19/05/2020
I wish to contribute with my experience and personal thoughts that having a private practice/ business is the best option.
This option gives you better financial and internal satisfaction.
This option is also more rewarding over a period of time.
Only difficulty in this option is individual Dr is responsible for Success or failure. There is no one on whom any blame can be pushed except yourself. You need to learn.
For achieving success you need different coaching regarding the business aspects.
These are not taught to us during our college training. This is the reason you need a mentor.
The business or Practice is like a wheel with 7 spokes.
1.
Operations: Involves Treatments to patients, purchase of equipment and supplies, and general administration including maintenance of patients data either physical or electronic, preferably both.
2. Team:.
Selection interview techniques, training, mentoring, setting team and business goals etc.
3.
Marketing. How to generate leads so as to have a steady stream of patients.
Need to learn various ways of marketing that costing almost nil or to the minimum.
You need to learn copywriting skills since you know your domain skills and also your practice.
4.
Consultation process or Sales where you need to refine your skills of how and what you talk to your patients.
Listening skills, questions or concerns of the patient and how do you address the same.
You also should know subtle skills of negotiation so as your patients donot ask you to reduce your fees.
You should be able to show them value of your treatment. Also you should be able to answer their questions and objections.
The more you make your patients talk better is the conversion rate or acceptance of the Treatments from you. When we have a system of lead generation and the patient is across you the sales ,/ consultation process begins.
Not everyone is going to accept your offer.
So one must have sales acountibilty and a system to track and find why the patient did not get converted.
5.
Finance
Very essential since you must understand how much money has come in and how much is your expenditure.
Gives you clarity about profits you are earning.
Also will determine the fees to be charged to the patient for various treatment procedures.
This aspect allows you to create and understand the value of your practice/ business so as to whenever you are interested in selling your practice you can reach a valuation.
6. R&D
Research regarding new Treatments modalities and enhancing your skills through CDE courses. Development of those skills on the new equipment that is required also costs of these equipment and materials.
7.
Leadership and management.
This is the most important aspect of the business.
Where as a owner Success or failure depends on you.
You have to have the right mindset to confront the ups and downs of the business cycle.
You must take responsibility for all that is happening in the practice.
Your ability to delegate work to your associates, create time slots for building strategy for marketing , sales, training and coaching, mentoring the staff.
Take review meetings, give and take feedback and lastly allow a staff member to go without spoiling the relationship.
Anyone who desires to build their practices/ business with an deep desire to learn and succeed you may call me on 9820072991 or write to [email protected].
Wish you a successful journey in your practice.
Regards,
Dr Nisarg Shah
