Developing Your Practice’s 2023 Strategic Plan
In this episode, I’ll outline the key steps you need to develop your practice’s strategic plan for the new year.
The first step: doing a review of the past year. For this you will need a few things:
- 2022 Profit and Loss statement
- 2021 Profit and Loss statement (so you can look at the year-over-year changes)
- Year end billing reports
To develop this year’s strategic plan we need to do a post-mortem on the prior year. We need to figure out what went right and what we can improve. Examples of what we’re looking for:
- Did you meet your 2022 goals?
- Did your revenue grow?
- How’s your volume?
- What’s happening with your expenses? What expenses can be pruned?
One of the first goals should be your profit projection. How much money do you want to make this year?
This year’s strategic plan involves setting both yearly and quarterly goals. These goals depend on the stage you are at.
The quarterly goals should build to achieve the yearly goals.
Examples of possible yearly goals:
- Getting credentialed and contracted by Fill in the Date
- Add a new physician and/or midlevel to my practice
- Add a new revenue stream
- Have X% year over year growth in Revenue &/or Volume
Examples of possible quarterly goals:
- Increase volume by X%
- Develop standard operating procedures for front desk (or whatever needs work)
- Decrease average days in AR
- Decrease number of days until claims are submitted
- Decrease days to complete charts
- Increase front desk collections
Mine last year’s data to look for the good, bad and ugly of how things are going to help you determine the items to focus on this year.
If you have any questions about your practice’s strategic plan for 2023 contact me at [email protected].
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