Insider: Will Latham on Developing a Strategic Plan in a Medical Practice

In this episode of the MGMA Insider podcast, Will Latham, President, Latham Consulting Group, discusses how a medical practice can develop long-range strategic plans.

Highlights from the discussion:

Consolidation: One of the biggest areas of change over the last few years has to do with the consolidation of all of healthcare. Hospitals are merging. Health Plans are merging. And there's been a huge influx of medical practices merging into hospital systems or being acquired by private equity."

Strategy Steps: "Begin with a SWOT analysis. What are the main strengths of the group? What are the main weaknesses? What are the opportunities? What are the threats?" You need to have a better read of who you really are before you can go into problem-solving mode.

Retreats: Can be a great way to get out of the office once a year and have the practice's stakeholder go offsite and gauge where the practice is and what needs to be done to raise efficiency and productivity of the practice.

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If you're interested in learning more on strategic planning, join us at MGMA19 Annual Conference, which will be held October 13-16 in New Orleans. Registration opens Tuesday, June 11. Go to MGMA.com/bigeasy for more information.