When getting through medical school, it’s difficult to focus on the business aspects of running a practice. Other things take priority – like learning medicine, for instance. And most professors don’t cover the business aspects of being a physician anyway.
Because of this, some physicians aren’t all that comfortable with the business side of running a practice. You may be one of them. If so, you’re probably not bringing in the profits you should be.
Today we’re providing four physician business tips that’ll get you in a more entrepreneurial mindset.
Start Marketing Your Practice
A majority of physicians rely on an old marketing model: people get sick and they’ll have to come to me. But this hasn’t been true since automobiles became affordable when patients were no longer limited to the nearest doctor.
Facing this reality, you’ve got to show your community what makes your practice the best choice for their needs. You can try a variety of marketing and public relations tactics like these that cost little to no money.
But don’t be scared of spending money on marketing if you have to. Look at it as an investment, seeing as effective marketing will raise awareness of your practice and increase your patient base.
Streamline Operations
Streamlining is one thing businesses of all types constantly strive to accomplish. How can we perform this task faster at a cheaper rate? How can better allocate our funds? These are questions you should be asking.
One common area of inefficiency is paper cost. Think about the amount of paper your practice goes through each year performing everyday tasks. Turning to practice management software may end up saving you in the long run by making it easy to cut down on paper costs.
Another area practices often lack is operational structure. Setting strict procedural standards for how tasks should be done every time increases speed. This is how fast-food restaurants get food out so quickly. Not that you want to create a McPractice or anything, but there is something to be learned there.
Monitor Competition
Physicians in your area who provide the same services as you are your competition. Every patient they treat is one that could’ve been yours.
That’s why it is important to conduct research on your competition and see what they are doing to gain patients. Yet, this is probably the most overlooked of the physician business tips.
The Internet is a great way to monitor other practices. Conduct a Google search to easily find out what they might be doing that you aren’t. Or even better, set up Google Alerts. This free service allows you to track the latest Google results about any term you choose. Track the name of your competition’s practice to receive the latest information on it.
If they provide a certain service and it appears to be popular, it may be smart to provide that service as well, provided it’s feasible. Or if they have a great looking website, maybe you need to invest a little more into website design.
Take Business Courses
While you can find many physician business tips online, attending business courses still provides the most in-depth learning experience.
Physician-focused business programs have been blossoming all across the country. Some of these are certificate programs available at prestigious universities, such as the Johns Hopkins Business of Medicine program. Others are online programs offered by associations, such as this one from the American Society of Anesthesiologists.
The downside is the cost in time and money, but the investment in more formal education should pay for itself in the long run.
Although it may seem cold to think of your practice as a business, using these physician business tips to bring in higher profits allows you to reinvest in your practice and provide an even higher level of care. Everyone wins.
