According to the Department of Labor, the healthcare industry is set to grow 14% through 2028 – faster than any other sector. The reason for this is twofold: an aging population, along with a greater demand for medical care.
While this is potentially excellent for the bottom line of your medical practice, it brings with it some challenges: namely the recruitment and retention of staff in an increasingly competitive sector. Rapid industry growth means not only will medical offices face a possible staff shortage but retaining existing staff may become more difficult. With human capital being one of the highest costs of running a medical practice, it pays to be mindful of both how you recruit and retain staff.
In today’s competitive medical landscape, your hospital needs to be able to differentiate itself from other providers. Effective market positioning can have a powerful impact on how your business is performing, attracting new patients, evolving your patient mix, and drawing high-performing doctors and employees.
You may already have a brand position in mind, but before embarking upon a brand overhaul or marketing campaign, it’s vital to undertake a market analysis. Review what your competitors are doing, and gauge how the public perceives you. This will help you identify potential gaps in the market, as well as determining what needs to be done to separate you from competing hospitals or clinics.
When was the last time you renegotiated your lease for your practice? Have you ever? How’d it go?
Negotiating your lease to fit the needs of your healthcare practice is a key component of running a successful practice. Lease terms, whether during the entrance of a lease or a renewal, should always be seen as a starting point.
Confidently renegotiating terms can lead to lower lease costs, open doors for an expansion of your practice, money to update your space and more. Knowing how to avoid these lease negotiation pitfalls will allow you to negotiate without fear.
When searching for a dental office space, you may be at a loss of where to start. Wondering, how to decide whether to build from the ground up, finish out a lease space, buy a condominium or perhaps remodel.
The good news is there’re a lot of options and directions for you to go. The hard part is being smart about it.
First things first, you need to develop what your vision for your dental practice is. This will be your guiding light as you search for the perfect office space.
However, by understanding the millennial mindset and actively taking steps to target this demographic, medical providers can increase the likelihood that Millennial patients will seek out their services.
Here’s what you need to know about millennials and healthcare.
If you’re looking for a new space for your dental or medical practice, lease length is one of the many factors you’ll want to consider. It’s common for lease lengths for dental and medical spaces to be longer than those for regular office spaces: think 7-10 years instead of 3-5.
However, lease lengths can vary depending on current market conditions, current vacancies and planned development for a given space. Negotiation can also play a key role in netting the right space at the right terms.
Let’s take a look at the pros and cons of opting for a longer- or shorter-term lease, and which is best for your situation.
If your medical practice has outgrown its current facility, it’s time to consider expanding. Depending on your current setup, this may involve expanding into additional space in your current building, opening a satellite office to support your existing practice or moving to a different facility altogether.
The decision to expand your current practice or embark on a move isn’t just a matter of space. A significant uptick in walk-ins or referrals is a good marker that suggests expansion might be in the cards, but you’ll want to do a detailed strategical analysis before doing so.
Deciding to open your own medical practice for the first time is a big step. It’s an investment of time, money, resources, and sweat. That’s why it’s vital to have a plan in place before you even take the first step. You also need to put together a great team to support you on the journey.
Opening a practice is a big undertaking and shouldn’t be approached with a blasé attitude. You will need to figure out your financing, find a location, make personnel decisions, make sure you’re adequately insured, figure out what kind of equipment you’ll need and where you’ll get it, etc. There is a lot to factor in before hanging your shingle and opening your doors.
Social media is here to stay, and it behooves the savvy business owner to learn how to use it effectively to market their medical practice. Whether you’re a doctor, chiropractor, dentist, etc. the goal is the same: help more people who have the problem(s) that you solve.
You can use social media to humanize your brand, educate current and potential clients, connect with other industry professionals, and communicate with your audience in a way that’s transparent, informative, and engaging.
Keeping a medical practice running smoothly is one of the hardest challenges office managers face today. Having to juggle various administrative burdens while keeping your office fully staffed and maintained often takes a backseat to acquiring more patients.
Ensuring your patients’ satisfaction means tending to their worries and woes. The best way to do that is to have a staff that’s attentive, available, and extremely knowledgeable. Your staff must be willing and ready to meet with their patients one-on-one, give accurate and adequate information and offer each patient peace of mind.
How can you make that happen? Easy, follow these six tips.
A 25-year-old man goes in to see his doctor. He has a series of questions about symptoms he has and a few ideas of what could be wrong based on online research.
The doctor examines him, and she quickly rules out a couple of the man’s suggestions but finds one is a real possibility. She decides to order some blood work to confirm, submitting the order on her tablet. Then, she adds a few notes to the patient’s electronic chart.
The next day, the patient receives a text message notifying him that his test results are now available in his patient portal. He quickly logs in and reviews the info. It includes a message from his doctor, outlining a brief plan of action and direct contact number for any questions.
Sound familiar to you?
This is the landscape that every healthcare office either has entered or will enter in the near future.
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