The dream is to turn one’s practice into profit, but it’s not always as easy as it seems. Physicians today are nose-to-nose with far more challenges in medical entrepreneurship than ever — from balancing revenues to dealing with competition. This may be one of the reasons why many medical practitioners are hesitant in turning their practice into a small business. Oftentimes, it may also be because of the thinking that medicine is not a business but a practice.
Looking at the bigger picture, the act of practicing medicine could be just like running a business, and you need to compete to thrive in your profession. If you are interested in resorting to entrepreneurship to realize this goal, here are useful tips to reach success operating a medical clinic.
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Develop a plan and build your team.
As with launching any other type of business, it is important to create a strategic plan that will help set the direction of your business. Develop a company vision and agree on the principles and values that you will be upholding within your business. Once you have formed your medical group, hiring a professional administrator may help make the process more efficient, as he or she looks after day-to-day operations and report everything to the medical director. Set appropriate and competent qualifications before hiring members of your team.
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Make sure to collect.
Especially for a small business, it is important to collect what is due in order to keep the practice going. Otherwise, you won’t be able to continue to hire qualified staff or buy the latest medical accessories and equipment. While it is advantageous to own an excellent electronic patient accounting system, you can outsource your billing to a great service provider.
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Give quality customer service.
Healthcare is definitely not a cheap commodity, and what patients want more than ever is quality healthcare and great customer service. Aside from being engaged in their health and wellness, it pays to keep the “golden rule” in mind. Patients are not just numbers that you earn, but people who entrust you with their lives. Once you live by this rule, word of mouth to your commitment to service will be the only marketing you’ll need.
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Innovate/become techie.
In connection with providing quality care, one way to achieve success in the healthcare marketplace is to keep up with the latest technology and trends. Know how you can improve your business in terms of EHR, revenue management, and practice management. Successful practices are always up to date with new equipment.
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Assess yourself and your service.
Last but not least, ensure the quality of your practice by monitoring your performance clinically, financially, and in terms of customer service. This can be achieved by handing out patient satisfactions surveys and addressing their complaints individually. Negative feedback is an obvious indicator that you need to implement some changes to your operations.
There’s no denying the fact that the medical profession is oriented to business. With the many challenges facing a budding medical entrepreneur, there’s not a guaranteed formula for success. However, there just might be helpful advice to be able to face these challenges head on.
