10 WAYS TO GROW YOUR MEDICAL PRACTICE IN 2020

1. Devout quality time to learning business

2. Hire the right staff

3. Consider hiring an efficient medical billing company

4. Identify and focus on your unique selling proposition or strategy

5. Be updated on latest medical technology and treatments

6. Regularly train your staff

7. Send out satisfaction surveys to patients

8. Consider digital marketing

9. Provide patients with sources of helpful information

10. Consider providing additional services

Many independent or private medical practices today are struggling to survive because of changing government regulations. But several of them are actually failing because the healthcare provider owners have not learnt the important business side of running or growing a medical practice. Medical practitioners are often very brilliant and hard-working people who have undergone many years of education and training, with virtually no training about owning, running, or growing business.

Because they are often smart, they usually think they have all it takes to run a successful medical practice business. This is usually not the case. Healthcare providers that own medical practices have to learn a lot outside their medical training in order to run or grow their business. This objective e of this article is to provide some advice to healthcare providers on how they can grow their medical practice. So, whether you’re a doctor seeking to grow your existing business, or a pedorthist starting her pedorthic credentialing in order to set up a DME store, you need to deliberately learn business to grow your business.

1. Devout quality time to learning business:

Business is the activity of earning money by producing or selling products or services to customers. Doctors and healthcare providers should devout a lot of time to learn business. Many small medical practices hire practice managers and think that is the solution to their business challenge. Practice managers are like operation managers. They are skilled at keeping operations running, but you need more than this to succeed and grow your medical practice. Ideally, every business needs a head of sales, whose core duty is to bring in new customers to the company. Since small medical practices will typically not hire a head of sales or sales director, the practice owner and all other staff should learn and acquire good knowledge of sales, marketing, and finance.

Many decisions that can grow or destroy a medical practice have to be considered based on quality business analysis, and that makes it expedient for the key staff to understand business. For practices that accept only private insurance, decisions like credentialing with Medicare or Medicaid in order to start accepting government insurance payments cannot be taken lightly without good business thoughts.

Because doctors and healthcare providers will not typically advertise their services like traditional businesses, you would need to be very creative about your sales efforts. For example, you can have your staff participate in fundraising events or community service projects in order to promote your business reputation within your city or state.

2. Hire the right staff

From the healthcare provider to the nurses, to the secretary, to the medical assistants, all the way to the receptionist, a medical practice must do its best to hire the right staff that will provide polite, caring and excellent service to all patients. Keeping your existing customers is the most fundamental way to grow your business, so hiring the right staff that can help to achieve this is very critical.

If the doctor or healthcare provider is not great at hiring, he or she should be humble enough to outsource this service. Just as some companies outsource their software developer recruitment, medical practices should not hesitate to hire small recruitment companies to help them to find the right kind of staff for their practices. It is very important to get staffing right. If you can do the hiring by yourself, that is very great, but you must painstakingly get it right.

After hiring the right staff, you should do your best to create an excellent working environment that makes your employees feel like you are family. Pay them well, show that you value them, communicate well with them, and do your best to know them and their families.

3. Consider hiring an efficient medical billing company

The practice of medicine is being devalued as the federal government is pushing doctors to practice more business than medicine. Many solo and small independent or private medical practices struggle a lot with their cashflow because of several payment delays from Medicare, Medicaid and private insurance payers. This is often based on the fact that the person handling medical billing for the practice is either overwhelmed with other support jobs within the practice that does not give him or her adequate time to squarely focus on the billing or he or she may not be adequately skilled in billing.

In some cases, solo providers even handle their billing by themselves, thereby reducing their available time for seeing patients and growing their business. Outsourcing medical billing helps the medical providers focus more on what they had set out to do - practice medicine, while the billing company handles the practice management needs with ultimate efficiency.

Some medical billing companies provide service to healthcare providers at zero startup fees and only get paid after the provider has got paid. So there is enormous value in outsourcing, as it helps most medical practices boost their profits, improve their cash flow and increase their collections.

Most of the time, the cost of medical billing outsourcing is usually significantly less than the cost of hiring a full-time efficient medical biller. When you hire a reliable medical billing company to work for you, you will have more time to see more patients, practice medicine, and focus on different ways of growing your business. The time spent on billing and the huge amount of account receivables can be saved and turned into fresh earnings if you work with an efficient billing company.

For medical billing services in IA, AL, MS, AR, IN, SD, ND, RI, CT, WY, WI, IN, MN, AK and TX, you may consider a top medical billing company in Massachusetts – Delon Health that provides specialized cost-saving medical services across those states. Delon Health is part of a 25-year old franchise and though they are based out of Massachusetts, they provide high quality services across several states in the United States.

4. Identify, promote, and focus on your unique selling point

Every company should have a unique selling point (USP) that drives their strategy. You will need to first identify your special skills, interests, or talents that you can modify into a key business USP. For example, if you a doctor that also helps people with weight loss (in addition to your primary work), you can choose that as something you wish to highlight. That will require you training all your staff to full adapt to the USP. It will require consistent messaging, and it will influence the way you attend to patients and the way you talk about your practice within and outside your office.

You must be able to describe this in a way that makes you stand out from other people talking about weight loss reduction. For example, you might decide to offer it as a free or discounted program available to all customers.

