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5 Ways Doctors Can Grow Their Practices

As a doctor, you dedicate your entire life to honing your craft. But even after all those years of medical school, no one teaches you how to run a successful business.

In today’s digital landscape, attracting and retaining patients is even more complex than it’s ever been before. That said, here are 5 ways doctors can grow their practices in 2020 and beyond.

1. Hire the Right People
Your medical staff is your greatest—and most expensive—asset. It’s impossible to keep your business running like a well-oiled machine unless you have a strong team in place.

When the time comes for you to hire someone, take your time and ensure you find the right candidate. You want someone who can get the job done, but who also has excellent people skills.

This means you shouldn’t wait until you’re overflowing with patients to seek help. Be proactive. Create an organizational flow chart of which employees you plan to hire at each stage of growth. Create a written job description for these roles. Knowing what you want in each position will help you find the right candidate and you will be ready when the time comes.

2. Consider a Specialty
Would you rather go to a general doctor or one who specializes in the specific health issue you’re facing? Most of us would rather see a specialist because they have in-depth knowledge of that particular issue. General practice doctors are invaluable, but in today’s “Dr. Web MD world”, some patients may believe a specialist may be better suited for their healthcare needs.

One of the most effective ways to grow your practice is to pinpoint what sets you apart from the competition and embrace it. Maybe you’re known for women’s healthcare or you’re an expert in healthy weight loss. Whatever it is, find your competitive edge and use it to your advantage.

3. Make Your Staff and Patients Feel Welcome
A strong work culture is everything. Once you’ve hired the right people, make every effort to make them feel like family. Celebrate their birthdays and work anniversaries. Host holiday parties and after-work socials. Appreciation goes a long way.

The same goes for your patients. Instead of assuming what they like or dislike about your practice, ask them directly. A recent study shows that 80% of “better performing” practices regularly conduct patient-satisfaction surveys. (1) Use surveys in your own office and use the feedback to make your practice even better.

For example, if several patients state they had a poor phone experience with the front-desk staff, offer phone training so your staff knows how to deal with all types of patients (even the frustrating ones). You may be a brilliant physician, but your front office is the face of your practice and the first and last experience for your clients. They need to be amazing!

4. Be Seen as an Industry Expert
The more valuable information you can give your patients, the better. But this goes beyond simply having a wall of pamphlets in your waiting room. In today’s digital age, your information needs to be online.

Create a user-friendly website that’s chock-full of blog posts and videos on the latest health issues in your field. Offer tips and tricks on how your patients can stay healthy. Build an email list and send your latest insights to your audience, so you always stay top of mind.

As you begin to release more information, your patients and prospects will begin to see you as an industry expert. And they’ll be more likely to schedule an appointment with you when the time comes.

5. Make Sure You’re On the Right Financial Track
Growing a medical practice is no easy feat—especially in today’s world of strict regulations and decreasing reimbursements. But if you identify what makes your firm unique, focus on the patient experience, and hire the right team, growth will follow.

At SC Financial Services, Inc., we’re a team of dedicated financial advisors who specialize in helping doctors just like you tackle any financial challenge your practice may face. Whether you need help implementing your business plan, evaluating benefit plans for you and your employees, or coordinating your other advisors so you can focus on being a doctor, we’re here to help. To learn more, contact me today at 480-214-9596 or info@scfinancialservices.com.

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