5 Ways Family Physicians Can Grow Their Practice
By Shamez Kassam, CFA, MBA
You’ve spent the better part of your life becoming a doctor, and now that you have your practice, you’re poised to expand. But you might be feeling some growing pains. Staffing, training, and discovering your specialty all take time, and with growth comes an increased focus on the financial aspects of your practice. Read our advice on growing your practice in a sustainable way.
1. Hire The Right People
Your medical staff is your greatest—and most expensive—asset. It’s impossible to keep your business running like a well-oiled machine unless you have a strong team in place.
When the time comes for you to hire someone, take your time and ensure you find the right candidate. You want someone who can get the job done but who also has excellent people skills.
This means you shouldn’t wait until you’re overflowing with patients to seek help. Be proactive. Create an organizational flow chart of which employees you plan to hire at each stage of growth. Create a written job description for these roles. Knowing what you want in each position will help you find the right candidate, and you will be ready when the time comes.
2. Consider A Specialty
Would you rather go to a general family doctor or one who specializes in the specific health issue you’re facing? Someone who focuses on certain clients and specific needs. Most of us would rather see a specialist because they have in-depth knowledge of that particular issue. General practice doctors are invaluable, but in today’s “Dr. WebMD world,” some patients believe a specialist may be better suited for their healthcare needs.
One of the most effective ways to grow your practice is to pinpoint what sets you apart from the competition and embrace it. Maybe you’re known for women’s healthcare or you’re an expert in healthy weight loss. Whatever it is, find your competitive edge and use it to your advantage.
3. Make Your Staff And Patients Feel Welcome
A strong work culture is everything. Once you’ve hired the right people, make every effort to make them feel like family. Celebrate their birthdays and work anniversaries. Host holiday parties and after-work socials. Appreciation goes a long way.
The same goes for your patients. Instead of assuming what they like or dislike about your practice, ask them directly. A recent study shows that 80% of “better performing” practices regularly conduct patient-satisfaction surveys. (1) Use surveys in your own office and use the feedback to make your practice even better.
For example, if several patients state they had a poor phone experience with the front-desk staff, offer phone training so your staff knows how to deal with all types of patients (even the frustrating ones). You may be a brilliant physician, but your front office is the face of your practice and the first and last experience for your clients. They need to be amazing!
4. Be Seen As An Industry Expert
The more valuable information you can give your patients, the better. But this goes beyond simply having a wall of pamphlets in your waiting room. In today’s digital age, your information needs to be online.
Create a user-friendly website that’s chock-full of blog posts and videos on the latest health issues in your field. Offer tips and tricks on how your patients can stay healthy. Build an email list and send your latest insights to your audience, so you always stay top of mind.
As you begin to release more information, your patients and prospects will begin to see you as an industry expert. And they’ll be more likely to schedule an appointment with you when the need arises.
5. Make Sure You’re On The Right Financial Track
Growing a medical practice is no easy feat—especially in today’s world of strict regulations and decreasing reimbursements. But if you identify what makes your firm unique, focus on the patient experience, and hire the right team, growth will follow.
We at Northfront Financial are here to help organize the financial aspects of your practice so you can focus on being a doctor. We give advice on creating a business plan, we help you pick the right employee benefits for your employees, and we coordinate with your other trusted advisors to give you comprehensive service. To learn more, contact us today 403-571-8960 or email firstname.lastname@example.org.
About Northfront Financial
Northfront Financial, based in Calgary, Alberta is a boutique full-service financial planning firm serving professionals and business owners. We pride ourselves on being a different kind of investment firm. This stems from our humble roots, entrepreneurial spirit, and a culture of integrity and professionalism. Our goal is to offer the best investment products, services, advice, and ideas the financial industry has to offer from our experienced team, which includes individuals with the Chartered Financial Analyst (CFA), Chartered Investment Manager (CIM), and Certified Financial Planner (CFP) designations. To learn more about Northfront Financial and how we can help you, visit our website and schedule a complimentary appointment.