4 Critical Factors For Medical Practice Success

Yves SchoofFinance

Planning does perhaps not make perfect, but I am a firm believer that as a doctor you can design your medical practice success.

In this article I want to highlight 4 critical factors that will enhance the chances of achieving medical practice success.

Quality of care

It goes without saying that this is a pre-requisite. If patients don’t see you as an expert, or for some reason have doubts about the quality of care you or your practice (e.g. nurses) provides, then you have no hope of building a successful practice.
So ask yourself, what are we doing to demonstrate the high level of care and support we provide to our patients?

Patient engagement

We could also call this your image or your brand. What are you doing to engage with the public (before they become patients) and your patients? We are talking about communication tools such as websites, newsletters, videos, etc.
What do people find when they Google you? Can they find a professional and recent photo or video of you and/or your practice and staff?
What image do you portray? Is it clean and fresh and up to date, or are you not really putting your best foot forward?
Why should patients come and see you and not another doctor down the road?
Even though I understand there are some limitations in terms of what doctors can say/do to promote themself, some practices are now using creative communication tools such as educational video newsletters.

Patient experience

Other than the quality of care you provide, how are you ‘wowing’ your patients? What do they ‘experience’ being a patient of your practice? Is it easy for them to book an appointment? Do you keep to your appointment times, and what is the waiting room like? What follow-up processes have you put in place?
Take a critical look at each point of contact the patient has with your practice, including when dealing with your staff. What processes and procedures have you put in place to deliver a consistent patient experience? Do your staff have KPI’s around patient satisfaction and do you poll your patients regarding their views of the practice?
This is perhaps the most critical way you can differentiate your practice from others.

Holistic offering

Everyone is time-poor these days. Are there any ancillary health services your patients could benefit from? Can you provide some form of after-care, or bring together a tem of complimentary medical specialists in one location? Convenience is king these days, and if you are not thinking about this, then another doctor surely will.

Summary – medical practice success

I am a firm believer in that you need to engineer your own medical practice success. These are just 4 factors that will significantly enhance your practice outcomes. What else can you do to make your practice stand out? Let me know your thoughts!

About Yves Schoof

I specialise in managing and coordinating the financial affairs of medical professionals and have been recognised as one of the best financial planners in Australia. I am a Certified Financial Planner and member of the Financial Planning Association of Australia.

As I understand your time is extremely valuable and scarce, I am able to offer flexible meetings times, including outside business hours and during the weekend. I can even come and meet you somewhere convenient, or talk via videoconference on Skype.

My first consultation is free. I allocate up to 90 minutes to discuss your personal circumstances and to establish how I may best assist you. Where you already have an existing adviser, I would be happy to offer a second opinion. I always quote a fixed dollar fee before we start working together.

Please contact me on yves@affluenceprivate.com.au or call me direct on 0432 885 295. You can follow me on Twitter @YvesSchoof or connect with me on Linkedin to receive new articles.

Disclaimer

Yves Schoof and Affluence Private Wealth are Authorised Representatives of Synchron, AFS Licence No. 243313. 

The information posted is intended to be general in nature and is not personal financial product advice. It does not take into account your objectives, financial situation or needs.
Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs. In particular, you should seek independent financial advice and read the relevant product disclosure statement (PDS) or other offer document prior to making a decision.

Yves Schoof
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Yves Schoof

Author | Specialist Adviser for Medical Specialists and Surgeons at Affluence Private Wealth
I specialise in managing and coordinating the financial affairs of medical professionals and have been recognised as one of the best financial planners in Australia. I am a Certified Financial Planner and member of the Financial Planning Association of Australia.

As I understand your time is extremely valuable and scarce, I am able to offer flexible meetings times, including outside business hours and during the weekend. I can even come and meet you somewhere convenient, or talk via videoconference on Skype.

My first consultation is free. I allocate up to 90 minutes to discuss your personal circumstances and to establish how I may best assist you. Where you already have an existing adviser, I would be happy to offer a second opinion. I always quote a fixed dollar fee before we start working together.

Please contact me on yves@affluenceprivate.com.au or call me direct on 0432 885 295. You can follow me on Twitter @YvesSchoof or connect with me on LinkedIn to receive new articles.

DISCLAIMER
Yves Schoof and Affluence Private Wealth are Authorised Representatives of Synchron, AFS Licence No. 243313. 

The information posted is intended to be general in nature and is not personal financial product advice. It does not take into account your objectives, financial situation or needs.
Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs. In particular, you should seek independent financial advice and read the relevant product disclosure statement (PDS) or other offer document prior to making a decision.
Yves Schoof
Follow me

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