Monday, June 24 2024 — Articles of Interest

Simple Tips to Help You Grow Your Private Practice

Written by FSD Team

For medical professionals, a successful private practice isn’t just about patient care; it’s about mastering the business side of medicine. Growing your private practice is a long-term process that involves strategic planning and savvy financial decisions. The competitive landscape can be challenging, so you will need to find new ways to reach potential new clients while also maintaining your current patient base. It’s also important to reevaluate many different aspects of your business, from your staffing to your customer service procedures.

We’re passionate about helping medical professionals achieve their financial goals at Smith Coffey. We’ve put together some simple tips to help you grow your private practice for business success.

Looking for more tailored advice about your private practice? Contact us, and we’ll create a bespoke financial plan to help you achieve your goals.

How to grow your private practice

Ensure you have the right resources

If you want to grow your private practice, setting your team up for success is the first step. A strong team is integral to the process, so you need to ensure they can keep up with an influx of new patients. Take a look at your team and consider whether they have the right skills to keep things moving smoothly. You may need to hire more staff or upskill the current team.

You will also need to ensure that you have the right processes in place to handle an increase in business. Aspects such as scheduling and opening hours will need to be reviewed. If you aren’t sure how you would handle this increase in business, you’re probably not ready to scale just yet. Brainstorm ideas to improve your dental or medical practice management and then implement them before you start growing.

Optimise revenue processes

Optimising your revenue processes is a key component of business success. Any deficiencies in your revenue process will mean you’re not collecting every dollar you’ve worked for, stalling your growth. Collecting your earnings can be challenging; processes such as insurance verification, claims management, and patient billing are complicated and time-consuming. Many medical professionals will need a financial expert to ensure they are fully optimised in revenue. This allows them to focus more on what they do best, running their private practice.

Build a strong web presence

Marketing is essential to the growth of your practice. An up-to-date website, engaging social media channels, and word of mouth will bring you new patients and keep current patients coming back.

Your website is one of the most important factors in your marketing strategy to bring new customers to your private practice. Serving as your “digital storefront”, the information should be credible and up to date. Review your website and make sure you have the following:

  • Credentials and professional experience
  • Policies and procedures
  • Insurances you accept
  • Opening hours
  • Services
  • Contact details and appointment bookings

Don’t forget about other aspects of your digital presence, such as your Google My Business listing and online reviews.

Focus on existing customer loyalty

If you’re focused on growing your private practice, you might find yourself forgetting about existing customers in the haste to land new ones. Your existing customer base is incredibly valuable to your business and should be considered in your growth strategy. Start by reviewing your patient retention rate and figure out how many keep coming back.

If you have a high volume of one-time patients but don’t have many returning ones, start by focusing your energy on retaining customers. Stay in touch with them and send reminder emails or mailers encouraging them to schedule follow-up appointments. It’s also crucial to pay attention to patient feedback. Addressing patient concerns and creating a comfortable environment will encourage patients.

Keep the calendar full

Keeping your schedule full is vital to ensure a profitable medical or dental business. A proactive approach is essential, such as scheduling patients for their next appointment as they check out. You should also follow up with patients who need treatment but were never put on the schedule. It’s also essential to take steps to prevent cancellations by using automated technology to confirm appointments and reschedule patients immediately if they have to cancel.

Professional financial advice to grow your private practice

A financial advisor is an extremely valuable resource for helping you grow your business by providing expert guidance on financial planning, investment strategies, and managing cash flow. They can assist in budgeting, optimising revenue cycles, and navigating tax regulations, ensuring your practice remains profitable and financially healthy. Additionally, they can help with strategic decisions like expansion, acquisition of new equipment, or opening additional locations.

Not all accountants understand the nuances of medical practices and the financial management required. As specialist accountants for the medical industry at Smith Coffey, we know how to help you manage these changes with the least effort on your behalf—allowing you to spend more time running your medical practice.

Achieve your medical practice dreams by partnering with a specialist medical and dental industry accounting firm and receiving financial advice from Perth’s most experienced medical accounting firm. Book your first appointment today at no cost or obligation – we’d like to get to know you and your aspirations.

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