This article builds on my blog post - you can read it here.
I was recently asked what the three most important things I recommend one do for your medical group to thrive in a down economy. I'll explain each in greater detail, below, but for those of you who want to get started right away, here they are.
1. Control all that is capable of being controlled.
2. Of what you can't control, influence all that is capable of being influenced.
3. As to everything else, don't worry about it.
Control all that is capable of being controlled.
Success in practice comes from developing an overall business strategy for your group and then in performing in concert with both that strategy and with attuned sub-strategies.
Events, relationships, and negotiations are all interrelated in terms of either moving your group forward, allowing you to stagnate or, worse, causing you to fail.
In a down economy, it's even more vital than usual to make certain that you control as many, and as much, of these events, relationships and negotiations as is possible.
Examples of some of the areas of control are:
- The internal structure of the group.
- The relationship among the group's owners.
- The relationship between the group and its subcontractors/employed physicians.
- The relationship between the group and its referral sources.
- The relationship between the group and hospitals/other facilities.
Of what you can't control, influence all that is capable of being influenced.
As much as you might wish otherwise, there's a limit to what you can control. But, there's a lot more that is capable of being influenced.
For example what can you do now to:
* influence potential referral sources?
* influence potential political allies by playing to their needs?
* distinguish your group from potential competitors?
* create roadblocks for potential competitors?
As to everything else, don't worry about it.
It just doesn't pay to worry about what you can't control or influence.
Devote whatever energy and time you'd otherwise spend worrying to thinking about what else you can control or influence.
If you run out of ideas, take a break. You deserve it.
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