Hospitals have been buying individual practices and physician groups for quite a while. However, many of those agreements require the individual physician to continue to deliver increasing patient revenue. In some cases, physicians are opting to leave the hospital networks and go it alone, again. Either way, physicians and other medical professionals are not exempt from the need to effectively grow their patient bases.
Marketing a physician’s practice often involves an attempt to create a brand image for the health care provider. This brand may focus on the specific medical training and credentials, the physician’s reputation or even a certain procedure that doctor performs. More often than not, reputation management is a critical component and/or goal of the physician’s marketing efforts.
- Are you evaluating the impact of the Affordable Health Care Act on your practice?
- How is the mix of Medicare vs. privately insured patient base affecting your income as a physician?
- Are you considering transitioning to a concierge practice model?
The medical environment remains as competitive as any. The landscape is changing as more and more health care providers feel the need to increase patient loads in an effort to maintain the profitability of his/her practice. While the practice of medicine is evolving, the fundamental need to develop and sustain a profitable practice still relies on solid business principles.
Prospective patients have options available (even with the changes in the health care laws). Whether it’s the type of procedure, the location of the medical facility, or the choice of the doctor who’ll perform that procedure, they still want to know they’ve made the right decision.
Today, more than ever, individuals and families are influenced by marketing and advertisements. Like it or not, that fact is real, even in health care. Hospitals spend millions to establish a brand identity and grow market penetration. Progressive physicians are getting ahead of the curve by carving out unique brand positioning. How new patients find you in an increasingly noisy market is up to you.
If the perfect consumer were looking for you, how would he/she learn about your particular practice? What makes you different from all of the other physicians who provide similar medical services? Marketing enables you to influence that decision and to establish a way for them to learn about you and your staff.
From a practice management perspective, I’ve developed a network of professionals who can assist with:
- Medical coding and billing
- Accounts receivable collections
- Partnership agreements, dissolutions and buy/sell agreements
- Loss of network provider status
- Licensure defense-related actions for physicians and nurses
Jim Ray Consulting Services is a small firm built around helping entrepreneurs and professionals to accomplish what they set out to do. You’ve already taken the first step by reading this page. Take the next step by contacting me to arrange a confidential discussion about the challenges you face. My phone number is: (502) 208-9639.
