This is something I’ve been talking about for awhile, and in detail on my blog, and the latest report by Health Affairs confirms that healthcare spending in 2008 rose at the slowest pace in 28 years (see the full article at Becker’s ASC Review).
So, as a physician, what to do?
Well, many will cut back on their practice “expenses” like marketing to compensate for the decrease in revenue. Which, of course, directly correlates to a decrease in income. Those of you that do what I teach, will see the massive opportunity here, and jump at the chance to drive the stake through the heart of your competition!
I obviously mean no harm here to any practice, and wish all of them success. The reality is, that your practice is just like any other business, so if your competition takes a misstep that you’re aware of, it’s your job as a business owner to take advantage of that to grow your practice now, secure your future (along with your employees) and maximize everything that you can while you can.
If patients are spending less on healthcare, it’s your job to work harder to get a message to, and build an ongoing relationship with the patients that will continue to spend money on healthcare. There are multiple ways to implement an effective and profitable marketing strategy, but the key is to have the right partner. Not only will you have the opportunity to grow your practice during the down economy, but you’ll set yourself up to be miles ahead of your competition when (and if) the economy makes doing business “easy” again.
Adam Arnette has been recognized as the “Master of Patient & Profit Maximization” for private medical practices across the country.
His High Performance Medical Marketing strategies have helped doctors rapidly attract new patients, automatically generate massive referrals, and maximize profits from their existing patient base.