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Four Pillars of Success In an Independent Medical Practice

By June 9, 2020 June 22nd, 2020 No Comments

Physicians in independent practices face several challenges as they try to balance the clinical obligations of patient care with the structural aspects of owning a business. They have spent years acquiring clinical skills and experience that allows them to be comfortable in their clinical practice. Still, they have not had the opportunity to learn about how to own and manage a business. As a consequence, there is often a mismatch in competency between the clinical and business aspects of their practice. Additionally, applying clinical problem-solving skills in a business setting usually results in a reactive approach which may be counterproductive in a business setting. This gap in business competency can result in frustration and impact the group’s performance

Healthwise Management has identified four areas of business competency required for a successful independent practice.

1. Physicians need to understand and apply a cultural foundation that is the basis for a healthy organization.
2. There needs to be a level of physician clinical and strategic leadership for the practice. It is essential to understand their roles in the enterprise.
3. The company needs to have a well thought our governance structure that facilitates effective decision making, and planning.
4. The physicians need to understand how the practice management structure relates to the strategic direction that emerges from the cultural foundation.

All four of these topics will require conscious attention to develop a successful business. Unfortunately, traditional medical education does not equip physicians with the competency to address these critical aspects of their professional success. There are resources to provide physicians with the knowledge and tools to be successful as a business. One option is to approach learning these skills through a continuing education approach. The American Association for Physician Leadership is a physician-focused organization that provides business and leadership education.

The team at Healthwise Management has been working with independent physicians for many years guiding practices through foundation and development stages, as well as assisting with improving organizational and business performance. Different sized groups require different approaches. There is no “one size fits all “formula. Healthwise Management is happy to discuss your needs and provide direction.

Contact us today to discuss your needs! We love to meet new people and learn how Healthwise Management can be your solution.

Fred N. Davis, MD

Author Fred N. Davis, MD

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