Sunday, 18 August 2013

Why 95% of Medical Practices Will Fail!


Every medical person starting his or her business must have a plan. This is so important that you should not even start seeing a patient without one. But the largest percentage of Doctor does. A doctor lacking a business vision is simply someone who goes to work every day. Someone, who is always busy! Busy, Busy, Busy. Maybe making money or maybe not. Taking changes without really taking control.

The plan am talking about tells anyone who needs to know how we do things here, defines the objectives and the process by which you will attain it, organize task into functions, and then helps people understand the logic of each of these functions.+Linda Ikeji +Lordson Okpetu 

          Every medical practice is a company, every medical business is a company and every enterprise is a company. The difference is extraordinary.
The business of all three may be health-care, how they do what they do is completely different.  The trouble with most health care companies is that they are dependent on the Doctor. That’s because they’re a practice.
          The company called a practice depends on the owner- that is, the doctor. The company called business depends on other people plus a system by which that business does what it does. Once your practice becomes a business you can replicate it, turning it into an enterprise.
          Is your medical company going to be a practice, a business, or an enterprise? Planning is crucial to answering this all-important question. Whatever you choose to do must be communicated by your plans, which are really three interrelated plans in one. It consists of: +Adebola Oni  +osifeso omotola 
·        The business plan
·        The work plan
·        The Action plan
The business plan: Determines who you are, the work plan determines what you do (the specific focus of your practice), and the work plan determines how you do it (the fulfillment process). The three critical plans are interconnected. The connection between them is established by asking the following questions:
1.   Who are we?
2.   What do we do?
3.   How do we do it?

Questions shape the vision of your business of which your practice is only one essential component. Your business and your practice are not the same thing. Your practice is only one part of your business. First ask: what do we do and how do we do it. Strategically? And then: what do we do and how do we do it…tactically?
For these article let us discuss about the business plan. ok?
Business plan will determine what you choose to do in your practice and the way you choose to do it. Without a business plan, your practice can do little more than survive. To read more about business plan visit uniqueceo+BBC News +Channels Television +CNN International 
          Without a business plan you are just I’m not talking about the traditional business driving without a destination. The business that I am talking about is not the kind of plan that is taught in business school. This business plan is just like a story, a story that is so important that your business so much rely on it. Your Business plan must clearly describe:
·        The business you are creating
·        The purpose it will serve
·        The vision it will pursue
·        The process through which you will turn that vision into a reality.
·        The way money will be used to realize your vision.
Build your business plan with business language, not medical language. Make sure the plan focuses on matters of interest to your lenders and shareholder rather than just your medical self. It should detail both the market and the strategy through which you intend to become a leader in that market, not as a doctor but as a business enterprise. It should rely on demographics and psycho-graphic profile to tell you who buys and why. It should include projections of return on Investment and Return on Equity. +Nigeria Info FM +Lifebuilders Nigeria 

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