When creating your USP, you must think about it from a customer perspective and this should influence the way you describe it. Don’t expect to get it right at the early stages. Even if you decide to hire a marketing company to help you create the messaging strategies, you will still make mistakes at the early stages. But you must continue to refine it until you and your team get it right. Once you get it right, you must master the messaging, paste it around your office, and include in all your online and paper publications.

But beyond reading, writing, and saying the USP, it must be acted upon. The USP should be a driving force at your office as it does not make sense to keep talking about something you do not practice. Ultimately, people will know you for this uniqueness and it will win you customers.

To give an example outside medical practice, a top pain management billing company in South Dakota with a USP that relates to their laser focus on pain management billing has to demonstrate a reasonable knowledge of pain management billing to prospective customers. And the owner and staff must show this by providing high quality specialized service to their customers. This applies to podiatry billing company in Arkansas, or another healthcare provider in Texas.

5. Be current and fully updated on latest medical technology and treatments

As is common in many industries, there is constant technological advancement in the medical field. This includes knowledge, technology, and systems of operation. You have to work hard to keep yourself abreast of all these, in order to grow your medical practice.

It might require you taking a few days off occasionally to attend conferences or seminars. It might also mean you staying up late occasionally to read journals and do internet research to update your knowledge. Do your best to acquire the most up-to-date machines, portals, and healthcare apps that can enhance your services.

6. Consider digital marketing

In today’s world, no matter how conservative the industry is, every business has to have good internet presence. A quality website is the starting point of a good digital marketing strategy. So you should try to get a decent website setup for your medical practice. In addition to this, you should consider hiring a competent company that provides top SEO for medical practices services. When you do a basic google search for SEO companies, several foreign companies will show up. My strong advice is to consider affordable local SEO companies in the United States that understand the medical practice business quite well rather than patronize foreign SEO companies. For example, if your medical practice is in Massachusetts, you should ask around for whichever company provides the #1 Medical SEO for medical practices in Massachusetts.

7. Regularly train your staff

Apart from training your staff to align fully with your USP, you need to provide adequate and regular training to your staff about their core job roles, customer service on the phone and at the medical office, politeness, communication best practices, and technology.

It is easy to retain and acquire more customers when your staff display excellent customer services to current and prospective customers. Encourage your staff by giving them great feedback when they do well. Let them know they are highly appreciated as vital parts of your team.

If you are about starting a completely new practice, you should even do more training related to learning a lot about the community, prospective referral partners and customers. For example, before opening a pedorthic office, you should learn about the community, competitors and likely referral partners in the area.

Some practice types just recently got approved by insurance payers, and they need to do a lot of job training their staff to become ready. For example, acupuncture billing in MA is a new area, and so acupuncture credentialing needs to be learnt so that the practice is able to start seeing patients with insurance payers as quickly as possible.

8. Send out satisfaction surveys to patients and customers

In order to grow your medical practice, you need to know those things that you are doing very well, the ones you are doing averagely well in, and the ones that represent your weaknesses. Though your staff can provide quality feedbacks among one another, the best way to get quality feedbacks that properly educate you about your performance is through patients and customers.

So it will be a good idea to use patient satisfaction surveys to learn about what you are doing right, what you are not doing write, and different ways you can improve. Many of your patients will be happy to provide feedback, because they want to get better service from you. And when you respond with improvement, you will be able to keep them.

This should not be a once in a while practice. Endeavour to send out surveys once or twice a year. And follow up on the patients to complete and return. You can use an online form to make it easier for everyone. After receiving the reports, create good time to analyze and act on them.

9. Provide patients with sources of helpful information

During the COVID-19 crisis, many people got scared and relied only on news coming from the television and the internet. But simple information like types of food to eat, doing exercises, and so on are quality information that medical practices at this time should remind their patients through emails, texts, or phone calls. They will help patients improve their immunity and potentially save lives. I gave this example because this is something that the medical and government officials rarely talked on television. They focused only on strategies like social distancing and later wearing of masks. A good medical practice should regularly provide helpful information to its patients. Don’t just tell them eat good food, research and give them suggestions. Send them good articles to read.

Apart from health advice, many patients also like to know how to reduce their healthcare costs. Tell your patients about prescription discount cards. In fact, do some research on their behalf and recommend cards to them. There are many such cards available in hard copies or the internet, including the #1 prescription discount card in TX, GA, FL, OK, AK, ID, IA, WY, SD. MA.

Some of your patients will benefit from new-to-market devices. By sharing relevant information with your patients and helping to improve the quality of their lives on a regular basis, many of them will remain your customers for long and tell more people about your medical practice. Word of mouth recommendations from your existing patients is the best way to get more patients.

10. Consider providing additional services

This advice is applicable to all types of businesses. Whenever you have the opportunity, it is always good to add some side products and services to augment income. As a medical practice owner, you should consider additional services that can potentially make you extra income. And in order to do this, you should become conversant with your community by constantly identifying changing demographics and needs.

For example, if you find out there is an increasing number of old people in your community, then you may consider setting up a DME office within your practice. You will need to go through the DME credentialing process and perhaps work with a billing company, but first you need to do your research to be sure the business will succeed. For top DME billing in ND, AR, NC, IN, MS, NV, SC, AZ, TN, MO, or Pedorthist billing, you can contact Delon Health.

Some medical practices may also choose to sell supplements, snacks, water, or food at their office. As long as it does not negatively impact your primary business, you should always consider adding extra services to earn you more income.