Medical practices that fail to stay competitive tend to go the way of the dinosaurs. While it’s hard to anticipate a meteor or a volcanic eruption, your practice can identify and hedge against some of the other threats that can push a business toward extinction. Here’s how to ensure your business remains at the top of the food chain.
Get Darwinian – Evolve to Meet Patient Needs and Wants
Even a great medical practice will eventually fall behind if it fails to adjust to a changing world. What works now isn’t necessarily an indicator of what will work in the future, which is why it’s vital to keep a finger on the pulse of patient needs and wants. Regularly gauge patient satisfaction, seek feedback, and monitor reviews to ensure that you provide solutions that meet clients where they are. Perhaps it’s expanding your services, adjusting your payment terms, or partnering with other providers to ensure that patients are positioned to receive seamless, accessible care. Being able to adapt and evolve is essential in a quickly changing market.
Play With Fire – Embrace Tech and New Ideas
Fire was a world-changing invention, and the early humans who embraced it raced ahead. If your practice is still doing things the “old” way, get comfortable with exploring, researching, and implementing new technologies and ideas. This doesn’t mean investing in every piece of technology or every novel therapy that comes our way, instead, strategically choose the approaches that will take your practice forward. Constantly evaluate changes in terms of their business cases and ROI, seek staff and patient feedback throughout the implementation process, and repeat as needed.
Find New Grazing Grounds – Explore Potential Habitats
Location is everything – and that includes dinosaurs. The right hunting and grazing grounds and access to shelter were vital for survival. If your medical practice struggles to attract or retain patients, or you’re not connecting with the right type of patients for your services, it might be time to seek out new locations. Consider relocating, opening a satellite office, or reimagining your current premises for maximum success. Just as dinosaurs existed within a complex ecosystem, so does your medical practice– get smart about ensuring your part within it!
Avoid an Extinction Event. Talk to GZ!
Looking to ensure your practice’s long-term stability and profitability? Talk to the medical realty experts at Gittleson Zuppas Medical Realty. With decades of experience serving the DMV area – and beyond – we can help you find a space where you can thrive. Whether you’re buying, leasing, or need tips for evaluating a property, our team of experts is here to make sure you don’t have to worry about a potential extinction event!