Do Doctors In Private Practice Share Dentists’ Business Concerns?

Yves SchoofPrivate Practice

A recent BOQ Specialist report into the dental industry highlights the main concerns Australian dentists have in the current climate. In this article I want to delve a bit deeper into those concerns and other points raised in the report, and relate it back to how Doctors in Private Practice might be experiencing the current environment.

Dentists’ main business concerns

1) The highest immediate concern for dentists is how to grow their patient numbers.

Whilst many dentists might have ideas on how to achieve this growth, they might not necessarily be able to implement these strategies themselves.

How does this relate to Doctors in Private Practice?

Many Doctors would be faced with a similar scenario and experience this desire or even need to grow their private practice. How can you achieve this?

Engaging in business planning is an essential step in identifying opportunities for growth, which is typically achieved through a detailed SWOT analysis of your practice (see HERE for more information on this topic).

Once you have identified those growth strategies for your practice, the issue then becomes how you implement them. Should you do it yourself or delegate it to your staff or external providers? How do you benchmark your progress?

2) The oversupply of dentists is also a major concern, as it potentially leads to increased competition, and lower income.

How does this relate to Doctors in Private Practice?

Australian doctors and specialists would definitely experience a higher level of competition than was historically the case. It really relates to the first concern raised: How do you set yourself apart in a crowded marketplace? How do you attract and retain patients? How do you do this with integrity and continue to provide the highest level of care?

3) 3 in 4 dentists are concerned about the efficiency of their practice

They want to improve their practice operations and profitability, which may be primarily achieved through (staff) productivity enhancements.

How does this relate to Doctors in Private Practice?

Like is the case for many dentists, very few doctors actually have access to the financial information required to understand their practice performance. Without regular, detailed financial reporting how can you even assess the success of your practice, let alone increase it? This is one of the biggest flaws I see with Doctors in Private Practice, and it is often a result of not engaging in comprehensive, continuous business planning.

Key takeaways for Doctors in Private Practice

Finally, some key takeaways from the rapport on how Doctors in Private Practice might be able to increase the performance of their practice:

– establish financial reporting systems that provide timely and meaningful information that allow you make smart business decisions;
– establish a marketing plan;
– focus on your SWOT analysis and act on the outcomes.

If you would like to discuss your personal and practice finances and would like to be connected to medical advice specialists, then contact me on 08 6160 5918 or yves@affluenceprivate.com.au.

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.
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