In order for a medical practice to be profitable and to thrive over the long-term, it should be scalable. If it’s not, you may reach a high point and then crash. You may be able to keep up and be successful in the beginning, but as you try to grow you may find there are some things that fall through the cracks and that you are missing opportunities to expand your business in the process.
Consider the following factors as you begin to think about scaling your practice.
Your Practice Needs Tight Internal Operations
In order for your practice to scale, everything behind-the-scenes must run smoothly and efficiently. Everyone on your staff needs to pull their weight and put in 100% for the success of your business. Each employee should have clearly defined expectations for their individual role and should perform up to those expectations. This will help to make your practice run smoothly and will help to draw in new patients.
If all of the behind-the-scenes elements of your practice aren’t running smoothly it will show. Patients’ needs will not be met and they will leave your practice and find someone else. You also run the risk of current patients leaving bad reviews online or speaking poorly of your practice to others. Either of these scenarios will not help your practice grow.
From the person answering the phone to the assistant in the surgery room, everyone on your team needs to be on point every day. Your reputation and business rely on it.
Tracking Your Practice’s Success
You’re not going to know how well or how poorly your practice is doing if you’re not tracking your progress. You should be tracking everything including profits, losses, expenses, and work productivity to see how successful your practice is. This will let you see on paper if your practice is scalable. If the number of new patients has been stagnant for six months, you need to look at what can be done to change that and make your practice grow.
As you track your practice’s success, you will also learn at what point you need to start thinking about bringing on new surgeons. If you see that your practice is growing and that patients are waiting too long for appointments or to schedule surgeries, you’ll want to start interviewing new surgeons. This will allow you to handle your current patient load better and add more patients to your practice.
Ways to Generate More Revenue
If your practice is scalable there will be opportunities to bring in more revenue. You may take advantage of speaking engagements where you can get the word out about your practice and allow people to put a face with the name. When patients feel connected to a doctor or practice, they are more likely to trust you for their procedures.
You may also have ideas of starting a personalized brand that ties to the surgeries you perform. This may be a line of skincare or body care products that your patients can use pre-op and post-op. The possibilities are truly endless when you start thinking about the ways to scale your practice.
Effective and Integrated Marketing
An effective marketing strategy is vital in order for your practice to grow. This means using multiple avenues to get the word out about your practice. Social media, SEO, email campaigns, and valuable content all play a role in your marketing strategy. Giving potential patients pieces of valuable content for free can attract them to your practice and build the relationship necessary for them to become actual patients. They will begin to see you as knowledgeable and trustworthy.
Advertising campaigns are also a big part of the puzzle. You need to know who your audience is and how to target them effectively. Not knowing these details can mean the difference between growing your practice and watching it stagnate.
Let Us Help Your Practice Grow!
At Crawford & O’Brien, we can help scale your practice and bring in new clients. Our experienced team can develop a marketing plan that will make your practice outshine the competition. Call us today at 720-594-6968 or send us a message using this online form so we can show you how we can help your practice grow.