Tips for Reviving a Medical Practice
Unfortunately, many medical practices are struggling today. This could be due to any number of reasons. A large hospital conglomerate has opened nearby and is eating up all of the patient volumes. This hospital conglomerate is placing pressure on the practice to buy them up, but the practice refuses to give in. On the other side, the practice has recently sold out to a national corporation. This corporation has come down and tried to enforce a bunch of changes that the patients do not like. The patients have left the practice. Maybe the practice is a bunch of elderly physicians who are out of touch with the way that modern medicine functions. The younger patients don’t relate well to the older practice, and the practice is missing out on a large segment of potential customers. Whatever the reasons is, a medical practice should never be forced to close down. In fact, there are some tips that every practice can learn from to help revive a struggling practice into a vibrant group that everyone will trust.
1. Bring in Some Fresh Partners
It is always a good idea to have a diverse practice. This includes ethnicity, gender, and certainly age. The fact remains that people always relate better to people who are more like them. If a practice is struggling, it is always a good idea to bring in some new partners. New partners will bring new ideas that can turn the practice around. For example, a physician practice that has been around for decades might be filled with elderly physicians. Yes, this is an experienced practice that can provide top-notch care; however, they cannot relate to a younger patient crowd. This is why the practice needs some new physicians. Among medical marketing strategies, this strategy is vital for several reasons. First, young physicians can relate to a younger patient crowd. This empathetic touch is vital to bringing in new patients. Second, young physicians are fresh out of school with the latest research and are equipped to teach the older physicians about the new techniques from school that can change the way patient care is provided. Finally, younger physicians are going to have great ideas about how to market the practice in a modern era. As a child of the tech generation, a younger physician understands how important modern technology is to both the medical care and medical marketing. Fresh partners represent one of the top-notch medical marketing ideas. They might slow down the practice initially, but they will bring in an even larger return.
2. Expand the Services of the Practice
One of the perks of hiring new physicians is the ability to expand the scope of the practice. When the recent health care legislation went through, many physician practices were worried that they might lose revenue and have to close up shop; however, doctors are obviously smart people and practices found ways to survive. For people who are wondering how to increase revenue, they can always expand their services. Here are a few examples of what some successful medical practices did:
Radiology Practices: Many radiology practices were concerned about their reimbursement rates dropping with the passage of the new healthcare legislation. Instead of closing up shop, they decided to purchase their radiology equipment. Instead of farming out these scans to hospitals, they purchased their MRI machines and took advantage of the high reimbursement rates for these scans. This represents a large up-front cost with an even larger return on investment on the back side.
Cardiology Practices: Cardiology reimbursement rates were cut by many insurance carriers. Instead of worrying about the dropping prices for their services, they expanded the scope of their services. They brought in abilities such as electrophysiology treatments and started performing their conduction scans and valvuloplasties. This was a great way to supplement revenue that might have been lost.
Anesthesiology Groups: Many anesthesiology groups are concerned about the potential for CRNAs to take over anesthesia care and put them out of work, especially since they are significantly cheaper than hiring an anesthesiologist; however, anesthesiologists know about the value that they provide to practices. Instead of surrendering to an inferior group, they simply decided to employ them. They realized that they could hire CRNAs and bill for their work as if it were their own. Now, they can work multiple cases with a CRNA covering some of the rooms. Expanding services is always a solid strategy.
3. Expand the Digital Presence
Any practice that hires young doctors will realize that increasing the digital presence is a necessity in the modern era. Competition is becoming stiff for doctors because new medical schools are opening up that are training new doctors and flooding the market. Existing practices need to have solid medical marketing strategies to compete. One fo the essentials is running a website that effectively explains the benefits of the practice. This doesn’t mean simply putting the name out there but designing the website in a way that improves visibility. This means hiring a professional to design the medical website. While this might represent a large cost upfront, it is a valuable investment because it will drastically improve customer acquisition. Make sure to have a custom website that is designed specifically to land on the first page of search engine results. This is a can’t miss idea among the top medical marketing strategies.
4. Positive Reviews are Key
The best of the medical marketing ideas is to remember the importance of quality care. Patients will always come back if they are satisfied with the service that they receive. Don’t just stop there. Encourage patients to leave positive reviews either with the practice or on the website. These reviews will encourage patients to take a chance by visiting the medical practice. To take medical marketing ideas even further, incentivize patients to leave positive reviews. Offer them a prize or a discount in exchange for leaving a positive review. This small investment will pay off with a large crowd of waiting, patients.
Ultimately, the way a practice will become revived is to get in touch with the way that modern medicine works. This involves hiring young doctors who have an in-depth understanding of modern society and the younger generation who can cater to a new segment of the population. The practice also badly needs to develop an online presence to help compete in the largest arena of the global economy. Finally, quality is always the best form of marketing. If physicians provide exceptional care with a compassionate touch, patients will always keep coming back.