| Developing and executing a strategic plan. | |
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MedLine Citation:
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PMID: 20127597 Owner: NLM Status: MEDLINE |
Abstract/OtherAbstract:
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Because of the historic economic crisis, the past 18 months--2008 and the first half of 2009--have been challenging for many plastic surgery practices. Prior to the economic crisis in 2008, many practices enjoyed success with little synchronization between financial and productivity results, practice goals, and strategic planning. Now, suddenly, there is a great deal of interest in the alignment of budgets and financial reporting, marketing return on investment (ROI), staff accountability, and overhead management. The process of developing a business plan can serve to bring clarity and objectivity to the assessment of practice goals and market dynamics. The business planning process also provides assurance of more efficient use of the practice's human and capital resources. Ultimately, the process will bring order, discipline, and focus to practice stakeholders, thus increasing the likelihood of meeting or exceeding practice goals. The process: (1) defining the mission of the practice; (2) completing a competitive analysis for your market; (3) completing an assessment of your current environment; (4) completing an assessment of the financial health of your practice; (5) preparation of a SWOT (strengths, weakness, opportunity, threat) analysis; and (6) a translation of your mission statement into specific long-term goals and short-term performance objectives. The outcome of completing these tasks should be an actionable plan that will serve as a guide or road map for the practice. A well-articulated plan will solidify staff confidence, continue the advancement of a strong business foundation, and provide clear navigation through this new economic landscape in a way that preserves your ability to provide the care you have devoted yourselves to deliver. Today's needs, and yesterday's lessons, dictate that a well-documented strategic action plan be undertaken. |
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Authors:
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Glenn Morley |
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Publication Detail:
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Type: Journal Article Date: 2010-02-01 |
Journal Detail:
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Title: Facial plastic surgery : FPS Volume: 26 ISSN: 1098-8793 ISO Abbreviation: Facial Plast Surg Publication Date: 2010 Feb |
Date Detail:
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Created Date: 2010-02-03 Completed Date: 2010-04-29 Revised Date: - |
Medline Journal Info:
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Nlm Unique ID: 8405303 Medline TA: Facial Plast Surg Country: United States |
Other Details:
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Languages: eng Pagination: 7-11 Citation Subset: D |
Copyright Information:
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Thieme Medical Publishers. |
Affiliation:
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Allergan Medical, Inc., Irvine, California, USA. Morley_glenn@allergan.com |
Export Citation:
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APA/MLA Format Download EndNote Download BibTex |
| MeSH Terms | |
Descriptor/Qualifier:
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Financial Management
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economics,
methods* Forecasting Humans Marketing of Health Services / methods Organizational Objectives / economics* Planning Techniques* Practice Management, Medical / economics*, organization & administration Surgery, Plastic / economics*, organization & administration |
From MEDLINE®/PubMed®, a database of the U.S. National Library of Medicine
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