Invest during the decline
I had lunch yesterday with a very bright doctor with three booming clinics in the Dallas Fort Worth area and he made a comment worth thinking about.
“We’ve learned that when our practice starts to decline — that is the time to invest in the practice– other doctors stop investing and their business continues to decline. With a little extra investment we’ve been able to keep our practice from declining and in fact are able to grow through tough times.”
Is now the time for you to invest in your practice?
Be Smart!
B2
My question is…why would anyone think this is such a breakthrough? Truly smart physicians are analyzing the health of their practices at all times…so they’re way ahead of the curve…not waiting for a decline to have started. That’s like buying insurance after one room of your home has burned!
Pyrenees7
July 9, 2008
Every business (including physician run practices) will see a slowing of their business and will be forced to make a decision: “Do I do something” or “Should I preserve cash and wait it out.” We could find doctors with examples of how both strategies have worked. We are getting reports from doctors in several markets across the county and they are saying: “Things are slowing down, what do I do?”
Are you an advocate for doing nothing? Do you have a crystal ball and can see that one month of slow revenues is a trend? What do you do?
Brett Blake
July 16, 2008