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What are you looking for?

Physicians constantly juggle three aspects of their lives: professional, personal and social. Understanding what your priorities are and what you are willing to sacrifice is key when considering growing your practice. If you are growing your medical practice, will you be willing to sacrifice personal time to accommodate the growth? Sacrificing time with family and friends or giving up hobbies plays a part in making this decision.

Growth

Can you handle more patients? Many practices make the mistake of always looking to grow and take on new patients. While onboarding new patients is great, you need to determine the size of a practice you can manage so you never sacrifice the highest level of service.

Also remember that growth and profitability do not necessarily go hand in hand. Even though your practice may be integrating more patients, you may not see the bottom line jumping. This is an indicator that patient growth may not be the source of your profitability and that there may be other financial issues to consider.

At its most basic, growing your medical practice means having a good number of paying patient visits every day and every week. But maximizing cash flow might not mean increasing patient numbers. On the contrary, it could simply mean keeping your patient volume stable and becoming a better business person.

To improve your profitability, there are a few things to consider:

Spending reductions

Cutting expenses is a quick way to improve the bottom line. Evaluate where you spend money. Make sure your patients receive the best service, but don’t overpay your suppliers for less than ideal products.

Find the right volume

Don’t just focus on increasing volume, but find the right volume when it comes to your patients. This means evaluating what you are doing for this volume of patients in terms of offering evidence-based, protocol-based services that help patients recover faster.

Related Reading: Three keys to providing excellent patient service

Advertise to the right audience

Don’t just market yourself to the general population. Target those who need your services and focus on high margin procedures and services. Not all services offer the same net return, so finding what you like and making sure it matches what’s profitable is the best position you can put yourself in.

Define aims

Set goals for your medical practice and stick to them. Identify exactly where you want to grow and how you will get there. Remember that patients will leave your practice for several reasons (dissatisfied with the service, moving, etc.). The arrival of new patients is probably only necessary depending on the expected departure of patients. Growing your practice is exciting and provides the flexibility to achieve your goals, but the first step is determining what you are looking for, which takes time and effort.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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