Balanced Business Decision-making for Clinical Practices: Fulfilling "Mission" and "Margin".

ABSTRACT: Clinical practices, both private and academic, need to be profitable to sustain themselves and grow. To manage them and drive profits, one needs leadership that has a well-rounded understanding of multiple facets. When business decisions are based on financial data alone, they meet the goal of profit margin but alienate clinicians; when made using clinical data alone, they fulfill the clinical mission but ignore the bottom line. Here, we explain the benefits of a sound business-minded leadership that integrates the nuances of financial data, the cadence of clinical practices, and the value of resources, and makes meaningful business decisions. These decisions create a strong bond between physicians and their administrative leaders, aligning their "mission" (provide better care), and their

SUBMITTER: Chandawarkar R 

PROVIDER: S-EPMC11219162 | biostudies-literature | 2024 Jul

REPOSITORIES: biostudies-literature