How to Grow Your Medical Practice: 5 Tips for Physicians
Running a medical practice is no easy task. In addition to caring for patients, medical professionals who own a practice have to complete business tasks, handle finances and manage their employees. Although their current responsibilities may be overwhelming, many physicians also want their practices to grow.
There are practical steps that medical professionals can take to reduce stress and improve the health of their practice. The business side of running a practice may seem intimidating to doctors, but it doesn’t have to be. Here are five tips for physicians who want to streamline their tasks and grow their practice.
1. Learn the Business Side
Most medical professionals have little to no experience with running a business. When they decide to open their own practice, it can be overwhelming to navigate paperwork, finances and leadership responsibilities. Although it’s tempting to hand these tasks off to other people, it’s essential that doctors are familiar with the nuts and bolts of their practice.
Embezzlement is common when doctors are removed from the business side of their medical practice. As the leader and owner of their business, physicians need to understand the numbers and check up on them regularly. The business side is the framework holding your practice together.
2. Give Quality Care
Once this framework is in place, focus on creating a good experience for patients. Your clientele should feel seen and heard from the moment they come into contact with your practice. Follow up with patients quickly and organize the office so you never lose paperwork or your patients’ trust.
If you sincerely care about your patients, they’ll become your most enthusiastic cheerleaders. People are always looking for good doctors and many find new practices through word of mouth. Listen to patient feedback and constantly look for ways to holistically serve your clients.
3. Practice Management
At some point, it becomes physically impossible for physicians to complete all the tasks needed to run a successful practice. Medical professionals can give more to their patients and their employees when they practice good management skills.
Effective managers help routines run smoothly without micromanaging. They create systems that prevent theft and check to make sure requirements are being met. Doctors in charge of a small practice can take on this management role themselves. However, larger practices should consider hiring a partner management company to support them.
4. Invest in Employees
Good management can only do so much for your practice if you have poor employees. The people who physicians hire can make or break their business. Stellar employees are compassionate, ethical and productive. They’re able to learn quickly and can communicate with honesty and respect.
Employees will respond to good leadership with higher levels of productivity and commitment to your practice. It’s essential that you treat your employees as the most valuable aspect of your practice. Invest in their job skills, give them personal time and listen to their ideas. If they have your support, they’ll support you too.
5. Keep an Open Mind
Every business reflects the growth and mindset of its leader. When you stay humble and continue to learn, your business will benefit. Patients won’t feel ignored or disrespected and you’ll learn from engaging with them. A learning mindset will help you to identify any issues within your practice and recover quickly from them.
Keeping an open mind doesn’t mean that you accept every new idea or never get to rest. Instead, an open mind looks for new connections and ways to grow personally and professionally. Strong leaders consider how their actions will impact others and make decisions for the benefit of the group.
Grow Your Business Organically
If you invest in a strong business framework and take care of your patients, your practice will grow organically into the thriving business you’ve always dreamed of running. Your patients will tell all their friends about you and you’ll be protected from embezzlement or poor financial decisions. Learning the numbers side of your practice may seem challenging, but it’s essential for creating a strong business.
You can further invest in your practice by staying on top of management. If you don’t have time to do this yourself, hire a trustworthy team to help you. Treat your employees like your most valuable assets and stay open to learning and adopting new ideas. Remember that the best way to gain respect is to treat others with respect.
Meet The Blogger
Martin Banks grew up outside of Chicago and covers all things small-business related, as well as the world’s best hockey team, the Chicago Blackhawks
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