5 Business Growth Strategies for Physicians

As a physician, your first priority is to provide the best medical care to your patients. But as a top healthcare professional, did you know your expertise could also be one of your best business growth strategies?

With changes in healthcare rules and regulations happening more quickly than ever, hospitals, medical professionals, and physicians across the U.S. are searching for new strategies for business growth and revenue generation. How do you ensure your medical practice is set for future growth and success without sacrificing the level of care you provide your patients?

Incorporating business growth strategies into your medical practice doesn’t have to be complicated. Here, we’ve collected our 5 top business growth strategies for physicians.

  1. Track customer data. Do you know why your patients choose your practice over another? Whether it’s through a simple survey form when patients check-in, or whether it’s incorporated into the patient registration process in some other way…it’s more important than ever for you to know how patients find you. After you collect that customer data, analyze it to find out whether your customers come to you via word of mouth from a friend, via Google searches or as a physician referral. The data will tell you which business growth strategy to focus on.
  2. Say thank you. Honestly, saying thank you never goes out of style. The old-fashioned thank you note can still be an impactful strategy for business growth. When a patient is home recovering and receives a hand-written note from your office that expresses concern for their well-being, it’s much more likely that patient will refer their friends to you. That loyalty is hard to come by – and if all it takes is a note, there’s no reason not to write one!
  3. Write the book. We already mentioned that your expertise could be your best business strategy. You are the authority in your industry – but do your potential customers know that? Publishing a book is one of the best ways to position yourself as the trusted resource for your potential customers – and we’re here to make the process easy for you. Whether you’ve never thought about writing a book before, or whether you’ve toyed with business book ideas throughout your career, we can help you create a plan and get published. (Want to know more about our process? Click here.)
  4. Develop a wellness referral network. Are your patients coming to you because they were referred by another physician? Do you recommend specific doctors or medical practices to your patients for specific medical issues they face? If they aren’t already, referrals should be a big part of your growth strategy as a physician. Develop a referral network of like-minded professionals in your local market who represent each area of your patients’ wellness and medical needs.
  5. Go digital. Advantage member Sherri Fitts said it best in her recent column. “You are who Google says you are.” If you haven’t read her recent article on how to get started with social media, start there. Conduct a digital audit to better understand what customers see when they find you online. Don’t get overwhelmed – pick one area to improve each quarter.

 

Wondering how you can position yourself as the authority? Get in touch by contacting us today. Additionally, take our Authority Assessment to see how you stack up against the competition and for tips on what you can do to improve your score! 

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