5 Tips to Grow Your Practice in the New Financial Year
- By Renato Parletta
- December 14, 2021
Are you wondering how you can seriously grow your health practice during the new financial year? Read on and learn more here.
Running a successful company is not easy, which is why only 50% of businesses make it past their 5th year. But operating a profitable medical practice is arguably harder than running a lot of other businesses.
The medical field has many challenges such as declined reimbursements from insurance companies, costly government regulations, and constant litigation threats. There is also the fact that many medical professionals don’t have entrepreneurship training.
Despite all these obstacles, its possible to grow your medical practice by following strategies that successful practices use. Read on for 5 great tips you can use to grow your practice in the new financial year.
1. Set a Clear Vision
The first thing you’ll need to do if you want to grow your practice is to set a vision for your practice. Making money is good but you need a deeper reason for running your practice. Perhaps you want to help more patients or provide a better life for your family.
Entrepreneurs that are only after revenue and growth often burn out. A strong vision will keep you going through hard times. Other than your vision you also need SMART goals for your growth.
How much revenue and how many clients do you want to serve in the coming year? Knowing these figures will guide all the actions you need to take to achieve your goals. To come up with realistic growth goals it is a good idea to assess your previous year’s performance.
What would you do differently to achieve better results?
You may also need to change your mindset to achieve the growth you desire. Many medical practitioners have limiting beliefs about how much growth they can handle. They may think that they can’t take on any more patients or that their market is too saturated. These beliefs can prevent you from coming up with creative ways to attract more clients. So you have to work on changing them to more empowering ones.
2. Know Your Customer
Another important tip to grow your practice is to know who your ideal customer is and what they need from your practice. Traditional marketers would tell you to craft a client persona that comprehensively describes who your customer is.
How old are they? Where do they live? What social media channels do they frequent? And why do they need your practice?
Knowing these answers and over delivering on your client expectations will help you beat your competition and create the best service for your clients. Also, remember to encourage your loyal customers to refer their friends and family to your practice.
3. Position Yourself Appropriately
Another important tip to grow your health practice is to identify your position in the market. Positioning is a marketing strategy that gets your customers to perceive you in a certain way as compared to your competitors. For instance, do you want them to see you as a traditional medical practice or a new-age holistic clinic?
Do you want clients to perceive you as a luxury clinic or budget practice? Your positioning will determine the service expectations of your clientele. It’ll also determine the price that they will willingly pay for your services.
To grow your practice and increase your revenue you may need to increase your prices. So, make sure your positioning matches the price you want to charge. How does your practice compare to other competitors charging the same prices?
Do you offer better services? Are your staff better trained? Do you have a better location and equipment? Positioning better than your competitors will allow you to charge better prices.
4. Build Your Team
You will not be able to grow your practice without a strong team of employees. Do your best to hire talented professionals that enjoy what they do and align with your core values. Get rid of any employees that don’t deliver according to your expectations.
To grow your practice in the next financial year you may need to hire star staff. A doctor or nurse can only see a limited number of patients a day. If you want to increase the number of patients seen, you may have to hire more staff.
The higher costs created by increasing staff will pay off in increased revenue and better customer satisfaction levels. Your employees will also have a better work-life balance if you have enough employees to handle your workflow. Happier employees will provide better service which will help grow your business.
Other than physicians and clinicians you need to hire assistants and clerks to handle any administrative work. Their tasks would include staying on top of things like:
- Client communications
- Prescription refills
- Writing lab reports
- Payment collection
Taking these time-consuming tasks away from the physicians will give them more time to spend with patients. An extra patient or two a day may be enough to cover the cost of hiring the extra help. The time spent with each patient will also be more meaningful as the doctor can give their focused attention to the patient.
You also need to hire a top-notch marketing employee or team to help draw in clientele. If you don’t want to hire an in-house person you could contract a marketing agency. They’ll take charge of your sales and marketing function.
5. Update Your Technology
Using the latest medical technology in your doctor’s practice can greatly improve your efficiency and ability to see more patients. For instance, case management software can help you save time by reducing the amount of extraneous client administration that you do. Better technology also makes data entry easier and faster with fewer instances of mistakes.
Learn How to Grow Your Practice in the New Financial Year
Despite the challenges facing the medical field, some practices keep growing every financial year. Does your practice have a clear vision, great positioning, wonderful team, modern technology, and outstanding services? If so, its well on its way to growth.
The above strategies are being used by thriving medical practices so use them to grow your healthcare practice in the new financial year. Looking for a software that can help your practice scale easier? Contact us today to arrange a demo and to see how Iinsight can help.