This article is more than 5 years old. Information may no longer be current.

BLOG: Develop a simple, pragmatic strategic plan for your practice in five easy steps, part 2

ByJohn B. Pinto

Add topic to email alerts

Receive an email when new articles are posted on

Please provide your email address to receive an email when new articles are posted on .

Subscribe

Added to email alerts

You've successfully added to your alerts. You will receive an email when new content is published.

Click Here to Manage Email Alerts

You've successfully added to your alerts. You will receive an email when new content is published.

Click Here to Manage Email Alerts

Back to Healio

We were unable to process your request. Please try again later. If you continue to have this issue please contact customerservice@slackinc.com.

Back to Healio

Let’s continue the discussion of strategic planning with the next couple of steps.

Step two: Conduct research

I’ll assume here you already know your own internal practice numbers and trends cold. What you need now is data from the rest of the world. How large is your natural service area? What’s the population mix? How many eye surgeons practice here? How many optometrists? Are the population-to-provider statistics better or worse than the rest of the country? This data is going to come largely from secondary sources like the AAO/ASCRS and a web search. But don’t bypass primary research. Interview hospital administrators, managed care officials and the managers of larger, noncompeting clinics. Ask them the following questions:

• What’s your snapshot of the local health care system today?

• What’s your forecast for the next 5 to 10 years?

• Based on what you’ve just described, what do you think a practice like ours should be doing in the years ahead to stay ahead and thrive?

• What are the odds that private/independent ophthalmology will be feasible in our market a decade from now?

Step three: Write the plan in one sitting

• At the very least, you should answer the following questions:

• What are the north/south/east/west boundaries of your service area?

• What is your current revenue and your desired revenue in 5 years?

• What is your current and future overall market share? (Assume, broadly, that the average person spends $150 per year on eye care, eye wear, glasses, contacts, ASC services, etc.)

• What will your cataract, LASIK and other major case market share be?

• What is your current and future profit margin?

• How many offices do you have now, later?

• How many MDs, DOs, ODs are in your office?

• How many of these providers are partners vs. associates?

• What mix of services will you supply now vs. later? What service lines will you exit?

• What is your current and future patient volume?

• How many lay staff do you have now? How many will you have?

• What ancillary services will you offer (ASC, optical, etc.)?

• What institutional ties will you have or break?

• If health care consolidation (whether by existing institutions or the latest wave of private equity companies) is slated to be more active in your market, how will you respond?

• What will your succession plan be?

Read part 1 of this blog here.