This series is geared towards physicians in practice, who have a nagging feeling they aren't being as business-like as they should, or want to!

Last week, we began this analysis with 10 Questions to answer about your medical practice, as a business.

Now let's focus on your medical practice governance. Boring, but essential to clarify so that you can answer questions like:

Let me start with defining what I'm referring to.

Medical practice governance refers to the setting of policy and strategy for a group practice. This role is usually assumed by a board of directors if you have a corporation (in fact, it's typically a requirement of a corporation).

Here's an excellent podcast you will find useful on the topic - "Organizing your medical practice for success: Vision Setting, Decision Making, Governance, and Communications" by Will Latham CPA MBA.

And these are valuable self-assessment tools from MGMA to help determine where you stand with regard to  governance.

One is a Physician Retirement and Practice Transition Self-assessment Tool, another is a Compensation System Self-Assessment Tool. Use these to figure out how near to ...or far from... optimal your medical practice's performance is.

I have a feeling you'll be rather surprised by what you don't know about your practice!