Health Care Financial Management begins at the physician/Medical practice management level and in any clinical enterprise, best practice requires two basic tools: a business and strategic plan.
Wellington, FL November 19, 2012 – Health Care Financial Management begins at the physician/Medical practice management level and in any clinical enterprise, best practice requires two basic tools: a business and strategic plan. These tools are the key difference between success and failure in Clinical practice a clear understanding of the goals and objectives for the next three years is critical to a successful outcome in any private physician practice or hospital initiative and to excellent Health care Financial Management.
Competing entities are making the health care environment very complex so that physicians are questioning whether they should continue battling third party payors or sign on with an Accountable Care Organization or become a hospital employee. This new environment is slowly killing the entrepreneurial spirit. Yet third party payors are looking at those entities who truly understand Health Care Financial Management and who can deliver quality services cheaper, help patients avoid emergency room visits and provide care in a less intense delivery environment. These are the providers who will prevail in the new reimbursement arena. The fear of third party payors is driving physicians away from private Medical Practice and into employee status. Physicians and clinics who use Health Care Financial Management’s best practices that is developing a Practice Management Business and Strategic Planning will succeed.
Health Care Financial Management at the Physician practice management and clinical level require that specific questions must be answered before any decision is made to start or stop a service. These questions probe where organizations have been and where they are headed. While seemingly simple, it underlies everything that is important to be successful. To answer the question requires tools about costs, revenue, market place, start-up, financing, capital investment, recruitment, space, growth, and reimbursement for services. These tools play a pivotal role determining whether or not a market exists, how large and how old it may be, they help to define the audience and its geographical specifics, and they also help to give clear financial pictures. Most of all these plans will determine who will pay for services and at what rates.
It is always important to focus on exactly what is trying to be accomplished. Personal and financial goals must be clearly defined and agreed upon by the partners as they would in any business. First there has to be an overall Strategic Plan and then interim objectives which are called the tactical plans. This is the road map and the very heart of Health Care Financial Management. As the Private practice or entity grows the same principles will apply.
The most successful physician practices and clinical ventures have been able to answer the questions through the creation of both a Business and Strategic plan that are part of an overarching HealthCare Management Plan. With its strength it can attract the right partners, investors and financing for its growth. Some may question whether it is worth the money to invest in such plans. In this environment it is absolutely essential if the proposed enterprise is going to be a successful player in the field.
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| HealthCare Financial Management in the Medical Practice Management Arena |