No question running a medical practice as an entrepreneur is tough — you’re up against entrenched competitors, and you have to be good at developing and maintaining your client relationships. It’s also a business that’s largely driven by word of mouth. But there are still plenty of opportunities for growing a business through some technology tools that other industries have more access to. In this post, we’ll share 4 ways to scale your health care business using the power of technology.
Emphasize operational efficiency
One of the most important things to remember as a new entrepreneur is that health care is an extremely expensive industry. It’s one of the most expensive industries in America—and even then, it’s not easy to get into this business! It takes years of experience and education before you can make any money at all.
So what does this mean for you? If your goal is to grow your practice, you need to focus on efficiency from day one. This may seem obvious, but many people fail because they need to understand how their current practices operate or where they can improve them without sacrificing quality care or staff morale (or both).
The key here is finding out how much time each step takes up—and then doing something about it! If there are steps in front of other steps that take too long or aren’t necessary anymore… don’t do them! Instead, find ways around these issues by making small changes over time until everything flows smoothly together like clockwork.
Invest in a great team.
Hiring the right people is one of the most important things you can do as a business owner. It’s also one of the toughest things to do, but if done correctly, it will pay off in spades.
To find the right employees for your practice, start by asking yourself these questions:
- What are my goals for this team? Are they realistic? Are they big enough? Do I have enough resources to achieve them?
- How much time will it take me (and my staff) to reach those goals, and what resources do I need from outside sources like vendors or other businesses with whom we might partner on projects related to your services here
Automate your practice
Automation simplifies the procedure and reduces errors. Automation allows you to create a positive experience for your clients. Automation can streamline procedures and reduce errors. Automation can be used to save time and produce consistently high-quality results. For example, by automating the check-in process at the front desk with Alora Health’s home health software, you will free up staff to spend more time with patients rather than keypunching data throughout the day.
Outsource to save time and money.
Outsourcing can be a great way to save time and money. If you’re not sure where to start, here are some tips:
- Find the right person who does what you do best. You’ll have more time for what matters most—running your business—and less pressure on yourself because it’s someone else’s job!
- Outsource tasks that don’t require much skill or expertise (like answering customer calls). Others can do these tasks with minimal training; they need a steady stream of customers willing to pay for their services.
- Get creative with how you use outsourcing as part of your strategy for growth! For example, if something at home needs doing but doesn’t require any technical knowledge or special equipment (like laundry), try hiring someone else who lives nearby and paying them $20/hour while they do it instead!
Partner with complementary companies.
There are many ways to partner with complementary businesses, but the most effective way is to find and start working with others who share your passion for helping people. By partnering with other healthcare practices and medical centres, you’ll be able to grow your business without having to compete against each other for resources or customers. When choosing partners, look for those with similar values as yours—this means being willing to work together on joint initiatives rather than focusing solely on getting more clients from one company alone (which can lead them down shady dealings). If a potential partner doesn’t seem interested in expanding their business opportunities into the health care industry (or even looking at it), skip that opportunity! There are plenty of other options: Google searches show how common these types of partnerships are amongst different industries worldwide, even if it seems impossible at first glance because they don’t seem like such good fits initially.
Bundle your services
Bundling your services is a great way to increase revenue. You can offer a package of services, or you can offer discounts for multiple services. For example, if your practice offers chiropractic care and physical therapy, many people will ask to see both providers when they come in for an appointment. You could then use this opportunity to add additional services to your bundle—perhaps even adding massage therapy or acupuncture! This will help you build brand loyalty among customers who may not have normally considered coming back because they didn’t realize that this additional treatment was available at their initial visit (or even worse: they thought it wasn’t possible!).
Develop and nurture referrals
Referral marketing is the best source of new customers, according to Wordstream. But it’s also one of the most cost-effective ways to grow your practice. A study by the American Society of Health-System Pharmacists found that health care practices that receive at least three monthly referrals have an average annual increase of more than 10 per cent compared with practices that don’t get any referrals. The reason? Satisfied customers are more likely to refer others and stay with their provider longer, which makes them good sources of future patients—and it helps you keep costs down because you won’t have an employee doing all the work yourself!
As we’ve seen, scaling a health care practice can be daunting. But with the right strategies and preparations, it can be manageable. By developing your business plan and building a team of reliable partners and advisors, you can take control of your growth—and transform your business into something truly unique.
Throughout the year, our writers feature fresh, in-depth, and relevant information for our audience of 40,000+ healthcare leaders and professionals. As a healthcare business publication, we cover and cherish our relationship with the entire health care industry including administrators, nurses, physicians, physical therapists, pharmacists, and more. We cover a broad spectrum from hospitals to medical offices to outpatient services to eye surgery centers to university settings. We focus on rehabilitation, nursing homes, home care, hospice as well as men’s health, women’s heath, and pediatrics.