Getting ready for medical practice growth? Growth is an exciting prospect in any business but can have added challenges when you’re running a medical practice. As a doctor, you know medicine but you may not have much experience in running and expanding a business.
Having led numerous medical practices in Adelaide, Sydney, Melbourne and around Australia through different growth fazes and challenges, here’s what we have learned at medical accounting firm Nitschke Nancarrow.
Re-think what you know.
When growing your medical practice, it’s critical to think a little differently. You need to identify limiting beliefs that you hold, consciously or unconsciously, and challenge those.
Perhaps you’ve long believed that your services only appeal to a narrow patient demographic. Let’s say, for example, that you’re a dentist who offers teeth whitening to young and middle-aged adults. It’s easy to conclude that older adults aren’t interested in a cosmetic dental procedure but that would be a limiting belief.
Or you may be limited by the belief that you have to continue practicing in one specific geographic location. You might even be limited by the belief that you’re not capable of growing your practice beyond your region.
Identify and challenge such ideas. You’ll then be ready to take steps towards expanding your medical practice.
Learn about marketing.
As a doctor, you know medicine, not marketing. Marketing, however, is vital for medical practice growth and letting others know about what you and your practice offers.
A good marketing campaign requires a strategy and a budget. It’s about more than just mailing out the occasional advertisement. You need to have a comprehensive plan and then carefully choose tactics that suit your goals. Your marketing strategy may end up involving television advertisements, email newsletters, social media promotions or online content marketing. Every medical practice’s strategy is unique so take the time to figure out what works for you. Don’t just copy what your competitors are doing.
If you aren’t sure how to go about marketing your practice, enlist the help of a solid marketing advisor or agency who can help you build a brand that patients will recognise.
Think about what you can do for your patients.
Growing your medical practice is an exciting endeavour. But take care that you don’t overlook the needs of your patients. This is all about them, after all.
Think about ways you can keep your patients front-and-centre in every decision you make. As your business grows, identify ways to get patient feedback and incorporate their preferences into your design and growth plans.
Implement an online patient portal and more convenient payment options. Try to add more complementary services under your roof so that patients don’t have to go elsewhere. Think about what your patients want and need and let those factors guide the decisions you make as your business grows. This will ensure that your patient base will steadily grow in proportion with your practice.
Stay in touch with your patients and community.
Having an online presence is extremely important in this era. People shop for and research local medical care providers on the internet so if you want to be discovered by new patients, then online is where you need to be.
Maintaining social media accounts is a great way to connect with the local community. It helps you stay informed of what’s going on and shows community residents that you are a business that cares.
Regular communication also helps to prompt your patients to return for a check-up or other services – when growing a practice, repeat clients are key!
Online or off, make sure to take advantages of opportunities to get involved with your local community. Volunteer at special events and host fundraisers. These are ways to demonstrate your business’s values and attract patients who identify with your brand.
Build an all-star team.
If you want to grow your business, then you need to have medical team that can grow with you. Hire staff that have crossover skills and a commitment to your practice. Invest in your staff, and bring them on your growth journey. Remember that growing pains are a thing too – establish a strong culture, induct new staff well and don’t get bogged down in the hiring process.
Enlist the help of professionals.
One thing is certain – you can’t do it alone. Recognise your weaknesses, and bring on the experts who can take your practice to the next level. This will include a medical accounting and financial planning firm, lawyer, marketing support and more. Be not only willing to accept help but be proactive about seeking it out. You will likely need professional input at almost every step in your business growth journey.
Get advice
Ready to grow? Talk to medical practice growth experts now.
Contact Nitschke Nancarrow, experts in all aspects of medical accounting, financial planning and business. We operate in Adelaide, Sydney, Melbourne and throughout Australia. Managing partner Kym Nitschke is available for a free initial discussion about your situation. Call us on (08) 8379 9950 or send me an email.
– Kym Nitschke
The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
Taxation, legal and other matters referred to on this website are of a general nature only and are based on Nitschke Nancarrow’s interpretation of laws existing at the time and should not be relied upon in place of appropriate professional advice. Those laws may change from time to time.
Nitschke Nancarrow specialises in accounting, tax and financial advice for superannuation. Contact us now for a no obligations discussion about your needs.
