Ep. 60: Strategic planning with Stephen A. Dickens of SVMIC

Stephen A. Dickens, JD, MAEd, FACMPE, vice president of medical practice services at State Volunteer Mutual Insurance Company (SVMIC), joins the show to talk strategic planning and why it's so important for practices to stay prepared in times of uncertainty.

Don't miss our previous episodes on claim denials, patient safety, tariffs, and success in private practice.

Be sure to check out Medical Economics Pulse, a quick-hitting news podcast that keeps busy physicians in the know.

Music Credits:
Restless Minds by Yomoti - stock.adobe.com
Relaxing Lounge by Classy Call me Man - stock.adobe.com
COCKTAIL by Mythical Audio - stock.adobe.com

Editor's note: Episode timestamps and transcript produced using AI tools.

Introduction to Strategic Planning (00:00:22)
Austin introduces the podcast and discusses the importance of strategic planning in healthcare.

Context of Economic Uncertainty (00:01:00)
Stephen shares insights on the current economic uncertainty due to President Trump's tariffs and its implications.

Mindset for Strategic Planning (00:01:40)
Stephen discusses the evolving nature of strategic planning and the importance of focusing on patient care.

Impact of Tariffs on Practices (00:03:06)
Discussion on how tariffs may negatively affect independent practices and patient care.

Preparation for Rising Costs (00:05:40)
Advice on immediate actions practices can take to prepare for potential cost increases.

Ripple Effects of Tariffs (00:07:12)
Exploration of how tariffs may affect daily operations and patient care in practices.

Making Strategic Planning Actionable (00:09:05)
Stephen explains how to make strategic planning feel real and actionable for practices.

Signs for Strategy Reset (00:11:52)
Indicators that a practice's strategy may need to be reassessed or reset.

Balancing Daily Tasks and Long-Term Planning (00:13:11)
Discussion on the importance of prioritizing long-term planning amidst daily administrative burdens.

Example of Successful Strategic Planning (00:15:35)
Stephen shares a story illustrating how strategic planning positively impacted a medical practice.

Potential Changes in the Labor Market (00:19:24)
Discussion on the possibility of shifts in the labor market due to economic factors and staffing issues.