Running a successful medical practice is about more than just treating patients, it’s about running a successful business.
You may not feel confident with the business aspect of your practice, but managing it well will help you provide better care to your patients, and ensure you achieve your wealth goals.
There are a few elements that go into making a medical practice a successful business. It doesn’t happen by chance.
Get these factors lined up and you’ll set up your medical practice for success.
Get your business structure right.
Your business structure needs to be chosen based on your unique business goals, not modelled after someone else’s successful medical practice.
While there’s always something to be learned from the business strategy of other successful practices, you need to make sure your business structure is right for you and only you.
There are pros and cons to each of the major types of business structures. Each structure type has varying degrees of complexity. Which one you choose usually depends on the needs of your practice now and into the future. A medical accountant will help you to make the right choice and set up your business structure for you.
Take your employees (and employment process) seriously.
A successful medical practice rides on the management of a skilled team of doctors and support staff.
As the practice owner, you may have to swallow your pride as you build a team of people who know how to run a practice better than you do – and that’s ok! Carefully vet and hire employees whom you can count on to keep things running without the need for you to micro-manage and intervene.
Hiring incompetent workers or trying to do your employees’ jobs for them will only waste time and cost you money.
Pay great employees what they’re worth and let your team know that you appreciate how they contribute to the success of your business. A team of happy and valued staff who perform well for your medical practice are worth every dollar you pay them.
Develop an online marketing strategy.
Having a great website is no longer a luxury, it is a professional necessity for medical practice owners. If you don’t have one, get one.
But a website alone isn’t enough in today’s economy. You need to strengthen your online presence by drawing attention to your brand through marketing. An online marketing strategy and campaigns may include:
– Paying for online ads
– Optimising your website so that it’s easily found in search engines
– Producing informative online content like social media posts, videos and blogs that attract curious patients to your practice
– Engaging with the community online
– Online marketing is something you can easily outsource a reputable expert or agency if you don’t have the time or skills to manage it on your own.
Keep on learning and staying flexible.
When it comes to changes in the medical industry, it’s a matter of when not if.
Research, laws, technology and patient attitudes are constantly changing and your practice will only thrive if you can adapt to these changes.
Being flexible and learning new things will help you to keep your practice relevant and make it stand out amid fierce competition.
Listen to others.
Just because you’re used to doing things one way doesn’t mean you should always do them that way. Be open to suggestions from team when employees have ideas that can make your practice more efficient.
Pay attention to patient complaints and attitudes. Are there problems among your medical team or with patients? Look for patterns or recurring issues to see where you can make improvements.
Your business will thrive when you listen to others and adapt and adopt feedback.
Get advice you can count on.
No successful doctor builds a thriving medical practice on their own.
Reach out to trusted experts like accountants, financial planners and lawyers who specialise in helping medical professionals like you. These experts will help you make the best business decisions that will protect both you and your medical practice’s interests.
Contact Nitschke Nancarrow, specialists in accounting, financial planning, investment and business for medical practice owners and medical professionals. 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.