Strategic Planning – Using Data and Benchmarking to Help Drive Practice Growth-Handout: Strategic Planning

Handout: Strategic Planning – Using Data and Benchmarking

Pdf Summary

The document highlights the importance of using data and benchmarking to drive practice growth, with a focus on topics such as effective budgeting strategies, SWOT analysis for competitive advantage, and creating a 5-year growth plan. The speakers featured in the webinar include experienced professionals in orthopedic group practice, investment banking in healthcare, and orthopedic administration. The SWOT analysis framework is explained, emphasizing strengths, weaknesses, opportunities, and threats for physician groups. It also discusses critical questions related to clinical leadership, market reputation, revenue diversification, and technology capabilities. Furthermore, the document covers projections of operating results over 3-5 years, stressing the need for strategic choices to form the basis for assumptions and growth rates reflecting the firm's industry context. Provider compensation, revenue efficiency, payor mix, overhead, and staff expense are also discussed as key benchmarks for practices to monitor. The importance of financial forecasting and including action items for non-financial executives is emphasized, encouraging firms to prepare for future growth and improvement.

Keywords

data-driven practice growth

budgeting strategies

SWOT analysis

5-year growth plan

orthopedic group practice

investment banking in healthcare

SWOT framework

clinical leadership

revenue diversification

financial forecasting