Nearly all business decisions involve elements of both risk and uncertainty. This is just the nature of predicting the future course of events. They are not the same thing, but how do you identify which is which and how do you move forward, knowing that there is an element of both present? The basic distinction between these two features is this: in predicting the outcome of a decision, how much information can be known beforehand, and how much of that information do you know? If you know most of the data points, then you are dealing primarily with risk. If you do not know most of the data … [Read more...] about Risk and Uncertainty
Finances & Tracking
Hierarchies
In traditional organizations, hierarchies are the normal state of affairs. While this may chafe those at a lower level of the chart, there is usually no thought to getting rid of a hierarchy, it’s more about finding ways to get on the top of the pile. However, in more progressive organizations and societies, hierarchical structures are much flatter, looser or may not exist at all. In many ways, medicine in all forms has some aspects of both types of systems, which can plant the provider squarely in that uncomfortable transition zone. Hierarchies are very much the norm in many types of … [Read more...] about Hierarchies
Purchasing A Practice
I’ve written in previous posts about creating value in a practice prior to a planned sale. What about the other side of the equation, important items from the perspective of the buyer? Careful consideration of the pertinent details can avoid a painful situation, both financially and emotionally. Here are several factors to consider: Transferability When you are purchasing a practice, you are essentially buying the income stream from the practice, along with the physical items, the infrastructure and the intangibles. The equipment is not going to go anywhere, but the seller cannot guarantee … [Read more...] about Purchasing A Practice
Self-Management and Accountability
One factor that frequently arises in small, owner-operated practices is the need for a high level of self-management acumen. This sounds easier than it really is, for several reasons that have to do with human nature. Without high levels of self-management in place, a practice will tend to develop structural problems that are fixable, but require some sort of organizational change and adaptation. Self-management habits There are a few key components here that are necessities in any self-managed business. Use of cloud based calendar Use of smart phones and remote access tools … [Read more...] about Self-Management and Accountability