemplating direction for 2024, I thought it may be beneficial to offer a few pointers to help you along the way. For starters, you should pause to reflect upon new competitors in your catchment area, as well as current competitors and new … [Read more...] about Analyze your competitors as you plan for 2024
Tips for successfully transitioning ownership of your medical practice
Transitioning ownership of a medical practice can be extremely risky, especially without considerable preparation, according to medical practice consultant Nick Hernandez, CEO and founder of ABISA, LLC in Valrico, FL. "Succession planning is not a boiler template that you can apply from one practice to another. There are a lot of nuances that are really particular to your … [Read more...] about Tips for successfully transitioning ownership of your medical practice
Four common strategic planning mistakes
By Nick Hernandez bio Strategic planning is an essential business activity. However, several common mistakes must be understood so that practice administrators can guard against them. Pointing out these mistakes is not a criticism of the process but acknowledgement of improper implementation. Medical practice leaders must recognize both the benefits and the potential pitfalls … [Read more...] about Four common strategic planning mistakes
Upping your game as a medical office manager
Managing an efficient and profitable medical practice depends upon your ability to master a specific set of management skills, implement best practices, and maintain specific identifiable behaviors and attitudes that are proven to drive management and career success. Those skills, best practices, and attitudes are at the heart of successful medical office management and can … [Read more...] about Upping your game as a medical office manager
Report: Healthcare provider mergers reshaping the landscape as size of transacting parties continues to grow
The trend of mergers between large healthcare provider organizations continued in 2018, as the average size in revenue of sellers (defined as the smaller of two organizations in a transaction) reached $409 million, according to Kaufman Hall's new report, 2018 M&A in Review: A New Healthcare Landscape Takes Shape. This is the highest figure seen since Kaufman Hall began … [Read more...] about Report: Healthcare provider mergers reshaping the landscape as size of transacting parties continues to grow
Gender diversity at US Health Care companies: A prescription for progress
Three out of every four employees at US health care companies are women, far more than in most other industries, yet women are still scarce in the industry's leadership ranks, according to a new report, Women Dominate Health Care—Just Not in the Executive Suite, recently released by Boston Consulting Group (BCG). Health care companies clearly have a large pipeline of talented … [Read more...] about Gender diversity at US Health Care companies: A prescription for progress
Physician entrepreneurs drive innovation and change
By Nick Hernandez bio Physician leaders must be innovators to navigate their practices into and through the era of healthcare reform. True physician entrepreneurs take charge of change and continuously scan the outside environment for new and fresh ideas. They search for opportunities for ways to do what has never been done before, and many times engage consultants … [Read more...] about Physician entrepreneurs drive innovation and change
Why strategic planning is a must for practices
By Nick Hernandez bio Strategic planning is not the same as operational planning. The former is focused on broad and long-lasting issues that ensure the medical practice's long-term effectiveness and survival. The latter focuses on achieving objectives and carrying out short-term activities. Strategic planning functions as the "design" just as a blueprint functions … [Read more...] about Why strategic planning is a must for practices