Luck Isn’t a Business Plan

Luck

Luck isn’t a business plan. Yet vital aspects of business are left to chance on a daily basis. This is sheer madness.

Leaving the business plan to chance occurs in all fields, but seems to happen especially often medicine. This is most obvious when a new procedure becomes available. But even more importantly, how are you managing your existing services? Most of us simply don’t know, and instead say things like: “It should work.” “People need it, so I know this will work.” “I think it’s doing well.”

We need to understand what is happening. Leaving it to chance is for amateurs. We need to be professional business people. We must integrate that into the role of a professional physician, nurse practitioner, nurse, or practice administrator.

Project Management

Building any health care team, project, or program needs a business plan. The project must be “managed.” Better yet it should be led.

Health care teams and projects are not simply business deals. They are a fusion of business and health. The two aspects must be simultaneously central in the decision making. We need to increase revenue, lower costs, and improve outcomes. When analyzing the strengths and weaknesses of any existing or new projecct, make sure the financial and healthcare components are adequately represented. Bankruptcy certainly limits your ability to provide care.

Treat your existing programs and services just as you would a new program. Lead them and make sure there is a champion for that service. The pro’s and con’s of the business and the health benefit must be reassessed regularly.

And don’t forget the finances. Amazingly enough, this often seems to be an afterthought. Worse yet, it is often assumed that it will be successful without dissecting the finances. This is not something that should be left to chance.

Project Plan

A great leader, a great project manager, and a great team can come up short with a mediocre or incomplete plan. Success is hard enough to generate. Make sure you’re creating your own luck with a good plan. Pairing a well-thought-out plan with a dedicated team of professionals raises the chances of success, decreases burnout, and helps avoid a host of problems such as scope creep, cost over-runs, and delays.

Stages of Medical Project Management

Concept

Identify the tasks and deliverables involved in project initiation, execution, and long-term success. Identify and understand all pertinent regulations and governance associated with the project. Define the scope of the project, including projected costs, outcomes, and risks. The scope needs to be reviewed for both relevancy and creep.

Planning

Planning is vital. Create a reasonable timeline for completing each phase of the project (consider using a Gantt chart). Create a reasonable budget. Clearly define responsibilities. Identify the metrics to assess the project’s progress (and return on investment). Communicate openly with the organization and with all stakeholders to identify roadblocks as well as opportunities for savings or associated verticals. Avoid the pitfall of rushing into a new business endeavor or leaving the details up to luck. Either one sets us up for failure as steps are skipped or left incomplete.

Creation

Assign tasks and deliverables to team members to ensure the project plan is on track. Begin the project as outlined in the planning stage. Monitor and measure progress regularly. Don’t be afraid to adjust the plan when needed. 

“Final” Product

Complete the project by creating a document that summarizes outcomes, deliverables, and lessons learned. Remember, it’s never really final. Continue fine-tuning. Health care is an ever changing field, requiring constant vigilance, adjustment, and refinement.

The Importance of Luck

Never underestimate the role of luck in any process. Do your best to address every aspect of the process. Control what you can. Mitigate risks. But always recognize there is an element beyond your control. Luck matters!

“If you’re not lucky, we can’t use you.” Attributed to an admiral in reference to submarine captains.

“The more I practice, the luckier I get.” Numerous attributions….none of whom appear to have actually said it.

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