Are you game ready? What is your strategy?
Regardless of your specialty, being in business is a game. You must have a strategy to win! What and who are in your line up? Who will be the starting players? Who is your MVP? What is their background that will make you a winning team?
How do you start to plan your strategy? It starts with a business plan. A business plan will help you evaluate your goals, set expectations and strategize to reach your goals. Many businesses will need a bank loan or work with the Small Business Administration (SBA) to get their dream off the ground. Bank loans and SBA loans require a business plan.
It all comes down to the business strategy to obtain the win. Great teams are able to self manage on the playing field with minimal supervision. There are those great team players that need to be managed to keep their heads in the game.
The game plan — you and your MVP must have a strategy to make the team run successful plays. Your MVP — office administrator (manager) must have finance, managerial experience and the ability to multi-task. They must be able to change and effectively execute the strategy to have the business plan be a success. An extensive background check assists you in finding the MVP for your practice!
Things to think about — do you have or do you know
• A statement of your practice mission and vision
• A clear organizational profile of your practice. (Roles/position descriptions for the organization are a must.) A plan for performance monitoring should be included in your policies.
• Benchmarks set to review your practice goals on a monthly, quarterly and yearly basis. (Utilize your accountant/bookkeeper if you need help)
• An idea of what other services practitioners in your specialty are providing that you can incorporate to be more successful.
• A plan in place if your insurance carriers fail to pay for claims timely.
• Why your claims are not processing.(Is it your software, incorrect codes, clearinghouse or a credentialing issue)
• An idea what your accounts receivable outstanding amount is
• An explanation of your marketing strategies
• A spreadsheet of your monthly revenues, costs, and projected profits will keep you on track (your accountant/bookkeeper can be of great help in creating this valuable tool)
• A description of your business model, or how you plan to make money and stay in business
• A savings account. This is highly recommended for practices that are on a tight budget. Ideally three months of revenue is best.
• A handbook for new employees describing your policies and procedures.
For additional business planning check out — Why is a business plan important by Steven d. Peterson, Peter E Jaret, and Barbara Findlay Schenck.