The Executive Suite: How to Grow a Medical Practice

Saturday, May 18, 2013

How to Grow a Medical Practice

Depending on the type of medical degree you earn, you may opt to start your own private medical practice. A medical practice, however, is a business just like any other. Your patients are essentially your "customers," and you must find ways to attract new patients and keep the existing ones in order to see your practice profit. Successful marketing techniques and proper treatment of patients are key factors in expanding your patient base and seeing your medical practice grow.

Suggestions

Ask other physicians to refer patients to you if you are a specialist. Individuals often need additional treatment that a general practitioner cannot provide. If you practice a specialty discipline, you will be able to provide more thorough care for patients with conditions in your field than a standard family doctor.
Advertise your practice in the local media. You may opt to use radio advertising, a newspaper ad or even film a short television commercial if your budget permits it. You should also make certain that your practice is included in the local Yellow Pages. (See Reference 1.) This will help you reach individuals who may be in need of your services but unaware of your practice.
Develop contracts with numerous insurance providers. Consumers with insurance will rarely choose to visit a doctor whose services are not covered under their plan. By accepting multiple forms of insurance, you will be able to provide for a larger patient base.
Charge reasonable fees for your services. Insurance companies rarely cover 100 percent of a patient's care. If the out of pocket expenses are too high, your patients will find a cheaper doctor. Reasonable fees ensure that you can keep your current patients while also attracting new ones. If you can afford to do so, you may opt to write off additional charges for lower income patients such as coinsurance or deductibles.
Design and implement a website. This will result in patients who search for a new doctor on the Internet to consider your practice. (See Reference 1.)
Treat all patients with kindness and respect, no matter how silly their concerns may seem or how irate they may be. This will result in your patients holding you in high esteem and referring your services to their families and friends. (See Reference 2.)
Offer payment plans for the uninsured. Many medical practices will refuse to take on new clients if those clients do not have adequate insurance. By accepting patients with no insurance and allowing them to make regular payments to you to cover your services, you are providing them with the medical care they need while they help you to grow your medical practice. You may also join your state's Medicaid program. This will allow you to provide care for those who are covered by Medicaid and receive reimbursement from the government for your services.
Train your staff well. Staff members who are courteous to individuals when they call and can answer questions in a friendly manner make your practice look more appealing to individuals in need of a doctor. If a staff member is rude or unhelpful to an individual when he calls, he will likely seek his medical care elsewhere.
Send mail to your existing patients reminding them of when a checkup is due or notifying them of new medical techniques.
Consider taking on a partner with a different specialty than your own. A partner will bring his own client base with him and attract additional patients to the practice.