How to run a medical practice like a business? Do not be a slave....

It is regrettable that entrepreneurship is not emphasised as a core component in the medical curriculum. Doctors find themselves in a career where they are solely dependent on their work to earn a living, often working long hours of 12-14 per day without experiencing significant returns on their investment. The question arises: Why does this situation persist?

Now is the moment to shift focus and approach your medical practice as a business rather than merely an employment opportunity. Let's begin by revisiting the fundamentals. What is the core concept behind your practice? What motivated you to embark on this journey? Every practice should be unique, addressing a specific problem. What issue are you aiming to solve? What are your patients seeking and why? The key to progress lies in comprehending your purpose and aligning it with your patients' needs. Do they indeed possess the problem you've identified? Are they truly motivated to have it resolved? To what extent? And at what value? What factors hold significance to your patients?

Once you have a clear understanding of your purpose, it becomes evident that you cannot fulfill every role alone. You must position yourself as the driving force behind your practice and assemble a team that excels in each aspect of the patient journey. Let's examine the necessary steps:?

1. Awareness: Is your practice known for something specific??

2. Interest: Once people become aware of your practice, does it pique their interest??

3. Consideration: What factors would make someone consider visiting your practice? How easily accessible are your services? Where is your practice located? How can appointments be scheduled? What is the initial patient experience like??

4. Care and Experience: Pay attention to the level of detail and quality of care provided from the moment a booking is made until the patient's departure. How is the overall experience for the patient??

Remember, it is crucial to have a team that surpasses your own capabilities in each phase of the patient journey. Do your staff members grasp the significance of this approach?

What kind of experience do patients encounter during their initial visit? Are they subjected to unnecessary waiting times? Do they have to complete lengthy and redundant forms? How would you rate the quality of your consultations? Do patients feel empowered, well-informed, and actively engaged in their own healthcare management??

Consider the overall ambiance of your practice, including its signage, atmosphere, walls, furniture, and all other elements. Do they contribute to a positive patient experience??

Additionally, have you implemented a well-defined sales and marketing strategy? Who oversees and monitors all of these aspects if you are personally involved in the day-to-day operations of the practice?

It is crucial to establish your medical practice in a manner that allows it to function smoothly even in your absence for several reasons:

1. Continuity of Care: Patients rely on consistent and uninterrupted healthcare services. By building a practice that can operate effectively without your presence, you ensure that patients receive the care they need regardless of your availability.

2. Team Empowerment: Developing a practice that runs well without you encourages delegation and empowers your team members to take on greater responsibilities. This fosters professional growth and enhances the overall efficiency of the practice.

3. Work-Life Balance: Creating a practice that can function independently allows you to maintain a healthier work-life balance. It enables you to take time off for personal needs, vacations, or professional development, without compromising the quality of care provided to your patients.

4. Business Sustainability: A practice that is not solely dependent on your presence has a greater chance of long-term success. It becomes more scalable and adaptable to changes in the healthcare industry, positioning it for sustainability and growth.

By establishing a practice that can operate effectively in your absence, you promote continuity, empower your team, achieve a better work-life balance, and ensure the long-term sustainability of your business.

If you're uncertain about where to begin but are eager to transform your medical practice, seeking a way to reclaim your time while maintaining profitability, and aspire to build a legacy business, look no further. Get in touch with us today, and we'll guide you on this transformative journey.