Doctors with their own medical practice wear many hats as they juggle the responsibilities of not just practicing medicine and maintaining patient relationships, but also business management, hiring, and marketing their practice.
If you fall into the camp of being a doctor as well as an entrepreneur, finding the time to grow your practice can feel impossible! However, many physicians have been able to expand their practices with success. How do they do it? Let’s discuss 5 ways to successfully grow your practice.
1. Clearly Define Your Practice Goals
You will want to start by assessing where you stand now. What does your current practice look like? Get a clear understanding of your current costs, budget, and operations. Then start outlining what you would like to see changed.
Start by determining your long-term goals (at 1 year, 3 years, 5 years, and so on). These long-term goals can be things like getting a new building, expanding your services, or bringing in a certain amount of revenue. The key is to write out specific and concrete goals. Then set short-term goals to achieve on the way to the long-term goals.
Solidifying your goals is essential to defining what growth means to you. While it’s good to keep the big picture in mind, focusing on the short-term goals from day to day is what will keep you motivated. Short-term goals keep you on track, instead of feeling overwhelmed by how far away your long-term goals seem.
2. Hire the Right Team
Your team is a reflection of you and your practice. You might be the most skilled doctor in your area, but if your patients are unhappy with your staff, you will have a hard time cultivating a successful practice. This is why your staff is one of your most valuable assets.
Think about your practice as a whole, through the eyes of your patient. Each point of contact between your practice and the patient is essential to the entire experience. So, from interacting with the receptionist, to the nurse, to your team of specialists, your employees must know how to create a warm, competent, and inviting environment.
A few ways to attract and retain superstar employees include offering:
- Retirement plans
- Competitive compensation
- Insurance and other benefits packages
By investing in your team, you’re investing in your practice as a whole. Happy employees are more likely to stay working with you, and happy patients are more likely to keep coming back to your office. If you need guidance navigating retirement plans and benefits, a financial advisor can help discuss your options with you.
3. Invest in Recent Technologies
Technology is constantly evolving. Advancements are happening at a rapid rate, and it pays off to stay on top of the most current medical tools. To demonstrate to your patients your commitment to excellence in medical care, your practice will need to be equipped with the latest medical technologies. As a smaller practice, when you offer top-of-the-line equipment, you convey to your patients that they can expect the highest standards of care, both in medical expertise and patient care experience.
With the massive push to digitization, you may want to consider what telehealth options you can provide as well. A recent survey found that 88% of Americans want to keep using telehealth services for non-urgent appointments after the COVID-19 pandemic. (1)
4. Evaluate Your Financing Options
If you’re looking to expand, you will want to consider what financing options are best suited for you and your practice.
As a physician, you have several options available to you:
- Small Business Administration (SBA) loans
- Medical practice loans
- Equipment financing
- Term loans
- Business line of credit
Each option has its own set of advantages and disadvantages. What’s best for your practice depends on your specific needs, such as how quickly you need funds, how much you want your loan payments to be, and your time frame for repaying the loan.
5. Consult With a Financial Advisor
Evaluating the financial aspects of expansion can be tricky. If you need support developing your business plan or understanding your financing options, a financial advisor can help. At 1on1 Financial, we often say that your business is one of your biggest investments. A financial advisor understands how to plan for long-term financial success. Thus, a financial advisor can be an invaluable resource in helping you develop your practice’s growth strategy.
Confidently Grow Your Practice
Our team at 1on1 Financial specializes in guiding business owners each day to develop plans for sustainable financial success. We understand that business owners face unique struggles and come to us with unique needs. Finding a strategic partner in your financial success doesn’t have to be difficult.
If you partner with us, you will benefit from our commitment to serving you as we would serve our own family. In addition to our knowledge and experience, our success is built upon developing lasting, meaningful relationships based on trust, integrity, and superior service—something as a physician you know a lot about!
We are happy to answer your questions and discuss your goals during a no-obligation conversation. To set up your appointment, call our office today at 909-981-1720 or simply click here to schedule a free 15-minute introductory phone call. We look forward to discussing how you can successfully grow your practice starting now!
About 1on1 Financial
1on1 Financial is an independent financial advisory firm specializing in guiding working and retired professionals, executives, and business owners along the path to financial well-being. Founded in 1997, we use a team approach to help our clients accumulate wealth, generate income, preserve their life savings, and strategically plan for the distribution of their estate. With more than 50 years of combined experience in the financial services industry, we remain true to our fundamental mission: to provide personalized guidance, treatment, care, and service so our clients can gain control of their future and feel confident in their financial life.