5 Secrets To Growing Your Medical Practice

5 Secrets To Growing Your Medical Practice

Handling a full-time job is quite taxing. You’ve to wake up early in the morning and prepare for the day’s schedule. Besides the mental anguish of early morning traffic, you must be prepared to handle clients throughout the day.

How about handling multiple jobs? Imagine the stress you will be experiencing. Well, that is exactly what a physician who owns a medical practice goes through.

They don’t only have to be a doctor. At one time, they are the CEO, entrepreneur, accountant, and sometimes the operational manager.

Eventually, handling all these tasks simultaneously adds up. That is why 57% of physicians who own medical practices report feeling depressed or burned.

Depressed and burned, most physicians wonder how to build a medical practice. However, it does not always have to be like this. You can always learn how to grow your medical practice.

Here are five tips to keep in mind for those looking for strategies on how to improve their medical practice.

1. Hire the Right People

One of the creative ways to increase patient volume is by hiring the right people. You might be a successful doctor but fall short in your medical practice due to poor human resource management.

If you have rude and incompetent staff, your business is heading for a downfall. It is your responsibility to make sure you have the right people in place. You need to treat your staff as the most important asset in your entity.

A medical facility is just like any other organization. It has all the common departments; customer care, finance, and marketing. Make sure that people working in these departments have the skills to match the needs of each department.

In any business, saving money is a huge aspect. That’s why you’re likely to hire less qualified employees. This is a huge mistake because you will get poor services in your organization.

As a rule of thumb, you need to have a vigorous recruitment process. Highlight all the best qualities you need in your medical facilities. Look for applicants who have the skills to match your expectations.

A medical facility is a social center. As such, your employees should know how to interact with people effectively. Therefore, you should have staff members who have exceptional people skills.

You may not always get the best employees from the recruitment process. However, you can train your employees to what you want them to be. update your medical tools and equipment like hospital grade cubicle tracks constantly.

2. Market Your Medical Facility

Have you ever seen a medical facility marketing its services? It has never been a culture for hospitals to market their services.

However, marketing is one of the main reasons why some medical practices are successful while others struggle. If you’re currently struggling, there are multiple marketing strategies to increase patient volume in your facility.

You’re in this business to provide services and to get profits. This will not happen if you’re only offering your services to a few numbers of people. You need to increase the volume of your patients.

Maybe people don’t know your innovative treatment approaches. Others don’t even know you exist in their neighborhood. It is your role to reach out and communicate your presence.

Offering professional services is an innovative marketing strategy. You will have returning clients. You’ll also create a referral marketing program that will bring new clients without spending a penny.

There is no doubt that referral programs work. However, it is very important to be proactive. Remember, rival medical facilities are aggressive in their pursuit of success, and so should you.

Today, more than 2.7 billion people are active Facebook users. With digital footprints in your marketing techniques, you’ll reach a significant proportion of this population. That is why you cannot ignore allied health practice marketing.

Having digital marketing strategies helps you to build an online community. Your loyal following should be your target as it can easily convert. Digital marketing is not only good in attracting but maintaining a loyal customer base.

3. Treat Your Customers As a Priority

Marketing your facility will not sustain it if you are not taking care of your patients. Customers are the kings of your medical practice and decide what happens. That is why you need to give them the attention they deserve.

For a start, it is good to step away from your ‘doctor’s hat’ and see your practice from your customers’ perspective. Are you happy about the services you are offering? Are patients taking too long to get served at your facility?

Unless you reason like a patient, you’ll never see any fault in your practice. If you have a problem with the appointment, solve it. Don’t try to justify your lengthy appointment schedule.

If patients are spending too much time in your facility, book what you can handle. It may compromise your customer volume targets, but it will help you to enhance customer services. Your aim to offer quality services to the few that chose your facility.

Sometimes it is good to let your customers talk to you about their frustrations. Listen and note every pain point. Make sure every frustration is solved for enhanced customer experience.

You should not expect customers always to understand your actions. Instead, make sure you’re communicating every decision you have undertaken in your facility. It will help you to build consensus with your clients.

Proactively provide sufficient information to your patients. Build an online platform where you can always post some new information. Through patient education, you can easily build a reputation as an authority in your practice.

4. Incorporate the Latest Medical Technology

To grow your medical practice, the use of technology needs to be a priority. Just like in any other industry, there is very much technological advancement in the medical sector. That is why you need to update your medical tools and equipment constantly.

Using technology in your facility has real benefits to you and your patients. First, it will help you to cut operational expenses. All administrative tasks can be handled through innovations.

As you already know, there are multiple accounting systems. Why do you need to hire three CPAs in your startup medical facility? A single accountant, with the aid of accounting software, can run the entire accounting office.

All back-office operations should be handled by innovative technology. It will not only make your facility efficient but competitive. You will be able to enhance your operations and compete effectively with the money you’ll be saving.

To your patients, the use of technology is a game-changer. With the latest ultrasound machine, you’ll easily attract every other patient in your neighborhood. Nobody wants to get services from a machine that was created in the 90s.

Modern technology offers a solution to some painful treatment approaches. There are medical innovations that are offering non-invasive treatment procedures. Every other person is looking for such innovations.

You can introduce teleconferencing technology to communicate with your patients at home. Also, make sure you have the latest cyber-security software to protect your patient’s medical data. No patient wants to see their medical information going viral on the internet.

5. Introduce Reasonable Medical Fees

How much you’ll charge your patients is a major issue that can make or break your facility. Unfortunately, most of the medical practice owners are blind to their charges. They think that patients are only interested in the treatment solution.

There is no doubt that every person wants to recover from their illness. However, they also want to recover at a reasonable cost. That is why you should not ignore what you’re charging your patients.

Studies show that Americans spend, an average of $11,000 on medical expenses every year. Not everyone in the country can afford such exploitative charges. In fact, most of the families are struggling to meet their annual cost of medication.

You don’t have to charge higher fees because the trends dictate so. Instead, be considerate and consider charging what your patients can afford. Have a slight profit margin to keep your business profitable. And you can go to dental real estate broker to establish your medical facility at a reasonable rate.

Most patients have a perception that medical facilities are not transparent about pricing. How about showing your patients how you came up with that figure? Have a detailed billing form that justifies your medical feels.

Do you accept multiple health insurance policies? This is an innovative method of lowering the cost of healthcare for your patients. Introduce credit services so out-of-pocket payments can be spread over a lengthy period.

Introduce free check-ups and free consultations. You don’t have to charge your patients for discussing their health conditions. Offer regular discounts to your loyal customers.

Nevertheless, remember pricing is always a sensitive topic. Charging too much can easily be considered exploitative and greedy. On the other hand, lower medical charges can be misinterpreted for illegitimate services.

Do You Want to Grow Your Medical Practice?

With the strategies discussed above, growing your medical practice will be easy. As you can see, the goal is to balance the profitability of your business while at the same time meeting the expectations of your patient. If everything gets out of control, it is always necessary to consult a marketing agency.

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Written by Joshua White

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