New Year, New Strategies: Setting Business Goals for Your Practice

As one year comes to a close and another begins, it's the perfect time to reflect. Healthcare entrepreneurs can examine their practice's performance and set goals for the future. The start of a new year presents an opportunity for fresh beginnings, growth, and improved patient care. We'll discuss the importance of setting business goals for your practice and how to develop strategies to achieve them.

The Power of Setting Goals

Setting clear and achievable business goals is a fundamental practice for healthcare entrepreneurs. Goals serve as a roadmap for your practice, guiding it toward success. Here's why goal setting is vital:

1. Direction: Goals provide a sense of direction and purpose. They help you and your team understand what the future holds for the practice.
2. Motivation: Setting goals can be motivating for both you and your team. Having something to strive for keeps everyone engaged and focused.
3. Measuring Progress: Goals allow you to measure progress and success. You can track whether your practice is moving in the right direction.
4. Improvement: Goals encourage innovation and improvement. They push you to think creatively and find new ways to provide better patient care.

Evaluating the Past Year

Before setting new goals, it's essential to evaluate your practice's performance over the past year. Look at your achievements, challenges, and areas for improvement. Reflect on questions like:

- Did you meet the goals you set last year?

- What were the practice's strengths and weaknesses?

- How did patient satisfaction evolve over the year?

- Were there any notable financial changes?

A thorough evaluation of the past year will provide insights into where your practice stands and where it needs to go.

Setting SMART Goals

Effective goals are SMART: Specific, Measurable, Achievable, Relevant, and Time-bound. Let's break down what each of these components means for healthcare entrepreneurs:

1. Specific: Your goals should be clear and precise. Rather than a vague goal like "increase patient satisfaction," make it specific. This could be "improve patient satisfaction scores by 15% in the next six months."
2. Measurable: You need a way to measure your progress. Using the above example, you can measure patient satisfaction through surveys or feedback data.
3. Achievable: Goals should be challenging but realistic. Setting an unrealistic goal can lead to disappointment. Make sure your goal is attainable with effort and resources.
4. Relevant: Goals should align with the overall vision of your practice. They should contribute to the long-term success and improvement of your healthcare services.
5. Time-bound: Set a clear timeframe for your goals. This adds a sense of urgency and helps you stay on track. For example, achieving a 15% improvement in patient satisfaction within six months.

Types of Business Goals

Healthcare practices can have a range of business goals, and it's crucial to choose the ones that best suit your practice's unique needs. Here are some common types of business goals for healthcare entrepreneurs:

1. Patient Satisfaction: Enhance patient satisfaction scores by improving the patient experience. This could include reducing wait times or increasing communication.

2. Financial Goals: Set specific financial targets. This could be increasing revenue, reducing costs, or boosting the profitability of services.

3. Operational Efficiency: Improve operational efficiency by streamlining administrative processes. You could also reduce paperwork or enhance staff productivity.

4. Staff Development: Focus on staff development by providing training and opportunities. This could help your staff with career advancement.

5. Community Engagement: Get more involved in the community. You can do this by participating in local events, charity drives, or offering free health clinics.

6. Marketing and Patient Growth: Develop strategies to attract and keep patients. This can involve building an online presence. You can use social media or implement referral programs.

7. Quality Improvement: Focus on improving the quality of healthcare services you provide. This can include reducing patient wait times or implementing new technologies.

Creating an Action Plan

Once you've defined your goals, the next step is to create an action plan. Your action plan should include the following elements:

1. Specific Tasks: Outline the specific tasks and steps required to achieve each goal.
2. Responsibilities: Assign responsibilities to team members or departments.
3. Timelines: Set clear timelines for each task or milestone.
4. Resources: Identify the resources, budget, and tools needed to reach your goals.
5. Measurement and Evaluation: Establish metrics for measuring progress and success.

To Sum Up

The beginning of a new year is a valuable opportunity. Healthcare entrepreneurs can set and plan to achieve meaningful business goals. By setting SMART goals, evaluating the past year, and creating a detailed action plan, you can navigate the year ahead with focus and purpose. Remember that goal setting is an ongoing process; regularly review and adjust your goals to keep your practice on the path to success. The power of setting goals is massive and can change your practice's trajectory.

Savannah Lyle is the Community Outreach Coordinator and Executive Marketing Assistant for Mindsight Behavioral Group but when she isn’t working, she loves to get involved in the Deaf/HOH community. She goes to a variety of Deaf events and has a passion for the language. She also loves surrounding herself with friends and family. You can usually find her doing something creative in her free time.

Next Steps:

• Looking for more systems guidance? Check out Systemizer School! This 8-week class helps business owners dominate through order and efficiency!
• Looking for hands-on support in your healthcare business? Mindsight Partners is the only expert-led membership program for group practice owners looking to scale their business.
• Looking for a conference to change your practice? Meet You In Kentucky is an annual conference focused on the 3 C’s of a practice: Company, Clinicians, and Clients. 
•  Need more from Kasey? Her book Fix This Next for Healthcare Providers is out now! Grab your copy from Amazon.  Her new book, In Search Of You, is coming out March 2024 is available for pre-order! Grab your copy from Amazon.