The Business of Care: 3 Tips for Managing a Medical Practice

medical practice

As of 2020, there are about 1 million active physicians in the U.S. There are also over 300,000 physician’s practices in the country.

With these numbers in mind, it’s safe to say close to 30 percent of physicians end up running their own medical practices. And it’s easy to see why.

If you’re a physician, opening your own practice enables you to become your own boss. In other words, you’ll be a business owner, which means you’ll be in a good position to increase your income substantially.

But for this to happen, you must know how to run a profitable business. Here’s the tricky part: you’re a doctor, not a business specialist. How do you run it properly?

We’re here to help. Keep reading for a few helpful tips.

1. Be a Medical Practitioner, Not an Office Manager

Of course, you’re a physician.

However, when you start a medical practice, it’s easy to become more than a physician. You could become an office manager, marketing specialist, and more.

This is more likely to happen when you start a practice on a shoestring budget. Because you don’t have enough money to fully staff your practice, you end up wearing multiple hats.

Don’t do this.

If you’re multi-tasking around the practice, you’re certainly hurting the patient experience. Imagine what goes through a patient’s mind when they interact with you at the front office or reception, only to find you again behind the doctor’s chair in your consultation room. They could even doubt your credentials as a doctor.

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As such, staff-up your practice. You don’t have to go all out and hire droves of workers at the start. A receptionist, an office manager, and a nurse or physician’s assistant will do. You can then add more people as the practice grows.

2. Get Professional Management

Get professional management? Don’t I have an office manager already?

Well, an office manager is just that, an office manager. They’ll ensure the office is running smoothly, but that’s not all a medical practice needs. It needs professional management.

You need to hire a professional who’s trained and experienced in healthcare management. This is because there are several aspects to running a medical practice beyond office organization functions. There are laws that must be complied with, and professional ethics and stands that need to be observed.

Hiring such a professional might be out of your financial reach if you’re just starting out, but there’s an alternative. There are companies that offer management and consulting services for medical practices at a lower cost. Outsource the function to such a company.

3. Market Your Medical Practice

Healthcare advertising is heavily regulated. This shouldn’t make you shy away from marketing your practice and services. If you don’t market, how else will your potential customers know about your practice?

The thing you need to do is outsource this task to a healthcare marketing agency. Such an agency has professionals who understand the relevant laws and know what it takes to make a medical practice the right way.

Manage Your Medical Practice Properly

As a physician, it’s a dream come true when you open your own medical practice. However, like most small businesses, your practice can fail. One of the things that’ll drive it to success is your management strategy. Put these tips to use and you’ll be on the right path.

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