By Nick Hernandez
Practice managers must be keenly aware of what competing practices are doing as well as practices outside of their catchment area. Practice management requires a firm focus on the competition; identifying its strengths and vulnerabilities is crucial. Since managing a successful practice requires decision and action based on situational awareness, identification of your competition’s expectations and preparations is also important.
Because the healthcare landscape is changing so rapidly, accurate and timely information regarding what competing practices are doing is a prerequisite for success. It is said that Field Marshal Erwin Rommel (an intelligent German WWII commander dubbed the “Desert Fox”) once declared, “It is not that one general is more brilliant or experienced than the other; it is a question of which general has a better appreciation of the battlefield.”
This is why I maintain that knowledge of your competition is a key function of effective practice management. To be clear, practice management is about making and executing decisions, but a market analysis can help support a smart decision-making process. [Read more…]