Getting Ahead in Slow Times: Working On vs. In Your Practice
We understand that quite frankly, this Coronavirus outbreak has been a rough situation. It has not been a walk in the park, and we know it’s hard trying to stay positive and keep businesses afloat. We’ve even faced trials in our personal lives. However, we want to present to you an amazing shift in perspective.
Now is an opportunity to learn how to efficiently run your practice and do the heavy lifting you normally don’t have time to do in your busy schedule. This is a never before given opportunity for you to start working on your practice, and not in your practice. We even dare to even say it’s ‘a blessing in disguise.’
So, where do you start? We’re glad you asked! We’re going to be sharing with you tips and ideas on what you can work on strengthening right now. This involves commitment and our hope is that you commit to some of these things we share below.
The practices that take time to work on their businesses now will come out better, stronger and farther ahead than the competition once they re-open.
Let’s get started!
#1. Work on learning how to effectively run your practice management software.
This software is designed to help make growing your practice easier. Taking the time to understand the various features and the analytics it provides to help you fruitfully operate your practice is key. The reports from this software give you insight on the types of procedures patients get, how often they come in, patients’ revenue per hour, measure of your sales and profits, plus more, ultimately helping you make data-driven business decisions. Also, features such as patient reminders, obtaining credit card information, automating post-appointment instructions, and so much more help to support the steps in your patient acquisition and retention process.
#2. Improve your staff’s sales training.
Now is a time to evaluate how your staff can strengthen their sales skills, especially if you’re receiving PPP funds to keep your team employed. You may have experienced your front desk staff simply answer questions and hang up, with no effort to convert patients or even encourage them to return. Training your staff and perfecting your scripts will help to improve your patient conversion rates leading to more procedures, higher revenue and greater profits. Not only this but will strengthen their cross-selling and patient retention skills as well. If you need help, we’re happy to virtually train your staff to sharpen their sales, cross-selling and patient retention skills. Click here to learn how we can effectively help you!
#3. Work on your treatment plans.
The average aesthetic patient expresses a deep interest in their desired procedure, so they are naturally knowledgeable and very savvy about them. They may even tell you what it is they believe they need to get done. However, you’re the expert. You know the space, you know the procedures and you are able to put together the best plan for the best outcome. In this time, you can evaluate how you can improve the treatment plans for your practice’s procedures.
#4. Get your financial house in order.
Use this time to be proactive and look over your financial situation and how you will manage in the upcoming weeks. In addition, forecast and set clear financial goals for your practice. You’ll also want to be sure to review items such as your profit and loss statement, the productivity of each employee, vendor contracts for expiration dates (and marking them on your calendar) as well as obtaining a new quote for your credit card processing rate. Please do not hesitate to contact us if you need assistance with any of these items. We’re expert practice management consultants with a mission to help practice’s like you strengthen your financial core.
#5. Understand your KPIs.
Your key performance indicators (KPIs) help you choose what areas of your practice you want to improve and how you will measure the progress towards your practice’s goals. These goals can include monthly, quarterly and yearly goals. For example, if you want to improve your practice’s revenue by a certain percentage or increase your brand’s awareness, you will define these as your monthly, quarterly or yearly goals and then will create specific measurements for success (e.g., ratio of new patients to returning patients, ad impressions, click-through rates and conversion rates on an e-newsletter, etc.). In this time be sure to understand what your KPIs are so you are able to reach for your goals.
#6. Take an online course.
It is vital to improve your knowledge on how to run your medical business efficiently and successfully for current and long-term success. Right now, you can take online courses to improve the administrative, financial, operational and marketing areas of your practice. You can also take online courses to improve your procedural skills and techniques. Use this time to invest in yourself both as a medical provider and business owner! You will not regret this.
#7. Remember your marketing!
We suggest that you do things such as: write and strengthen website copy, plan social media posts, shoot social media videos, plan future e-newsletter copy and design, collect and organize before and after photos, write 3-5 blog posts, promote skincare sales and offer to ship them (if you don’t already) and take time to create an online store for your patients to shop from. Now is a great time to get to things regarding your marketing you’ve been meaning to get to!
You are normally a busy practice who doesn’t have much time, but the tables have turned, and you have time in your hands rights now. Sharpen your sword, be proactive, and make the most of this!
Up-to-Date Resources & Next Steps Concerning COVID-19: To help ensure you have the resources, knowledge, forms and expert assistance you need for crisis business management, we’re offering a COVID-19 Emergency Tool Kit inside our stimulus package. Our tool kit is designed to provide reliable, up-to-date resources on legal and HR affairs, as well as protocols and checklists you need to take proactive steps for success during this global health concern. Click here to get started and learn more!
About Shorr Solutions: Shorr Solutions is a practice management consulting company with offices in South and Central Florida. We work with physicians and medical practices in all 50 states of the U.S. to help them strengthen their operational, financial, and administrative health of their business. Our partners, Jay A. Shorr and Mara L. Shorr are dedicated to helping dental and medical practices in the cosmetic and aesthetic fields save time, money and grow their profits.
We help you focus on what you LOVE to do: practice medicine.