What Are The Top 5 Medical Practice Success Factors?
All medical practices exist. They exist to service patients and they exist because they are a business. This is where many miss the mark since many medical practices forget that they are actually a business. Doctors today must think in terms patient care efficiency and profitability. To help the physician and his or her staff must think daily about the five things that actually influence their business side of their practice.
The five areas of a successful practice review:
- Time
- Talent
- Money
- Systems
- Processes
All five must be focused on daily in order to operate an efficient practice. My work with hundreds of physicians and businesses suggests that the lack of attention and focus will throw any practice into panic and survival. Focusing on the five concepts can mean the difference between thriving and barely surviving. Over the course of the next several days will share with best practices so that you can implement them into your own firm.
First a brief explanation of each:
- Time – Most physicians are so busy attempting to see as many patients as possible they lose focus on items that are equally as important such as 1) creating awareness and community, 2) staff development and communication, 3) building alliances to aid the practice, 4) reviewing the systems for key performance measurements.
- Talent – In the crazy busy world in which we live it is essential to focus on those people that can make a difference in the practice. From the front desk staff and first impressions to billing and coding. Dismissing the benefits of good staff can make or break your practice.
- Money – It is unfortunate how many physicians pay little heed to numbers and metrics. When recently asked a physician I spoke with did not know what his accounts receivables were. When there is little knowledge of those things that keep the practice afloat as well as few benchmarks that denote the current status of the practice – there is a recipe for future issues.
- Systems – I find that building your practice is similar to building a residential home. Before the framework is being installed, the foundation gets built. Similar to a home or commercial building, the foundation vital for the home remaining for years. Without proper systems such as a business model, a business plan which are your systems, the business cannot operate towards future success.
- Processes – Processes are those items that operate the systems. They are the pathways to indicate how patients are acquired, how they are treated when they enter the practice and just as important how to get them to remain.
While there are more items and more procedural methods that I will introduce in my forthcoming book “Practice Acceleration”, do note that these five are the foundations for operating an efficient practice.
Over the course of the next few posts, I will separate each one and help explore how you can implement some best practices into your practice. Stay tuned when I provide information on how to implement best practices in time but more important where the doctors time is best spent.
© 2012. Drew Stevens PhD. All rights reserved.
Did you know that every business owner has the same 17 Frustrations? Want to know what they are? Find out now!
Drew Stevens Ph.D. is a world-renowned marketing mentor for chiropractors. Drew is one of those very rare chiropractic-marketing experts with not only 30 years of true experience but advanced degrees in marketing productivity. Not many can make such as claim. Drew works with chiropractors and professional services firms who struggle like crazy to create customer centric relationships that create new revenue. Dr. Drew has aided professionals to reach billions of dollars in new revenue by strategically implementing processes and methods that develop new relationships and new revenue.
Dr. Drew’s Monday Motivation – Creating the Healthy Practice
Monday Momentum
Monday Focus – Tom called the other day to tell me that he was in need of assistance. His practice was struggling and he could not determine why. Your practice is like your health. If you do not adhere to core strategies to maintain health, the practice will continually struggle. Similar to the manner in which you exercise and maintain a good diet so much your practice.
When practices are ill, they suffer from a deficiency in vitamin C’s – Cash, Customers, and Community. The healthy practice engages in consistent networking to build a community. When people know you, they desire to do business with you as customers. Finally too many doctors that I have seen are wonderful at taking in the money but many forget to return it to the business. Business reinvestment is vital for success because the cash helps with hiring staff, obtaining new technology, and investing in the community to create new customers.
So if your practice is limping along and out of sorts, perhaps it is time to review your diet and ensure that the income is supplemented with a good source of minerals and vitamins that make your practice strong and healthy.
Monday Motivational Quote – “Effort only fully releases its reward after a person refuses to quit.” – Napoleon Hill
© 2012. Drew Stevens PhD. All rights reserved.
Did you know that every business owner has the same 17 Frustrations? Want to know what they are? Find out now!
Drew Stevens Ph.D. is a world-renowned marketing mentor for chiropractors. Drew is one of those very rare chiropractic-marketing experts with not only 30 years of true experience but advanced degrees in marketing productivity. Not many can make such as claim. Drew works with chiropractors and professional services firms who struggle like crazy to create customer centric relationships that create new revenue. Dr. Drew has aided professionals to reach billions of dollars in new revenue by strategically implementing processes and methods that develop new relationships and new revenue.
