In many ways, a physician practice merger is like courtship and marriage, with the same joys and perilous pitfalls. You meet Doctor Right in the physicians’ lounge or maybe through a colleague. You discover that you have much in common—the same friends, interests, education, income, and malpractice insurance. The talk turns to a union. You move in together, working side by side and sharing expertise, while saving money on rent, staff, parking, and other overhead. Smitten, you rush into what seems like a perfect match.

The healthcare market is more competitive than ever, and physician practices have a growing number of strategic options—from traditional ancillary services to retail service lines—to increase revenue and remain competitive. Choosing the right service line or project can greatly enhance a practice’s financial stability, but the choice isn’t always easy because each option comes with direct and indirect risks and rewards.

Despite many physicians’ misconceptions, marketing yourself or your practice does not mean turning yourself into a used-car dealer and your practice into a dealership. Quite the opposite of lowering yourself and your standards to that of tacky commercials and flashy slogans, successful marketing simply involves a little dedication and planning to ensure that your practice maintains a high-quality, patient-friendly atmosphere while also working to obtain name recognition within your community.

The fallout from the market downturn in the last quarter of 2008 will have far-reaching effects this year, making 2009 a year of economic challenges. Practices must take appropriate measures to ensure continued success and growth while dealing with changes that are soon to come their way.

On January 15, HHS announced the final regulation to replace the ICD-9-CM code sets now used to report healthcare diagnoses and inpatient procedures with the more advanced ICD-10 code set currently used in other nations. The final regulation will implement ICD-10 two years later than HHS initially proposed: October 1, 2013.

Many doctors would classify the current economic downturn as a threat to their business. But others, even within the same practice, might view the financial climate as an opportunity for growth. In the end, the important fact isn’t how the situation is labeled, but that physician leaders are talking about it. And they are more likely to discuss what’s going on in- and outside their office if their practice conducts an analysis of its strengths, weaknesses, opportunities, and threats (SWOT).

Because a federal bailout isn’t in the cards for medical school graduates, they must figure out how to manage often staggering medical debt expenses on their own.

Many doctors would classify the current economic downturn as a threat to their business. But others, even within the same practice, might view the financial climate as an opportunity for growth. In the end, the important fact isn’t how the situation is labeled, but that physician leaders are talking about it. And they are more likely to discuss what’s going on in- and outside their office if their practice conducts an analysis of its strengths, weaknesses, opportunities, and threats (SWOT).

A recent report from the Medical Group Management Association (MGMA) confirms that operating costs are rising faster than revenue in many medical group practices. Although the findings are not surprising, the effect of the costs-revenue disparity is continuing to unfold, and how practices and health systems are responding could have serious implications for the practice of medicine.