The Practice Managers’ Guide to Business Planning and Benchmarking has been developed to assist both doctors and practice managers understand the potential of their practices. It contains numerous practical tips and advice and identifies the main issues connected to planning and successfully running the practice. It has been identified as an area where practice managers and doctors alike have a keen interest, and a lot of important information is contained in the guide.
Having a well drafted business plan is the first step to success for any type of venture. Without concrete goals or strategies, and a vision of future achievements, it will be difficult to build and grow a new practice.
Setting targets is also an effective way of measuring success, and benchmarking is an area where there is an abundance of speculation and interest. There is little difference between good medicine and good business; when a practice provides a competent professional service, develops personal relationships, and retains patients over the long term, then the business of management is integral to success. Costs need to be reduced, staff productivity needs to be increased, and personal investment in the practice should also be reduced. Benchmarking against other practices is one way for practice owners and managers to identify areas that may need improvement.
This guide introduces the concept of business planning for medical practices and provides readers with essential knowledge required for planning future growth and profits of practices. It also emphasises the need for business plans to reflect the personal preferences and ambitions of individual doctors, ensuring that it accommodates issues of work/life balance.
The guide will also introduce some aspects of benchmarking in the context of general practice, look at why benchmarking is important, and what aspects to consider when looking at benchmarking. It will provide several scenarios of examples for comparisons.
Topics covered in this module include:
- An overview of business plans;
- Getting started;
- Thinking about the patients;
- Thinking about the doctor;
- What a business plan looks like;
- An overview of benchmarking in Australia;
- Internal and external benchmarking;
- Benchmarking guides;
- Benchmarking in the health care environment