Author: Dana Jacoby
The medical field is transforming faster than ever, and with continued changes in COVID variants and policy updates, change isn’t going to stop anytime soon. As medical practices race to stay up-to-date, it’s difficult to take time to think about where your practice is, where you want it to go, and how to get there. That’s why Vector Medical Group partners with physician groups, leaders, and CEOs to offer strategic planning for your practice’s future.
What Is Strategic Planning In Healthcare?
For healthcare organizations, strategic planning involves reviewing your practice’s previous successes and challenges, assessing your current practices, creating goals and objectives for the future, and outlining plans to reach them. Goals are unique to your practice’s organization and can include financial, cultural, operational, and clinical care objectives.
Benefits Of Strategic Planning For Healthcare Organizations
Evaluate Your Internal Operations
The strategic planning process includes an internal evaluation of your practice. To make sure your practice is ready for continued growth and success, the evaluation often considers operational efficiencies and inefficiencies, patient care, culture, services, leadership, and financial health. By comprehensively evaluating your practice’s current state, you can get a better understanding of what is needed for the future.
Understand The Industry
We know that healthcare is largely influenced by external factors. To help you understand the challenges and opportunities for your practice, we conduct an in-depth analysis of the market conditions of healthcare as a whole and your specific industry. At this stage, we also conduct a PEST analysis, which examines:
- Political factors: how insurance mandates, consumer protection, and tax law changes affect healthcare
- Economic factors: how interest rates, unemployment, and inflation impact policy spending and the use of healthcare benefits
- Social factors: how changes in values and demographics shape beliefs and how healthcare professionals can use this information to better connect and treat patients
- Technological factors: how technology advancements allow patients to receive better care or improved medical devices
Define Clear Goals
Once we assess the current state of your practice and industry, we’ll work with your team to create clear goals and priorities for the upcoming period. To give you a usable roadmap, we go beyond simply identifying objectives. We’ll also define what success looks like for each objective, create strategies to get you closer to your goals, and conduct a high-level Gaant chart to get you started.
Support Leaders And Partners Throughout The Process
The strategic planning period is just the beginning. To help you set your plan in motion and gain buy-in from your team, we’ll stay by your side throughout the execution phase. We work with leadership teams and partners to give them confidence in delivering the “what” and “how” of your strategy. We’ll also map your execution plan for 1-, 3-, and 5-year success so you know exactly what you need to do and when.
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Is Your Practice Ready For Strategic Planning?
Now is the perfect time to start working towards your goals. At Vector Medical Group, we use decades of experience in the healthcare and financial fields to craft custom solutions that meet your specific needs and objectives. If you’re ready to learn more, schedule a free consultation with our team.