From a practice startup to a sale, a medical business life cycle progresses through many phases.
We could describe these four phases of development as startup, growth, maturity and decline.
The startup phase involves increased risk as a business and its services become established.
In the growth stage we need to manage how the business expands so it can accomplish financial and other goals.
Once established, the maturity stage requires a business to pursue opportunities, remain competitive, adapt to change and avoid becoming stagnant.
Without these elements, a medical practice may miss opportunities to maintain growth and develop its value towards achieving a profitable business sale.
Although the final phase of decline could see a business wrap up for its sale, it may also prompt innovation and morph into a new lifecycle through adjustment of the business model.
Regardless of which phase a business is in, all practice owners must regularly monitor their finances.
An overview of the current finances can influence more realistic strategic planning and the possibility of long-term success.
Each phase in the development of a medical practice requires a mix of operational and organisational elements, and a practice manager must work with business principals to ensure their strategy caters for these needs.
Understanding where a medical business is in its developmental stage can help determine the operational factors a practice manager should prioritise.
Oversight of business stages can assist in a clear long-term vision and the flexibility of medical practices in their day-to-day operations as circumstances evolve.
This planning allows more informed choices and time to prepare for potential short-term challenges.
It is comforting to know that although your practice is unique, most medical businesses face similar challenges, and all have one constant element in common – change.
Nicky Jardine can help you face these challenges and meet your practice needs at any stage of your health business, as she has managed a range of medical clinics across Australia over the last decade.
Through her connections with various industry professionals, Nicky’s remote management services can help you build an efficient, profitable and compliant practice.
To learn more about how Nicky’s health business solutions, please email email@example.com or call 1300 798 831.