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| Dear Friend,
The overall economy and your practice's economy.
Small business bankruptcies are skyrocketing, interest rates are hitting highs not seen for 20 years and will likely go much higher, “glowing” jobs reports pick up second (and even third) jobs held by people unable to make ends meet, and credit card and car loan delinquencies are rising.
Healthcare as an industry might be recession-resistant, but it is not recession-proof. That’s certainly been the case in connection with past U.S. recessions. Consumers cut back on discretionary medical spending just as they cut back on other discretionary expenses. Think food before facelift and home heating before hernia repairs.
Past recessions also impacted the source of payment, with business failures, and business cutbacks, mooting existing employer-funded coverage.
How might your practice be impacted by a drop in patient volume and from a shift from more to less comprehensive healthcare coverage?
Now what’s your strategy?
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| | | | Wednesday - Repurposing a Failed or Closed Hospital - Medical Group Minute
Watch the video here, or just keep reading below for a slightly polished transcript:
Almost every day, the story repeats itself. Another bankrupt or closed or closing hospital. Often the infected facility is rural. But sometimes it's not. Two such stories caught my attention. The first of the infected hospitals is limping along and about to close. It's located in a rural community. It’s actively looking for proposals from someone who can take it over. The second is a closed facility. It's issued an RFP, looking for proposals from buyers to, they hope, reopen the place as a hospital (probably a bad idea), or to take it over and convert it another sort of healthcare facility – which is a tremendous idea, if, and it's a big if, the situation is right. For example, what's the population in the community? What are the demographics? How many physicians are there? How many procedures are those physicians performing? Can those procedures be performed at a surgery center? And so on. My point is that while the notion that I call The Impending Death of Hospitals (download my complimentary book by that name here) is impacting hospitals of all sizes (certainly small hospitals very hard), some of their physical shells are built out close enough to the specifications for another type of healthcare facility. That makes a conversion a very manageable project, whether it’s a conversion for a single facility or for a multi-facility "medical mall." If this interests you, start paying attention to the news. You’re going to see a lot more of these types of properties becoming available. Then, let's talk about what's involved its conversion to a facility owned by you. It’s not a question of how to do it yourself, it’s knowing who can do it for you and with you. Hope to hear from you soon. |
| | | Listen to the podcast here, or just keep reading for the transcript.
Your medical group's most important assets, its physicians and other providers, walk out the door each night.
What are they carrying with them?
Take the Viceroy group (not its real name), for example. Yes, literally take it. At least that's what several of its owners did when they jumped ship to a competitor which then displaced Viceroy as the holder of its exclusive contract.
It's great to develop team spirit and camaraderie to hold a group together. But it's not enough to rely on it to protect your group's sensitive data and strategies.
Trade secret provisions must be incorporated into your group's services agreements and its partnership/shareholders agreements. But for those provisions to be effective, trade secrets must actually be guarded and closely held.
In states where they are enforceable, use covenants not to compete. In jurisdictions where those covenants are not enforceable (and even where they are), other restrictions, some common and others proprietary, can be used to dissuade a group physician from leaving to compete.
What's your group's practice worth? Make the investment to protect it. |
| | Help Us Help You With Helpful Content
What tailored content would you most like to see during this
time? How can we focus on solutions to your most pressing strategic concerns?
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| | | | We all hear, and most of us say, that the pace of change in healthcare is quickening. That means that the pace of required decision-making is increasing, too. Unless, that is, you want to take the “default” route. That’s the one is which you let someone else make the decisions that impact you; you’re just along for the ride. Of course, playing a bit part in scripting your own future isn’t the smart route to stardom. But despite your own best intentions, perhaps it’s your medical group’s governance structure that’s holding you back.
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| In fact, it’s very likely that the problem is systemic. The Medical Group Governance Matrix introduces a simple four-quadrant diagnostic tool to help you find out. It then shows you how to use that tool to build your better, more profitable future. Get your free copy Free.
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| | | | Whenever you're ready, here are 4 ways I can help you and your business:
1. Download a copy of The Success Prescription. My book, The Success Prescription provides you with a framework for thinking about your success. Download a copy of The Success Prescription here.
2. Be a guest on “Wisdom. Applied. Podcast.” Although most of my podcasts involve me addressing an important point for your success, I’m always looking for guests who’d like to be interviewed about their personal and professional achievements and the lessons learned. Email me if you’re interested in participating.
3. Book me to speak to your group or organization. I’ve spoken at dozens of medical group, healthcare organization, university-sponsored, and private events on many topics such as The Impending Death of Hospitals, the strategic use of OIG Advisory Opinions, medical group governance, and succeeding at negotiations. For more information about a custom presentation for you, drop us a line.
4. If You’re Not Yet a Client, Engage Me to Represent You. If you’re interested in increasing your profit and managing your risk of loss, email me to connect directly. |
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