Does Your Practice Need a Strategic Checkup?

The healthcare landscape is continuously changing. This evolving environment brings many challenges to healthcare organizations, particularly independent physician practices.

Spectrum Management Services Company (SMSC) has an experienced leadership team with deep knowledge of healthcare market trends and activities.

“I personally have more than 30 years of experience in physician practice management, healthcare economics, health policy, strategic planning, governance, managed care contracting, revenue cycle management, and healthcare informatics,” notes David Landry, CEO of SMSC.

As a private practice, working with a leader or a team of leaders with this depth of expertise is critical to your success. Our experience offers the ideal foundation upon which your organization’s mission can build successfully. “It’s important for your practice’s leader to keep the mission and vision of the company in the forefront of the growth strategy,” adds David.

Here’s what to look for if you’re ready for leadership with strategic vision.

1. A strategic leader will consider both short-term and long-term challenges.

A wide range of local, regional, and national challenges can affect physician practices. These include such things as legislative changes, compliance issues, local or regional market dynamics, and even patient preferences.

The challenging part is that some of the impacts of these changes are obvious and immediately felt, whereas others are less apparent and erode a practice’s livelihood over time — sometimes without detection. This is why it is critical to maintain a strategic mindset.

When a change occurs or is on the horizon, it is very easy to fall into the trap of being reactionary with a sharp focus on the immediate issue. This can prevent you from considering the longer-term implications, as well as other aspects that may be affecting the success of the practice and the attenuating environmental issues.

“Similarly, even in times when things are seemingly going well it is imperative to continue to evaluate the environment and changes in the regulatory or market dynamics,” explains David. “This will help you to be prepared for the inevitable changes that are a hallmark of the healthcare industry.”

2. Strategic leaders keep their finger on the pulse of healthcare industry trends.

Awareness is key.

“I have worked with hundreds of physician practices across the United States over the past 30 years,” notes David. “The most successful practices are able to adopt and implement business, operational, and financial strategies that incorporate a wide variety of inputs.”

3. Strategic leaders develop a financial strategy that secures & diversifies revenue opportunities.

To improve a practice’s strategic plan, we need to look at both sides of the ledger. While expense management is an important part of maintaining the organization’s financial health, cost cutting in and of itself is not strategic.

“New ways for a company to bring in revenue are always possible. Your leadership should be consistently identifying these to continue marked growth and success in your organization,” explains David.

Securing and diversifying revenue opportunities in conjunction with ensuring the effectiveness of organizational spending will create a platform for long-term success.

Along the way, careful reporting and analyzing of data is key, because it is your only quantitative assessment of growth. Reviewing data not only allows you to spot markers of success, but also enables you to determine any needed adjustments in the strategy.

4. SMSC has a track record of success in helping clients improve revenue, achieve growth, & operate more efficiently.

SMSC has worked with clients across the country. While each organization is unique, there are universal issues they all face. We have experience in assisting clients with a myriad of challenges, and a demonstrated track record of success in helping them improve revenue, achieve growth, and operate more efficiently.

“I have worked with many types of physician groups over my 30 years of experience in healthcare leadership,” notes David, “and this work brings me a great deal of professional satisfaction. I enjoy many aspects of working with our clients but probably the thing that excites me most is building relationships.”

He adds, “As the CEO of SMSC, I look to the wide variety of expertise that is readily available within our organization. I’ve invested in the people of this company, and they are the most important piece of our own growth strategy. I believe that they will be the key to your success as well. When you partner with SMSC you have access to me and to our other practice leaders.”

Whether it’s navigating a new opportunity, negotiating with a hospital or payer, or expanding a service line, in the end building sustainable long-term partnerships is what makes us all successful.

Regardless of the issues facing your practice, please consider SMSC as a partner that can assist you in reaching your goals as an organization. We look forward to speaking to you about the vision of your organization.

To contact David Landry directly, email him here.

Find out more about SMSC’s Executive Management & Practice Leadership here.

SMSC offers a full suite of practice management services either collectively or on an a la carte basis: