Health Practice Financial Modelling & Business Development Program - Master Class (CPD 6)
This course forms the 3rd part of the "Medical Entrepreneurship Program"
Target Audience (Multidisciplinary)
Health Practitioners, Practice Administrators and Managers
Style: Immersive & Interactive Time: Full day function
Understanding that your Health Practice is a Business is fundamental - knowing what to focus on and how to survive and thrive in this complex industry is crucial.
Health practitioners take an oath to "Do No Harm". As much as this principle is taught and applied mostly from a clinician's perspective, the same principle and approach can and should carry over to the business aspects of the management and administration of a health practice. Getting this wrong is harmful to your practice and stakeholders and ultimately may compromise the very Oath you have taken.
The foundation of this ongoing development program is the "Business Model Canvas" as presented and developed in our "Strategy and the Business Development Program of a Health Practice" - Master Class
There are two fundamental outflows of the B.M.C model that we now focus on - "Costs and Revenue".
We now start building the "Financial Model" for your health practice. Accounting provides a rear view mirror view of your financial affairs, which is more than likely 1 -2 years behind and fundamentally out of site with little or no value in predicting your financial future. Most often, by the time you've looked at the past you have moved 12 - 24 months ahead and may once again end up making sub-optimal decisions about where you are now and where you need to be going. The aim is to look 2 - 5 years ahead by scripting where you want to get to and from this script the data you need to track "live and in real time" at all times. You might want to view this as your business stethoscope where you can potentially hear, see and even feel the pulse and health of your business.
We start by sharing updated insights into the industry structure as well as the role-players and regulations that need to be considered in the healthcare and related ecosystems. We briefly touch on industry and group dynamics by way of update and feedback mostly.
As part of the practical nature of our programs, prior to attending this seminar we would have requested your participation in our "Health Practice Assessment". This assessment has been in development for some time with the aim of creating a tool that could assess, benchmark and guide where improvement and focus is required - not only for medico-legal compliance (which includes POPI), but also looking at regulatory compliance, business model & structure as well as the financial model. The NHI compliance requirements also form part of the overall assessment.
The assessment report will ultimately provide you with a perspective and diagnosis of the overall business and financial well being of your practice and guide areas of development.
Knowing the costs of your practice is fundamental in determining your capacity and the fees you should be charging. Not knowing your practice costs is not helpful when negotiating prices with schemes and administrators - and leaving this negotiation to someone who knows little about your health practice is even less helpful.
Only once you know your costs will you be able to start working back to your levels of available capacity and the hourly or consult rate you need to charge in order to deliver on your financial model.
This is what we do for the day - the knowledge gained can then be applied to your specific practice and set of circumstances.
What you will gain from this Strategic Masterclass:
A good understanding of the cost drivers in your health practice
A good understanding of the revenue drivers and what you need to be doing to fill and expand your capacity potential going forwards.
A set of business and financial metrics for ongoing monitoring and evaluation.
A strategy to reduce costs where necessary and where to invest into key activities that drive revenue
A strategy to increase revenue and drive efficiency
** "The IHP - Health Practice Self Assessment and Report" is included in the fee for this program and forms part of our preparation for this part of your ongoing business development program.
Program Fee: R3, 400
Special offer for practice staff: R1, 700 **
** This special offer to practice admin staff forms part of our commitment to health practice "staff development" as we encourage health practitioners to bring their key staff members into these learning opportunities to quickly learn and share as a team. By bringing more people into the same learning environment we can assist in reducing the average costs of this program by 25% for 2 attendees and 33% for 3 attendees.
This 1 day program can be extended to a two day program by adding some of our other business development talks into day 2.
This event will take place in select areas and times, based on the demand from any given area.
Keep an eye on our upcoming events page or send us a mail with your request.
We can assist you in selecting a program based on your needs.
The program fees include course material and templates.
Refreshments: Teas, coffees, biscuits and water will be provided.
*Lunch and / or dinners can be arranged but will be subject to availability and will be charged for over and above the program fee.