Why Are Some Medical Practices So Successful?

Why Are Some Medical Practices So Successful?

Some practices are struggling right now. Some are bringing in a reasonable income. And some are extremely successful despite the economy right now. What is it that they are doing? One of the key ways to having a successful medical practice is to realize and understand, accept, and embrace the fact that a medical office is a business.One key is that there needs to be someone within your practice that understands the business issues and be open to change and adapt to new things. Someone in the office should also be an entrepreneur who is willing to take risks and seize opportunities for growth. Successful practices plan for long-term growth and have an action plan and set goals to be met.One practice found it necessary to move a few minutes away to a larger more productive space. They began marketing in a variety of local publications and integrating a new electronic health record system to be more accurate and precise. The practice flourished and new patients began to stream into the office. The practice began seeing 2700 patients with 100 new patients a month. New providers joined the practice as well. The accounts receivable was reduced drastically and revenues increased by nearly 9%.Some practices use the expertise and specialized skills of a specific physician within the practice that also have a name for themselves within the community to get business. Family practice specialist in Phoenix advertises in several local newspapers and has a television monitor in the waiting room that plays a recording of the services and specialty physicians within the practice.Few tactics work if the patients are not happy. Word of mouth is still the most influential tool to receiving referrals from other physicians. The key to happy patients starts from the receptionist to the physicians. Quality care and unity throughout the practice is vital for success.Whether a patient is scheduling an appointment, having their blood drawn or paying a bill, the patient want’s to feel that the practice has their best interest at heart. A successful staff needs a great leader. This would start with an office manager, support staff, and technological tools in place to effectively handle the day-to-day operations of the office so that the physician can focus on clinical issues and the overall direction of the practice. The difference between a good practice and a great one is how well the team works together.Successful practices also have a financial policy that is updated regularly. The policies are reasonable and are consistently applied and clear to both staff and patients. Successful practices also have a policy of collecting copayments at the time of service.