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    Practice performance goals for better ROI

    Keep your eye on the bottom line

    Whether your practice is purely aesthetic or a mix of medical and aesthetic, you’re operating a business, and it serves you to understand key business principles to stay successful, say panelists at the VCS 2014 meeting.

    “Medicine is a business … you’ve got to make money,” Lou Haggerty, general manager, PUMC, told attendees during the practice management and marketing sessions. “If you’re not (making money), you’re not going to be in business. And this is a highly competitive business, so it is very important that you keep that in mind the whole time you’re working.”

    Panelists repeatedly stressed the importance of having a mission statement and a business plan.

    “If you don’t have a plan, you can’t have a budget and if you don’t have a budget, you don’t know if you’re making money or not, because you have no way of tracking it,” Ms. Haggerty said.

    Jay Shorr, founder and managing partner of The Best Medical Business Solutions, echoed this, stating that the business plan is your baseline. Similar to how a physician takes certain baseline measurements prior to a procedure, you need to know where you are in your business to know where you are going and if you are successful, he told attendees during his presentation on "Overhead and Operations."

     

    Next: The importance of tracking

     

    Heather Onorati
    Heather Onorati is the Channel Content Director for Dermatology Times and Cosmetic Surgery Times.

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