Running a profitable private practice isn’t always easy. Even with excellent medical skill and an outstanding staff, owners may struggle to stay in the black. According to a recent report by the United States Small Business Administration, “about two-thirds of businesses with employees survive at least 2 years and about half survive at least five years.” At Measurable Solutions, our experienced, dedicated team of consultants helps business owners study and apply proven management principles to achieve success.
While we assist clients with companies in every industry, we are particularly skilled at helping private practices. Our Co-Founder and President, Shaun Kirk, developed many of the key principles we teach at Measurable Solutions while running his physical therapy practice. To date, our highly sought after training program, the New Patient Course, has helped almost 3,000 practices drive referral traffic and enjoy exceptional expansion. In the following blog, we share the top three things unsuccessful practice owners need to know.
1. Your business would do much better if everyone knew about your clinical results.
It’s a fundamental tenet of medical marketing—patients need to understand the value your practice provides in order to choose your services over competitors’. You could be the best practitioner on the planet, but it wouldn’t help your business one bit unless you could demonstrate your skills to prospective clients. Patients in pain and doctors making referrals care less about your official credentials and more about your ability to improve people’s wellbeing. According to recent survey research, clinical results are the number one factor doctors consider when choosing practices for referrals.
For this reason, studying and sharing your patients’ outcomes is paramount. Surveys, case studies (ideally with photographic or quantifiable evidence), and testimonials are some of the most valuable marketing tools at your disposal. You can use these to promote your services to potential patients and referring physicians. Of course, not all clinical results are created equal—you’ll need to target your campaign to your referring doctors’ and prospective patients’ particular definition of success. For example, some physicians may value pain reduction over all else, while others may emphasize range of motion or flexibility. Determine what kind of clinical results your clientele want, and then establish that you’re able to provide them.
2. If a doctor isn’t referring patients to your practice, he or she doesn’t like you.
Doctors often need to refer their patients to outside clinics for further treatment. In a high-demand industry, you’re likely competing against at least several other private practices that can provide comparable outcomes, so building personal relationships with your partner physicians is key. Both in your clinical practice and in your marketing aims, it’s important to take a results-oriented approach. If a doctor isn’t sending patients your way, it’s not because his or her patients don’t need your services or he or she lost your contact information—it’s because, for whatever reason, the physician doesn’t like you. The sooner you accept this harsh reality, the sooner you can figure out why and take steps to change it.
3. Simply visiting the same three doctors each week isn’t enough.
The average practice owner simply doesn’t spend enough time on marketing. Most visit fewer than three doctors each week (typically the same three) and dedicate just two hours each month to promotional activities. Just going through the motions of knocking on a few physicians’ doors isn’t going to get you the results you need. To be successful in this field, you need to devote appropriate time, energy, and resources to advertising your business. In the New Patient Course, we can teach you innovative strategies to help you stop knocking on doors and start driving real traffic. We’ll help you develop a 20-week campaign to enhance your reputation and raise your referral volume.
Emphasize Your Results to Get Results
Especially in the healthcare field, finding and implementing measurable solutions can help your business grow. If you own or run a private practice and would like to enjoy greater success, contact us today to schedule a consultation or sign up for the New Patient Course.
