What is a Healthy Practice?
Is My Practice Healthy is the name of this site. A fair question might be “What is a Healthy Practice?”
The truth of the matter is that a practice is healthy if it meets the objectives of the practice owners.
In my Virtual CEO practice, the most challenging task I face is helping practice owners to define their objective. The objective is what they want their practice to do for them that it is not able to do now. Once owners define and commit to their objective, we are able to develop the strategy and tactics necessary to reach the objective. An unhealthy practice can definitely become a healthy practice.
Practice owners sometimes intentionally or accidentally change the objectives for their healthy practice but do not change their strategy and tactics. At this point the practice is no longer able to meet the objectives of the practice owner. A healthy practice has become an unhealthy practice. With a new objective, the practice must have new strategy and tactics to become healthy again.
Unfortunate, unforeseen and unplanned changing circumstances sometimes alter the practice objectives. For example if a practice owner becomes disabled or dies, a healthy practice with the objective of generating consistent high cash flow may become an unhealthy practice because no ownership transition strategy was necessary to deliver a high cash flow. Suddenly the objective of transitioning to new ownership becomes critical in order to salvage the value of the business for the heirs. Once again, a healthy practice becomes an unhealthy practice because it can no longer meet the objectives of the owners.
Dr Blach’s and my goal for “Is My Practice Healthy” is to deliver business education and management tools that enable practice owners to establish clear objectives, strategy and tactics for their practices. My personal mission statement is “Make a Difference” and I am really excited about the opportunity “Is My Practice Healthy” presents to make a difference to many veterinarians and their families.