Running a profitable small business is a challenge. Running a medical practice that is profitable and growing sometimes feels like a complete enigma. In between dealing with patients, finances, and the rapid growth of change in the healthcare industry, it doesn’t leave a lot of time to focus on the business side of things.
Luckily, there are 5 small things that you can start doing today that will have a huge impact on your practice’s profitability.
1. Mind your Demeanour
Patients are your bread and butter. They are not an interruption of your practice and should never be treated as such. A practice’s identity is developed the moment your front desk answers the phone or calls in the door. If your staff’s demeanour is impersonal, apathetic or aggressive it will turn away patients. It’s important to always keep in mind that there is always another doctor out there. Therefore, constantly review the demeanour and culture of your front desk staff by using a “mystery shopper” and conducting surveys to create a better patient experience.
2. Be Adaptable to Change
As with any business sector – it’s always in a state of constant flux. In order to survive your practice needs to be able to adapt with the market. With so many practices merging into groups and groups being bought by hospitals – practices need to go beyond just relying on referrals. A successful practice needs to reach out to their patients by targeting profitable niches, being efficient and focusing on growing to build scale.
3. Get Your Name Out There
No one is going to know your practice exists without effective advertising. This means embracing digital marketing, online reviews and most importantly social media. Let your prospective patients know that you offer a VIP experience compared to other doctors. Listen to what they want out of their physician, both in the content of medical expertise and how they can access it. This means helping to educate them on their health and becoming a valuable resource in their lives before they even sit down in your chair.
4. Stay on top of your medical billing
A key part of becoming and remaining a sustainable profitable small business practice lies in how you handle your medical billing. Outsourcing your billing solves a lot of problems that come with trying to do it yourself. It increases productivity, reduces costly medical billing mistakes and improves your chances of higher patient satisfaction rates. But most importantly, it keeps you focused on doing what you love – helping people.
5. Drop your worst reimbursing insurance plan
If you find yourself overwhelmed with patients and your speciality is underserved – it might be time to cut an insurance plan or two. Choose the one that is not providing your business with any value so that you can adequately service your patients without rushing onto the next one. Your patients will still be able to see you “out of network” and if you have built up a strong professional relationship them – they will follow. If you are unsure which insurance plans are dragging you down, use your medical billing software to compare reimbursement plans.