Reasons why private practices fail

The health industry is becoming a hot market as the population ages, but it can be a complicated landscape to navigate. Opening a private practice is both exciting and challenging at the same time. Most medical practitioners did not take business courses while they were attending four-year college and medical school. In order to make sure your new venture turns out to be a success, you have to take time to think about both the medical and the business aspects of running a private practice.

Unfortunately, more than 30% of small businesses end in failure within the first two years of opening. And less than half make it past the six year mark. But, with proper planning and an eye to the business side of your practice, you can significantly improve your chances of keeping your doors open.

Don’t be afraid to try new things

The key to running a successful, independent medical practice is to learn to approach it like a business, keeping in mind the way that the current market operates. For example, invest in an excellent, easy-to-navigate website, and an active social media presence. Networking in today’s world includes the digital side of things. And there is still a lot of value in the old standard of joining organizations and making face-to-face connections as well.

Put together a good business plan, spelling out short and long term goals and including a list of the resources you’ll need to achieve them. Think about practical topics like identifying the ideal location, target clientele, which insurance plans to accept, and the type of support staff you’ll need. Choosing one or more specialties will also set you apart from the competition.

Getting off to a great start with a well thought-out business plan, digital presence, and networking tools in place will help to begin the process of building a patient base. Then your focus should shift toward ensuring patient retention.

Keep your patients healthy

Happy patients not only keep coming back, but they will add to your marketing efforts by posting good reviews and spreading the word among their friends and family. Growing your practice depends on your ability to keep happy and healthy patients. People are living longer and expecting quality of life regardless of age. Practicing preventative medicine and helping your patients to achieve optimum health are excellent ways to build patient satisfaction.

Educate your patients on lifestyle choices that will help them stay healthy for the long term. Teaching the benefits of exercise and good eating habits can help your patients avoid certain common diseases. And carrying high quality supplements for resale right in your office can help them treat any identified deficiencies. Browse the Green Leaf Sciences site to read more about the advantages of pure, organic supplements.

You can create a thriving private practice by using these tools, and staying flexible. As the state of the market and your clientele changes, make tweaks to the way you’re doing business to stay on trend.