Business resolutions for health care business owners

The new year is an important time when many business owners hit the refresh button and look for opportunities to change and improve their company. If you own a healthcare business, have you thought about what resolutions you will be making in the new year?

According to McKinsey & Company, the United States is projected to face a shortage of more than 200,000 registered nurses and more than 50,000 physicians in the next three years.[1] Growth and margins for providers are already strained due to this dynamic, and the impact is likely to worsen. They predict that testing, vaccination, and treatment of COVID-19 and the associated increased burden of behavioral-health and other chronic conditions could add another $220 billion in annual costs over the next five years.[2]

Given this information, it’s essential that business owners take a step back and evaluate what they want to accomplish in 2023. The new year is a great time to make resolutions for your company. Here are some resolutions to consider as we begin the new year:

1) Review/update your financial plan: It is essential to continually review your financial situation regardless of whether 2022 was a positive one or not for your business. Where do you see yourself and your business in five or ten years? Are you on the right path toward obtaining these goals? These past few years has allowed us all to re-evaluate our business’ needs versus our wants when it comes to our budget. Look at your spending over the course of…