The Healthy Practice
Chiropractic Marketing Tip – The Power of Brand
Effective marketing builds brands, which then provide customers. Brands offer instant recognition and identification. They are also promise consistent reliable standards of quality, size, or even psychological attraction. Several national and regional surveys typically illustrate that consumers choose brand not because of price but simply name alone! People will make a purchase and choose a vendor solely for brand.
The ability to build brand offers a host of blessings such as customer loyalty, price inelasticity and long-term profits. A loyal customer is nine times more profitable as a disloyal one. An existing client who is affected by your brand value helps to obtain new patients for you more efficiently through referral that a new one. Building brand does not arrive inexpensively and without time. Research shows that it costs 200 to 400 times more to build brand equity but the long-term effects are worth it.
Do you have value?
Do you offer differentiation?
Do you have a community that is attracted to you. All of these help brand. What is your brand and how has it helped your practice? Please share your thoughts in the comment area.
© 2012. Drew Stevens PhD. All rights reserved.
Did you know that every business owner has the same 17 Frustrations? Want to know what they are? Find out now!
Drew Stevens Ph.D. is a world-renowned marketing mentor for chiropractors. Drew is one of those very rare chiropractic-marketing experts with not only 30 years of true experience but advanced degrees in marketing productivity. Not many can make such as claim. Drew works with chiropractors and professional services firms who struggle like crazy to create customer centric relationships that create new revenue. Dr. Drew has aided professionals to reach billions of dollars in new revenue by strategically implementing processes and methods that develop new relationships and new revenue.
Chiropractic Marketing Tip – Model for Stress Elimination
One must remember that when you decided to attend professional school for chiropractic you gave up a lot. You may have delayed getting married, having children, taking vacations and even spending time alone. Then as your desire increased so did the bills and the pressure to succeed. You carried on with your path attempting to become the best-darned physician that you physically can be… that is until you found out what was needed to run the practice. The DaVinci Code of Chiropractic was revealed, and the standard business model is accepting payment from a third party.
As is often discovered this is not the best method for operating a practice simply because when you operate a model with the third party concept the following happens:
- You lost control
- You are beholden to payment dates and rates
- You have no other source of income
- You limit your exposure to your patients. They can tell you how often to see them and when to end your relationship.
To stop feeling alienated and like a victim, physicians need to develop a business model. One that is most suitable to you, your personality, and your working habits. This requires sitting down and sketching out on a piece of paper:
- The perfect patients you desire to work with
- The type of insurance companies you desire to work with
- The type of care you desire to provide i.e. sports injury, geriatrics, pediatric, hypothyroidism, etc.
- Methods and activities required bringing new patients to the practice
- Key benchmarks that ensure success
Over 54% of physicians surveyed do not have a business plan or even a business model. The issues associated with this are dysfunction, disillusion, and dissatisfaction. The road to a successful chiropractic need not be long or stressful if mapped out and planned. However, the lack of planning and modeling could eventually harm you personally and professionally. Run the practice with the same skills you desire of your patients – healthy and maintenance free.
© 2012. Drew Stevens PhD, all rights reserved.
Dr. Drew’s Monday Motivation – Making Dreams Reality
Monday Momentum
Monday Focus – I remember the day I received my MBA and while on the platform I decided as I was shaking hands with the Dean how I too wanted to go for my doctorate. I never wanted to say should have, could have, would have. There are many people from celebrities to actors that always state, …“If I did it, so can you.” This is a true statement.
The only thing withholding your dream is you. Risk and fear is what withholds you. Desire or lack of may actually withhold you. If you want to do something then stop making excuses about money, time, resources, and all the crap that can get in your way and do it. Dreams can become reality if you choose to ignore and eliminate excuses and listen to the famous words of Nike, “Just Do It.”
Monday Motivational Quote – “If one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet with a success unexpected in common hours.”
~ Henry David Thoreau
“The future belongs to those who believe in the beauty of their dreams.”
~ Eleanor Roosevelt
“Dream as if you’ll live forever… live as if you’ll die today “
~ James Dean
© 2012. Drew Stevens PhD. All rights reserved.
Did you know that every business owner has the same 17 Frustrations? Want to know what they are? Find out now!
Drew Stevens Ph.D. is a world-renowned marketing mentor for chiropractors. Drew is one of those very rare chiropractic-marketing experts with not only 30 years of true experience but advanced degrees in marketing productivity. Not many can make such as claim. Drew works with chiropractors and professional services firms who struggle like crazy to create customer centric relationships that create new revenue. Dr. Drew has aided professionals to reach billions of dollars in new revenue by strategically implementing processes and methods that develop new relationships and new revenue.
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