Have You Made Any Practice Resolutions for 2025?


Do you typically make New Year's resolutions?

Actually, statistics show only about 30% of people make New Year's resolutions.

So, they are not as common as the publicity around them makes it seem.

The most common category of resolutions is health-related.

Losing weight is the most common.

But others in this category would include: get in better shape; start exercising; eat healthier; stop smoking; stop drinking; etc.

The second most common category is money-related resolutions.

It may be, save more money; cut back on spending; ask for a raise; hire a financial planner; save more for retirement; etc. 

But, have you made any practice-related resolutions for 2025?

Have you looked at your practice growth rate?  Are you acquiring new patients? Are you retaining your exisitng patients?

Many practices don't keep up with this patient loss or gain metric.

Some practices that thought they were growing, because they were seeing more new patients year over year, were actually shrinking and contracting because, once they looked into it, they were losing existing patients to competitor doctors at a greater rate than their new patient acquisition rate.

So, be sure you know your metrics and that they are accurate.

Do you have a goal to see more patients?  Do more surgeries?

Or maybe cut back on patient numbers and spend more time with each patient?

Or transition to a DPC model?  Or a Concierge model?

What about reevaluating your financial goals?

Are you where you want to be financially here at the end of 2024?  

Can you increase your investing amounts?  Can you save more for retirement?

Can you create or acquire more income producing assets such that your passive income covers your expenses?  Then, could you cut back on time in your practice?

Are you creating additional revenue streams?

Are you where you want to be with the additional revenue streams?  What changes do you need to make to speed up this process?

What changes do you need to make for 2025 to reach financial independence sooner?

Once you reach that financial independence goal, here are some questions to answer. 

How would you practice if you didn't need the income?

Would you quit and walk away?

Would you opt out of Medicare?

Would you opt out of insurance?

Would you preferentially only see patients with certain diagnoses you love to treat?

Would that solve you burnout issues?

Would you keep practicing but take more time off?

There are plenty of other questions, but the most important point is that reaching financial independence allows you the ability to make those choices.

So, make your resolutions for how to reach that goal very soon.

Set realistic deadlines for yourself.

And keep them!

That will allow you complete control over your life again. 

Exercise the discipline needed to reach your goal now.

You'll be glad you did!!


​Ben Holt, M.D.